How to set up a corporation in Illinois

:slight_smile: Newbies on the block.


My brother a friend and Iwould like to create a corporation to buy, rehab, sell or rent multi-unit buildings and hope to one day get into new construction. But we would like to start out flipping some units first we think this would be best and the easiest to start out. But I have some questions about buying homes as a corporation. Do we use our combine credit to buy the home or will one of us have to give up his first-time buying power for the good of the corporation? I’ve heard they ask corporations for the usual 20% down. That we dont have. :cry:

We would like to do most of the rehabbing our self on weekends but we know something’s we won’t be able to do. Our friend is a Electical engineer, my borther is our muscle, but he has now started a real estate class to help with selling the property’s and me well I manage a warehouse bulk department so I’m doing the acounting and finding homes and will be doing some of the work.
We think it best to find us a good contractor to make sure things are being done right and up to code and to make sure we stay on time and under budget and that we could learn from him, a friend did this but he payed the contractor for this service so that he could learn it faster and he could put himself on the payroll. But is this good to do?
And as forming the corporation we think having a C- corporation is better than a S-corp or LLC but what is best for what we would like to do?