We’re reopening a closed business and are wondering if we go partnership or LLC?

First off, whenever you’re dealing with taxes and the law, you should consult with someone who specializes in those areas like an attorney or accountant. They are the only ones who can give official advice.

The general census through other entrepreneurs is that an LLC is the way to go when deciding to form a business. A sole proprietor or partnership puts the burden of the businesses liability on to your personal life. Done right, an LLC can offer an additional layer of protection. Just make sure your LLC isn’t a direct income pass through to your bank account. The more you can separate yourself from the business the better. Again… there is so much to concern yourself with, seek a professional.

Posted in: Legal