LLC Questions
I've read almost everything i could find on this website and others about LLCs. What an education! <IMG SRC="images/forum/smilies/icon_smile.gif"> I especially like the one on this forum, A QUICK COMPARISON OF SEVERAL BUSINESS ENTITIES. I'm sorta confused, though, on a few points and wonder if anyone out there could clear them up?
1. I would be forming either a single person LLC (me) but i have the option of including my hubby with me. In MI, i believe the single person LLC is state taxed as a "sole proprietorship" and the member one as a "partnership" unless specified otherwise. I used to have a stained glass business that was a sole prop. and i'm familiar with how that works so i'm leaning toward the single person LLC but wondered if i was missing something in the benefits of a "more than one" LLC?
2. Since i'm still new at this and dealing so far only in vacant land (going to expand to a duplex or triplex this fall though, college bound son will manage it)...i plan to finance the rental in my name but drop it into the LLC. Would i be wiser to start with a Land Trust too, or can that wait a bit?
3. ah...question 3 was just answered by another post *LOL*
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dorky smile faces *sighs* forgive the edits!![ Edited by lorien on Date 09/08/2003 ]
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