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Subject:
Question !
Category: Business and Money Asked by: shoaib-ga List Price: $2.00 |
Posted:
17 Jun 2005 09:05 PDT
Expires: 17 Jul 2005 09:05 PDT Question ID: 534231 |
I want to know that is it possible to form ?sole proprietor corporate business? for real estate in the United States of America country and if that is possible then what should be the ?minimum? amount of US Dollars business of real estate so as to form that mentioned sole proprietor corporate business ?? |
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There is no answer at this time. |
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Subject:
Re: Question !
From: schristensen-ga on 21 Jun 2005 13:46 PDT |
Yes, it is possible to form a sole proprietorship in the US for the purpose of real estate. Forming a sole proprietorship is very simple, and only requires enough money to pay for your business license(s). Depending on where you want to do business (individual state(s) or nationwide), you may have to pay fees in each state (and possibly county and city). Your first step is to apply for an EIN with the IRS (this is a good guide to working with the IRS http://www.irs.gov/pub/irs-pdf/p583.pdf). Next you must decide which states you want to work in, then file for business licenses in each. This is where you'll spend most of your time (because the forms for each state are different). I should also mention that, depending on what you want to do with real estate, you may have to file for other licenses and permits. (Here is another good website that explains this http://smallbusiness.findlaw.com/starting-business/starting-business-licenses-permits/starting-business-licenses-permits-overview.html.) After that, you may need to register your business name (additional fees, usually about $50 per state, but not required in each state). Just to give you an idea, if you want to work in one state, you're looking at about $100. If you want to work in the entire US, well, that's a much more complex answer. So, if you have money to get the licenses and permits, that's all you really need. The liks I included should provide you with a basic understanding, and expectation, of what it will cost--depending on where you want to do business. I hope that helps |
Subject:
Re: Question !
From: wordsmth-ga on 22 Jun 2005 09:20 PDT |
If you're planning on real estate investing, talk to an accountant. Many/most real estate investors set themselves up as LLCs (limited liability corporations). Some set themselves up as Subchapter S corporations; there are some advantages and disadvantages to both. There's no minimum amount of business you need to transact or dollar value of real estate. You can set those up online for roughly $500 or less. A lawyer may charge you a bit more. |
Subject:
Re: Question !
From: rolex888-ga on 26 Jun 2005 16:32 PDT |
Q: I want to know that is it possible to form ?sole proprietor corporate business? for real estate in the United States of America country A: Yes, it might not be the best path, but yes, you can set yourself up as a sole proprietor for this. Q: And if that is possible then what should be the ?minimum? amount of US Dollars business of real estate so as to form that mentioned sole proprietor corporate business ?? A: There is no minimum US Dollar amount. You can do $1 if you want. But you should start with as much capital as you think will be needed for your first deal and work from there. |
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