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
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.
I hope you found my answer helpful, but please understand that if you did not get all of the information you may have wanted PLEASE USE THE REPLY BUTTON IF YOU HAVE FOLLOW UP QUESTIONS AND NOT THE FEEDBACK BUTTON FOR BAD SERVICE. PLEASE CLICK ON “OK,” “GOOD” or “GREAT” SERVICE. Kindly remember to ONLY rate my answer when you are fully satisfied. If you feel the need to rate anything less than OK, please stop and reply to me via the or REPLY TO EXPERT button with whatever issue or clarification you may need.
If you have additional questions, please keep in mind that I do not know what you already know or don't know, or with what you need help, unless you tell me. Please consider that I am answering the question or question that is posed in your posting based upon my reading of your post and sometimes misunderstandings can occur. If I did not answer the question you thought you were asking, please respond with the specific question you wanted answered.
Also remember, sometimes the law does not support what we want it to support, but that is not the fault of the person answering the question, so please be courteous.
PLEASE NOTE WELL, LEGAL ANSWERS TAKE MORE THAN “MINUTES” TO PUT TOGETHER AS WE ARE DEALING WITH LAWS OF 50 STATES PLUS FEDERAL LAWS, AS WELL AS DEALING WITH OTHER CUSTOMERS, SO PLEASE BE PATIENT IT WILL BE MORE THAN “MINUTES” IN SOME CASES BEFORE YOU GET A RESPONSE, BUT BE ASSURED YOU ARE NOT BEING IGNORED.
There can also be a delay of an hour or more in between my answers because I may be helping other customers or taking a break.
You can always request me through my profile at http://www.justanswer.com/law/expert-paulmjd/ or beginning your question with “For PaulMJD…”
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.
All corporate law, including non-profits and charitable fraternal organizations.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).