If you want to isolate each business you should create an LLC or corporation for each one, separately from each other. If they are all under one LLC then the liabilities from one company will be transferred to another such that if one company fails, the other companies will be responsible for that debt.
Yes I actually already knew that. I guess I am really trying to determine how the individuals companies should be set up? LLC, General Partnership or Limited Partnership? One company It's my money but my vehicles are in my partners name due to my recent credit hit and divorce. And the vending machine business it's mostly my money and I do all operations. He is a silent partner that will not shut up. But silent in terms of day to day operations.
But thanks for confirming the LLC question.
answer I mean not question
You are gone? Why open a chat session and not be there to chat? I guess I thought I would be able to have a short dialog with you. Additionally this site promotes itself as speaking with a legal export and as I slowly go in to the site it becomes apparent that you may or may not really be lawyers. Originally My "expert" was a guys name and then after i paid the expert became Bridgeth and then their is a disclaimer that this is not legal advice which makes it sounds like you are worried about being charged with practicing law without a license. I guess you get what you pay for is true. I paid $20 which I don't think I should have to pay and I got nothing back. Now I have to wast my time informing and posting that people should stay clear away from your company.
I am here.
You should definitely use an LLC or corporation to protect yourself from liability. A general partnership does not have limited liability and the partners will each be equally liable for the debts of the company.
I assure you that I am a licensed attorney in New York. The disclaimer is necessary because no attorney-client relationship is formed through a forum such as this.
You probably saw a different expert name because they opened the question, read it, and then left because they were unable to answer it. If you would like a different expert, I will opt-out and let someone else answer.
In terms of your question on how to treat the partners in the LLC (which are actually called members), through your Operating Agreement you will delineate the ownership percentage of each member as well as their duties (i.e. whether they are managing members or 'silent' members). It sounds like you would be the managing member and your silent partner would not have management privileges. There are many ways to draft the Operating Agreement and I recommend hiring an attorney to properly draft it for you.
I see that you rated me as giving you bad service before I even had a chance to finish answering your question. Please let me know what else I can do for you so that you can change my rating. Again, I assure you that I am an attorney and can give you my bar number so that you can look it up if you would like.
As you will notice I have 100% positive rating. I would like to help you feel satisfied so that you will change my rating to a positive or neutral rating. Please let me know if you have additional questions.
My NY Bar number is XXXXXXX. Feel free to look it up.
If I leave this chat it is only to answer another question. I will never be more than 10mins. Often we answer a question and the person that asked it does not come back for days. We cannot sit in an open chat window for that duration of time.
But for you I will leave this open until you respond and I can assure your satisfaction.
Also, just so you know, the chat window locks me out every 5 mins.
hello Bridgeh i'm back I read your chat to me. It would be helpful if there was a note stating that you will be in multiple chat sessions rather than say that you are offline or you have exit the chat session. Anyhow, It sounds like the only way to protect all business is to form an LLC. How do I go back and re-rate you?
You should form an LLC for each company.
I believe that you can switch your rating the same way that you initially rated me. If that does not work, please let me know and I will try to find out for you.
If you would like more information on forming a business in California you can go to the Secretary of State site: http://www.sos.ca.gov/business/
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