Legally establishing a business with two other partners
What is the best way to legally establish a business with two other partners?
Practically, you must all come to a general agreement about such questions as:
- Who's going to invest what?
- Who's going to own how much?
- Who's going to do what, when and how much?
- When are we going to know when to get out?
- What if someone wants to -- or has to -- get out early?
There are many more questions, but these will get you going.
Technically your first move is to determine a legal structure, such as a partnership, corporation or limited liability company. An experienced business attorney can help you structure your new partnership (that's what it is, regardless of the legal structure) legally with the answers to your questions in mind.
You're also going to want to talk with a certified public accountant about tax planning for your new venture.
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