set up actual business before first deal???

set up actual business before first deal???

Is it best to set up business(LLC) before the first deal occures???I know that probably sounds dumb, but my partner says he feels we should see how things turn out first before we do that...Within the next week and a half we plan on having offers flying all over the place...couple more meetings with our agent to go over few more things as far as offers, and then we are on our way of hopefully doing what needs to be done to make money...I personally am more like, lets go, I know it is more money up front(cause of the success academy, the printers, paper, organizational things) but I know we are going to succeed...Because I am driving to success with anything I want to make happen...Regardless of even if my partner backs out(which i know he won't but anything is possible)I also think it is better to protect ourselves from the beginning just incase we mess up, and it comes back at us...We have done all the nessassary learning stuff(of course we are going to continue learning and reading all that cause that is never ending-i just feel you have to be in the game in order to win-only way to do it)So anyways, since I got off track, is it best to set up business before our first deal???Any help at all is appreciated as always...Thanks, Marc

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Business

You don't need to setup a business before your first deal. You can do deals in your own name until you make some cash to start a business. Just don't let starting a business stop you from doing deals.

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S Corp

Hey Marc,

I'm going through the success academy. I thought I wanted to set up an LLC, and after talking with the Tax Club (they're working with the success academy) I found out that I don't want an LLC. It's better to form an S Corp and then use LLC's for all your properties. I don't have money to form an S Corp, so I'm going to try to wholesale a property and then do the corporation formation. I've been doing a lot of research. If you want, you can PM and I'll give you some websites to look at for corporation formations. Depending on what state you live in, the average price is $500 + or -.

KimmyJ


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