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Author Message   apm Citizen Username: Apm Post Number: 336 Registered: 5-2001 Posted on Sunday, April 9, 2006 - 8:29 pm:        In starting a new company, should one incorporate, have a limited liability partnership, sole ownership etc.. Can someone recommend an attorney or accountant and do you know how much it would cost to set it up? I am leaning toward a LLP. Thanks,   Eats Shoots & Leaves Citizen Username: Mfpark Post Number: 3246 Registered: 9-2001 Posted on Sunday, April 9, 2006 - 9:40 pm:        How about an LLC with a partnership election for your tax filing? This allows you to have the benefits of being a corporation while still having the single taxation of a partnership. Not sure if you can set these up in NJ, but I have set two up in NY recently. You will need articles of incorporation and a filing with the state, by-laws, and an operating agreement. Most of this is standard stuff for an attorney to produce in a few hours of work--figure 5-10 hours for a relatively simple structure. The more you want to customize your corporation (unique share provisions, allowing for future partners, reciprocal buy-sell agreement or other provisions relating to transfer of shares, etc.) the more complex and the more it will cost you. For my way of thinking, it is better to spend a bit more up front to get the company format you really want, and one that is flexible enough to grow with your business. It sure is a lot cheaper and easier than dealing with litigation if things go sour later. You should have both an attorney and an accountant to work with--not all attorneys understand the tax implications of all the parts of the agreements, especially if you have several partners with differing tax situations. By the way, I am neither an attorney nor an accountant, and I do not play one on TV. But I do work for a guy who has set up a few companies in recent years. If you are doing this in New York, I can recommend some attorneys and accountants you might want to speak with--PL me.