Me and my friend are currently studying games development at uni. We're wanting to do a games studio start up in the next 6 months or so. In terms of a business plan we've got fairly good estimates etc but I was wondering what sort of legal entity we should be and when we should actually do it. We're going to have stuff to release relatively soon, should we start it up before release, or for now can we simply release game and keep profits without registering as business? Would that be illegal? This is a major consideration as if we were to do it now, we'd still be full time students for the next 6months and not working full time as the business
Me and the friend what equal ownership of the business, so partnership seems like an obvious option, but the separation of limited company also sounds good. Would we be able to set up a limited company with equal ownership? And is this a terrible idea for a company of only 2 or 3 members?