Share
Explore BrainMass

Forming a business partnership can be done in many ways

Two friends have been made redundant from the retail trade and they want to form a company or partnership importing wine.
I need to structure this essay with a points. This is my first time to do Business Law. they are not sure whether to do a partnership or ltd co and become directors.

Solution Preview

Hello,
<br>
<br>First of all, your question is not clear. Forming a partnership can be done in many ways, including forming a Limited Liability Company (LLC). They do not become directors unless they form a corporation, either an S Corp or a regular C Corp (usually for larger corporations with many shareholders).
<br>
<br>All of these types are really determined by tax implications and the degree of protection of private assets of the owners. For example, with a C Corp, company profits are taxed ...

Solution Summary

Forming a partnership can be done in many ways, including forming a Limited Liability Company (LLC). They do not become directors unless they form a corporation, either an S Corp or a regular C Corp (usually for larger corporations with many shareholders).

$2.19