dfetrow410[at]hotmail.com wrote:

- quote -

KISS principle. Simplest thing to do is to form an LLC
with the new guy, and both of you will be "members" of the
LLC, although IRS will consider you "partners" for tax
purposes.

Unless of course the LLC decides to be taxed as a
corporation; or even as an S corporation.

But that's a whole 'nother ballgame.

ChEAr$,
Harlan Lunsford, EA n LA
Wed Aug 9 2006

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

I am going to be wholesaling some houses and I would like to
bring on a partner. For tax purposes, would it be better for
him and I if he started his own LLC and my LLC paid his LLC?

Dave

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >