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.
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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.
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