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I'd be happy to help you understand your business entity options. Let me gather some information to provide the most relevant guidance: Business Entity Options: 🏢 LLC (Limited Liability Company) - Most popular for small businesses 🏛️ Corporation (C-Corp/S-Corp) - Better for larger operations or investment 👤 Sole Proprietorship - Simplest but no liability protection 🤝 Partnership - For multiple owners Key Questions to Consider: 1. How many owners will the business have? 2. What type of business are you starting? 3. Do you plan to seek investment or have employees? 4. Are liability protection and tax benefits priorities? 5. Which state will you incorporate in? Popular Choice - LLC Benefits: ✅ Limited personal liability ✅ Tax flexibility (pass-through taxation) ✅ Simpler compliance requirements ✅ Professional credibility Next Steps: 📋 Free Consultation - 30-minute strategy session 📄 Entity Formation Package - Complete setup service 📚 Business Starter Guide - Comprehensive checklist Schedule Free Consultation → Download Business Guide → What type of business are you planning to start? This will help me provide more specific guidance. 📊

Excellent! For a consulting firm with a partner and $200k projected revenue, here's my professional recommendation: Recommended: Multi-Member LLC Why LLC is Ideal for Your Situation: 🛡️ Liability Protection - Personal assets protected from business debts 💰 Tax Efficiency - Pass-through taxation, avoid double taxation 🤝 Partnership Flexibility - Easy profit/loss sharing arrangements 📋 Simple Compliance - Minimal ongoing filing requirements 🏦 Banking & Contracts - Professional credibility with clients Key Documents You'll Need: 📄 Operating Agreement - Critical for partnership terms 📝 Articles of Organization - State filing document 🆔 EIN Application - Federal tax ID number 🏛️ State Registration - Business license requirements Important Partnership Considerations: • Ownership Split - How will you divide equity? • Management Roles - Who handles what responsibilities? • Profit Distribution - Equal or performance-based? • Exit Strategy - What if one partner wants out? • Decision Making - Majority rule or consensus? Estimated Costs & Timeline: 💵 State Filing Fee: $100-500 (varies by state) ⚖️ Legal Documentation: $1,500-3,000 ⏱️ Timeline: 2-3 weeks complete setup Special Considerations for Consultants: 🔒 Professional Liability Insurance recommended 📊 Quarterly Tax Planning for estimated payments 📝 Client Contract Templates to protect your work Schedule Partnership Planning Session → Get LLC Formation Quote → Download Partnership Checklist → Have you and your partner discussed the ownership split and management roles yet? 🤔

Smart approach! Working out partnership details upfront prevents major conflicts later. Here's what you absolutely must discuss: 🎯 CRITICAL PARTNERSHIP DECISIONS: 1. Ownership & Equity Split • Equal 50/50 or different percentages? • Based on initial investment, skills, or time commitment? • How do contributions get valued? 2. Roles & Responsibilities • Who handles client acquisition vs. delivery? • Who manages finances and operations? • What are each person's decision-making authorities? 3. Financial Contributions • Initial capital requirements from each partner • Ongoing expense sharing (50/50 or proportional?) • Personal guarantees on business loans/leases 4. Profit & Loss Distribution • Same as ownership percentage or different? • When and how often are distributions made? • Handling losses and additional capital calls 5. Time Commitment & Compensation • Full-time vs. part-time expectations • Can partners have other businesses/employment? • Salary vs. profit distribution approach 6. Exit Strategy & Disputes • What if one partner wants to leave? • Buyout terms and valuation methods • Dispute resolution process • Non-compete agreements 🚨 RED FLAG SCENARIOS TO ADDRESS: ❌ Partner becomes disabled or dies ❌ Partner wants to sell their share to outsider ❌ Business isn't profitable - who covers losses? ❌ Major disagreement on business direction ❌ One partner not pulling their weight 📋 RECOMMENDED NEXT STEPS: 1. Partnership Planning Workshop (2-hour session) 2. Draft Term Sheet with key agreements 3. Legal Review & Operating Agreement 4. Entity Formation & Setup ⚡ FREE RESOURCES: 📊 Partnership Discussion Worksheet 📝 Operating Agreement Template 💡 Partnership Red Flags Checklist Book Partnership Planning Session → Download Discussion Worksheet → I strongly recommend having these conversations BEFORE you file. Would you like to schedule a partnership planning workshop? We can facilitate these discussions professionally. 🤝