Can a Sole Prop and an Individual own property?

Question

I want to purchase a property that is in foreclosure, I have a sole prop. Will I be able to purchase the property from the owner as the business and the individual? Or can we transfer title to the business and use the tax id?

Answer 1

As an individual running a business with no employees, you're automatically a sole proprietorship, and that's how it would show on your taxes. If you have an S Corp or LLC, you can try to quit claim the property to the corporation after you buy it. But you'd buy it as an individual, getting financing for a corporation is much more rare and difficult.