LLC or General Partnership

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May 27, 2020
2:19:23pm

Hoax All-American

LLC or General Partnership

Starting a small business with our neighbors for apparel. Does anyone have any advice or thoughts on whether we form an LLC or general partnership?

We are first going to sell through Etsy so I’m thinking our potential for liability is pretty small....

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Hoax

Previous username: thenewguy
New username: DavisCoCoug
Bio page: Hoax
Joined: Dec 2, 2010
Last login: Oct 3, 2021
Total posts: 0 (0 FO)

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Messages

Author

Time

LLC or General Partnership

Hoax

5/27/20 2:19pm

LLC

Cougarclaw

5/27/20 2:21pm

With a general partnership you can be liable for anything your partner does.

vegasnative

5/27/20 2:26pm

Never a General Partnership. Ever.

5/27/20 2:30pm

Whenever possible, go with an LLC.

ebv

5/27/20 2:37pm

Look at a C Corp

TwinsRight

5/27/20 2:43pm

C Corps are very expensive, start with LLC, and if you get big enough, make the

Cougarclaw

5/27/20 2:46pm

Yep. The informality of LLCs is actually a huge bonus for most young companies.

ebv

5/27/20 2:55pm

Step 1: get a very good accountant. Step 2: talk to an attorney. For your

mkg

5/27/20 2:54pm

This is good advice. CPAs and attorneys may feel expensive up front, but

ebv

5/27/20 2:55pm

What are your projected revenues / goals

5/27/20 3:34pm

Thank you

Hoax

5/27/20 4:04pm

Thanks everyone. LLC it is

Hoax

5/27/20 4:05pm

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