I run a business (single member LLC) in NJ and am planning to look for partnership, How can I go about doing this? Please note that I dont want to change the name of the company.
Business Partnership?
You add a %26quot;partner%26quot; as follows.
Your LLC issues %26quot;membership units%26quot; (which are like shares of stock) to your new %26quot;partner%26quot; (who is usually called a %26quot;member%26quot;).
In return for the %26quot;membership units%26quot;, your new %26quot;partner%26quot; puts money (or other things of value) into the LLC.
Since you are now the only person in control of the LLC, _you_ are the person who decides with your new %26quot;partner%26quot; how many units he/she will get in exchange for how much money (or other property).
After you and your new %26quot;partner%26quot; agree on the deal, then you should hold a membership meeting of your LLC. (Actually, you're the only person who is at the meeting and voting, but you should still do this as a formality.) At the meeting, the agreement is approved by the LLC, and then the LLC and the new %26quot;partner%26quot; exchange %26quot;membership units%26quot; or money.
We recommend that you have both a good attorney and a good CPA to help you and your LLC with this process.
And great news: the name of your company does remain the same.
Hope this helps.
Business Partnership?
You need to consider why you want a partner. Do you just need cash? or Do you really need someone to compliment you on what you lack.
Once you add a partner you completely change the dynamics of your company
Good Luck!
