Hi, I am in the process of setting up a LLC but was told that I would be better off tax wise to form a

Asked by Anthony Gatto, 19147 Mon Feb 2, 2009

S-Corp. I am planning to buy property & rent it out. Any advice would be gratefully appreciated.

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Chris and St…, Agent, Philadelphia, PA
Tue Feb 3, 2009

I would also consult an accountant or an attorney. Also know that the types of financing would vary as well if you purchase a property in a LLC or S-corp... in most cases, you would need to a commerical loan and your rate could be higher. So if you are just doing one rental property doing it in your name is not that uncommon.

Perhaps a mortgage pro can chime in on the differences in terms of financing ? Either way, that is another item to consider.

Where are in Philly are you looking for the investment property ? For some good options, check out http://www.phillyinvestorhub.com .
Web Reference:  http://www.thesomersteam.com
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Sean Dawes, , Philadelphia, PA
Tue Feb 3, 2009
I would strongly recommend you sit down with a good accountant and go over your goals and needs for this type of company and then decide.

Web Reference:  http://www.SeanDawes.com
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____________…, Home Buyer, Texas
Tue Feb 3, 2009
What would be the benefit of an S-corp. You are much more limited in terms of capital structure, investors, etc. and you face double taxation. There are no benefits of an S-corp over an LLC.
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Peter Lavelle, Agent, Philadelphia, PA
Tue Feb 3, 2009
Mr. Gatto,

I have an LLC in place for the purpose of doing business and it is what suites my needs. I wouls suggest you speak with your accountant or attorney to figure what would best suite you. If you need, we have have those professionals available for you.

PeterB. Lavelle, GRI
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