My friend and I are going into business together.?
We are making jewelry and selling it. We filed for an assumed christen certificate and in a minute we need to find a sales duty permit and possibly form a limited liability company. This is where on earth my question comes contained by. Does anyone have any suggestion on what kind of company we should form and what benefits one have over the other? Any advice will be really appreciated.
Answers: Initially you can work as a partnership. There is no point within spending money on forming an LLC or a corporation at this early stage. Draw up a simple partnership agreement specifying what share respectively of you will own and how you will operate. A written agreement is not required but it can eliminate profusely of problems later.
As your business develops, you can start thinking of formalizing the relationship. Wait for the business to become profitable.
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Answers: Initially you can work as a partnership. There is no point within spending money on forming an LLC or a corporation at this early stage. Draw up a simple partnership agreement specifying what share respectively of you will own and how you will operate. A written agreement is not required but it can eliminate profusely of problems later.
As your business develops, you can start thinking of formalizing the relationship. Wait for the business to become profitable.