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Loren
Loren, Attorney
Category: Business Law
Satisfied Customers: 29813
Experience:  30 years experience representing clients .
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How do I know what kind of partnership to form to limit the

Customer Question

How do I know what kind of partnership to form to limit the liability of myself and my partner? We both live in Idaho and the brick & mortar store will be in Idaho.
Submitted: 6 months ago.
Category: Business Law
Expert:  Loren replied 6 months ago.

Good afternoon. I am Loren,a licensed attorney, and I look forward to assisting you.

A general partnership does not limit the liability of the partner. A limited partnership protects the limited partners from liability, but there must be a general partner and they have general liability.

To truly protect yourselves from liability for business obligations you will need a corporation or limited liability company.

Customer: replied 6 months ago.
Can we form an LLC with just 2 members?
Expert:  Loren replied 6 months ago.

Yes, you can form an LLC with even 1 member.

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