Forums: Discussions for entrepreneurs and small business.

Hello,

I'm an American citizen looking to start a business with two individuals who currently hold H-1B visas as passive investors with myself as an active investor. We'd like to create a legal structure that will enable us to capitalize on investment opportunities in other ventures with either myself as an active investor and the other two as passive investors or all three of us as passive investors. Since we'll be creating a legal structure (likely an LLC) for this first venture anyway, would it make sense to also create an LP -- with myself as General Partner and the others as Limited Partners -- that in turn invests in the initial LLC as one majority owner? Our thinking is that it will simplify the ownership structure of the businesses themselves at the LLC level as well as linking our entire portfolio of investments for pass-through taxation purposes. Would the LP then have limited liability in the LLCs?

Please let me know your thoughts. Thanks in advance!

-LLL321

I think that's the choice that more businesses are adopting nowadays.

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You have the right thought in your mind but before you take any step you will surely like to consult a legal adviser. These days you have many legal websites that will arrange a call back for you and a meeting at a later stage. The costs of online legal advice is far less and you can have to pay only once the consultancy stage reaches a point where both parties are in agreement.

In many cases if the requirement is limited to want of legal forms or templates then you can download it.

Will supplies are used by attorneys and legal firms to send their letters and documents to colleagues, courts and clients. These include special paper and will covers with personalized names and address of the sender as well as will envelopes that come with regular seals or clasps. The will covers are usually in two sizes – legal and letter.

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I would have a business attorney draw up a contract that contains a specific timeline for the development. Then the partner is obligated to stick to that timeline and you won't end up having to wait for years.

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