Business Owners And Legal Minds Of Reddit. Entity Set Up Question For You?
I’d like to start my own business in this small corner restaurant which has been shut down for some time. (suburb town Illinois) I have a decent offer to buy the property via a seller financed loan from the older couple that owns it. (Might go to my bank/lender). I have set up an LLC and S-corp and know how to do this part. But I needed some help with the articles and structure. I am interviewing attorneys and want to be sure I understand prices and am able to speak to them with some competence. Looking to get feedback and advice on if I am thinking of this the correct way. (I understand this is not legal advice. That is what the lawyers are for but feedback would be appreciated)
Real estate-corp -> an LLC for the property -Issuing a triple net+ lease to the operating entity (operators deal with all repairs)
Op-Co -> (LLC or c-corp?):
_>Business partner
_>Trust (family savings – I’d like to make the trust majority shareholder)
_>An Investors LLC (Silent, non-voting shares, I do not have anyone to sell shares to at the moment but if I need to sell share in the future to get funds to grow , we would sell from this LLC and not the Op-Co llc)
Would this be a solid structure? Any recommendations ? My goal is to protect savings for my kids, personal, and protect any investors or anyone that lends money to us to help us grow in the future from lawsuits , etc.
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