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Updated almost 8 years ago on . Most recent reply presented by

Regina Jones's profile image
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Regina Jones
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  • from Hartford, CT
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Regina Jones
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Regina Jones
  • Flipper
  • Hartford, CT
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Tax, SDIRAs & Cost Segregation

Setting up an LLC with a partner

Regina Jones
  • Flipper
  • Hartford, CT
Posted

I need to set up my LLC, I have a partner what is the best way to start?

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Daniel Hyman
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Daniel Hyman
  • CPA
  • Milwaukee, WI
Replied

@Regina Jones

Basically, the process is to set up an LLC with the state, apply for an EIN, and then open a bank account with the new EIN.

You could set up the LLC yourself, but I recommend hiring an attorney to set it up for you. An attorney will help you with an operating agreement as well.

Make sure to consult with a CPA on the tax implications of a multi-member LLC.

Good luck!

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