Co-ownership Network
I have created the group co_ownership. This group serves as a place to network people that are unemployed or underpaid, so as to pool their money and establish businesses that are co-owned by all of the participants, as opposed to begging employers for a job. Well-employed people may also contribute to this network. They too, after all, may become unemployed
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If you don't care about profits much, consider an NPO (Non Profit Organization) and just design it for frequent review of wages and expenses such that you still get paid properly and don't run into bankruptcy when conditions change. Or there's a straight Corporation, which we already know about. THat needs a board of at least 4 members, I think it was, and quarterly tax filings. You have to do quarterly tax filings with an LLC, too, btw. The main difference to the person's running the business is paperwork and risk. A partnership is as simple as agreeing "We're partners". And then you need a lot of legal fees to separate, like in a divorce. Very expensive, and can be ugly.
Personally, I like the LLC model best, even if you operate a small business with one employee: you. Legal protection against lawsuits is very important. But the bank, in ALL the above models, will require you to personally sign for debts so even if the business goes into bankruptcy they can still come after you and your house. Its just the law can't for a lawsuit or tort. Watch out for Torts. They are almost worse than lawsuits. Open your mouth at the wrong time and they'll take everything. Torts violate most of our perceived civil rights. Do some reading so you understand it for yourself.
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