What is better LLC or Sole proprietorship??

POWER STROKE

LawnSite Senior Member
Location
Grand Rapids, MI
I am thinking of doing a LLC or Sole Proprietorship.
What would be best? As of right now it is just me no employees, also right now I only have 25 customers.

Thanks in advance for any help or replies.
 

DA Quality Lawn & YS

LawnSite Fanatic
Location
Rochester, MN
Yes LLC, Indemnify yourself from personal responsibility should the company be liable for an accident, etc....
Either one, depends on your biz plan and the risk you intend to take on. If you are a small solo op, you may not need the llc as you can insure away most to all of your risk with a 1mil or 2mil General Liability policy. There is no difference in the taxes you will pay either way.

For me, does not make sense to llc. I can see a need in the future though as my biz evolves.
 
Either one, depends on your biz plan and the risk you intend to take on. If you are a small solo op, you may not need the llc as you can insure away most to all of your risk with a 1mil or 2mil General Liability policy. There is no difference in the taxes you will pay either way.

For me, does not make sense to llc. I can see a need in the future though as my biz evolves.
I have to disagree. If someone had a lawsuit against you as a SP, they can go after all of your assets.
Posted via Mobile Device
 
OP
P

POWER STROKE

LawnSite Senior Member
Location
Grand Rapids, MI
Thanks guys for your help and replies
 

DA Quality Lawn & YS

LawnSite Fanatic
Location
Rochester, MN
Then carry enough GL to insure away your risk guys. As a solo, I feel comf. with 2mil of GL. That may not be the case as my biz grows. Everyone's situation is different.
 

Top