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what would be the best form of business for an entity that is controlled equally by 3 partnes, profit divided equally, not voting required, avoid tax?can this entity provide membership to member for free who needs assistance in legal, insurance, travelling?the whole point is that i need to have a organation orgranize to refer member to difference agency, render advices, and sell services and products to members of a particular group (fishermen)please advise the best form and the legal implication and requirementstexas
Optional Information: State/Country relating to question: Texas
The easiest type of entity for this type of business would be a Limited Liability Company (LLC). These can be easily formed through the Secretary of State's office and once you file the LLC with the Secretary of State you would then get an EIN number from the IRS. This is all that is required to start up your business. You are not going to avoid taxes, but the LLC would minimize your taxes as each member would claim their share of the profits on their own personal income taxes.
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if the partner know a 1000 nails member, can the LLC provides membership to these members to connect them to different services and accept a refereally fees. thanks
Yes, an LLC can provide any services that are not illegal. So the LLC could provide these types of services.
c u please send me a few links about pros and cons among different business .so llc onlly file tac once? ehat is formal requirement? must there is meeting and voting? can we have an attorney as co owner?
Here is an article about Choice of Entity and here is another Choosing Business Entities. There have to be annual meetings, but these meetings can be informal and over the phone with an LLC or by email. You can have an attorney as a co-owner as long as the business does not involve the practice of law. The LLC can be taxed as a corporation or at the end of the year it would issue K-1 forms to all of the members for their share of the profits which the members would then claim on their personal taxes.
Experience: All corporate law, including non-profits and charitable fraternal organizations.