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1st time homebuyer and my business/status/ insurance

Discussion in 'Starting a Lawn Care Business' started by illday, Feb 5, 2007.

  1. illday

    illday LawnSite Member
    Posts: 89

    I am going to be purchasing a house for the first time this year and I have a few questions on how it affects my business.

    1.I'm a solo sole prop. Should I change my status to inc. or llc. to protect my house if I am ever sued?
    2.I use my personal name as the business name. (dba) Should I change that?
    3.Should I carry more insurance?

    This is a small side business that I enjoy. I have a regular full time job and don't want the business to become a liability (being sued).
  2. PatriotLandscape

    PatriotLandscape LawnSite Bronze Member
    from MA
    Posts: 1,209

    what is your exposure?

    I would highly recommend put a homestead on your house it limits creditors ability to come after it.

    Your best bet is to inc. you can do it yourself. My wife did ours for about $300. you can payan attorney about 1000 to do the same.

    Also before anything consult an accountant.
  3. echeandia

    echeandia LawnSite Bronze Member
    Posts: 1,131

    If you run the business out of your home then you need to make sure the new local government will allow you to run it out of your home. If there is going to be an HOA they to might have restrictions on vehicles parked in the driveway and street.

    As far as the name you might want to talk with your attorney.

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