I have been reviewing this business opportunity for a couple weeks now and would like to know how some of you have set up your business. Do you do business as a sole proprietor or as a corporation such as an LLC for liability protection?
I just went to a weeks worth of SBA start up classes and also just attended a worshop about company types. From the local government, SBA, and some Industry partners here is what I was told:
SP: If just yourself do it this way, keep it simple, Insurer high, and pay your taxes on time.
LLC: can still do by yourself or with partners. Do not misconstrue that just because you are an LLC this means people can't get to you and your personal assets. Limited Liability Corporation does not mean if you happen to get sued your personal gains wont be attacked. LLC is sort of a a bump in the road in case something like this would happen. Ohio and most other states recognize LLC's but they are what they call a Veil corporation. Also with an LLC if you have partners you are supposed to have a meeting once a year with minutes of the meeting taken, people in attendance noted, and should do this yearly and keep filed with company charter / biz-plan.
Thanks very much for the reply, it does help. Just trying to get the paperwork side of things out of the way first then focus on the "work" side of it.
