Establishing an LLC, Inc, etc??

[thegodfather]

Does anyone have any information for me on establishing an LLC or an Incorporated business. I dont know which one is best for what I'm trying to do. It's for ownership of a sports team if that helps.

[ecivon]

Does anyone have any information for me on establishing an LLC or an Incorporated business. I dont know which one is best for what I'm trying to do. It's for ownership of a sports team if that helps.

You're going to need an experienced lawyer for answering those questions.

An LLC has certain advantages in management flexibility, but disadvantages in how they are taxed. In being incorporated you have to elect officers, board of directors and operations/management is not as flexible.

No matter what state you live in you can incorporate in any state and most do so in Delaware as they have made it kind of an industry incorporating parties rather inexpensively so as to collect fees/taxes, but you can operate your business in any other state without having ever step foot in Delaware.

You definitely need a lawyer and it ain't gonna be cheap.