What type of business organization is suitable(partnership or private limited company) ?
I recommend that you talk to an attorney for aspects that apply to your specific state. Barring anything specific to your state, I recommend a LLC (limited liability company) rather than a partnership for the following reasons: 1. In a partnership you are personal liable for business obligations. 2. The liability associated with a partnership is that the owner’s have personal liability for anything that happens in their business. For example, if someone sues the business under a partnership arrangement and wins, they can come after your business AND personal assets. 3. LLC or legal liability company is the best protection for you and your partner. It is usually simple to setup. A LLC protects the owner’s personal assets from creditors and lawsuits. From a tax perspective, a LLC is simple. You file a tax return for the LLC and any income or losses derived from the business flow through to the individual partner on their tax returns. For example, assume the LLC had a profit of $10,000 fr
