LP With S-Corp As GP For Flipping. Is This Correct?
I am forming a company with 3 other people & need to know the best way to structure it.
We will be rehabbing and selling homes. I have been instructed that a LP with a S-corp as the GP is the best for asset protection and tax purposes.
I am under the impression that all 4 should be incorporators of the S-Corp but confused about the LP.
If my s-corp is the general partner who will be the limited partner? Should it be one of the 4, all 4 of us, or something totally different?
Any help given would be greatly appreciated, Thanks
[ Edited by verbatim on Date 01/09/2006 ]
What about buying it with Private Money? Its easy to qualify and with a great deal like you describe very easy to find!
I went ahead and purchased it for myself to rent for the short term (maybe a year to get a lower capital gains rate) and then sell. The assignment contract would have been great, but I suppose it is a bit late now - we are set to close it this week.