Legal form of ownership

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   Hey All,

This is my first post however I have been on this forum for months. I am currently starting my business and trying to choose my legal form of ownership. I am leaning towards being a Sole-Proprietor. I went and met with a Small Business Development Center Consultant yesterday and she started putting all these thoughts into my head that I should file for an LLC and incorporate. 

Mind you, I will be operating as a one man team and operating from my home. I will not have any employees at this time or within the next 6-12 months. 

Obviously the concern is if a customer tries to sue me and takes everything I own including my house. I will of course have insurance that will cover me up to $2 million. However I was wondering if anyone here has ever run into a situation where a Sole-Proprietor has been sued for everything they have that insurance would not cover.

Thanks all!

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Rick4Life Members Profile Send Private Message Find Members Posts Add to Buddy List Newbie Joined: 13/January/2011 Location: Texas Status: Offline Points: 2	Post Options Post Reply Quote Rick4Life Report Post Thanks(0) Quote Reply Topic: Legal form of ownership Posted: 26/January/2011 at 12:04pm
	Hey All, This is my first post however I have been on this forum for months. I am currently starting my business and trying to choose my legal form of ownership. I am leaning towards being a Sole-Proprietor. I went and met with a Small Business Development Center Consultant yesterday and she started putting all these thoughts into my head that I should file for an LLC and incorporate. Mind you, I will be operating as a one man team and operating from my home. I will not have any employees at this time or within the next 6-12 months. Obviously the concern is if a customer tries to sue me and takes everything I own including my house. I will of course have insurance that will cover me up to $2 million. However I was wondering if anyone here has ever run into a situation where a Sole-Proprietor has been sued for everything they have that insurance would not cover. Thanks all!

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westcovina Members Profile Send Private Message Find Members Posts Add to Buddy List Senior Member Joined: 17/December/2010 Location: West Covina Status: Offline Points: 103	Post Options Post Reply Quote westcovina Report Post Thanks(0) Quote Reply Posted: 26/January/2011 at 7:43pm
	You need to go LLC.
	http://www.carpet-cleaning-pasadena-ca.com/

jaymark1 Members Profile Send Private Message Find Members Posts Add to Buddy List Senior Member Joined: 27/January/2009 Location: Willow Grove Status: Offline Points: 129	Post Options Post Reply Quote jaymark1 Report Post Thanks(0) Quote Reply Posted: 27/January/2011 at 3:34pm
	Someone falls and you loose your house, car, marriage and everything. You need to seperate your business from your personal. An LLC costs $100 bucks, you can form it yourself online. Dont fall for those commericals who tell you you need to pay them for an LLC, its easy! Get a lawyer, an accountant, and an insurance guy, dont skimp on the legal stuff. I sleep easy at night knowning I am covered! Call me if you want to talk it over. 215.791.831
	I dont predict the future or sell glides, am I allowed on this site?

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Legal form of ownership