Q: Looking to start LLC to finance other business ventures down the road. How should we set it up given situation?
I just graduated college and got a salaried job. My fiance is currently in school and will be finishing nxt year. We want to start a business on paper so that we can invest in other businesses. We want to eventually purchase a car wash. We're interested in purchasing 3family duplex to generate some rental income but also occupy one of the units. However, my fiance got in a minor car accident and is being sued. Since the car was in his mother's name she is also being sued. It really hasn't gone anywhere, and I am hoping it doesn't as the guy who is suing them only had a flat tire and his truck had side damage but due to the age & mileage the insurance company totaled it. He claimed he had medical injuries but didn't seek medical attention until 7 months after the accident. Ins. co. tried to settle and give him $1,500 but he didn't accept it and its going to trial. What would be the best way to set up the LLC given the situation? We would only be adding them to help with financing.
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