[blindlaw] I need some advice and a question answered

[Olusegun -- Victory Associates LTD, Inc.]

Hello Kyle:

I don't know what state you reside in, but I think that virtually every 
state does almost the same thing.

I strongly recommend you and your group consider registering your business 
as a LIMITED LIABILITY COMPANY (LLC).  By so doing, you will be able to 
separate personal liabilities from those of the company.  In the event of a 
loss, each participating member will only have to lose whatever has been 
invested in the business and not your personal properties.  Avoid 
partnership if you can; it can get murky pretty quickly.

If the concept of an LLC IS NOT entertained by other members of your group, 
then consider making an S Corporation election with the IRS.  In this 
respect, earnings from the company's business dealings are distributed to 
each person or stockholder.  This eliminates double taxation as is the case 
with C Corporations.

Whatever final decisions you make, be sure to have a lawyer take a hard look 
at the contract you and your group may draft.  Consultations with a small 
business development center (SBDC) in your area may not be a bad idea; they 
can generally help you in more ways than you ever thought possible.  Should 
you wish to discuss this further, please contact me privately at:

ukekearuaro at valtdnet.com

Or you can also call my office at:

303-399-4177.

I am in the Mountain Time zone.  My office hours are 9:00 A.M.-5:30 P.M. 
Tuesday through Friday.  I'm running a lot of errands this week.  As such, 
I'll be in and out of my office but, if you leave a message, I'll gladly 
return your call.  Hope this has been somewhat helpful!!  Much thanks.

Sincerely,
Olusegun
Denver, Colorado