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View Poll Results: What is the organization of your business?
Sole Proprietorship 30 73.17%
LLC 2 4.88%
Partnership 3 7.32%
Corporation 6 14.63%
Voters: 41. You may not vote on this poll

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  #1  
Old 03-24-2004, 12:33 AM
GRT GRT is offline
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How is your business organized?

I suppose I could have posted this in the "elements of the business forum", but I like the community we have here and just thought I would gauge you guys. I've posted a poll, so feel free to vote. Feel free to post your experiences and reasoning- ie: sole proprietorship (I assume most are), LLC, partnership, corporations, or any variations within.

Some good points to post on would be: taxes, liabilities, ownership, simplicity, and the size of your business. Thought this would be an interesting one

I did a search and didn't find anything on this, so if this is a beaten horse, just tell me and we'll kill the thread. Thanks!

Geoff
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  #2  
Old 03-24-2004, 12:35 AM
GRT GRT is offline
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ALSO...

I almost forgot, another good point would be did you start with one organizational strategy, and then change to another after you grew, etc.?? Why? EX: You started as a sole proprietorship and switched to a corporation because...
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  #3  
Old 03-24-2004, 01:18 AM
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mower_babe mower_babe is offline
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I started as a sole proprietorship and became incorporated b/c I realized how in jeopardy I was putting my family as a sole proprietor. If a mower threw something out and cost an innocent bystander their vision, as a sole proprietor, the victim could take everything of mine. Now, same scenario, they can take the business assets, but not the roof that my kids sleep under. JMO, I know there are many many more reasons, but the biggest for us was liability. This came about when we started getting ALOT more of the larger residential where you are exposed to more people, ie condominiums and such, it made us think a bit more as opposed to the rinky dink small mow and blow homes where you never see anyone. We felt more exposed and did not like the possiblities of liability issues. To each his own. Hey - Good luck.


PS- I am sorry to reiterate it, but if you become a corporation, PLEASE MAKE SURE W YOUR ACCOUNTANT AND ATTORNEY THAT YOU HAVE PROPERLY DISSOLVED YOUR PAST BUSINESS, ie sole proprietorship or whatever. PLEASE MAKE SURE YOU DO THIS!!! VERY VERY IMPORTANT!! THEY MAY NOT TELL YOU THIS!
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Old 03-24-2004, 01:24 AM
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Pecker Pecker is offline
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Location: Louisiana
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Great thread. I almost started one similar about 3 days ago because I don't know enough about these options to choose one yet. Planning on becoming a legit business pretty soon, even though I only am a LCO part time.

Could some of you with some legal / accounting experience shed some light on the advantages / disadvantages of these different types of organization.

I have been leaning toward Incorporating for the liability reasons Mowerbabe mentioned, although I do have insurance.

Any thoughts or recommendations from experience or advice from lawyers on how to organize?
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  #5  
Old 03-24-2004, 08:19 AM
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rodfather rodfather is offline
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LLC for 3 years now...needed to separate business from personal.
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  #6  
Old 03-24-2004, 08:29 AM
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GreenMonster GreenMonster is offline
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Quote:
Originally posted by rodfather
LLC for 3 years now...needed to separate business from personal.
Currently sole prop. Lawyer working on LLC papers for the above reason -- monetary and liability reasons.
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Old 03-24-2004, 10:55 AM
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walker-talker walker-talker is offline
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Just sole prop, but will want to incorporate once I go full-time and definetely if I employee help.
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  #8  
Old 03-24-2004, 11:00 AM
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Lux Lawn Lux Lawn is offline
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Started part time as a sole proprietorship and changed over to a corporation when I went full time.
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  #9  
Old 03-24-2004, 02:01 PM
jajwrigh jajwrigh is offline
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S corp here. I wanted to protect my personal assets.
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