looking to get a partner


D

dfetrow410

I am going to be wholesaling some houses and I would like to
bring on a partner. For tax purposes, would it be better for
him and I if he started his own LLC and my LLC paid his LLC?

Dave
 
Last edited by a moderator:
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H

Harlan Lunsford

I am going to be wholesaling some houses and I would like to
bring on a partner. For tax purposes, would it be better for
him and I if he started his own LLC and my LLC paid his LLC?
KISS principle. Simplest thing to do is to form an LLC
with the new guy, and both of you will be "members" of the
LLC, although IRS will consider you "partners" for tax
purposes.

Unless of course the LLC decides to be taxed as a
corporation; or even as an S corporation.

But that's a whole 'nother ballgame.

ChEAr$,
Harlan Lunsford, EA n LA
Wed Aug 9 2006
 
Last edited by a moderator:

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