Business owners, can you explain something?

[gwl9dta4]

Which is the better choice entering a partnership, should we form a corporation or a LLC? I am confused on what to pick. I would appreciate some real life input.

 

[PatsFan34]

I'm in the process of doing all this shit now. I'm starting an LLC. It all depends on how many partners there are and what type of business it is. Have a sit down with your lawyer and get a good accountant you trust. They'll be able to tell you which to go with!

 

[Testosterone boy]

Which is the better choice entering a partnership, should we form a corporation or a LLC? I am confused on what to pick. I would appreciate some real life input.

Being incorporated relieves you of being sued for your assetts, they can only attach corporate assetts. You may have to dummy up some "director meetings" though.

I'm a fan of keeping things simple as long as possible. You can rack up a lot of expenses with lawyers, accountants, designers etc. I suspect a new business is generally best at selling a low price/good value rather than impressive addresses and trimmings.

Just my .02 though.

 

[distanced]

If you are asking a question that important to a message board and don't realize that it is a simple enough question to answer if you look into all the restrictions of each. I suggest you meet with a consultant

 

[easy]

If you are asking a question that important to a message board and don't realize that it is a simple enough question to answer if you look into all the restrictions of each. I suggest you meet with a consultant

true..true..

 

[gwl9dta4]

If you are asking a question that important to a message board and don't realize that it is a simple enough question to answer if you look into all the restrictions of each. I suggest you meet with a consultant

I hear you on that, and i understand all the restrictions. But with a 2 person partnership it's really a toss up with the two. I am just looking for some input from more experienced people, aside from the consultants.

 

[SofaGeorge]

I almost always do LLCs... simple and easy.

 

[PatsFan34]

I almost always do LLCs... simple and easy.

Word!!!

 

[HumorMe]

Which is the better choice entering a partnership, should we form a corporation or a LLC? I am confused on what to pick. I would appreciate some real life input.

Try this link.......
http://pub23.ezboard.com/felectroniclegalclinicforumfrm4.showMessage?topicID=427.topic

It is a chat board but a lawyer has answered a question about incorporating.


This link goes into more depth about the differences in different types of corporations....

www.activefilings.com/en/information/faq_structures.htm


Hope this helps.

 

[gwl9dta4]

thanks guys.

 

[indyjones]

L.L.C. vs Partnership

I have set up many LLC. They generally have better corporate protection from liabilities.

Let's say someone wants to sue you for damages. Under an LLC the most they can get is the assets under the LLC, but under a partnership they can go after personal assets.

Can you lose personal assets under an LLC? Yes, but under very strict conditions. (you commit fraud, didn't keep up the corporate veil(sic)?)

Taxes still flow through at the personal level.

Contact the Small Business Admin in your area. They have alot of info about corporate structures.

 

[wyld1g]

s corp partnership, that way if something happens to one, they can't touch the assets of the whole, and your taxed once. also, never personally guarentee anything if you can avoid it, this will render the corp useless and able the party to sue both the corp and you. Make sure you always document your meetings and make shure to have them! Otherwise, in court it would apear that the corp was just a vail! even though it is! hope this helps!