Q: How soon should I decide whether to make my new business an LLP or not?
A:
You should probably decide now. However, it may be prudent to actually form the business entity later. Issues of liability and financing affect when you may want to form the entity, Do you actually know that you want an LLP instead of an LLC, S-Corporation or C-Corporation? This is not a "one-size-fits-all" issue. Depending on what you are doing or who you are doing it with, one form of business entity may best meet your needs in terms of tax treatment and management flexibility.
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Kristina M. Reed agrees with this answer
A: You should speak with a business attorney to determine your business needs and goals. Generally, a business owner should decide from the outset how it will form and operate. However, changing business structure while in operation can also sometimes be necessary. Also, a LLP (limited liability partnership) may not be the best structure for your business. More information is needed to answer this question. Since every business is different, there is no one answer to this general question.
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