My question involves business law in the state of:AZ (I am in AZ but co-owners would be in all different states.)
We are forming an LLC, or possibly an LLC/co-operative hybrid (most likely will be an LLC with an internal Co-Op structure, but we're still figuring that out) with 5 people coming together as Independent Contractors who want to sign on the dotted line as equal owners of this new org. However one of the 5 already owns an incorporated business, and wants to come in to be a co-owner of the new org AS that business, instead of as himself as an individual. So the other 4 of us would be co-owners as ourselves as individuals, but that 5th person would be a co-owner AS his other business. Is this fair to do? Is there any extra authority or ownership rights that he would have as an 'org co-owning another org' over 'individuals co-owning another org'? What benefit(s) does this give him, if any, both tax-wise and in any other possible way?
My second question is that I myself also have another business, but I am only filed as a DBA (I am not incorporated). And I had no intention of coming into the co-ownership of the new org AS my DBA instead of as my own name, but if I wanted to, is that an option with a DBA? ...for a DBA to be a co-owner of an LLC/Co-op. Or would I have to incorporate in order to be co-owner of the new org AS my other business instead of as myself.
Thanks for any feedback.
We are forming an LLC, or possibly an LLC/co-operative hybrid (most likely will be an LLC with an internal Co-Op structure, but we're still figuring that out) with 5 people coming together as Independent Contractors who want to sign on the dotted line as equal owners of this new org. However one of the 5 already owns an incorporated business, and wants to come in to be a co-owner of the new org AS that business, instead of as himself as an individual. So the other 4 of us would be co-owners as ourselves as individuals, but that 5th person would be a co-owner AS his other business. Is this fair to do? Is there any extra authority or ownership rights that he would have as an 'org co-owning another org' over 'individuals co-owning another org'? What benefit(s) does this give him, if any, both tax-wise and in any other possible way?
My second question is that I myself also have another business, but I am only filed as a DBA (I am not incorporated). And I had no intention of coming into the co-ownership of the new org AS my DBA instead of as my own name, but if I wanted to, is that an option with a DBA? ...for a DBA to be a co-owner of an LLC/Co-op. Or would I have to incorporate in order to be co-owner of the new org AS my other business instead of as myself.
Thanks for any feedback.
Starting a Business: Co-Ownership of New Org As Myself vs As My Other Business
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