[luckylion]

Is there even a legal distinction in the US? Germany has a somewhat complicated and sometimes surprising law around all of that, but essentially you can form a "company" without any official acts. It's not necessarily a company to earn money, it's mostly about liability, e.g. who pays when it falls apart.

I couldn't quite make it through all the memes, because I found them too annoying, but I believe that, at least over here, the Squad would likely form a GbR ("Gesellschaft bürgerlichen Rechts"), which includes individual liability for everything done within that company. It's somewhat fuzzy what's part of the Squad's work, but essentially you could be on the hook for something your buddy does with your personal savings, without limit. It's probably better to formalize it and choose a limited liability company.

[rswail]

Sounds like a "partnership" where the liability for debts are shared between partners (as is income and equity).

Australia has 3 "corporate" trading structures and trusts for holding assets:

* Sole Trader

* Company

* Partnership

https://www.business.gov.au/planning/business-structures-and...