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  #1  
Old 09-16-2013, 01:05 AM
Sonshines Sonshines is offline
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Is an LLC needed?

If you are doing lawns and clean-ups for residential homes (perhaps duplexes), and repo homes, do you need to have an LLC?

Thanks for your responses in advance! =)
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Old 09-16-2013, 01:28 AM
Stillwater Stillwater is offline
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No.......
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Old 09-16-2013, 01:30 AM
Sonshines Sonshines is offline
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When would you need one? DBA or mnic (not sure what these are---saw on another thread).
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Old 09-16-2013, 01:38 AM
Stillwater Stillwater is offline
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You would decide this at the time you decide what type of business you want to have, dba is doing business as. I suggest you use the search feature hear....
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Old 09-16-2013, 12:41 PM
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retrodog retrodog is offline
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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
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Old 09-17-2013, 07:14 PM
205mx 205mx is online now
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Quote:
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
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What Tax benefits?
The IRS Does not recognize LLC's.

It does not protect you or separate you and your company assets. Especially if you are a single member or you and your wife or you and your single business partner. I think I may have made a mistake going with an LLC. But for $300 a year I figure what the hell.
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Old 09-17-2013, 08:30 PM
RussellB RussellB is online now
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Originally Posted by 205mx View Post
What Tax benefits?
The IRS Does not recognize LLC's.

It does not protect you or separate you and your company assets. Especially if you are a single member or you and your wife or you and your single business partner. I think I may have made a mistake going with an LLC. But for $300 a year I figure what the hell.
My attorney did advise that an LLC does provide protection of my personel assets. To play along with your statement, why would anyone form an LLC?
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Old 09-18-2013, 07:36 PM
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alexschultz1 alexschultz1 is offline
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Originally Posted by 205mx View Post
What Tax benefits?
The IRS Does not recognize LLC's.

It does not protect you or separate you and your company assets. Especially if you are a single member or you and your wife or you and your single business partner. I think I may have made a mistake going with an LLC. But for $300 a year I figure what the hell.
Um, yes it does, but to an extent. An LLC (limited liability company) won't protect you if you run someone over with your mower, but it will protect you if you underbid a $250,000 job and need to declare bankruptcy. I have no idea why people think that an LLC instantly protects your personal assets from legal situations that you are personally responsible for.
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Old 09-18-2013, 07:38 PM
205mx 205mx is online now
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Originally Posted by alexschultz1 View Post
Um, yes it does, but to an extent. An LLC (limited liability company) won't protect you if you run someone over with your mower, but it will protect you if you underbid a $250,000 job and need to declare bankruptcy. I have no idea why people think that an LLC instantly protects your personal assets from legal situations that you are personally responsible for.
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Old 09-18-2013, 07:47 PM
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Patriot Services Patriot Services is online now
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Originally Posted by alexschultz1 View Post
Um, yes it does, but to an extent. An LLC (limited liability company) won't protect you if you run someone over with your mower, but it will protect you if you underbid a $250,000 job and need to declare bankruptcy. I have no idea why people think that an LLC instantly protects your personal assets from legal situations that you are personally responsible for.
I'm glad I'm not the only one that gets this. Case in point. What happened to Bernie Madoffs personal property? Was that protected by his corporation? The ultimate rule in this great country "you can sue anybody for anything"
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