View Single Post
Old 01-09-2014, 02:04 PM
32vld 32vld is offline
LawnSite Gold Member
Join Date: Feb 2011
Location: Long Island, NY
Posts: 3,856
Originally Posted by retrodog View Post
Llc will seperate you from your biz. I recommend in case you kill someone or get sued. As a dba they can take your assetts even personally as collateral. I am llc and I lease any equipment or real estate the biz uses to the biz, so technacally the biz doesnt really own anything.. it has tax benefits too
Posted via Mobile Device
Originally Posted by RussellB View Post
I agree with Retrodog. An LLC protects your personal assets. I know people that set up their own LLC but I utilized "My Corporation" to set mine up. Rather pricey but they set it all up (State and Federal) and I didn't have to worry about missing something in the process.

A LLC will not protect the business owner's personal assets that is working solo.

If a LCO has an employee. An the employee is on the job site working alone. And the employee F'up's. The customer can sue the employee because he did the F'up. And the sue the LLC.

Now if the LCO is working on the job and he does the F'up. The customer can sue the LLC as in the previous case and the owner the owner personally just as he sued the employee. So the owners personal assets will not be protected.

Plus there are no tax advantages to being a LLC.

You want and need full liability protection then you have to look into being a S or C corp.
Reply With Quote
Page generated in 0.03281 seconds with 8 queries