Alan at SE
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- Joined
- Dec 15, 2007
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I'm having trouble deciding which form of business to establish. My business, without giving it away, is very similar to a car detailing business operating in the state of Virginia. It is going to be owned, managed, and run by my friend and I.
I've been looking at this and other sites for help: http://www.mynewventure.com/Question36_LLC_vs_LLP
I think an LLC would be appropriate but also considered a LLP so that in case something does go wrong, the person who caused it as at fault.
From what my friend is saying, an LLC must have one general partner and one limited partner with the general partner being the only one at risk. I don't think this is correct? Correct me if I am wrong.
If I'm understanding an LLC correctly, the owners, us, are considered members. Our personal liabilities are protected from the debts and lawsuits but are not covered if we, individually, guarantee on our behalf rather than the LLC and something goes wrong
What are your thoughts?
Thanks,
Alan
I've been looking at this and other sites for help: http://www.mynewventure.com/Question36_LLC_vs_LLP
I think an LLC would be appropriate but also considered a LLP so that in case something does go wrong, the person who caused it as at fault.
From what my friend is saying, an LLC must have one general partner and one limited partner with the general partner being the only one at risk. I don't think this is correct? Correct me if I am wrong.
If I'm understanding an LLC correctly, the owners, us, are considered members. Our personal liabilities are protected from the debts and lawsuits but are not covered if we, individually, guarantee on our behalf rather than the LLC and something goes wrong
What are your thoughts?
Thanks,
Alan
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