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just starting out |
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clovis 
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Joined: 13/August/2006 Location: United States Status: Offline Points: 30 |
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 Topic: just starting outPosted: 24/August/2006 at 8:15am |
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Does anyone suggest a corporation or a LLC when starting a business. And one other question is who does everyone use for insurance or should I use an insurance guy who is locally in my area.
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doug
King of the One Liners 
Just My opinion Joined: 31/January/2004 Status: Offline Points: 32711 |
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Posted: 25/August/2006 at 5:44pm |
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Shop around for insurance. You don't need to incorp unlsee you are making some serious cash or losing some serious cash?
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Just My opinion
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clovis
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Joined: 13/August/2006 Location: United States Status: Offline Points: 30 |
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Posted: 25/August/2006 at 8:25pm |
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Thanks for the info Doug
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Mo fo yo money
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Joined: 18/January/2006 Status: Offline Points: 33 |
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Posted: 27/August/2006 at 10:41pm |
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I agree with doug. You are better off with the LLC until you are making alot of money. When you get there, consult a CPA.
Mo
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Superglide Ken
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SGK Joined: 17/March/2004 Location: Canada Status: Offline Points: 4868 |
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Posted: 28/August/2006 at 9:19am |
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Better off WITHOUT you mean.
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Inventor of the Teflon Wand Glide and the Turboteck Rotary Air Duct Cleaners for TMs.
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Dennis Conner
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Joined: 11/October/2004 Status: Offline Points: 640 |
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Posted: 28/August/2006 at 11:37am |
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ken...some of us have personal assets that we need to protect. I don't think anyone would go after your brokendown van and chicken!
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Superglide Ken
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SGK Joined: 17/March/2004 Location: Canada Status: Offline Points: 4868 |
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Posted: 28/August/2006 at 1:25pm |
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You would think a business degree would have you knowing better Chuck? The main reason most small companies are better off without a LLC the first 5 years is because most business lose money the first few years. A business set up as a proprietorship can deduct those loses against personal income, and get money back at tax time. The LLC can not do this. By year 5, when hopefully lots of money is being made, the lower tax status of the LLC and better asset protection this enjoys makes more sense.
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Inventor of the Teflon Wand Glide and the Turboteck Rotary Air Duct Cleaners for TMs.
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