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Partnerships and S corporations: If I were to start a busine

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Partnerships and S corporations: If I were to start a business with my sister and I contributed land and my sister contributed services, what type of business is best for us to start: a partnership or an S corporation? And can you explain to me why and what would the difference be.

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Partnerships and S corporations: If I were to start a business with my sister and I contributed land and my sister contributed services, what type of business is best for us to start: a partnership or an S corporation? And can you explain to me why and what would the difference be.

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I would start an S Corp. The contribution of the land and the services from you and the sister could be made in any form of business entity, they would just be treated differently based on type of entity. With a partnership, at least one of the partners must assume unlimited liability for the partnership, who is then considered a general partner. If the other partner decides to limit his or ...

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