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Can I retain complete operating control over my LLC if entered into a "peer partnership?

Asked over 2 years ago - Moline, IL

I am starting a business - the owners of the facility I will use operate a business at the location as well. Both will be mutually beneficial.

Rather than simply leasing the space (which would be financially difficult for me at the moment), the owners of the facility informed me that their lawyer advised them to form a "peer partnership" with myself and negotiate for a percentage of the income that I generate.

I want to operate my business as an LLC, retain complete control of general operation of my business, and maintain sole rights to my brand, property, customer records, etc.

Is this possible with a form of a partnership? Should my LLC be the entity that is entered into this partnership? Any other considerations regarding my situation are greatly appreciated! Thank you

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Attorney answers (1)

Andrew Pavlinski

Reputation Level 12

Answered over 2 years ago. Foreclosure Attorney in Chicago, IL.

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You should form your business entity first so that you can structure the company as you feel necessary. Then the business entity should enter into an agreement over the space and payment method. By doing this, you retain control over your business and limit to some degree any potential personal liability incurred as a result of doing business. You should always be aware of the specific terms of any agreement you enter into. You should think about consulting an attorney to help you with your start up needs, including representing your interests in the negotiation and drafting of any agreement. Pavlinski & Associates PC focuses on advising entrepreneurs such as yourself.

This resopnse is informational only and is not legal advice. Further, this response does not establish an attorney client relationship.

Pavlinski & Associates PC

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