What kind of account would be best? I want to watch out for tax consequences...
2007-02-19 14:25:56 · 2 answers · asked by hwcasey12 2 in Business & Finance ➔ Investing
The best advice I can give you is to clearly spell everything out in a contract. If you want to form an actual business entity, you should probably consider a limited partnership if one person will be making the decisions about everyones' money, or a general partnership if it will be a group vote kind of thing.
The one thing you don't want to do is ruin family harmony over some investment capital. If there will be a sizable amount of money involved, spend some time and have a lawyer draw up a contract.
As nice as it can be to think everyone will just get along, tangling family and money can be messy, especially if there are losses. Be careful.
2007-02-19 15:57:23 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Gadzooks, do you like these people? Want to keep on speaking terms with them? If you want to kindle problems between humans, it is either sex or money that will be at the core. I, personally, would just have everybody take personal responsibility for their own financial future. If some don't have enough capital to get involved in certain investments, there other options for them.
2007-02-20 05:28:10 · answer #2 · answered by ZORCH 6 · 0⤊ 0⤋