business entity

4 Replies

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.

Thanks,

George

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.

Medium webuysmallmultifamilesRonald Perich, We Buy Small Multifamilies | [email protected] | 314‑896‑0669 | http://webuysmallmultifamilies.com

hey ronald! Thanks man info well received!