I’m working with a friend that we’ve been on and off work partners over the years. He’s got a real flair for mechanical and I’m more of an electrical geek. Between the two of us we were able to bring his design off the drafting board to a proof of concept product. It’s in the same vein of work as my regular job but will never be considered ‘competition’ so I’m not concerned about moonlighting on this. So over the course of the last year I’ve prepared drawings and aided with the installation and have been paid $2600....not really burning it up but this product could really take off, and my involvement continue. That said I’m torn whether to set up an LLC, or an S Corp, or what. It’ll be just me but I’m more than open to having my wife be a 51% owner so we can qualify as a WBE too. I’m. Typically very conservative in my life so minimizing liabilities to home and personal is very important. Thanks in advance!
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