Starting a new business in Quickbooks, how to show owners equity?

I just started a small children's resale shop with my mom. Her and I are splitting the expenses of the store and will split the profits.


1st Question: Should this be a partnership or should we set up a LLC or something else?


2nd Question: Mom will be working M-F and I will be working weekends, because I don't want to quit my FT job until I know this business is making enough to support us both and mom is already quasi retired. How do we split the profits or should we just go the paycheck route? I want it to be fair, but at the same time, this business was my idea and I want to be able to quit my job and work FT at some point bx I hate my job - so I need it to pay my bills...


#3 - I got a 1.99% interest rate on my personal cc - so I have decided to take a $15K loan from the card to purchase our computer system, fixed assets (racks etc.), and some inventory. Mom will match $15K for inventory when needed. How do I set up this new business in QB? I use QuickBooks personally, so I will just open a new business and start tracking our expenses in QB, but I don't know where or how to list our individual out-of-pocket expenses - which equity/assets accts to debit/credit? My QB experience is basic AP/AR some inventory, payroll...but I have never actually set up a new business and don't understand Opening Bal. Equity or Owner's Equity (especially w/ two owners)


#4 - What do I do with this credit card loan? I don't need to get paid right away, but I do need to keep the credit card payments paid and the business will have to do that once it gets going, but what if I need to make a few payments on my own until the busines has a profit? Or should I make the payments out of the credit card cash advance proceeds (as they won't all be used right away)? I'm so confused...





Any help would be great. AND, I really don't want to hire an accountant if I don't have to. I have no clue if this business will make it, and want to be as frugal as possible in these early stages.





THANK YOU IN ADVANCE!!|||Its best to have a bookkeeper for now there must be some that deal in small company's this will tell you when its time to leave your job the other thing to think of is lets say your co makes 30.000 u take 10.000 mom gets 10.000 and the co will keep 10,000 this will help to pay for all the advertising or a new pc or what ever the co needs trust me it will help when the unforeseen expenses happen or when its time to buy 1 partner out and only leave your job when the co can pay u 3 month's good luck and working 4 your self is the best harder work but there's nothing to beet it