The malpractice (which itself isn’t illegal, just negligent) is soliciting and receiving legal advice out of context. Not whatever benefits/loopholes the law allows.
To be frank, this is like buying a house cuz you like the chandelier that’s hanging in the kitchen.
If you’re setting up a new business, how a state treats a car lease will be at very bottom of the priority list. Many more rules, regulations and laws that have far more impact (financially & operationally) on the health of the business. Just my $0.02.
Either way good luck with the startup.
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You and me both! Business has taken a bit of a downturn but we are sitting in the same place. Still not sure exactly what neighborhood, though. If only there was somewhere in OC that was within striking distance of DTLA 
By helicopter?
For OC: you either want Irvine (so safe and clean you can eat your food off the streets), you want Real Housewives houses/drama, or GTFO with OC.
I’ve been critical of the buzzards but when real estate has jumped 20-40 every year, YoY, for more than 5 years, a correction is coming. It’s the next asset class to shake loose, and I am here for it with my credit score and my down payment and my plans to gut and remodel.
The socal housing downturn has me a bit nervous. Was planning on putting my house on the market around August. Really don’t want to hold it and rent it out, but if the market takes a massive downswing, I may not have much option.
Fair assessment.
You can write off your lease as a Sole Proprietor. TBH you have the most deduction opportunities as a SP over a 1 member LLC (which the IRS treats as a SP for tax purposes anyway). You also have to have income in the vehicle paying the lease: you can’t setup an LLC that isn’t collecting revenue just to get a tax break on your lease.
If you have more than 1 member, you really need an Operating Agreement anyway, which means you need a lawyer.
I’m spot-on calling bubbles, not how or when they unwind. That said, I think this is a slower deflation (less houses on market now/fewer buyers/more price reductions) but mostly normal order. When the (first?) veil lifts I think a wave will hit market and quickly we’ll have over-supply. But the downward pressure on prices without the help of interest rates could take 1-2 years. This house I’m renting now didn’t hit it’s bottom from 2008 until 2012.
Good houses that are priced right will always sell. You could also list sooner with a rent-back. 
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I’ve got too much stuff to do to the house before we list it and a good chunk of the time between now and then is going to be occupied with my daughter being born.
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I mean just push that back like 3 months until you get to Florida
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We actually intentionally pushed the move to Florida back from right now to August because of that. Significantly cheaper out of pocket to use my wife’s insurance here rather than the insurance we’ll have at my new job. And I sure wouldn’t want to be trying to drive cross country right now with all this shit going on.
Honestly, I personally think the easiest thing to do is make an LLC in the state your business and you are based in. It’s easier come tax time and getting an out of state llc provides little benefits until you actually start making real money.
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Haha, the OC just feels a little less turbulent and cluttered than LA. Something about it feels more homey and safer for families, and the roads and infrastructure are always so much cleaner. In my experience, it seems like a lot of the amenities I enjoy up here exist down there, too. From what I’ve seen, Irvine is going to run upwards of a few million, so we’re not even entertaining it right now. Plus, we unfortunately do need to be in LA for our business, although I feel like maybe the outskirts of town are doable…
In any case, my hope is that in 8-12 months, it’ll be “go” time on housing, though. Ideally I’ll have my neighborhood research done by then.
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“I am not an attorney and am not giving legal advice. You should consult an attorney”
“I am not an CPA and am not giving tax advice. You should consult a CPA”
These are great phrases to use amongst other categories that you are not licensed or specialized in. I usually recommend leading with them at the start and not at the end. People have a way of reading what they want to hear and stopping.
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What kind of house are you looking to get that it gets up to a few million?
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That just tends to be the price tag for the types of homes we’re looking for that are in private neighborhoods. Which is probably why it makes more sense to just move to Tarzana.
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Private: like with a Stylish gate and a skeleton crew of $12/hr armed guards putting around in Gators/Golf carts and shudder: a nosy HOA Gendarmerie that tells you what you can and can’t do by way of passive aggressive notes and fines?
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It’s socal, so more like a run down shack that’s on the verge of collapse next door to the local prison… but with fresh hardwood floors and a remodel to an open concept!
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Well, when you say it like that…
Then, yes. Yes.
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Isn’t that all of LB and Torrance?
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LLC vs Corp is different from state discussions. The biggest reason to structure as a Corp is if you take on venture the funds would require it. And its not hard to move from LLC to something else and done often. I have seen this done on companies advised by both Wilson and Cooley.