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I figure this is as good of a place as any to get advice...
Well as I have said in other posts I have started investing in real estate, informally with my uncle. This isn't a good place to be in legally and for taxes either, that I understand so I need to fix it this year. When I sell the first house I'm going to get a nice check and have to pay a bunch of taxes on it. The second check should be right behind it, followed by a third. So in the spring of 2009 I'm going to owe the IRS. Since I don't own a business I won't be able to write anything off either!
The other downside is I can't really count these deals as experiance, since I am a silent partner. So I can't go to a bank, investor, or partner and say look I did XX number of deals already, I have XX amount of cash on hand, give me a loan. Not having this resume is a major problem, I need to build it ASAP.
So I need to form a business entity, I'm thinking an LLC that acts as an S. But before I do that I need competant advisors, so I form the right one. I can form an LLC tomarrow, but I don't think a $400 internet special LLC will cut it for this company.
However my question is this, how did you guys go about finding your lawyers and accountants? I would really prefer not using my uncles because I don't think they will take me seriously enough, to them I will always be a kid. I want to seperate myself a bit, since I am trying to build my own business.
Flip open the yellow pages? Any ideas? Advice? I have some time, the first two deals are done and in his companies name. But I want to do the 3rd with my company listed as a partner.
I'm not going to be able to make any real money until I have my own company, and build a resume of successful projects with some capital. Than I can attract some money partners to take on big stuff.
Well as I have said in other posts I have started investing in real estate, informally with my uncle. This isn't a good place to be in legally and for taxes either, that I understand so I need to fix it this year. When I sell the first house I'm going to get a nice check and have to pay a bunch of taxes on it. The second check should be right behind it, followed by a third. So in the spring of 2009 I'm going to owe the IRS. Since I don't own a business I won't be able to write anything off either!
The other downside is I can't really count these deals as experiance, since I am a silent partner. So I can't go to a bank, investor, or partner and say look I did XX number of deals already, I have XX amount of cash on hand, give me a loan. Not having this resume is a major problem, I need to build it ASAP.
So I need to form a business entity, I'm thinking an LLC that acts as an S. But before I do that I need competant advisors, so I form the right one. I can form an LLC tomarrow, but I don't think a $400 internet special LLC will cut it for this company.
However my question is this, how did you guys go about finding your lawyers and accountants? I would really prefer not using my uncles because I don't think they will take me seriously enough, to them I will always be a kid. I want to seperate myself a bit, since I am trying to build my own business.
Flip open the yellow pages? Any ideas? Advice? I have some time, the first two deals are done and in his companies name. But I want to do the 3rd with my company listed as a partner.
I'm not going to be able to make any real money until I have my own company, and build a resume of successful projects with some capital. Than I can attract some money partners to take on big stuff.
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