I'm hoping someone could point me in the right direction.
I am starting a business and will have an area. An associate of mine will have an adjoining area.
We would like to place all the costs of materials/insurance/etc., under one company name.
However, due to our financial positions, he would be doing a lot of work, where I would be doing less, because quite frankly, I don't have to.
This arrangement works out great for both of us, as we have worked together for a few years but need to join up. This way we could help each other out with bigger jobs and cover for each other if needed.
How would one go about setting up an LLC where each person, in sort of a cooperative would contribute to the operating expenses accordingly, say 10% out of what they earn but maintain their own businesses for tax purposes? Think about a main company as an umbrella with two operators working separately like contractors, but contributing to share the name.
This is the biggest struggle right now.
I am starting a business and will have an area. An associate of mine will have an adjoining area.
We would like to place all the costs of materials/insurance/etc., under one company name.
However, due to our financial positions, he would be doing a lot of work, where I would be doing less, because quite frankly, I don't have to.
This arrangement works out great for both of us, as we have worked together for a few years but need to join up. This way we could help each other out with bigger jobs and cover for each other if needed.
How would one go about setting up an LLC where each person, in sort of a cooperative would contribute to the operating expenses accordingly, say 10% out of what they earn but maintain their own businesses for tax purposes? Think about a main company as an umbrella with two operators working separately like contractors, but contributing to share the name.
This is the biggest struggle right now.
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