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Author: elibortPrairiela One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121478  
Subject: Re: S Corp vs. LLC? Date: 12/14/1999 9:57 AM
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If you're worried about personal liability in excess of the funds invested, you'll need one of the forms of organization you mention, and each of which require filing with your state's dept. of corporations or whatever it's called.

If liability is not a concern, a partnership is simple. There's no need for articles of incorporation to be filed with the state, no need for bylaws, operating agreements, etc., so you can get going with a lot less paperwork. You ought to talk to a lawyer, though --- focus on the legal issues, not the taxes, because the S-corp, LLC and partnership are substantially the same taxwise.
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