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�Ự��You Set Up a Corporation Rather Than a Partnership
A1��Well, first of all, we need to set up a company. We thought about a fifty-fifty partnership.
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B1��Okay, are there any other partners?
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A2��No, just the two of us.
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B2��Oh well, this shouldn't be too complicated. But, first let me recommend that you should set up a corporation rather than a partnership.
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A3��A corporation? That sounds complicated.
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B3��If you don't have a corporation, you are personally responsible for the debts of the company. You could lose your private funds, your home; in fact, you could lose all your personal assets.
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A4��Oh, I see. The debts of the company become my personal debts. Well, I'm not worried about that because I always pay my bills.
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B4��Suppose you get sued by someone?
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A5��Sued?
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B5��If you owned a corporation, only the corporation's assets would be in jeopardy in the event of a lawsuit. Your personal assets would be safe!
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A6��Now I see. But isn't it expensive to open a corporation?
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B6��Not really, I can get all the necessary paperwork done for you for about $800.
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