Found an investor. Need advice

DIYerDIYer subscriber Posts: 1
edited February 2015 in Startup Funding
As the title says I found an investor. He is willing to put up a considerable amount of cash, plus strategy, and legal counsel. He said he wants 50% equity and suggested I make it an LLC (sooner than later). After I learn more specifically how much he is willing to invest and what exactly his other offerings will be, I may or may not negotiate the 50% stake.

Two questions:
1) If he wants a 50% stake wouldn't that make the business a partnership and not an LLC? Or can LLC's be partnerships as well?
2) Why say "sooner than later" for setting up the LLC? Does the process take a while or something?
I'm in New York City if that makes a difference.
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