Your clients, Jim and Darryl, has come to you for advice on how to set up their business. They have stated that they are looking for a structure that meets the following needs: Jim and Darryl will both participate in the business equally and share the profits. They are open to the idea of having shareholders, but it is not a requirement. They are certain they want protection from personal liability for all owners. Eventually they want to expand the business. When they do so, they do not want a limit on the number of owners they can have. They also do not want to limit the types of owners they can have. Meaning they would like the ability to have owners be individuals, businesses, trusts, foreign investors etc. If possible, they would like to avoid double taxation. They have a lawyer who will help them with any paperwork related to the formation of their business, so complexity of formation is not a major concern.

This is for the United States.