need help!!!

[Michael Maicad]

hi everyone! we need your help to choose the business entity that is appropriate to our goals in REI. my partner and i are focusing on multifamily home rentals with sec8. we are trying to build passive income and maybe do flips on the side in illinois where we reside. do you think we should incorporate our business name with LLC or S-corp?

[Russell Brazil]

Consult an attorney and a CPA to determine what is best for your specific needs.  If you have a lot of assets to shelter, then having some kind of entity may be worthwhile.  I always do find it funny though the people who have zero assets and that are worried about asset protection.