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Old 30th May 2013, 01:34 AM   #1
mr_neon
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Join Date: May 2013
Posts: 1
Default Sole Proprietorship Vs. General Partnership

I'm going to register my business soon but I'm at a road stop between these two types.

I want to alleviate some of the liability pressure and bring in another partner, but at the same time I still want 100% ownership in my company.

Is it possible to register the business as DBA - General Partnership and still have one partner own 100% of the company?

I want full control of my company because it's my baby and I want to make all of the final decisions.

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Old 30th May 2013, 04:11 PM   #2
jgbreeden
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Join Date: Jun 2011
Location: San Diego
Posts: 77

Default

First, I have no legal training, the following is barely-educated opinion.

Having a partner doesn't really change liability. A general partnership is the worst, as you can both be held jointly and severally liable for everything.

If you're concerned about getting sued, get insurance. You can also incorporate with yourself as sole shareholder. Anyone else that buys shares are part owners, but if you own 51%, you have ultimate control.

If you want someone committed to helping run operations (more than an at-will employee), offer a long term bonus plan. If they have money to bring, you could offer them shares, but that does complicate paperwork a little when you have more than one shareholder.

If you think you are going to isolate yourself from debt, that is not likely, as most creditors will require a personal guarantee for a new corp.


Last edited by jgbreeden; 30th May 2013 at 04:14 PM.
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