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Updated over 6 years ago on . Most recent reply

User Stats

3
Posts
0
Votes
Stephen A. Miner IV
  • Flipper/Rehabber
  • Buckland, OH
0
Votes |
3
Posts

Foundation of our LLC

Stephen A. Miner IV
  • Flipper/Rehabber
  • Buckland, OH
Posted
Good evening everyone, my business partner and I are currently working on our accountability in writing as well as some careful planning with the structure of our LLC. What I would like to know is, is it possible to have a trust owned LLC structured like an S Corp where the trust is the entity controlling the business leaving it so we do not have to form a LLP therefore not being "members." I would like the protection of a LLC but still being able to work together with my business partner on projects. I guess I'm a little confused on what we should do to keep taxes and profit split simple. Should we just open two separate LLC's with trusts that we own individually? We have yet to consult an attorney yet, I wanted to get the opinion of the BP family.

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