"It's A SMALL World!" DebbieSmall, Realtor®: 2016

Tuesday, September 13, 2016

PA or LLC ?????

A PA, or professional association, is a business entity that is limited to specific professions. In contrast, an LLC, or limited liability company, is a hybrid between a corporation and a partnership. Each state has specific regulations for each type of business entity. Understanding the difference between these two entities will help you to determine the best way to register and organize your company.

File an LLC application

Fit your business needs with the right LLC package

http://www.legalzoom.com/limited-liability-company

Professional Association

A PA is a professional entity formed for the purpose of providing a professional service. Some states limit the availability of this business entity to very specific professions, such as medical doctors, veterinarians and architects. Typically, the people who own and govern the PA must be licensed in the profession in which the business is engaged. Further, in some states, a PA will look like and be formed similar to a corporation in that it will have a board of directors, and a PA is an independent legal entity that will outlive its members.

Limited Liability Company

An LLC is a more common and flexible business entity that is not restricted to any specific profession. In an LLC, the owners are not personally liable for the debts of the business, much like a corporation. However, LLCs do not require a board of directors or shareholders. Income for an LLC "passes through" to the owners, meaning that there is no corporate tax, and the income is taxed only once. In most states, an LLC may be created and operated by one or more individuals.

Professional Limited Liability Company

Some states have no option to form a professional association. However, if you are forming a professional business, you may pursue a professional limited liability company. PLLCs are essentially the same as LLCs, but require additional documentation to verify proper licensing. Some states require licensed professionals to form PLLCs rather than LLCs. Again, you must check with your state's business division to determine if you are required or allowed to register your business as a PLLC.

Registering Your Business

For any of these business structures, you must take several steps to formally register the company. You must first select a name for the organization, and then register the company with your state's business division. LLCs and PLLCs should draft an operating agreement to determine how profits will be distributed among the members. You must obtain the proper licenses and permits to open your business. Finally, once your business is formed, you must research what state and federal taxes you are liable for.

References & Resources

About the Author

Elizabeth Rayne earned her J.D. from Penn State University and has been practicing law since 2009, advising clients on issues ranging from employment law to nonprofit management. For two years, she served as a contributing editor for the "Vermont Environmental Monitor."

Wednesday, August 24, 2016

Saturday, August 20, 2016

Mommy is a Real Estate PIMP!

http://abc.go.com/shows/fresh-off-the-boat/video/most-recent/VDKA0_p6y2fzcg

Can I claim loss in real estate value on my taxes?

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By Stephen Fishman, J.D.
If you sell your home at a loss, can you deduct the amount from your taxes? Unfortunately, the answer is no. A loss on the sale of a personal residence is considered a nondeductible personal expense. You can only deduct losses on the sale of property used for business or investment purposes.

The only way you can obtain a deduction if you sell your home at a loss is to convert it to a rental property before you sell it. However, your deductible loss will be limited. This is because when you convert property you held for personal use to rental use your tax basis (value for tax purposes) is the lesser of the following values on the date of the conversion:

the property’s fair market value, or
the property's tax basis.
Your tax basis is basically the property's original cost, plus the cost of any improvements you've made (but not repairs), minus any depreciation deductions taken--for example, if you claimed the home office deduction. Fair market value is the price at which the property would change hands between a buyer and a seller, neither under undue pressure to buy or sell, and both having reasonable knowledge of all the relevant facts. Sales of similar property in the area are helpful in figuring out the fair market value of the property. You may also elect to have the property’s value appraised as of the date of its conversion to rental property. Either way, it's very important to have a good estimate of your home's fair market value on the date of the conversion.

Because of this rule, if your personal residence has lost value since you bought it, turning it into a rental home won’t allow you to deduct the loss that occurred before the conversion when you eventually sell it. Only the drop in value after the conversion is deductible.

Example

Jessica purchased a home in Chicago for $250,000. She lived in the home for seven years, made $50,000 in improvements, and then moved to Houston. Because of the poor real estate market, Jessica decided to rent her house instead of selling it. The home’s tax basis when she moved out was $300,000. However, due to the decline in real estate values, its fair market value when Jessica moved out was only $175,000—a loss of $125,000. Since it's lower than the home's basis, Jessica must use the $175,000 fair market value (less any depreciation deductions she takes) to determine her gain or loss when she sells the home. If she sells the house for $175,000, she has no deductible loss. She'll have a loss only if she sells it for less than $175,000.

To learn more, see Nolo's section on Tax Deductions and Credits for Homeowners.

Thursday, August 18, 2016

Time to MOOOOOOOVE

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Friday, August 12, 2016

Real Estate Pimp

http://abc.go.com/shows/fresh-off-the-boat/video/most-recent/VDKA0_p6y2fzcg

Monday, August 8, 2016

Download my Free mobile App

Download Florida Luxury Realty - Debbie Small's mobile app here: http://app.floridaluxury.com/FLRDEBBIESMALL

Friday, July 15, 2016

HUD Regulation Z

https://drive.google.com/file/d/0Bwyq05W-ncinN3RHSzg2OExHTVE/view?usp=drivesdk

Tuesday, July 5, 2016

Debbiesmall.net@gmail.com

"Go confidentiality in the direction of your dreams. Live the life you have imagined." Thoreau
Make your dreams your Realty
After all,www.debbiesmall.net
"It's A SMALL World!" DebbieSmall, GRI
debbiesmall.net@gmail.com
http:///
7275994958
#loveFL #StPetersburg #clearwater #beach #Pinellas #visitpasco
#newportrichey #NewHouse #sold #springhill #floridaluxuryrealestate

#loveFL #keywest

Monday, July 4, 2016

Cuba

https://goo.gl/images/5fTF1H

Monday, June 27, 2016

Real Estate Florida

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Sunday, June 26, 2016

Real Estate

http://debbiesmall.tumblr.com/post/41368335233/follow-me

Thoreau

http://debbiesmall.tumblr.com/post/41695568538/go-confidently-in-the-direction-of-your-dreams

http://www.debbiesmall.net/

http://debbiesmall.tumblr.com/post/41941278654/bank-of-america-foreclosure-reviews-why-the

http://www.debbiesmall.net/

http://debbiesmall.tumblr.com/post/43894836917

debbiesmall.net

http://debbiesmall.tumblr.com/post/55874351570/its-a-small-world

Saturday, June 25, 2016

Sold

Thursday, June 23, 2016

Flood Reform

HUB Event: Flood Reform - Recent Changes (Clearwater) http://rtb-us-east.linkedin.com/lax/clk?trk=0_b3SvrmYfvRva3BledZduGw4JXe8s_h-_nE9uUp4H1MsZquTvXWLh_ekBTYoNIgdGsK47SRlBf3DuoiKqQjJs_HjkwHcy3f6Aa67KCDzUMLbaJgJixuL7AxndmsaaZwAiiq9S5pH8oaZZod_eO_9r660KbnA3MnBEU2fY7YXig9edaYBevBaxkNV6HK_W5prFwpLXt3iN5COygeCfJlOrd3SbSXcgxSuKile8BIHpLanBEE59lscZBx5nYnqnb7-eY4lTHclXUubpT5yyN8lWp4jS7CtBHmNQqNsvwA9bHGGklQaJDUmJ5E8zO171zv3Jtv-5Rt8_o8zOqGhwIFnbpo2x2Y4F1RP-PlS5ZB3qoX22vedZrYDnr5xqcls-OQfawHLmJot5_jR0D8kYc9z6eCHGDf3gPxWnOK3XzYwYKJUCgpsITjyAT7UWiD19z0G9wOWUlv8vpX9tVAmH7T-bQkNI14EgS3RV-iAv6XME1NSnTAVJQCIdwHG_zgP4ShNh_5OUNhOZ7amw9OanIr0WRZHrvnAwRNf47OZnF_yeEzEHAYIkAHePKA0bvRhgWUW2xutpQlQpWny-fYAEB-stBIVhpgeZM8HwQx5z1V-g29I8AZQkIS29abClaTWL53o3xwqWj8LN2K61ZiQKdcGkN6wYSt3jgF2hLL0twzO0psXLpXWCp5O84xlM3oW7rZCYoDstJd4nlxImrfhgKukA6MayEozVaFsFbGAZXy-l5kGfAn5wAMN4wf-Qt9TYny9isbvbTBeK21b_fvvEpdCQHwhnKUQuLJ-jYIMpV58F-0ouGBLvbdvRMedDNAhxqSjhfLetM0-8DrSab8NXpnraMQTvKDFIgOD72lswaUaF5IlDRuDxoxLn9O6rMmpiedioQuC43wSmCSJnzlw1FuQMCfGk1Q4YFfrefyhaKqlqDLq&action=click&laxrid=ae4b1317-d71e-4b3b-9a9d-5b1ba7d02686&laxbid=2&eid=2&laxerid=31fc1e5e-dae3-49a9-bfbd-d093ab3c182b&ii=1&aui=31fc1e5e-dae3-49a9-bfbd-d093ab3c182b&si=da714042baa5e89eb2c6ac8f&abi=c55e60cf-537a-4b93-846e-aa582c27b036&wp=6.86&pay=1&curr=USD&aid=&url=http%3A%2F%2Fbit.ly%2F28Play0&urlhash=dDEQ