Gf & I geting inc to flip houses. Any advantages to having it in a womens name?

Question

My gf, her brother and I are going to get incorporated so we can start flipping houses without liability. Is there any advantage to getting incorporated in her name since sh'es a women. Are there tax breaks or grants or anything for women that would be beneficial?

Answer 1

not any thing substantial but really define what each of your talents are gl

Answer 2

It's possible that some banks might like that since you would then be a MWE, minority/women owned enterprise.  

There are also some interesting advantages from the Small Business Administration, see below.

However, she would have to own 51% of the company and that's kinda tough in a 3 way split.

Answer 3

No. In fact it might even be a disadvantage if there is some ambient misogyny where you are. Despite large institutions' commitment to gender neutrality they can't control the perceptions of their staff, and buyers tend to try to get away with more from a female seller.

Also, house flipping is almost impossible these days. There are experienced flippers with three properties on their hands that they can't get rid of. Wait this out and watch what the market does over the next three to five years.

Answer 4

Absolutely no benefit to being a woman owned business in this situation. She would need to control 51% of the company to qualify if you did want to be a woman owned business.

Do not think that by forming a corporation you are completely without liability. If any of your personally do something that is wrong, you can be personally sued. If you are using personal assets within the corporation, anyone can "pierce the corporate veil" of liability protection. You must use only corporation assets. Do not sign any personal guarantees and keep "an arm lengths distance" on any transactions.

Answer 5

I say forget flipping houses in a market that is at an all-time low. Even beautiful houses in great locations are selling right now. I've even seen some houses half of their appraised value not sell.

Answer 6

The only advantage of being a women-owned business is when you are a vendor for government or corporations with supplier diversity programs. Under the business model that you describe, it's hard to see what advantages you would get.  

There are no tax breaks or grants for women-owned businesses, that's a fallacy spread by idiots with questions marks on their jackets and other scam artists trying to sell you their books.