With three partners, should we incorporate ot start a LLC?

Question

My two brothers and I are about to start a business venture. I was going to start it alone as a sole proprietor, but I decided to take my two brothers into the business with me. Its going to be a Website Design & Hosting business, and provide other business solutions. What is the simplest way to go? LLC, Inc? Please help and thank you in advance.

Answer 1

You really should speak with an accountant as the different structures have different tax benefits, etc.  

One warning I can give is if you are going into business with other people, make sure you know if they have good credit or not, especially if you plan to apply for business financing anytime in the near future.  I've seen a lot of people go into business together but they don't think to ask about personal credit and it can really put the brakes on things when you are ready to expand and need some financing options.  Best of luck to you!