Kyle,
For tax purposes and LLC does not exist. You simply have your choice of how you would like to be taxed.
Christa LaFlam,
First, you don’t need just a tax professional. You need a consistent advisor. Who will know your situation inside and out and can assess it regularly.
Second, Bill Walston is correct in what he said. I have MANY clients who operate both types of businesses. Most broker’s operate as an S-corp; however, an individual agent cannot elect S-corp status. That may be where you heard that rumor. (I would rather not get into explaining that right now) back on to the topic: Corporations are not ideal for holding real estate. Unless you elect S status and leave it that way from the beginning and even then It is more complicated than the situation needs to be.
Third,
Depending upon the cost either go with 1. a single member LLC or 2. keep it in your name. Either way you need a solid insurance policy in place.
-Steven C. Hamilton II
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