LLC vs. corporation & new business/minority

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patty 08-16-2010 @ 11:04 AM                          
Joined: Sep 2008
My son is starting a new business in Florida. He HAD  had a construction company which was thriving until the economy burst. He thinks that he may need to file bankruptsy in the future to clear his debts, but he's concerned about the company he's starting right now. He says that the research he's done, says that if he forms the business under an LLC that he won't lose his new business as opposed to a corporation. Is he right? I've also been told that the business is in a 'minority's' name....a woman perhaps, (as he has a woman who will be partnering with him), that they'd be eligible for alot of finiancial help. Is that true also. Thank you for any assistance......Patty

arilbrks 08-31-2010 @ 7:30 AM                          
Joined: Aug 2010
Hi Patty, I must say that your son is partially right on this one. The reason is that there are plenty of clauses that are to be satisfied and looked into in case of LLC. So, it is good that the woman will be providing the helping hand, but it would be better to get some assurance from an attorney in your area as they would be able to have a better insight about the situation. Hope that it helps.    

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