Benefits Of An LLC
I'm seriously trying to get into REI but right now I'm just learning all I can (book style and from investors) before I try to make my first deal. Anyway, I never considered that I might need to establish an LLC until I really started to read this forum. If you guys don't mind, could you tell me what the benefits of an LLC are over just be some dude that buys and sells houses? I don't have a lawyer yet 'cause I haven't done anything so I was just wondering. Oh, I might have two partners that join me when I start if that makes a difference.
Thanks guys! 
I am not a lawyer nor claim to be a guru on the topic. I will give you my two cents though. Studying my asset protection software, videos and books I find that I LLC's better tham other entities.
1. In Minnesota the filing is ez
2. Can do just about any form of business as long as it is legal under one LLC.
for an example. I did not have to give specifics to what kind of merchandie, materials or product my LLc was going to be involved in.
3. no double taxation, corprate then individually.
4. I believe it can operate as a partnership or a corporation when you file with the IRS
5. Unlike a S corp you can have more than 75 shareholders.
6. No keeping of corporate minutes
7. Less paper work.
8.protection of personal assets and if I'm not mistaking someone correct me if I am wrong your partners share of the business is protected.
9. LLC also are ifinite in exitence. meaning unlike a sole proprietor the business dies once the owner dies.
But hey what do I know? I would love to see what someone else has to say.
Hope this can help some. another thing LLC's are just about different in every state in some way or another.
God Bless
Dave
If you are just a guy who buys and sells houses, you probably don't need the protection of a business organization.
LLC's are used to protect personal assets from creditors. Basically, if you own a rent house and someone falls through the floor, they sheriff can't come to your house and take your boat. The injured party is limited, in most instances, to recovering only the assets of the company.
If you are buying houses and selling them without anyone occupying them, see a lawyer and find out if it is worth it to register as an LLC, it may not be.
Also, if you do register as an LLC, be very familiar with the statutes on name limitations and redo all your advertising, letterhead, etc. so that you will be 100% in compliance with disclosure requirements.