Starting Business - Seeking Advice

K

kprabha_karan

New Member
Hi,
The scenario is: I am a GC holder, planning to start a business with my other friend, who is in EAD status. Could you please help me figure out the answers for the following question.

1. Would it make any difference to register the company in any particular state. For ex: would it be of any benefit to start the business in houston, TX instead of NJ.

2. Between LLC and Inc (S Corp)- what is the basic differences in terms of License, Insurance, Tax, other maintenance costs involved, etc.,

3. What are the impacts to add partners on later stage, how it works.

4. what if any of our partners going out of status?


I would appreciate your help.

Regards,
Prabhakar
 
I would either consult a CPA as to the pros or cons of each entity type or jurisdiction as you have mentioned or you can do a search online. Websites such as www.bizfilings.com and others have a wealth of information to help you make a choice according to your circumstances.

LLC's are a typically more expensive option but offer pass through tax advantages to partners, S Corps also offer the same but are restricted in who can become a shareholder.

Try doing a search online for more information or see a CPA.
 
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