Start-up Business - How should I grow the business in terms of a business structure, I am currently 100% owner?

Good question. In all likelihood an LLC may be what you want to set up. An LLC will allow you the most flexibility to bring in and take out 'partners.' The use of the term 'partners' is not appropriate to the LLC form because those involved with an LLC are called 'members.' Once you have the LLC organized you can then admit members either at the organization or later Many business owners like the LLC because it allows the members to distribute profits/earnings from the LLC in whatever proportion they agree upon. So, if you do all of the work and should get a bigger distribution from the LLC you can. This contrasts with an S-corporation where any distributions have to mirror the percentage ownership and any deviation could result in the S-corp being considered by the IRS (and maybe your state) as a C-corp which increases the taxation burden. With the LLC you still get the liability protection and if you set it up as a member-managed company you (or any member or members) can be the managing member(s). I am not a Massachusetts attorney because I am only licensed in Florida, so you cannot rely on what I have written as legal advice in Massachusetts. You should find a local attorney there who can give you 'official' Massachusetts advice. Good luck!

I agree with Kevin Savage. An L.L.C. in most states is better as it offer greater flexibility in regard to legal issues, but some accountants still prefer the "s" corp. I would take the time to find a local business attorney who can give you advice that will allow you the flexibility and a sound business strategy. Just as food for thought... No investor banker or knowledgeable person will give you money without you have an risk in the business. If you are not confident and don't want to risk your money it is very doubtful someone else will. Good luck!

Mr. Savage is keen in his observation.

Good luck to you.

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