Legal Question in Business Law in New York
My friend and I are starting an arts school/production company in NYC and we're not sure whether to proceed without making it an official company, go through the hassle of forming an LLC or LLP, or make it an LP or a P or an S Corp.
I was leaning towards an LP because it's simple and I can offer investors a liability-free involvement, but we dont have any investors necessarily yet, and maybe i can do that somehow as a partnership, and i dont know whats best for taxes.
Asked on 10/23/12, 1:00 pm
1 Answer from Attorneys
Walter LeVine
Walter D. LeVine, Esq.
My suggestion is to form a LLC, rather than LP, as the LP requires a general partner, who retains personal liability.
Answered on 10/23/12, 1:20 pm
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