"Do you want to be a corporation?"

A corporation is a legal entity, created by the state.

Corporations are domestic or foreign; de jure or de facto; public or private.

A corporation is regarded as a citizen of that state.

A corporation is responsible for taxes, filing fees, and other miscellaneous fees and expenses.

A corporation is perpetual it has a continued life even though some of its stockholders, directors or officers may die.

Corporations use identifying names, like "Inc." or "Corp." or "Co."

Corporations can grow and expand... or, they can dissolve.

There are many advantages (and some disadvantages) to becoming incorporated. Your attorney can help you in your decision whether to "inc."

"Would you rather be a partnership?"

A partnership is created by contract: two or more individuals decide to form a legal association, and go into business to make a profit.

Generally, each of your partners has responsibility for the partnership.

Your partner is a co-owner.

Your partnership could have actual partners, ostensible partners, general partners, special or limited partners, silent partners, secret partners and dormant partners.

Each of your partners has a right to participate in the management of the business.

Usually a partner is selected because of his business ability, business experience, good reputation, integrity and sound judgment.

Your partner has the authority to "bind" the partnership.

With the death of a partner, the partnership will also die.

"Would you be happier as something else?"

You could be a sole proprietor, or you could be a joint venture, or you could be a limited liability company, or you could be a non-profit, or you could be a d/b/a... or maybe you could be a professional association or a personal service corporation or chartered.

The list is not endless, but the choices available to you and the nuances of each are far beyond the scope of this little pamphlet.

Which is why it might be a good idea for you to discuss your options with your attorney.

So...

Think about the above, and whether it would be a good idea to call your attorney to discuss these issues, or others.