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Is an LLC needed?

Discussion in 'Business Operations' started by Sonshines, Sep 16, 2013.

  1. Sonshines

    Sonshines LawnSite Member
    Messages: 19

    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! =)
  2. Stillwater

    Stillwater LawnSite Platinum Member
    Messages: 4,889

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  3. Sonshines

    Sonshines LawnSite Member
    Messages: 19

    When would you need one? DBA or mnic (not sure what these are---saw on another thread).
  4. Stillwater

    Stillwater LawnSite Platinum Member
    Messages: 4,889

    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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  5. retrodog

    retrodog LawnSite Silver Member
    Messages: 2,429

    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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  6. RussellB

    RussellB LawnSite Fanatic
    Messages: 8,514

    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.
  7. baileylawnservice

    baileylawnservice LawnSite Senior Member
    Messages: 530

    I talked to a knowledgable CPA the other day, I guess there are several things that you need to document to make your llc stand up against a good lawyer. Things like meetings and other meaningless documented things
  8. Blade Runners

    Blade Runners LawnSite Bronze Member
    Messages: 1,021

  9. 205mx

    205mx LawnSite Silver Member
    Messages: 2,392

    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.
  10. RussellB

    RussellB LawnSite Fanatic
    Messages: 8,514

    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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