If I want to buy investment property in PA and I live in NY, what is the best path to set things up?
I live in NY. I want to buy investment properties out of state. I already own an S-Corp for my Internet marketing business. Should I form a unknown corporation or some other business as a import tax shelter contained by suitcase I want to invest elsewhere as ably? Does it get sense to form a unsullied company?
Answers:
I would form a untried company, probably a LLC, but for liability reason, not for excise reason. You set up the company and fund it yourself. Then the company buys the properties (either contained by bread near funds you give it, or by getting a mortgage beside you intuitively will nonetheless own to sign for). Later if someone sues you for doesn`t matter what they are suing the LLC and your personal assets cannot be attached to the lawsuit (but you are still on the hook for the mortgage). Be sure to maintain adjectives personal and LLC funds seperated - otherwise a smat legal representative will voice you and the LLC be one and like peas in a pod entity and accordingly your personal assets should be attachable to the lawsuit.
No concrete toll advantages to have an LLC (but plenty of tariff advantages within common to investment property).
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Answers:
I would form a untried company, probably a LLC, but for liability reason, not for excise reason. You set up the company and fund it yourself. Then the company buys the properties (either contained by bread near funds you give it, or by getting a mortgage beside you intuitively will nonetheless own to sign for). Later if someone sues you for doesn`t matter what they are suing the LLC and your personal assets cannot be attached to the lawsuit (but you are still on the hook for the mortgage). Be sure to maintain adjectives personal and LLC funds seperated - otherwise a smat legal representative will voice you and the LLC be one and like peas in a pod entity and accordingly your personal assets should be attachable to the lawsuit.
No concrete toll advantages to have an LLC (but plenty of tariff advantages within common to investment property).