Creating an LLC with partner - what's your experience been?

[Kristen Nguyen]

I'm starting the discussions on creating multiple partnerships with different partners on different deals, and in different states. Before we set up an LLC as partners, what kind of homework should I be doing? I'm not really sure where to start or what questions to ask to make sure I'm covering myself and to make sure we're making the best decisions as business partners, like if we're setting up the right entity to begin with.

What has your experience been? Any big learnings? Anything you would've done differently? Appreciate any insight!

[Lance Lvovsky]

@Kristen Nguyen

Get with a CPA and attorney. Understand what each partner will make, how profits will be split, what each will contribute, etc. tax implications for partnership allocations. Legal implications for the operations of the partnerships. You will need a good Operating Agreement. If doing business in multiple states, then understand that you will have state tax filings and need someone on your team who can advise accordingly.