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I am working on merging my company with another operator for some great mutual benifit, and I was curiouse from some of the other partnerships out there what kind of business entities have been working well. I personally am leaning toward an S. Corp so as to keep the business as seperate as possible, but i would love to hear some opinons on the matter. thanks
I am not a big fan of partnerships. I have seen many of them end poorly and ruin what was otherwise a good relationship. I would be curious on what specific benefits you and your potential partner would get. Can you foster a mutually beneficial business relationship without doing a formal partnership? I have a son-in-law who entered a partnership with his good friend. He has quickly found out that they have philosophical differences on everthing from work load to how to promote the business and about everything in-between. I would seriously hash this out before you’d commit. It’s easier to get into a partnership than it is to get out. Good luck!
Ditto!!! I only know of one in this business that has lasted more than 5 years. Even they worked at the same place before the partnership and they think very much a like. Personally, I would get a sign from God first. Even then He may have to hit me over the head with the sign before I’d do it. Good luck! I’m an LLC.
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