Legal Question in Business Law in New York
Limited partnerships, and a short question
I�ve been considering opening my own business, and several people have expressed an interest in investing in it. The best way to get up and running, with their help, seems to be a limited partnership with myself as the general partner.
What I was wondering was this, are there any tax issues I will have to worry about? And are there any questions I should ask my lawyer once Im in the process of doing it?
Any help would be appreciated. Thanks!
2 Answers from Attorneys
Re: Limited partnerships, and a short question
Ask him to compare the pros and cons of the conduct of business in the form of partership, limited partnership, limited liability company, corporation, C and S.
Have him describe the personal liability aspects of each and the tax consequences of each.
Re: Limited partnerships, and a short question
Dear sir or madam:
Make sure your attorney adequately describes the differences in personal liability for each business form (C corporation, S corporation, Partnerships, LLC).
Make sure to thoroughly describe your current income earning sources, and your predicted futured streams of income to best determine your tax planning.
Anthony S. Park
Related Questions & Answers
-
Future problem? I just started a corporation. I am being told by a company that I... Asked 2/16/05, 11:34 pm in United States New York Business Law
-
Are debts carried over in a sale if assets are? If I were buying say a semi-pro... Asked 2/12/05, 5:57 pm in United States New York Business Law
-
Credit Card Debt and harassment I was sued by a credit card company, which would not... Asked 2/07/05, 10:06 pm in United States New York Business Law