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Me and my Partner are going to be Partners in a business together in the next couple months. Im the Laborer (working the business) and they're the Lender (supplying the startup capital and financial support in the beginning). We're forming an LLC for personal liability purposes) and then a DBA for the actual business itself. Here is my question: They asked me for my name and SS# for the LLC, but the TAX stuff (writeoffs, exemptions, credits, etc) need to benefot my PARTNER, since they are the one offering the financial aspect of the business. Do they need to be on the LLC as a member as well or just the DBA? Im not sure about any of this, but Id like to have an idea before we start all of this, thanks for any advice!
OK i should explain since im not understanding your responses.. Im opening a small hair salon/studio. ill have renters, no exployees. my partner is my BF and is fronting the funds for this business. i wanted the liability protection (obviously for us both).. but when you own a business im assuming that the money put indiana to the business startup must have some tax benefits (or is it considered just a loss of money, like if you just flushed $10K down the toilet)? i just wanted to know if the BF needs to be listed as a member of the LLC or not. The profit/loss isnt very relevant in this particular situation, they're only looking for their investment back.
Just be smart and find some good experienced professional to give you some face to face advice and guidance to try and prevent having some bigger problems at some future time in your life. Hope that you find the above enclosed information useful. 10/16/2013
1. Consult with your personal attorney on the advisability in setting up an LLC. The liability veil is illusory in most cases in a closely held LLC or corporation. You may well be throwing good money after bad in setting it up if that's your only justification for doing so. There are some very limited cases where it may be advisable, but you need to discuss that with your personal attorney. 2. Once you create a legal entity, you only file a DBA cert, aka fictitious name certification, if you operate the business under some other name that the name of the LLC. There may be reasons for doing that but if there is no reason to operate it under some other name, keep it simple and operate it under the LLC's name. 3. For tax concerns, retain a CPA or EA to guide you. A multi-member LLC is taxed as a partnership at the federal level unless you elect to be taxed as a corporation. The money man gets no favorable tax treatment for his investment, any more than you get one for investing in stocks and bonds. Making the corporation election may be advisable, but you don't want to proceed without professional advice. 4. You also need to address the issues of how the profits will be divided and reduce that to a binding contract to protect both of you. That will involve the CPA or EA as well as each of your personal attorneys. Edit: Please go back and read what I wrote. This is what you have to do. His investment in the business is not deductible in his taxes. You don't get a tax deduction for investments, whether it's a new business start up or you are buying stocks. Taxes come in to play when you turn a profit in the business, sell your investment, or lose your investment. An LLC won't protect your personal assets in the way that you think it will. It's one thing when you have an LLC owned by multiple corporations or partnerships or with hundreds of investors and an entirely different matter when it's only a handful of owners. Even when it does provide some protection to your personal assets, 100% of the business assets are ALWAYS at risk. Furthermore you are ALWAYS personally liable for your own torts, errors, and omissions and no legal entity will protect you there. To protect the business assets and your personal assets requires insurance, and a good general liability policy may even cost you less than the added fees, taxes, and other costs associated with an LLC. Since one person is providing the start up costs and another is providing the blood, sweat, and tears, you need to sit down and figure how the profits will be divided. That won't necessarily be a 50-50 split. Sure, an investor needs a reasonable return on their investment, but the person who does actual work probably earns a much larger share of the profits through doing actual work. Are guaranteed payments involved? If so, for whom? When can an investor pull his or her investment back out? What happens if the business fails? How are any remaining assets divided between the partners? I've just scratched on the surface. There's a lot involved in setting up a new business, and you need to get it right from day one. If you don't, the odds that you will fail are extremely high.
A DBA is essentially an alias to facilitate the business. If the sign out front says "Joe Smith" nobody is going to come in but if it says "Joe's Diner" hungry people will check it out. To borrow the analogy, instead of paying the costs of establishing a separate DBA, make your entity "Joe's Diner LLC." As a practical matter, you and your "partner" are small fry and if you want credit for your LLC or any other business form you are going to have to co-sign for it. Final piece of advice: Get professional advice from someone local before starting out. It will be money well spent particularily if the enterprise goes south.
You have it all wrong, the other party as the investor has no part in the profit or loss of the company other than the loss of his investment frankly forget the LLC entirely, you need to get going and prove the business successful before you start making major changes like this you can get an umbrella policy to cover your liabilities, $1M for about $325 is certainly much easier a DBA is the notice you have printed in the newspaper, it is NOT a number it means 'doing business as' if you organize a Corp, a partnership or pay employees you need to get an EIN from IRS(and similar one from your state)