View Full Version : business structure
11-30-2004, 11:47 AM
I am trying to get legit. What type of structrure would be best if its just gonna be me. Sole proprietorship??? Thanks
11-30-2004, 12:42 PM
sole proprietorship would be the easiest. call the county clerk to make sure you have to register. here it is only $10. If you do any commercial work, you may be required to fill out additional paperwork since you have no employees and since your insurance/liability may differ. good luck
11-30-2004, 11:17 PM
You should realy consult a CPA to get the best advise. Its all about taxes and risk. There are all types of companies out there and they each come with their on benefits and liabilities. As a sole proprietor you are also liabile for for every accident or mistake that your company makes. Not saying you would make any but, if you do have an accident and where sued, the person doing the suing could endup with your home and everything else you own. Limited Liability companies will shelter you some from this risk but, again you will ultimantly be responsible and could still lose everything you own. A chapter s corp will shelter you more because instead of being a one owner company you will actually become a seperate entidy that issues stock that can be sold to other people making them part owners of your company. As part owners they would share in some of your risk. Of course if you own all the stock it will still fall back on you to be responsible for paying any damages that a court would award someone that sues your company. A chapter S corp also has certain tax advantages and disadvantage. A good accountant can better help you decide what is best for you. Seeking advise from an accountant would be the best investment that you or your comapny could make.
11-30-2004, 11:35 PM
I would suggest a sole prop, but also talk with an accountant and lawyer as well. Its always good to have things nailed down before jumping in over your head
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