Should I start a LLC, partnership or just stay a sole proprietorship?

Get Legal Help Today

 Secured with SHA-256 Encryption

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 2 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.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption