Forums: Discussions for entrepreneurs and small business.

I am about to send in the paperwork to form an LLC. How easy is it to go from sole proprietor to a partnership? Do I need to be a partnership anyways if I`m going to have investors?

Here is the number of an attorney in New Jersey.  He offers 1/2 hour free consultations and can answer some of your questions:

Daniel A. Pepper, Esq.
908.698.0330

here is his website:  www.informationlaw.com

Good Luck

Lisa

I`m a bit confused by your question. Do you mean how hard is it to bring in a second owner once you are an LLC? Or are you considering entering into a partnership instead of forming an LLC?


-------------------------

Motivation for Entrepreneurs
Entre-Propel.com

Here`s the story haha. I wanted to do this with a friend and have him be my business partner. He has really been slacking in research and development for our business. So I`m wondering if I could just be a sole proprietor and when he finally gets more ambition to be a part of this venture I could bring him on as partner.

The other thing too is that I`m going to have investors and I don`t necessarily know if having investors makes the LLC a partnership anyways.

why not just start as an LLC (protect yourself from business liability issues) and then distribute shares / percentage ownership when you bring a partner in? also an LLC with only 2 partners is considered a partnership in essence from my limited knowledge.

-------------------------

The Extra Money Blog
Make Extra Money Online - Paid Surveys
File an Airline Complaint - Sue the Airline
Dubai Information
Accounts Receivable Factoring
Structured Settlements
Raw Food for Dogs
Care of Bamboo Plants

If I did that, would he have to buy those shares to become a partner?

if not too much hassle some people completely dissolve and then re establish a new LLC and document the ownership structure accordingly.  you can maintain good records to demonstrate the why, when, who, what...

-------------------------

The Extra Money Blog
Make Extra Money Online - Paid Surveys
File an Airline Complaint - Sue the Airline
Dubai Information
Accounts Receivable Factoring
Structured Settlements
Raw Food for Dogs
Care of Bamboo Plants