Hello all! I'm starting an online boutique and am very confused as to what
type of business it should be. I was first advised to make my boutique a
partnership in order to avoid having all of the liability put upon me if
anything was to happen (God forbid). Taking that advice, I got my tax I.D.
and named my business as a partnership. But I was recently advised to go with
an LLC instead. I've read up on both and feel as if the LLC would be a better
way to go, but from what i've read it is very expensive. I have no idea what
I should do and would greatly appreciate any advice. Thanks!
JGabriel | Community Moderator |
1/30/2013 - 10:49 am
As BizResearcher mentioned, SBA has resource partners like SCORE, Women’s Business Centers and Small Business Development Centers located across the country that provide free business counseling to individuals looking to start or expand a small business. Visit our local assistance guide to find your local SBA resource partners by entering your zip code.
Do you have a partner? If not, you are not a partnership even if you
registered as one. If you do have a partner, have you had an attorney create
a legal partnership agreement? If you are a single owner of your business,
then an LLC is definitely a better way to go. However, now you have to refile
with your state and dissolve the partnership. You may want to visit with a
counselor at a small business development center, a womens business center or
a SCORE office. Their services are free and they can evaluate your business
plan and tell you how to best proceed.
amandajofaulk@gmail.com | Window Shopper | 2/1/2013 - 11:30 pm
JGabriel | Community Moderator | 1/30/2013 - 10:49 am
BizResearcher | Window Shopper | 1/29/2013 - 1:27 pm
registered as one. If you do have a partner, have you had an attorney create
a legal partnership agreement? If you are a single owner of your business,
then an LLC is definitely a better way to go. However, now you have to refile
with your state and dissolve the partnership. You may want to visit with a
counselor at a small business development center, a womens business center or
a SCORE office. Their services are free and they can evaluate your business
plan and tell you how to best proceed.
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