Posted by William Cain on July 16, 2001 at 08:55:36:
It all depends on what you want to do. It like a double edged sword, if you form an Corporation then you open yourself up to double taxation, much more legal fees, and extreme complexity to get it set up. On the other hand there are very good tax benefits, limited liability, and these are easily transferable businesses.
Actually if you have a partnership an LLC is advisable in the fact that neither partner is personally liable for the debts of the company. A LLC is much easier to set up than a corporation but the annual fees are higher. You are true in the fact that a general partnership does have more case law which makes it much easier to know right from wrong, but it doesn’t offer any protection. Since I don’t know the scope of your business or the details I can’t say what is best for you, but this is a few points of understanding about each type of company.