First know that most partnerships unless both split everything 50/50dont work.Most partnerships never work especially family.Look for a business planner to advise you how to set the business up based on your input. Most of all start ups fail because people only tend to see the up side.Remember there are also downsides. The most important thing you must have the capitol to survive the first year of building the buss. That is the main reason that most fail, under capitalized.Best of luck and know your stuff.
Real Estate/rental Property Business…llc, Llp, S-corp?
I am in the process of starting a part-time (full-time at some point) residential rental property business with a family member. There is a possibility we may venture into commercial real estate. We will be in business in Indiana and have no debt. I will be providing some financing with the majority coming from the family member. The long-term plan is to have me be the employee and slowly purchase a majority of the business from the family member. Are we better off as an LLC, LLP, S-Corp, etc?
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