> > 3. Interview several accountants and several lawyers, for free. If you > can't accomplish that, you're not ready to represent your group and > incur a bill from one. If the group can't allocate attention to that, > reconsider your planned organization. It might be best for ONE of you to > form an entity that employs the others or otherwise manages the > business. After all, the rewards need to follow the risk.
> 4. Remember that besides the part about limiting liability and buying > insurance, there is no correct answer to the question. The proper answer > from ANY lawyer or accountant is that it depends on how YOU want to > structure things. How will an individual quit the group? How will you > all decide what to do with profits earned? How often will that be > addressed? How to invest more money into the enterprise? How to take on > another partner? How will each account for the income on taxes (each > person is in a unique situation in that regard) ? What happens if one > person doesn't uphold responsibilities? > > -=john > Some more gems of wisdom, above. Make sure the relationship works for you and makes sense overall. Make sure you have 100% confidence that the other person(s) in the relationship will honor their commitments. In other words, don't just incorporate with the first person who asks. :) Kristina _______________________________________________ New York PHP Users Group Community Talk Mailing List http://lists.nyphp.org/mailman/listinfo/talk http://www.nyphp.org/Show-Participation
