Updated over 7 years ago on . Most recent reply
SHOULD I CREATE AN LLC OR CORP?
I see most people have an llc - is there a significant reason why?
Most Popular Reply
John Underwood
#1 Short-Term & Vacation Rental Discussions Contributor
Pro Member
#1 Short-Term & Vacation Rental Discussions Contributor
- Investor
- Greer, SC
- 15,986
- Votes |
- 12,950
- Posts
John Underwood
#1 Short-Term & Vacation Rental Discussions Contributor
Pro Member
#1 Short-Term & Vacation Rental Discussions Contributor
- Investor
- Greer, SC
Use an LLC for rentals, S-Corp for flipping.
S-Corp gives you better tax advantages for the short term gains on flipping houses. LLC gives you asset protection on long term holds. Should use insurance (and umbrella) plus mortgage on properties for additional protection.