Should I start a LLC, partnership or just stay a sole proprietorship?
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Should I start a LLC, partnership or just stay a sole proprietorship?
My friends and I want to sell a video game online and are hoping to continue to do so later on and at one point make a living out of it. We’ve only just turned 18 and lawyers are expensive. Is it within our best interest to start a LLC? Maybe a partnership? My opinion is that we shouldn’t do anything and earn some money as a sole proprietorship first before doing anything rash but my colleagues disagree.
Asked on September 9, 2018 under Business Law, Georgia
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
Create the LLC. A limited liability company protects you personally from business-related liability--that is, for amounts the business may owe if it defaults on a lease or contract, fails to pay a loan, violates someone's copyrigh or trademark, etc. Without an LLC, if you do anything giving rise to another person's right to sue you or seek payment from you as a business, you would be personally liable for the money.
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