Business Types

For this given situation, the organization I would have to recommend is a LLC or Limited Liability Company. You have many concerns when it comes to your company and adding investors so this should be a good fit for you. Some of the things you were concerned about were being held completely liable for the actions of the employees or the company and longevity of the company. You were also concerned about your personal assets, keeping control of your company, expanding, taxes, and switching to an organization that’s easily understandable.
Here are a few answers to the concerns you have. With a limited liability company you are fully protected from any debt acquired by the company and from any personal lawsuits brought on by the company. As a limited liability company your companies will more than likely out live you and your partners so you don’t have to worry if one of the partners die or decide to withdraw from the company. With this type of organization your assets are also fully protected from being seized by government due to debt or lawsuits acquired by company. You talked about hiring family to help with keeping control of your company but with a limited liability company you are able to keep most of the control of the company without any risks as you would be more liable with a general partnership or sole proprietor.
When it comes to profit retention, limited liability companies are intriguingly unique. By choosing this form of business you have the option to choose various ways of distributing profits. As with most partnerships profits are usually split 50-50 but the limited liability company is more flexible.
As for expansion, a limited liability company would be easy to start and operate. It is one of the least expensive businesses to start so with that said you could start your company as a limited liability company and run it efficiently while looking for investors. When it comes to taxation as a limited liability company you have the option to be