Originally Posted by Steve
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How has the experience been so far with running a business as a partnership? Any advice to others who are trying to make that work?
From my experience so far, I say, obtain a lawyer and have the LLC drawn out and have all the proper filing done. The cost in Texas to LLC with partnership will cost at most $1,000 for lawyer fees and filing but the price goes down for the lawyer if you keep everything fairly straight forward.
Yes, you could save money doing it yourself but the LLC / Partnership agreement must be carefully constructed to protect the company and partners/investors.
Costs go up if you have investors and the % are more spread out.
After assigning your board members you normally have to have board meetings on a regular basis and submit the minutes to the partners/investors if you have any.