NEED Accountant, Corporate Attorney, CPA for some guidence in setting up real estate company ASAP!!!!
We are a real estate company with a convoluted substructure. Too many P&Ls and actual other entities of which the main company owns a portion of. So do you attribute and expense to that entity at 100% and take your hit on their P&L, what if you want to apportion the expense a bit to two other P&Ls and keep some expense for the main company. I broke the entities down in classes in quickbooks, but one entitiy is actually an LLC with a FEIN and the other is just a group of employees with overrides, profit sharing if certain criteria is met and then its just based on the P&L for that county.
I'm currently using a class system within quickbooks and assigning expenses incurred or attributable be those business units back to them - then the Parent company will get paid as it owns 30% of that company. With income, I'm withholding some revenue to cover some of the attributable expenses
Anyway - I need an accountant to tell me how best to handle all this. It's a start up real estate company and we've got checks coming in and going out all day now. Need to get our system in place so that we can hire a bookkeeper.