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Updated over 11 years ago,
Creating a start-up with friend: confused about business structure
Hello BP!
My first post here, hopefully of many.
A friend and I have decided to start a REI business together in Florida.
I've been researching different business structures, and the amount of information is a little overwhelming. There are so many options and we are trying to decide on which route to take.
Basically, we will begin by combining our capital to carry out our own investments, but hope to expand to China and Japan once we have gained some marketable experience. My partner is native Chinese and I am American but fluent in Japanese.
The option that currently seems most appealing is LLC.
However, what would be the differences between registering out company with multiple members (2), or one member and the other as a manager instead?
A major concern is how taxes should be undertaken. If we file with 2 members, will we have to file taxes for the LLC, and will having only one member allow for taxes to be filed individually instead?
I've read somewhere that filing minutes might be required and not sure what is involved in this.
Should we be considering other business structures other than LLC.
Advantages and disadvantages of potential structures?
Sorry if I'm being dense here.
We would overwhelming appreciate any help you more experienced investors out there could offer.
Many, many thanks in advance!