Hello all! I'm in preliminary discussions with the sole owner of a construction business about becoming partners. I would like to get some information on my best options for proceeding. This business has a debt the size of the value of the company. In simple terms, I am hoping to buy into this company by assuming half the debt. Does this make sense? Very small business here (well under $1 million). After we partner, we would both be full time 'employees' of the company. I'm thinking LLC or S Corp, not partnership. My main question at this point is whether it seems reasonable to the sole owner for another person to assume half the debt of the company for a 50% ownership...if that is indeed also the value of the company. I appreciate your patience with my inexperience in this type of transaction and helping me understand where to go from here. Thanks! ps: I'm in California.