S Corp and LLC...what are the steps?

[Ericilda Witherspoon]

I am going on a joint venture 50/50. We want to start an S corp and LLC . We will eventually branch of. Please explain to me exactly how that works. If we create an S corp would we then individually create our own LLC? I would call my LLC ...and she would call hers something else. If and when we decide to go our separate ways, would we then create our own Scorp? If I am completely wrong please let me know. Thanks in advance.