What entity makes the most sense to form - LLC, Trust or other entity with over 70 owners?
1) Primary reason to form entity is to get liability insurance for the real property and make sure that the County taxes are paid.
2) Secondary reason is to allow management of the property --undivided interest in real property by many owners (over 70).
4) Most important goal in my mind ---Allow for minimal paperwork to the IRS (over 70 owners, and K-1 every year for every owner would be expensive.)
Appreciate any suggestions.
1 Answer from Attorneys
This is by no means a simple question. You have not only income tax issues to address but also securities law issues with 70 owners. Do yourself a favor and hire a competent attorney who knows his or her way around these issues.
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