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Level 4

I am in Florida and I will be starting a business with another person and we want to keep the income separate, do we both need to create our own LLC under a corporation?

 
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Level 11

I am in Florida and I will be starting a business with another person and we want to keep the income separate, do we both need to create our own LLC under a corporation?

As others have commented on this question, the best advice is to seek the advise of a professional, most likely a business attorney.  There is more to be considered than just taxes.

You need to choose the form of business that makes sense for the type of business you are conducting, in the state you are doing business in, what your goals are, and what you feel comfortable.

Lack of action will, for tax purposes at least and perhaps for other situations as well, automatically treat you as a partnership.  If not formally, then at least informally.  There are benefits and risks in conducting business as a partnership.  More risks than needed if not formed, have a partnership agreement, and conform to the laws of the state you're doing business in.

Again, seek professional advice.  Good Luck.

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Level 20

I am in Florida and I will be starting a business with another person and we want to keep the income separate, do we both need to create our own LLC under a corporation?

Level 20

I am in Florida and I will be starting a business with another person and we want to keep the income separate, do we both need to create our own LLC under a corporation?

PLEASE seek local professional assistance in setting up the correct entity for your situation ... putting 2 LLCs as partners in another company may be tricky and unneeded.
Level 12

I am in Florida and I will be starting a business with another person and we want to keep the income separate, do we both need to create our own LLC under a corporation?

I agree.  If you are starting a business, then ACT like a business.  Go to a tax professional (and perhaps a business attorney) to get things set up and for doing things for AT LEAST the first year.
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Level 11

I am in Florida and I will be starting a business with another person and we want to keep the income separate, do we both need to create our own LLC under a corporation?

As others have commented on this question, the best advice is to seek the advise of a professional, most likely a business attorney.  There is more to be considered than just taxes.

You need to choose the form of business that makes sense for the type of business you are conducting, in the state you are doing business in, what your goals are, and what you feel comfortable.

Lack of action will, for tax purposes at least and perhaps for other situations as well, automatically treat you as a partnership.  If not formally, then at least informally.  There are benefits and risks in conducting business as a partnership.  More risks than needed if not formed, have a partnership agreement, and conform to the laws of the state you're doing business in.

Again, seek professional advice.  Good Luck.