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I have owned numerous businesses. At one point I had been unemployed for 18 months

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I have owned numerous businesses. At one point I had been unemployed
for 18 months. With my last hundred dollars, I entered into a contract to purchase a tropical fish/pet store on July 1, 1978. The store was called Tropical Aquarium Displays. (Think of the TV show Tank). I had no capital to pay for the store. What did I do? What form of ownership did I create? Why? What are the advantages and disadvantages of that form?
I just this past year obtained a small ownership interest in a company called Waterlok Technologies, LLC. I am on the board of managers for the company. The company will be recycling blow back water from the drilling for oil and gas in the fracking process. Why would we organize as a LLC?

 
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