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LLCs, partnerships,
corporations, sole proprietors,

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what's the rights that type of
entity for your syndication, or

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fund? Today we're gonna do a
video that's a blast from the

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past, it's a couple years old,
but it's still very relevant and

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very valid and up to date
information. So it is a

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discussion about how you would
choose your entity type. And

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that entity type that would fit
for your syndication or fun, I

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hope you find it useful.

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We are going through the course
specifically, we're talking

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about company and even more
specifically, we are going

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through foundation. So today
segment we are discussing entity

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type, and what type of entity
should you be forming? So you've

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heard lots of different things
about corporations LLCs,

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everybody's got an opinion DBS.
So we're going to go through

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what each of those look like.
And then we're going to talk

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about how exactly you choose
what makes the most sense for

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you. Give me a little bit of
advice and feedback on what the

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next steps are and who you'd
want to talk to, to really firm

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up that decision. And then and
then you're going to have a

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pretty good guidance on how to
do it. And then ultimately,

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you'll make a decision on on
what it's going to look like.

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Now, these types feed back into
your structure. So each of those

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entity types, that management
entity that you're going to

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form, it might be an LLC, it
might be a corporation, the the

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buildings themselves, they might
be LLCs, they might be

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corporations, you might even
want to do them as DBAs, though

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I doubt that that you would
actually want that. So let's

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talk about those different types
that there are. So start us off,

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we've got kind of the simplest,
we've got DBAs. So the DBA

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stands for doing business as
these are normally filed in your

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local city, or your local
municipality. Basically, it just

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lets them know that there's a
fictitious name that you're

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going to be using, and
associated with business. This

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is everything from your sole
proprietor, it could be a

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partnership, but DBAs are or
this type. The other type is, is

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partnerships themselves. Again,
that gets filed, typically it

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gets filed at the local level to
get a name associated. But this

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really depends on your
particular state. So in

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California, if you're going to
have a general general

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partnership, you actually don't
need to file anything with the

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state. Not all states follow
that sort of methods, some do

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require that you file
partnership agreements with

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them. So you need to check on
what your local rules are, if

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you decide ultimately that a
partnership oops, makes the most

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sense for what you're going to
be doing. The next type is an

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LLC, LLC stands for limited
liability corporation. These

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have been around since the
1970s. It was an alternative

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that came out of smaller
companies not happy with all the

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requirements in order to act as
that corporations were being

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held to. So they are a little
bit simpler. And they have some

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different nuances with those as
well. Lastly, we have

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corporations. So you a
corporation is its own entity as

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well. It gets filed with your
state. And it is a it's a very

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common mechanism. You've I'm
sure you've heard of them. So

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you may be asking yourself,
Well, why didn't I write S corp

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or C Corp here. So S corp and C
Corp are actually PACs, ways of

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filing taxes, they have tax
implications. They don't have

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actual implications as it
relates to an actual property

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itself. So you may be surprised
to learn that an LLC can be an S

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corp, or it can be treated as a
partnership. It's really up to

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you and how you choose to do
that basically whether or not

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you make an S corp election with
the IRS. So that's why we didn't

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do those. We will be talking a
little bit about tax strategy,

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but not a lot in this because
really the best one to answer

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that. It gets really specific
for what your own particular

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needs are. And so for that
probably you'll want to talk

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with the accountant that you've
already identified or will

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identify as part of your team.
We'll be talking about teams in

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a later on segment as well. So
these are the four main types of

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entities that we're going to go
through. So the first question

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that we ask ourselves is, how
many owners can there be. So

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this will kind of rule some
things out for you, sometimes it

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won't. So DBA is one person. So
it's always one person, that's

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who it is, it's a sole
proprietor acting as one person,

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a partnership always requires
two or more people in order to

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be a partnership, you can't be a
partner alone. So it's two or

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more. And you actually can be,
have one person as an LLC, or as

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a corporation. So so if you have
more than one person, that kind

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of rules out DBAs, but all the
others are on the table. So now

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let's talk about asset
protection. Oops.

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So asset protection is very
important. So there are there

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are two kinds of asset
protection that we like to talk

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about, we have what's called
inside out and outside in. So

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let's write that down. Inside
Out.

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So inside out asset protection
is the is the protection that

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you would have, as an
individual, as the manager, or

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the main executive, inside of
the company, to protect you from

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outside from the outside. So it
would be, you'd need to make

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changes to the outside. So say
you have a huge amount of debt,

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whether or not you'd be able to
be relieved that liability is

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what we would considered
outside, inside out asset

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protection. And outside in is
the opposite of that. So it is

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say there's a lawsuit taking
place, and somebody is suing the

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LLC, or the corporation or
whoever, whether or not that

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protects you from liability
against them. So as far as DBAs,

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there is no asset protection
whatsoever. It doesn't exist. In

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terms of partnerships, this is
where it gets a little bit more

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tricky. So we have two kinds of
partners. We have general

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partners, and we have limited
partners, the general partner is

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the one who makes all the
decisions, who does all the

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work. And the limited partner is
the person who mostly just

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invested the money and just sits
back and lets the general

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partner do the work. So as far
as asset protection goes for the

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the limited partner, it is good
asset protection, but there is

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no asset protection for general
partners at all. Now for the

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LLC, we have an LLC is good. For
Inside Out. It's good for

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protecting against that. And
it's probably less good. But

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it's not as well tested, but
it's probably somewhat less

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good. About for outside in. And
we can get into much more detail

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about this in a consultation,
then we're starting to talk

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about charging orders and things
like that, and different kinds

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of LLCs in different states and
how those affect for this

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purpose. It's pretty good. And I
wouldn't rule out asset

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protection for an LLC, I
wouldn't base asset protection,

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like getting rid of an LLC, just
because of that. For

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corporations, corporations are
good for Inside Out liability.

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It's very easy to just file just
basic BK or bankruptcy a

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corporation and the debts of
that corporation go away. It is

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bad for outside in as long as it
is a closely held corporation.

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So if if you are the only person
in the corporation or it's

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extremely small, but really
you're doing all the work, you

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really aren't going to have very
great outside in protection. So

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you probably are going to get
the most amount of asset

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protection from the LLC. In
terms of governance and

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management And, you know, this
is what we're talking about here

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is how easy is it to get through
all the paperwork and, and

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comply with all the legal
formalities. For DBA, it's easy,

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there's very, very, very little,
maybe you need to update

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something every year or every
few years, with your local

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municipality. And that's it.
With a partnership, it's also

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pretty easy, it varies state by
state exactly what needs to be

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done. So we'll just put pretty
easy. And then in terms of an

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LLC, it can be easy to complex.
This is where it comes down to

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whether the LLC is member
managed, or, or, or managed or

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managed. So a manager managed
LLC is where the manager makes

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all of the decisions. So if you
or your entity is the manager of

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the managed LLC, you're the one
making all the decisions and you

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just take to your investors as
to a vote as necessary, as

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required by your operating
agreement. In general, the it's

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pretty easy to keep them up to
date, keep them things going, it

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really becomes down to what your
your operating agreement says.

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And unless there's some sort of
specific rules of your state in

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order to comply, so many states,
they don't require a board of

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directors, they don't even
necessarily require any

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executive officers. And so that
can be pretty simple. Whereas a

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corporation is almost always
complex, you typically need a

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board of directors and officers.
Now in terms of maintenance

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costs, that's going to be very
specific on your individual

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states. So you really, you could
draw out and find out through

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your local state, what the costs
are going to be for each of

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these. And then you've got your
multi state issues like say you

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have, you know, everybody
thinks, Well, you file a

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corporation in Delaware, that
isn't always the case. If I file

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a corporation in Delaware, and
I'm doing business here in

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California, I still have to file
with the state of California, I

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still have to pay my taxes with
the state of California. And,

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and I have to let the California
know that this foreign

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corporation this Delaware
corporation is doing business in

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its state. And it's because of
that rule, we're not going to go

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into choosing jurisdictions
beyond the easiest way to choose

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a jurisdiction is to just put it
wherever your company is, there

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is nuance in there. And there
may be reasons why choosing a

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different jurisdiction would be
better. But that's outside of

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the bounds of this discussion.
So once you've got the your,

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your kind of this matrix in
mind, the next thing to think

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about is how to make the
decision on what to file us. So

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here, I would really start
thinking about the entity that

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you're going to be doing. So
let's start with the managers

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entity right now. So what's most
important out of this to your to

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your actually, one more, let's
put one more topic here, because

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this can be important too. So
let's put record keeping as

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well. Record keeping for DBA is
extremely easy. I would say most

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of the time, it's easy to do a
partnership, it's pretty darn

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easy to do a LLC, but we'll put
moderate just to differentiate

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it from easy. And by that I
mean, you're going to have to

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file a Statement of Information
probably every year with with

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the state. But it's very simple.
It's a one page form almost

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everywhere. So it's pretty
simple to do. Now for a

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corporation, it's much more
complex. You need to file you

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need to have minutes of regular
scheduled board meetings. To

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make and spell. You still need
to do the statement oops, the

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Statement of Information. And
you need to have records of any

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sort of decision make decisions
that take place. Now if you

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don't do that your corporation
could very easily be determined

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by court as not being a
legitimate Corporation, and

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you'd get get rid of any sort of
asset protection that you had

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from the very beginning anyway,
that's why it's very important

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to comply with the record
keeping rules. Now, when it

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comes time to make a decision
about what you want to what kind

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of entity you think you need to
form. I don't think there's, I

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don't think there any attorney
would ever recommend anybody do

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something as a sole proprietor,
or even as a partnership for

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something like this. A, perhaps
there are good times for sole

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proprietor for a partnership,
especially when you need

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extremely low overhead, you need
to be very easy, and you want

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taxes to be very easy. That's
pretty much how we'd make the

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decision here. But this is just
generally not going to be the

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best choice for you to do a DBA
or partnership. Now an LLC

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versus a corporation, it really
comes down to a few things. And

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what I think most way I would
think about it is how easy do I

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want my governance? And how easy
do I want my record keeping, I'm

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getting about the same amount of
assets, about the same amount of

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asset protection a little bit
more with an LLC. So it's

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actually got a really great
structure for me. And last.

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The only exception would be if I
really am going to be using this

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kind of structure anyway, for a
board and for officers. Or maybe

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it's, it's something that your
investors would rather see

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because they're more familiar
with corporations as well. So

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almost always for the property
itself. You're going to use a an

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LLC, because there's so much
easier to put together. And the

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paperwork is so much less that
it's it's just generally easier.

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In terms of a corporation. In
less if, again, my my thoughts

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would be well, if you wanted to
do put together a C Corp,

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because that's what your
investors were used to. And

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that's what they were requiring.
Now, C Corp is a type of taxable

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entity. So it would be a
corporation but filed with the

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IRS that you would be taxed as a
C Corp. And it has different tax

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rates, it has different
opportunities for deductions.

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LLCs and s corpse have an
opportunity for 199 A deduction.

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And your accountant can walk you
through that if that's

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appropriate for you. They also
can walk you through whether or

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not it makes sense because
corporations in general are not

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subject to self employment tax
most of the time. So it really

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would be come down to what do I
if I need to file a C Corp as a

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C Corp, I'm going to have to do
it as a corporation, I'm not

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going to have that availability
in an LLC. And really, what kind

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of level am I putting it into?
And is this something that I

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want to really make something
easy for me to do and be able to

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trade and move people in and out
of, for real longevity, I'm

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probably going to choose a
corporation, because it's just

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better set up for that sort of
thing. But if this is something

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where I'm going to just manage
it, I'm not quite sure the long

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term future of it, whether it's
just going to be five years or

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whatnot, I might very well
choose an LLC. So this, so I

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would go through and rank those
and just kind of decide, well,

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this is important to me, this is
important to me, this is

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important to me make that
decision, and that's your

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decision, you're gonna have it's
quite easy to do different

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entity types for different types
of entities. So your properties

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will will almost always be LLCs.
But perhaps your your management

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company will be a corporation,
and that's totally okay. So go

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through that, think about that
make a decision. And the next

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step then really is to get that
filed. And so I would file that

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your management entity sooner
rather than later. That's what

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you're going to be building your
name and reputation under. So

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that's really the first decision
you've got to make. And when you

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do that you have a limited time
to make an S corp election. So

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talk to your accountant, either
as you're doing it or very close

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in time to when you're doing it,
to see to get their input on

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whether it makes more sense for
you to be taxed as a partnership

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or taxed as a escort. I hope
that has been helpful make those

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decisions, write it down, and we
will see you in the next

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session. I hope you found have
video helpful while LLCs are

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probably the most likely
candidate for what syndication

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structure or fund structure
you're going to use. As you can

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see, it's not the only choice.
If we can help you choose a

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break kind of entity for you and
make your syndication or fund

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journey better, please give us a
call. My name is Tilden

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Moschetti. I am a syndication
attorney with the Moschetti

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Syndication Law Group.