Legal Question in Business Law in Ohio

Partnership or sole proprieter?

Ok, I and another gentleman are starting a Web design company. He is the designer and I'm sales but we have agreed to split the profit 50/50.

Do we go under partnership or sole proprieter or is ther another option that we don't know of that would be simpler?

Thanks,

Tim


Asked on 4/21/02, 5:44 am

2 Answers from Attorneys
David Weilbacher, Esq. Attorney at Law

Re: Partnership or sole proprieter?

There are a number of different types of business entities by which you could operate your business. Things to consider, other than �ease of operation,� are limitation of liability, tax considerations, your �exit� strategy, and how the business will be financed; just to name a few. You should discuss your plans with an attorney to determine what is best for your particular situation. Consultations are typically free. Contact me, and I will be happy to discuss this matter with you.

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Answered on 4/23/02, 6:29 pm
Gregg Manes Gregg A. Manes, Esq.

Re: Partnership or sole proprieter?

The "simplest" method is to use may be a partnership, but you will want to consult a local attorney in order to get advice that is specific to your case. There are other reasons for forming a business than "ease", one may want to look to the tax ramnifications as well as other factors.

Good Luck!!!

Gregg Manes

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Answered on 4/21/02, 5:12 pm


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