Hernando, MS asked in Business Formation for Mississippi

Q: What is the best business type for co-owners?

The co-owners are me and my husband. It is a small business that specializes in event planning and coordination.

Related Topics:
1 Lawyer Answer
T. Augustus Claus
T. Augustus Claus pro label Lawyers, want to be a Justia Connect Pro too? Learn more ›

A: In Mississippi, forming a Limited Liability Company (LLC) is often a preferred choice for small business co-owners like you and your husband who are engaged in event planning. An LLC provides the liability protection that a corporation offers, while maintaining the operational flexibility and simpler tax structure of a partnership. With an LLC, your personal assets are generally protected from business debts and lawsuits, and you can choose how you'd like the company's profits to be taxed (either as a partnership or a corporation). Because you're married, the business can still be considered a "family venture," which could simplify management and profit distribution.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.