hello BP fam! Hope everyone is well. I just have a question on what to set up your business as,as far as being a wholesaler. So do I set up as a sole proprietor or an LLC? Just for legs;l purposes. I didn't want to do a deal and end up having any tax issues. Thanks for you help.
@John Gibson I would suggest to not worry about the entity set-up and to just start finding deals. Focus on your market, what makes a deal a deal and marketing to sellers.
Setting-up an LLC, or some other entity, will deter you from your main focus and can get you more overwhelmed than you really need to be. Once the deals are flowing in, then I would begin to reach out and figure out the best way to set yourself up for both taxes and asset protection liability.
OO man! Thanks mr. george! That helps out a whole lot!
@John Gibson George has a good point about not losing your focus. If you already have someone who does your taxes for you, why don't you give them a call? Especially if they are also doing the taxes of small businesses in your area. If they don't feel comfortable on giving you an answer, I bet they have some folks they would refer you to.
If you get successful as a wholesaler, you could be making significant cash. And you don't want that taken away by the government do you? Maybe a fifteen minute phone call would be worth it? Especially since you are in one of the most heavily taxed states in the country.
hey ronald! Thanks man info well received!
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