Quote:
Originally Posted by Sly
LLC may not even be what's best for your situation. Lawyer up, probably the best $500 you'll spend.
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LLCs protect you (and the LLC) from your partners & creditors. An LLC is virtually immune to hostile takeover by a judgment creditor. An S-corp is not. So, for example... let's say your partner is having his house foreclosed on and has a lot of other debt trouble. If the creditor gets a judgment against him, the creditor could assume control of an S-corp, and literally do anything they want with their share of it. (the creditor is now your new partner... and quite possibly the controlling partner). An LLC has protections against that happening.
Plus an LLC has much less formal paperwork than a C-corp or even an S-corp.