Anderson Business Advisors Podcast
Anderson Business Advisors Podcast
How to Set up an LLC for your Home Office
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How do you set up an LLC for your home or administrative office? It’s important to know the differences between the two, which to choose, and why. Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions. Submit your tax question to taxtuesday@andersonadvisors.

Highlights/Topics:

  • How do you set up a home office under a corporation or LLC? Depends on the type of entity, but if it’s a corporation or S Corp, set it up as an administrative office for that entity where you are being reimbursed for the expenses of using that office
  • Is it advisable to have the house you live in under an LLC? Preferably, do not put your house under an LLC because of homestead and capital gains exclusion issues that arise
  • When do I switch from wholesaling under my name to wholesaling as a corporation? Sooner than later; do not wholesale under your personal name in case you get sued
  • How do I get credit approvals under the business entity? It takes cash, collateral, or credibility to get business credits, so you will need personal guarantees

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Resources:

Entity Formation

Schedule C

Capital Gains and Losses

1031 Exchange

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Full Episode Transcript:

Toby: All right guys, you have come to Tax Tuesday. If you’re here for Tax Tuesday, you’re in the right spot. My name is Toby Mathis. I’ve got with me, Jeff Webb. Hey, Jeff.

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