Forming Partnerships, Joint Ventures And LLCs
When you are starting a business, incorporating as the right type of company can set your business up for continued financial success. On the surface there may not seem to be many differences, but an experienced attorney can help you figure out which type of business entity works best for your situation.
At Loftin | Bedell, P.C., in Carlsbad, California, our lawyers can help you understand the different advantages that come with incorporating as a partnership, joint venture or limited liability company (LLC). We have helped countless businesses in San Diego County, and we can provide the same corporate guidance for you.
Will a Partnership Work for Me?
A partnership involves two or more business owners who agree to share in the profits of a business. This could take many forms. In some cases it could mean a “silent partner” who provides capital but stays out of the decision-making process.
It is important to trust who you will be working with and to set up agreements for how disputes will be handled, how responsibilities will be divided and who gets what share of profits.
Consider a Joint Venture to Enter New Markets
Joint ventures are a type of partnership between two or more companies. These can be temporary, say to compete for a certain project, or long-lasting. Businesses typically use them to broaden their business’ reach to new customers and markets. Like a partnership, it will be important to protect your interests through a formal agreement that spells out responsibilities and profit sharing.
LLCs May Work for Those Who Wish to Make Their Own Decisions
LLCs offer certain advantages over forming partnerships or other types of solo businesses. As an LLC owner, you can enjoy reduced personal financial exposure to business losses. There are also benefits in tax filing, paperwork and government regulation.
If you wish to run your business with more flexibility than a corporation, an LLC may be the best fit.
Talk to Experienced Business Law Attorneys Before Acting
The type of entity into which your business is formed will have a large effect on the future of your enterprise. Before making any decisions, contact Loftin | Bedell, P.C., to discuss your options. Call 866-933-2340 or 760-814-9649 to schedule a consultation.