S-corp vs LLC for mineral interests

Trish whitnah · 2022-12-15T19:42:35Z

My relative who is a tax attorney in OKC is advising me to start an S-Corp to put my mineral deeds in. Most of my minerals are in OK but I do have others in 8 states. I live in PA, so he can’t do this for me. I have 4 kids and 14 grands who will eventually inherit over 40 deeds of various mineral rights. Every month I get approx 20 checks between $2.00-$4500.00. He said an S-Corp as one entity would be divided by 4 thus eliminating the need to re-issue 40 deeds to 4 kids and them receiving tiny checks divided by 4. This S-Corp would ONLY include the mineral rights. I have noticed that some people on this forum have started LLCs for the same purpose. My question is: which is better? He insists that the S-Corp is. Also would it be a huge job to file the new deeds for the Corp myself? Thanks for any insight.

Ownership and Title

Richard_Winblad December 27, 2022, 3:53pm 12

See this post, it may make a trust or other planning more attractive than an LLC.

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