How to file my business

Question

I have been looking through the topics within business filings and I haven't found a specific answer to my situation. Here's what I want to do but I'm not sure how to set up for maximum benefit to me and those who invest with me.

We are in Idaho, currently trying to buy in Washington and Idaho state to start but do not have the business filing done yet. The business involves me and my husband. We can file as a LLC as a disregarded entity because idaho is a community property state. Should we file a business and if so, how? We have some people that would like to invest, one in particular is a single person that makes 200K a year and does not have expenses or a business. She would like to help us with our first few deals but is unsure how to do so and still reap the benefits and stop paying nearly 50% on her wages. We would prefer to not have investors become part of our business entity.

Any ideas how to set this up for our benefit and theirs???

Thanks!

Steven Hamilton II · Answer

@Hannah Shields ,

I will agree with @Tom Goans , You need an accountant and an attorney in the same room. Tell them what YOU WANT and have them hash out what is best for you.  I do quite a bit of entity consulting. I can tell you that you can have someone privately lend to your or Joint Venture in which they are not part of your entity but only partnering on a deal to deal basis.

Tom Goans · Answer

@Hannah Shields,

Please Seek Legal Professional Advice

Legally, legal advice can only be provided by a licensed attorney in the state where the property is located. You should only consider legal advice that is provided by an attorney you hire. Any other legal advice is ILLEGAL.

Seeking advice from an attorney in the area where the property is located can be a wise and very economical decision considering the alternative. An attorney will assure you are abiding by the federal and state laws. Every state has unique laws. The attorney will also provide the best advice and options for your specific needs with a consideration for your future. The results will be legally drawn up agreements for your use.

It is also wise to seek advice from a licensed professional tax and financial planner to make sure the agreement structure best fits your present status, strategy, and future plans.

Legal advice from an attorney and a financial planner you hire will be the cheapest and wisest investment you will ever make.

Every investment, partnership, and individual is unique. There is no one correct answer. But, there are numerous options that must be considered. Dissolution is one many forget. Every investment, partnership, and individual is unique. There is no one correct answer. But, there are numerous options that must be considered. Dissolution is one many forget. Death, incapacitation, spouses, and children are others.

Best of luck with your future endeavors.