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The Power of Owning your own Corporation Discuss the benefits of owning your own Corporation with Garret Sutton, our Rich Dad Advisor for Corporations.
Rich Dad > The Power of Owning your own Corporation > When and how?
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Kimberly - 1/10/2012 4:54:21 PM
When and how?

Currently I reside in Washington State but plan on relocating to Florida in the next two months. I want to start investing in real estate once I get to Florida....when should I start my cooperation and in what state is the best place to do so??  Is there a specific type of cooperation I should focus on....or are they all generally the same?
Kim=)

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brian - 1/12/2012 11:03:17 AM
RE:When and how?
Hi Kimberly,
not sure what you are asking for here ,
perhaps you could broaden your question.
All the best Brian.
www.brianaddybootcamp.com
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Advanced member
Daniel - 5/24/2012 3:50:31 PM
RE:When and how?
I think I have a similar question that is of course not something that can easily be answered.

What I am thinking is the following: I hear a lot that investing as a business is much better in legal anc tax terms as well, and can open up ways to get better and more credit.

My concern is that a starting corporation or llc - in any country, really - is a very large liability, and it takes experience and a steady base of assets to really use the possibilities it provides.

So the question is, from me, when do you guys suggest taking the leap? Do I start off by getting my shiny new c-corp, or do I first go out barefooted, hunting for deals, and upgrade when I have a steady passive cashflow that will support the expenses?
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Janet - 5/25/2012 3:12:32 PM
RE:When and how?
I suspect you meant to say "corporation" not "cooperation"?
Janet
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DanielJ - 5/26/2012 6:30:52 AM
RE:When and how?
I'm sure she did. I still wonder about the answer though. Would love to hear some personal stories from people who already did the jump. :)
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Advanced member
Squiggy - 8/12/2012 10:33:10 AM
RE:When and how?
Kimberly,

If planning on purchasing RE in FL after you move, I'd wait to until you find a property in FL. Then form your busines entity. Each state has different entity laws. 

Squig
 

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Will - 8/23/2012 8:22:53 PM
RE:When and how?
I think around 1969 there was a case Green vs. somebody that ruined corporations for holding real estate. LLC's are less paper work, however depends on the state.  Some states dislike LLC's. You may have to form your LLC in one state and then  register to do business in the state where your real estate holdings  are; and sometimes  pay fees every year to do so.
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