Updated over 7 years ago on . Most recent reply
Philadelphia license requirements
I live in California and my friend lives in the Philly area. We recently got together to buy a 3 unit new construction residential property in Philadelphia. The title will be held in 4 names (the two of us and our better halves) and so will be the mortgage. There is no LLC or any other business structure involved. I have been scratching my head trying to decipher the various Philadelphia requirements. Based on a certain understanding, my friend and I went ahead and created a Business Tax Account Number online listing my friend as an entity and the remaining 3 people as partners / officers. The process was simple and we got the ID by email. We are now second guessing if we should have created 2 IDs one per couple. The questions are,
1. Is one Business Tax Account ID covering all the 4 the right step?
2. Is one commercial activity license sufficient? I am reading on some forums that each owner should apply separately
Please help. Thanks.
Most Popular Reply
Philadelphia also requires you to have an agent that resides within city limits that is responsible for the property - the point of contact on it.
This person doesn't have to be a paid person like a real estate agent or a property manager. It can be a friend, cousin or neighbor (for examples); but that is another Philadelphia requirement many out of state property investors never hear about.