Becoming a Partner in an Existing Business

[theshellster]

What is the name of your state? OH
Myself and another person are joining someone who has a business already and we are each going to be equal 1/3 partners. She already has the business name trademarked and an S Corp set up. I want to know the least expensive and safest way to protect myself. Should we start a new LLC company with the 3 of us and change the statutory agent on the existing business to our new LLC? I just want to be protected and have acess to the trademark etc. We are already starting to spend money equally on advertising so I want to make sure there are no issues.

 

[tranquility]

Why do you want to be an LLC as opposed to an S-corp?

 

[CraigFL]

I think your safest way is to absolutely know your partners and what you are buying into. You need to be sure the business is priced right for what it has to offer and you need to be sure the three of you will be compatible and ech have well defined duties in writing. I've seen too many cases where people don't even agree on the basic things and can't keep the business going.