How should I go upon working with a new partner
Me and another person plan on going 50/50 in a wholesale business. The thing is I know I will put way more time and effort into the business and turmoil will eventually breakout possibly. Let's hope that doesn't happen but my question is how would I go upon partnering? I heard from a lot of people that JV is better than forming an LLC right away just to test the waters. But I'm wondering why it is better? Is a JV still treated as an entity? Can I open a business account through the JV? And how do taxes work with a JV? Can you not write specific things off? And if things don't go well are JVs easy to just terminate?