re: Looking for accounting advice

Would probably help to know what kind of business or at least how big it could potentially be. Are you talking lemonade stand or a manufacturing biz that could be scaled?

Definitely talk to attorney first as others have stated.

Two of my companies are LLC partnerships. We have one minority partner in each. Because it’s a partnership the IRS dictates they have to be paid via guaranteed payments and they have to make quarterly estimated tax payments, etc. It affects 401k as well since they’re not supposed to be w-2 employees with payroll checks. It’s more cumbersome than our primary company that is LLC S-Corp. They each have their advantages and disadvantages. Attorney in your home state can help guide you.

Good luck! Will encourage my kids to start a business one day when they’re ready.