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I started a business as an llc in 2012 and slowly closed it…

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I started a business as...
I started a business as an llc in 2012 and slowly closed it but not dissolve . In the past few months my sister and I have been talking about starting it up again together as partners . What formation is best for us ? We live in different cities and I am the one who has the experience and will have the final answer to decisions and operations
Submitted: 1 year ago.Category: Business Law
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6/3/2017
Business Lawyer: Richard - Bizlaw, Attorney replied 1 year ago
Richard - Bizlaw
Category: Business Law
Satisfied Customers: 10,841
Experience: 30 years of corporate, litigation and international law
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Hello, my name is ***** ***** I will try to help you. Please remember I just report or interpret the law, so the outcome may not be what you hoped for.

Are you going to be equal partners or will you have a larger percentage than she? If you will be equal, how will disputes between you be resolved, particular with respect to what you describe as "decisions and operations"?

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Customer reply replied 1 year ago
I will have one percent more to break decisions . Would you advise to start a new llc or ltd with her as we will need a new EID number we can't use the llc I created in 2012 as I'm the sole member . If we do the LTD would we need an operations agreement ? Or is the only for llc ?
Business Lawyer: Richard - Bizlaw, Attorney replied 1 year ago

If the existing LLC has no issues you can use that agreement. She is added as a member with 49% and you are in business with no costs. If the existing LLC has existing liabilities then you may be better served with a new LLC. The only advantage of doing a corporation rather than an LLC in your situation is that in the corp assuming you make a subchapter S corp, you can pay salaries and amounts distributed to you in excess of your salary are treated as dividends and not subject to self employment taxes. Those taxes are about 15.6% and apply to all profits in a LLC. Other than that the LLC is a little simpler to operate.

Whichever way you go you should have an agreement covering things such as (1) what happens if one of you dies or becomes disabled, (2) what happens if one of you decides they want to sell their interest, (3) what is required to dissolve the company if you two disagree on management, (4) do you both need to agree to add another member.

If I have answered all your questions, please highly rate my answer as that is how I receive credit. If you have more questions, please let me know. If the answer was especially helpful you can provide a bonus.

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Customer reply replied 1 year ago
Ok if we went with the llc a new one how much would you charge to do our operating agreement ? Or if you could send me all the questions so we can discuss and send them to you so you could review for the agreement
Business Lawyer: Richard - Bizlaw, Attorney replied 1 year ago

Here is what I suggest. I will make you a premium offer for working with you on determining the issues you need to consider and the provisions you need. That will cost $200. From that you may want to take a form operating agreement and modify it rather than paying for the cost of the drafting of the agreement. We would communicate by email and if necessary telephone. I sent the offer.

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