Register free!
Search
 
     

The Green Industry's Resource Center


Click for Weather
Reply
 
Thread Tools Display Modes
  #1  
Old 08-17-2004, 12:28 PM
boxoffire's Avatar
boxoffire boxoffire is offline
LawnSite Member
 
Join Date: Aug 2004
Location: North Carolina
Posts: 165
Sole Proprietership or LLC

Hi. Just starting out. Called local offices today for applications for license and home use permit, as well as register of deeds for nameing my company. Before applying, just wanted quick advice on difference in general (if there is one) of starting out as sole proprietership or LLC? Pro's and cons?

Sorry guess I could search and read up, but my damn dialup connection sucks when lines are wet or something and it's frustrating the you know what out of me. Maybe DSL one day when I actually start making some money... LOL...

Thanks much.

Adam
Reply With Quote
  #2  
Old 08-17-2004, 12:59 PM
boxoffire's Avatar
boxoffire boxoffire is offline
LawnSite Member
 
Join Date: Aug 2004
Location: North Carolina
Posts: 165
From what I have just read it appears if you are the only owner and are by yourself, sole proprietership is the way to go. Correct?
Reply With Quote
  #3  
Old 08-17-2004, 01:31 PM
furball3's Avatar
furball3 furball3 is offline
LawnSite Member
 
Join Date: Jul 2004
Location: North of Indy In
Posts: 59
You will automatically get a degree of liability protection if you from an LLC (Limited Liability Corporation) or S-Corp (or a C-Corp for that matter). LLCs and S-Corps are fairly easy to form and you can do it with just one person. Both, properly run, will take you as an individual out of the legal picture in the event someone sues your business. Someone may sue your business to bankruptcy, but they won't be able to get your house and other personal property.
Reply With Quote
  #4  
Old 08-17-2004, 01:42 PM
The C Man The C Man is offline
LawnSite Senior Member
 
Join Date: Mar 2004
Location: Ohio
Posts: 573
...just a clarification - LLC is Limited Liability COMPANY
Reply With Quote
  #5  
Old 08-17-2004, 01:52 PM
furball3's Avatar
furball3 furball3 is offline
LawnSite Member
 
Join Date: Jul 2004
Location: North of Indy In
Posts: 59
C Man's right. I need less coffee & computer time. Or is that more coffee & less computer time?
Reply With Quote
  #6  
Old 08-18-2004, 04:29 PM
Team Gopher's Avatar
Team Gopher Team Gopher is offline
LawnSite Platinum Member
 
Join Date: Jul 2003
Location: -
Posts: 4,046
Hi boxoffire,

Here is a post that may be helpful.
Reply With Quote
  #7  
Old 08-18-2004, 07:11 PM
HOOLIE's Avatar
HOOLIE HOOLIE is offline
LawnSite Gold Member
 
Join Date: Jun 2004
Location: Northern Virginia
Posts: 3,986
furball is correct. As a sole prop., you and your business are legally the same entity. If you have concerns about liability, I'd check into the INC/LLC options.
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump





Powered by vBulletin® Version 3.8.6
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
Copyright ©1998 - 2012, LawnSite.comô - Moose River Media
All times are GMT -4. The time now is 03:02 AM.

Page generated in 0.08236 seconds with 7 queries