Funny how people argue about whether corporations are legal persons. For most practical purposes in the US, humans need corporations to certify that they are persons, via W2s. Life without a W2 is almost Hobbesian.
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Interestingly enough, this fact has been a bigger stressor for me over the last decade than more real problems like cash flow crunches and health scares. Just exhausting playing lease application roulette every year or two. Home loans of course might as well be Everest.
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I’m incorporated as an LLC. That kinda dodge doesn’t really help. It’s not the W2 per se but the underwriting from a bigger business entity. The big apartment companies aren’t stupid.
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Consider S corporation operations rather than LLC. Issues you a W-2. Tax burden approx same. Source me: tax lawyer and S Corp owner.
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Used to have an S Corp and issue myself W2s. Changed to LLC. Doesn’t help. It’s not really a legal matter. It’s a risk underwriting matter. Specifics of paperwork are irrelevant. Lenders/landlords don’t like solopreneur risk profile that’s all.
Fair enough. It’s not a paperwork problem then. It’s another type of problem - with an obvious but not necessarily easy to implement solution. (I.e., it’s a money problem).
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Yep. One place, in my S-Corp years, wanted to see a 300k bank balance to rent me a $2200/mo apartment claiming that was their small business qualification standard 🙄
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