NYCPHP Meetup

[Kristina Anderson]

>
> 3.  Interview several accountants and several lawyers, for free. If 
you 
> can't accomplish that, you're not ready to represent your group and 
> incur a bill from one. If the group can't allocate attention to that, 
> reconsider your planned organization. It might be best for ONE of you 
to 
> form an entity that employs the others or otherwise manages the 
> business. After all, the rewards need to follow the risk.

> 4. Remember that besides the part about limiting liability and buying 
> insurance, there is no correct answer to the question. The proper 
answer 
> from ANY lawyer or accountant is that it depends on how YOU want to 
> structure things. How will an individual quit the group? How will you 
> all decide what to do with profits earned? How often will that be 
> addressed? How to invest more money into the enterprise? How to take 
on 
> another partner? How will each account for the income on taxes (each 
> person is in a unique situation in that regard) ? What happens if one 
> person doesn't uphold responsibilities?
> 
> -=john
> 

Some more gems of wisdom, above.  Make sure the relationship works for 
you and makes sense overall.  Make sure you have 100% confidence that 
the other person(s) in the relationship will honor their commitments.

In other words, don't just incorporate with the first person who asks.

:)

Kristina