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June 30, 2026
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Yea, don't. Cheapest is just to form a general partnership - which costs nothing.
step 1) go to IRS website and get a tax ID (FEIN) for your partnership step 2) get a free operating agreement from rocketlawyer step 3) never think about it again until you have real assets or value of some sort step 4) if you ever get to the point where things get serious, convert it to an LLC partnership, which is extremely easy but costs a few hundred bucks depending on which state you are in
Nice advice.
Thank you so much for the explanation. However, others can go after personal assets with a general partnership right? Should I just go straight to the LLC?
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