I am planning to be a 50% partner with my friend for a new sport bar. I am a sole financier and I want to limit my potential loss to an initial investment which will be sufficient for start-up and the first six months of operation. Also I want to sign off every additional financing if any (loan etc.) so that my personal assets will not be at risk without my explicit knowledge. What is the best form for incorporation/partnership for these situations in PA?
1 Answer from Attorneys
I would highly suggest that you retain a lawyer. There are many considerations that need to be considered when determining the type of business formation. In addition to the business formation itself, you both will be best served by having a partnership agreement drawn up. With a business and your money on the line, I wouldn't suggest risking all of that by not having an attorney to properly advise you.
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