I am registering my business name in Ohio through the Fictitious Business Name…but I am clueless as to whether to establish my partner and I under “General Partnership” “Limited Liability Partnership” etc. We want to get it registered asap…
Ohio Secretary of State
my bad. I misunderstood your question. You want to know WHAT to do, not how.
that depends on what, exactly, your plan is.
With a GP, all partners are jointly and severably liable for partnership liabilities.
With a LP, usually one partner must be a general partner that assumes all the liability, while the limited partners are protected.
With a LLP, usually all the partners have limited liability, much like an LLC, but with more restrictions.
With any partnership, taxation options are limited to…uhm…partnership.
An LLC provides the same limited liability protection with more flexibility in taxation.
You need to sit with a planner and figure out what makes sense for you. No one here can do that unless you plan to post some very personal information.