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Type of Business

Discussion in 'Christmas Trees & Seasonal' started by ffjoe, Aug 24, 2011.

  1. ffjoe

    ffjoe LawnSite Member
    Messages: 25

    Most of you all set up your businesses as LLC's or is there something out there that would be better than the LLC way?
  2. turf hokie

    turf hokie LawnSite Silver Member
    Messages: 2,753

    Depends on way too many factors too discuss here, that is something to talk to your accountant about.
  3. David Gretzmier

    David Gretzmier LawnSite Gold Member
    Messages: 3,646

    or a business attorney. my lawyer guy wants me to set all assets up in one company, land, clients, building and inventory, trucks, etc, even all personal items like home,clothing and furniture and the like, and I then lease all those items from that company. that asset company then hires me or my other company to do the install takedown, etc. the install side is the only one that can get sued and it holds no assets other than cash from install, and that money goes to pay the "lease" on all assets. so you can lose some of your bank account in court, but not the items that allow you to generate income. a novel concept, but I have no idea if it works.

    he has also told me you can put all assets in a trust to protect it from being sued in court and even shields it from probate taxes upon your death, but you need children and heirs and etc who will eventually own the trust.

    Your CPA can reccomend an attorney who can set this up for you.

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