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View Full Version : Setting up a Corperation


bassfishin002
04-23-2007, 02:34 PM
Hey guys I was checking into setting up a Inc. for my company. I would like to stay as a sole proprietorship for now (not enough money) but I would like to know if I would still be able to get commerical accounts? Do they lean more towards the LLC's and Inc's? Also another question is when you are Inc or LLC how much does this affect your insurance rate and what is the base liability insurance at which most commercial accounts would like to see? Thank you very much for you input.

Grits
04-23-2007, 07:21 PM
Get an accountant. You will thank me.

TSG
04-23-2007, 09:15 PM
What he said

skinnydogz
04-23-2007, 09:20 PM
If your on your own, a corp is fine....generally a llc if you have partners....base liability is about $1Mil.....it's not that much...here in MO. I have it and it costs me like $400 a year.....

bassfishin002
04-23-2007, 09:33 PM
WOW here in Florida I have called a few places and they wanted $500 to $700 a year and thats just for 100,000 and 200,000 coverage. I mention a million dollar coverage and the lady laughed at me. Skinny are you an LLC or Inc.?
Thanks for the input.

outcold00
04-23-2007, 09:34 PM
If your on your own, a corp is fine....generally a llc if you have partners....base liability is about $1Mil.....it's not that much...here in MO. I have it and it costs me like $400 a year.....

newb question, whats LLC mean?

Grits
04-23-2007, 09:42 PM
newb question, whats LLC mean?

Limited Liability Company

Grits
04-23-2007, 09:43 PM
WOW here in Florida I have called a few places and they wanted $500 to $700 a year and thats just for 100,000 and 200,000 coverage. I mention a million dollar coverage and the lady laughed at me. Skinny are you an LLC or Inc.?
Thanks for the input.

I have 300,000/600,000 and it runs about $580 per year.

bishoplandscape
04-23-2007, 09:50 PM
2 million and only 1200 yearly!

skinnydogz
04-23-2007, 10:05 PM
WOW here in Florida I have called a few places and they wanted $500 to $700 a year and thats just for 100,000 and 200,000 coverage. I mention a million dollar coverage and the lady laughed at me. Skinny are you an LLC or Inc.?
Thanks for the input.


I am solo so I am a Inc. when I need help I just hire an "independent contractor" as a part time person.....it keeps for easy employee maintenance...I was told that walmart requires $2mil for liability but I am not too sure about the mngr here, as he's a BS'r....I didn't get the bid anyhow....but I actually had to go to a second rate company to get insurance and shopped around.....alot of the larger companies give alot of BS also for a general mowing policy....if you want to add extras, they start racking on the fees....if I want to add other stuff like contractor stuff the prices start rising quickly

bassfishin002
04-24-2007, 09:50 AM
Grits who did you go through if you dont mind me asking? Do you guys still get commercial accounts even if your not Inc. or LLC?

TSG
04-24-2007, 10:02 AM
Most companies only care if you have the correct limit of insurance.
A condo association or very public building may want 2 million, but
1 million ususally does it
Just .02

Grits
04-24-2007, 12:14 PM
Grits who did you go through if you dont mind me asking? Do you guys still get commercial accounts even if your not Inc. or LLC?

Send me your email and I will give you the info that I have.

bassfishin002
04-24-2007, 01:32 PM
Its bassfishin002@hotmail.com Thanks

Grits
04-24-2007, 02:00 PM
Check your email.

bassfishin002
04-24-2007, 03:58 PM
I called lock insurance today and they give me a quote for 1mil-2mil for $780 a year. I also had him quote me on 1mil-2mil for also pressure washing and it was 980 a year? What do you guys think. That price that you sent me Grits was that just for the liabilty or everything? Grits also ur price per year shouldnt go up I asked that question and they all said "no" it should affect the price. Thank again alll!!!

bassfishin002
04-24-2007, 03:59 PM
Grits (price per year if you are LLC or not.)