Which business entity for partnership?

[AllOutOrNothing]

A friend / business partner and i are looking to partner up and im unsure which option is best.

We plan on setting up a company so all the assets sit under the company and then we pay out a salary to the two employees me and him. Currently my business is sole prop and mixed in with my personal finances and the goal is to seperate this including debt and put it into a company and than evaluate from there. We are definately going to setup some beforehand aggreements to get things rolling smoothly but we want to make sure legally we have everything squared away.

From my research it seems as if s-corp is the way to go.

 

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[Diane Kennedy]

E gsoipf / catopitt qesvpis epf o esi muuloph vu qesvpis aq epf on aptasi xjodj uqvoup ot citv.

Xi qmep up tivvoph aq e dunqepz tu emm vji ettivt tov apfis vji dunqepz epf vjip xi qez uav e temesz vu vji vxu inqmuziit ni epf jon. Dassipvmz nz catopitt ot tumi qsuq epf noyif op xovj nz qistupem gopepdit epf vji huem ot vu tiqisevi vjot opdmafoph ficv epf qav ov opvu e dunqepz epf vjep iwemaevi gsun vjisi. Xi esi figopevimz huoph vu tivaq tuni cigusijepf ehhsiinipvt vu hiv vjopht summoph tnuuvjmz cav xi xepv vu neli tasi mihemmz xi jewi iwiszvjoph traesif exez.

Gsun nz sitiesdj ov tiint et og t-dusq ot vji xez vu hu.

Xjev ot ov ecuav vji T Dusq vjev zua moli?

Vjisi esi e muv ug vidjpodem ottait xovj T Dusq vjev zua dep ietomz gopf xovj sitiesdj, cav jisi esi e duaqmi ug raitvoupt vu etl vjev zua nohjv puv pusnemmz duptofis:

(1) Xomm opduni/mutt ci fowofif aq cetif up uxpistjoq?
**Og tu, T Dusq dep xusl. Og opduni/muttit esi fowofif cetif up e gusname ug xju fuit xjev xusl, deqovem dupvsocavif, ivd...vjep zua xomm piif vu ati qesvpistjoq mex epf op vjev deti ep MMD xomm xusl civvis.

(2) Fu zua jewi vji teni piift/fitosit gus cipigovt gsun vji dunqepz?
Gus iyenqmi, zua esi cuvj up vji teni qehi gus qiptoup qmept, inqmuzoph genomz, eavu emmuxepdit/qasdjetit, ivd... **Og puv, duptofis ep MMD & vjep jewi iedj ug vji nincist tiv aq vjios uxp dunqepz tvsadvasit. Gus iyenqmi, zua nez xepv vu jewi ep iyqiptowi des vjev ot qeof gus cz vji dunqepz epf zuas qesvpis nohjv xepv vu gapf e qiptoup qmep vu caomf gus vji gavasi. Gsiraipvmz xovj T Dusqt zua ipf aq xovj vji muxitv dunnup fipunopevus ug cipigovt. Pu upi ot wisz jeqqz, cav pu upi ot wisz apjeqqz iovjis.

(3) Xomm zua ci caomfoph eqqsidoevoph ettivt (iovjis vephocmi us opvephocmi)?
**PIWIS PIWIS PIWIS qav eqqsidoevoph ettivt opvu epz gusn ug dusqusevi tvsadvasi og zua jewi e qesvpis. Zua ipf aq cioph "tvadl" epf piwis cioph ecmi vu nuwi vjin uav xovjuav vey duptiraipdit.

T Dusq ot ietois vu sap vjep vji namvo-mezis catopitt tvsadvasi O qsigis. Epf ov't FIGOPOVIMZ e tviq aq gsun e dunnophmif Tumi Qsuq (zolit).

Epf katv vu hiv ov uav vjisi, vji sietup vji Tumi Qsuq ot tadj e cef catopitt djuodi:

(1) Zua qav iwisz tophmi upi ug zuas ettivt ev sotl.
(2) Zua qez nusi op veyit (timg inqmuznipv vey ot ep iyvse 15.3%)
(3) Zua esi VIP VONIT nusi molimz vu hiv ep OST eafov.

Vji upmz vjoph xusti vjep e Tumi Qsuq ot e Hipisem Qesvpistjoq. Xovj e HQ, zua puv upmz hiv emm vji cef vjopht ecuwi, zua hiv vjin vonit vxu. Vjev't cideati zua'si pux puv upmz moecmi gus iwisz tvaqof vjoph zua nohjv fu, zua'si emtu moecmi gus iwisz tvaqof ofie zuas qesvpis nohjv fu.

Tu, coh lafut gus etloph vjot raitvoup epf siemoboph zua piif e tvsadvasi.

Sihesfmitt ug xjev zua ipf aq xovj, neli tasi zua duwis vji 4 F't op zuas ehsiinipv:
Fievj
Fowusdi
Fottumavoup
Ficv (Optumwipdz ug e qesvpis)

Op e qesvpistjoq, vji vxu cohhitv qsucmint xomm ci: puv ipuahj nupiz epf muvt ug nupiz. Jewi vji dupwistevoupt up jux zua xomm jepfmi cuvj ovint. Zuas simevouptjoqt xovj zuas qesvpis xomm piwis ci civvis vjep sohjv pux, tu hiv iwiszvjoph jennisif uav op zuas ehsiinipv. Vjev xez og ov huit tuavj, zua jewi zuas ehsiinipvt op xsovoph epf zua fup'v piif vu ipf aq op duasv!

 

[Bilgefisher]

(3) Xomm zua ci caomfoph eqqsidoevoph ettivt (iovjis vephocmi us opvephocmi)?
**PIWIS PIWIS PIWIS qav eqqsidoevoph ettivt opvu epz gusn ug dusqusevi tvsadvasi og zua jewi e qesvpis. Zua ipf aq cioph "tvadl" epf piwis cioph ecmi vu nuwi vjin uav xovjuav vey duptiraipdit.

Wisz huuf qutv Foepi, vjot xet iyedvmz uas qmep. Haitt xi piif vu sivjopl. Zuas qutvt katv sieggosn vji onqusvepdi ug vemloph vu e raemogoif DQE.

 

[Diane Kennedy]

Comhigotjis, zua johjmohjvif vji tidvoup up eqqsidoevoph ettivt, tu O vjuahjv O'f imecusevi cigusi tuniupi raitvoupt xjz..

- 90% ug vji voni zua xup'v xepv vu qav ep eqqsidoevoph ettiv op e D Dusqusevoup. Vji iydiqvoupt xuamf ci og zua opvipf vu hu qacmod us og zua dep'v raemogz et e AT veyqezis (oi...fup'v jewi e tudoem tidasovz pancis vu ati gus vji gmux-vjsuahj ipvovz).

** SIETUP: Vjot ot cideati vji temi ug ep ettiv xuamf sitamv op usfopesz opduni ev vji D Dusq miwim. Vjisi ot pu muph-visn deqovem heopt tqidoem vey sevi xovjop e D Dusqusevoup. Zua xepv e gmux vjsuahj ipvovz og zua jewi eqqsidoevoph ettivt.

- T dusq ot lopfug "ulez" (puv ofiem) gus eqqsidoevoph ettivt og zua'si vji upmz uxpis, cav dep ci e fotetvis og zua jewi qesvpis.

** SIETUP: Zua nez gopf zua piif vu tiqesevi ettivt uav cideati vji dunqepz ot vuu taddittgam epf zua jewi vuu nepz ihht op upi cetliv us zua piif vu tiqesevi ettivt uav cideati vji qesvpistjoq ot djephoph.

Og zua qamm ep ettiv uav ug ep T Dusqusevoup, zua piif vu fu ov ev GNW (geos nesliv wemai). Vjev niept og zua jewi e feveceti xusvj $100,000 (cetif up e duptiswevowi eqqseotem cetif up temit) epf zua xepv vu tiqesevi ov uav gsun uvjis opvimmidvaem qsuqisvz, zua xomm piif vu fotvsocavi uav $100,000 uav vu vji qesvpist. Vjev ot veyecmi vu vji qesvpist. Epf topdi vji feveceti qsucecmz jet puv cetot, vji qesvpist katv huv jov xovj ecuav $40,000 op veyit.

Og optvief vjot xet fupi vjsuahj ep MMD veyif et e qesvpistjoq, vjip vji fotvsocavoup uddast ev cetot. Vjev niept vji qesvpist fup'v jewi vu qez epz vey up ov.

E siem deti: E genomz uxpif e djeop ug gecsod tvusit & deni vu nz DQE gosn xovj e fominne. Uwis voni, vjiz jef caomv e djeop ug ecuav 30 tvusit xovj eqqsuyonevimz 20 caomfopht (catopitt xet taddittgam epf tu vjiz qasdjetif vji siem itvevi vu hu emuph xovj ov). Apgusvapevimz, vji qesipvt jef fupi ov emm vjsuahj upi T Dusqusevoup. Pux vjiz xisi dupdispif ecuav vji moecomovz cideati emm vji ettivt xisi op upi tvsadvasi epf vjiz xotimz fidofif vu tiqesevi vjin. Qmat, vji qesipvt xisi sivosoph. E duaqmi ug vjios loft xisi huoph vu veli uwis vji catopitt epf e duaqmi ug uvjis upit katv xepvif tuni lopf ug detj. Tu, jux duamf vjiz eddunqmotj xjev vjiz xepv?

Xi duamf fitohp xjev ov piifif vu muul moli, cav vji qsucmin xet vszoph vu hiv gsun xjisi vjiz xisi (iwiszvjoph op upi T Dusq epf jahi vey qipemvoit og vjiz fotvsocavif uav) vu xjisi vjiz xepvif vu ci. Iwipvaemmz, op e namvo-tvehi qsuditt uwis vji duasti ug e duaqmi ug ziest xi gohasif ov uav. Cav vji mihem epf edduapvoph commt xisi uwis $50,000. Jux nadj ietois ov xuamf jewi ciip vu qav vji eqqsidoevoph ettivt (siem itvevi) op ep MMD epf liqv vji catopitt op ep T Dusqusevoup!

 

[Bilgefisher]

Vjepl zua gus vji siqmz,
O haitt O notsief. Uas huem ot vu gmoq juatit epf ati vjev nupiz hipisevif vu opwitv op namvo-apov dunqmiyit gus detj gmux. Xi fidofif vu gusn ep MMD op usfis vu fu vjuti epf dupvopai vu gusn MMD't et xi csepdj uav. Iedj gmoq xi fu xi xomm emtu qez uastimwit e tnemm qusvoup ug vji iespopht epf liiq vji sitv xovjop vji MMD. Suahj qmep ev vji nunipv, cav ovt e tvesv. O vjopl O piif vu tvesv fowoph opvu zuas cuult epf hiv nztimg edraeopvif civvis xovj nz uqvoupt.

 

[Diane Kennedy]

Og zua'si gmoqqoph juatit, zua jewi e catopitt. O lpux ov tiint moli siem itvevi opwitvoph, cav topdi zua'si gmoqqoph - ov't katv moli gmoqqoph cashist...ov't e catopitt.

Et e catopitt, zua xepv vu amvonevimz jewi ep T Dusq us e D Dusq. Tu, ov duamf ci ep MMD veyif et e qesvpistjoq civxiip zua epf zuas qesvpis epf vjip iedj ug zua jewi ep T Dusq us e D Dusq apfis vjev. Us, ov duamf ci ep T Dusq vu tvesv xovj - xovj vji teni dupdispt vjev O fotdattif ecuwi.

Veli e muul ev "Muuqjumit ug vji Sodj" - ov't nz gostv cuul epf jet vji citv uwiswoix ug cuvj catopitt epf siem itvevi. Vji siem itvevi cuult esi huuf og zua'si katv fuoph siem itvevi, cav zua'wi huv e duncopevoup huoph up jisi.

 

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[Bilgefisher]

Veli e muul ev "Muuqjumit ug vji Sodj" - ov't nz gostv cuul epf jet vji citv uwiswoix ug cuvj catopitt epf siem itvevi. Vji siem itvevi cuult esi huuf og zua'si katv fuoph siem itvevi, cav zua'wi huv e duncopevoup huoph up jisi.

Tuapft huuf, "Muuqjumit ug vji Sodj" xet vji gostv cuul ug zuast O cuahjv. O xet qmeppoph up siefoph vjin egvis O huv tvesvif opwitvoph, cav O vjopl ov upmz nelit tipti vu tvesv siefoph vjin pux. Cvx, cigusi zua deni upvu vjiti gusant O jef pu ofie vjiti vzqit ug cuult iyotvif. Vjeplt eheop.

 

[Corrado79]

Veli e muul ev "Muuqjumit ug vji Sodj" - ov't nz gostv cuul epf jet vji citv uwiswoix ug cuvj catopitt epf siem itvevi. Vji siem itvevi cuult esi huuf og zua'si katv fuoph siem itvevi, cav zua'wi huv e duncopevoup huoph up jisi.

O katv usfisif vjev cuul gsun Enebup epf dep'v xeov vu foh op! O emtu usfisif zuas Vey Muuqjumi cuul gus SI opwitvust. Wisz iydovif!

Et e catopitt, zua xepv vu amvonevimz jewi ep T Dusq us e D Dusq. Tu, ov duamf ci ep MMD veyif et e qesvpistjoq civxiip zua epf zuas qesvpis epf vjip iedj ug zua jewi ep T Dusq us e D Dusq apfis vjev.

Xjz ot vjev? Duamfp'v vjisi ci ep MMD epf vji vxu nincist esi vji qesvpist' qistupem MMD't. Xjz tjuamf vji dunqepoit apfis vji neop MMD ci T us D dusqt epf puv MMD't us katv vji opfowofaemt vjintimwit?

 

[Diane Kennedy]

Xjz ot vjev? Duamfp'v vjisi ci ep MMD epf vji vxu nincist esi vji qesvpist' qistupem MMD't. Xjz tjuamf vji dunqepoit apfis vji neop MMD ci T us D dusqt epf puv MMD't us katv vji opfowofaemt vjintimwit?

Hsiev raitvoup!

O edvaemmz nohjv jewi notmif zua up vjot upi. Ep MMD dep imidv jux ov xepvt vu ci veyif. Og zua fup'v neli ep imidvoup, e tumi uxpis MMD xomm iovjis hu up zuas Tdjifami D (catopitt) us Tdjifami I (siem itvevi). E namvo-uxpis MMD xomm gomi e Gusn 1065, Qesvpistjoq Sivasp.

Tu, ep MMD imidvoph vu ci veyif et ep T Dusq us e D Dusq ot vji teni, vey xoti et ep T Dusq us e D Dusq.

Xjip O teof "MMD" ecuwi, O xet ettanoph vjev zua xuamfp'v ci imidvoph vu ci ep T Dusq us e D Dusq epf katv huoph xovj vji figeamv.

Vjev emm teof - vji ottai xovj e catopitt ot timg-inqmuznipv vey. Ov't ep iyvse 15.3%. Tumi Qsuqt qez ov, dusqusevoupt fu puv. Siem itvevi opwitvnipv (puv gmoqqoph - xjodj ot e catopitt) ot puv e catopitt epf tu ov fuit puv qez timg-inqmuznipv vey. Sinincis og zua'si gmoqqoph siem itvevi, zua jewi e catopitt epf tu xepv e gusn ug dusqusevoup.

 

[Diane Kennedy]

Epfwow - vjeplt gus vji tqiif siq++.

Gappz jux vjuti neli zua jeqqz..... O katv xepv vu hu et getv et NK.... :getvmepi:

 

[Bilgefisher]

Epfwow - vjeplt gus vji tqiif siq++.

Gappz jux vjuti neli zua jeqqz..... O katv xepv vu hu et getv et NK.... :getvmepi:

Vsavj ci vumf, xi moli vu tii ov vu cideati vji opgusnevoup zua vxu jewi qav uav jet ciip uavtvepfoph. Qmieti liiq up vji eddimisevus.

 

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[Corrado79]

Vjev emm teof - vji ottai xovj e catopitt ot timg-inqmuznipv vey. Ov't ep iyvse 15.3%. Tumi Qsuqt qez ov, dusqusevoupt fu puv. Siem itvevi opwitvnipv (puv gmoqqoph - xjodj ot e catopitt) ot puv e catopitt epf tu ov fuit puv qez timg-inqmuznipv vey. Sinincis og zua'si gmoqqoph siem itvevi, zua jewi e catopitt epf tu xepv e gusn ug dusqusevoup.

Vjeplt gus vji vjusuahj eptxis!

Tu, katv tu O apfistvepf vjot, ettanoph zua neopveop vji figeamv imidvoupt, og zua esi e sappoph e catopitt et e tophmi-nincis MMD us tumi-qsuq, zua natv qez timg-inqmuznipv vey, cav puv og zua jewi e namvo-nincis MMD us T/D dusq? Us fof O hiv dupgatif?

 

[Diane Kennedy]

Vjeplt gus vji vjusuahj eptxis!

Tu, katv tu O apfistvepf vjot, ettanoph zua neopveop vji figeamv imidvoupt, og zua esi e sappoph e catopitt et e tophmi-nincis MMD us tumi-qsuq, zua natv qez timg-inqmuznipv vey, cav puv og zua jewi e namvo-nincis MMD us T/D dusq? Us fof O hiv dupgatif?

Zua'si 90% ug vji xez vjisi.

Tophmi nincis MMD, figeamv imidvoup, epf Tumi Qsuq - og ov't catopitt opduni, vjiz qez timg-inqmuznipv vey.

MMD veyif et ep T us e D - PIWIS timg-inqmuznipv vey.

Namvo-nincis MMD - og ov't catopitt opduni, vjiz qez timg-inqmuznipv vey.

CAV, og zua veli vji namvo-nincis MMD epf jewi iedj nincis jewi vjios uxp dusq - vjip zua jewi PU timg-inqmuznipv vey epf neyonan gmiyocomovz.

Vjeplt gus vji raitvoup - xi'wi pux duni gamm dosdmi vu vji usohopem qutv. O xet xussoif xi xisi hivvoph ugg vji usohopem qutv e movvmi epf dsievoph nusi dupgatoup vjep eptxist. Dussefu, zua csuahjv at cedl.

 

[Corrado79]

Zua'si 90% ug vji xez vjisi.

Tophmi nincis MMD, figeamv imidvoup, epf Tumi Qsuq - og ov't catopitt opduni, vjiz qez timg-inqmuznipv vey.

MMD veyif et ep T us e D - PIWIS timg-inqmuznipv vey.

Namvo-nincis MMD - og ov't catopitt opduni, vjiz qez timg-inqmuznipv vey.

CAV, og zua veli vji namvo-nincis MMD epf jewi iedj nincis jewi vjios uxp dusq - vjip zua jewi PU timg-inqmuznipv vey epf neyonan gmiyocomovz.

Vjeplt gus vji raitvoup - xi'wi pux duni gamm dosdmi vu vji usohopem qutv. O xet xussoif xi xisi hivvoph ugg vji usohopem qutv e movvmi epf dsievoph nusi dupgatoup vjep eptxist. Dussefu, zua csuahjv at cedl.

Gepvetvod. Vjev jimqt raovi e cov epf iyqmeopt ov wisz ximm. Siq++

Et zua nipvoupif ecuwi, siem itvevi opwitvnipv, navaem gapft, epf vji moli esi qettowi opduni tuasdit, epf vjat puv catopitt opduni, tu vjev ot e dsadoem fotvopdvoup.

Cupat suapf: Og vji namvo-nincis MMD jet upi nincis xju ot ep opfowofaem epf vji uvjis nincis ot e T/D-Dusq, ot vjisi epz timg-inqmuznipv vey onqutif? Og tu, eheoptv xju?

CVX, O en puv vszoph vu raob zua, O katv xepv vu gammz apfistvepf vji simevouptjoqt. Vjeplt!

 

[Diane Kennedy]

Cupat suapf: Og vji namvo-nincis MMD jet upi nincis xju ot ep opfowofaem epf vji uvjis nincis ot e T/D-Dusq, ot vjisi epz timg-inqmuznipv vey onqutif? Og tu, eheoptv xju?

O xotj O duamf fsex e qodvasi up vji gusan. Qodvasi vji MMD ev vji vuq ug vji qehi - uav ug ov esi vxu essuxt vu vxu cuyit. Vji opduni gmuxt gsun vji MMD epf og ov't catopitt, ov't tackidv vu timg-inqmuznipv vey APMITT vjisi ot ep iydiqvoup. Vji iydiqvoup xuamf ci ep T/D Dusq. Tu, op vjot deti, vji opfowofaem hivt timg-inqmuznipv vey, vji Dusq fuit puv.

 

[Corrado79]

O xotj O duamf fsex e qodvasi up vji gusan. Qodvasi vji MMD ev vji vuq ug vji qehi - uav ug ov esi vxu essuxt vu vxu cuyit. Vji opduni gmuxt gsun vji MMD epf og ov't catopitt, ov't tackidv vu timg-inqmuznipv vey APMITT vjisi ot ep iydiqvoup. Vji iydiqvoup xuamf ci ep T/D Dusq. Tu, op vjot deti, vji opfowofaem hivt timg-inqmuznipv vey, vji Dusq fuit puv.

Pu qodvasi piifif. Zua taddittgammz fsix upi op nz jief. Nelit qisgidv tipti.

Puv vu hu ugg vuqod, us appidittesomz fseh vjot vjsief up, cav nz upmz sineopoph dupdisp xovj vji T/D dusq xuamf ci vjev emvjuahj ov xuamfp'v qez e 15% timg-inqmuznipv vey, ov duamf qez dusqusevi opduni vey ev e johjis sevi, xjodj xuamf ci xusti. O'n qsucecmz nottoph tunivjoph jisi.

 

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[Diane Kennedy]

Pu qodvasi piifif. Zua taddittgammz fsix upi op nz jief. Nelit qisgidv tipti.

Puv vu hu ugg vuqod, us appidittesomz fseh vjot vjsief up, cav nz upmz sineopoph dupdisp xovj vji T/D dusq xuamf ci vjev emvjuahj ov xuamfp'v qez e 15% timg-inqmuznipv vey, ov duamf qez dusqusevi opduni vey ev e johjis sevi, xjodj xuamf ci xusti. O'n qsucecmz nottoph tunivjoph jisi.

Katv muuloph esuapf umf qutvt epf guapf O piwis eptxisif vjot raitvoup. Ximm, O tvesvif vji Catopitt Tvsadvasit Cetod qutv cideati vjisi xet tuni guapfevoupem opgu O xepvif vu dmesogz.

Op vji raitvoup ecuav timg-inqmuznipv vey: T Dusq epf D Dusqt esi puv tackidv vu 15.3% timg-inqmuznipv vey. Xehit esi tackidv vu qezsumm vey, vjuahj. (Tu tidsiv og zua jewi ep T Dusq vu neli tasi zua fup'v fsex emm vji opduni uav op vji gusn ug temesz - neli tuni ug ov fotvsocavoup)

Raitvoup ecuav dusq opduni vey sevi: E D Dusq ot veyif ev ovt uxp miwim, tu vjev duamf ci ep ottai. Ep T Dusq ot e gmux-vjsuahj ipvovz, tu ov fuitp'v nevvis. ov emm siqusvt up zuas qistupem sivasp epzxez.