If my husband and I are starting 2 businesses, what is the best legal form to set them up?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If my husband and I are starting 2 businesses, what is the best legal form to set them up?
One will be a deli and the other will be buying foreclosed houses, flipping them, and selling them. I have been researching LLCs and subsidiary LLCs. Which is the better option: set up 2 separate LLCs, one for the Deli and the other real estate or set up a parent LLC and have 2 subsidiary LLCs which will be the deli and real estate? Can the parent LLC be a “general” category and the subsidiaries be specific? Since it’s just my husband and I for tax purposes, should the LLC be set up as a single-member (husband’s name only) or form the LLC as a multi-member (husband and I each a separate member)?
Asked on November 2, 2013 under Business Law, Georgia
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Based upon what you have written about, I would set up two separate limited liability companies as opposed to corporations. Limited liability companies are easier to set up, easier to dissolve and cost less than a corporation to establish. The members should be joint, not single. A business attorney in your locality to assist you with the above can be found on attorneypages.com.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.