How many deals before a Corp. or LLC?
How many deals or how much money can one make before starting a Corp.?
Many people seem to say "Just get some deals under your belt first, then worry about the Corp. or LLC"
Sheesh, I don't want to jump in the water without looking for the sharks first!!!
Any suggestions?
I guess people tell you this because there are so many other things to worry about when first starting out in REI. I think one can start the LLC or Corp at the first purchase. The LLC is mainly a protection against someone sueing you and getting your personal property tied into the suite as well. S Corps offer the advantage of tax breaks, discount loans and even government bail outs.
The cost of the average LLC is $250. The S Corp is a few dollars more around $500.
The S Corp requires a lot more book keeping, where as the LLC is very simple to manage. There you go now you can better answer your own question.
Thanks Vern,
Obviously asset protection is my biggest concern at this time.
Appreciate the response.