After some research and talking to a CPA, I’ve decided that both of the businesses that my fiancee and I will create will be structured as multi-member Limited Liability Companies (LLCs), and that they will likely be taxed as S-Corporations (LLCs can be taxed as any other corporate or partnership entity). I will own 51% of the real estate investment company and my fiancee will own 51% of the communications company.
While I’ve set up corporations before, I’ve never done so in Georgia (where we will be operating), and I’ve never started a business that would provide as much legal exposure as my real estate company will potentially have. So, instead of setting up the companies myself this time, I’ve decided to spend the money to have a law firm — who specialize in incorporation in Georgia — take care of filing the Articles of Incorporation and other forms.
While having the firm do this isn’t cheap (around $400 per company), the peace of mind it provides in this case is worth the cost.
I submitted my information for both companies to the law firm today, and I expect that the companies will be fully set up by the time we get to Atlanta in a few weeks.