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Thanks for all the replies.
Henry.....fortunately, the model will have less than a couple of thousand in hard assets and the venture is very simple with little liability. The trust, which is a new thing for me, sounds like a good idea depending on the project and subsequent assets and liabilities required to operate and maintain it. I am open to more information about how a trust may be a benefit related to revenues, profits, tax liabilities etc.
Mr. Bean, you have again stated the obvious and I fully agree with every statement made except...that things are the same as they have always been. In my experience, things are quite different than ever...I wish I was wrong. I have followed the heard and all it got me was closer to the shearing shed. I would like to try a new path that uses the laws and procedures available to optimally benefit me/us this time.
I agree that a startup without debt and an agreement for operation and dissolution...upfront...is the best mode for advancement. We had this discussion exactly last week. I am not convinced that an attorney's involvement is necessarily a requirement but agree that it needs to be discussed and agreed in the initial startup. My statement to the prospective partner ...that there is a lot of blue sky in the beginning and while everyone is in a good mood and optimistic...that a plan for dissolution be devised before the possibility of clouds and rain are on the radar.
Thanks to the board for the consideration of the topic and I hope that more points can be brought forward for discussion.
"Make yourselves sheep and the wolves will eat you." - Benjamin
Franklin
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