Personal Finance (Not Investing) • restaurant partnership -LLC question

Hi all,

I'm thinking of getting into partnership with a childhood friend. I know nothing about this business but he has been in this for last 25 years. He recently bought the restaurant and would like me to join with him. He will own 70% and I will own 30%. I will be his silent partner. He currently runs it under his LLC.

I live in NJ and the restaurant is in VA. I'm planning to join with my own LLC. The question is where to form it - NJ or VA. Has any of you done this before - living/having LLC in one state and having business in other state. Any advice for me how to go about? I will be meeting with an attorney in few days. But I thought I would tap into the wisdom of bogleheads.

Few options:

A. Join his LLC
B. Start own LLC in NJ
C. Start own LLC in VA
D. No LLC but have a business agreement and invest the money

I would appreciate your opinion.

Thanks for reading!

Statistics: Posted by Panam@2016 — Tue Jul 09, 2024 8:34 pm — Replies 3 — Views 229

---