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Legal form of ownership

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Rick4Life View Drop Down
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Joined: 13/January/2011
Location: Texas
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    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 View Drop Down
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Joined: 17/December/2010
Location: West Covina
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Post Options Post Options   Thanks (0) Thanks(0)   Quote westcovina Quote  Post ReplyReply Direct Link To This Post Posted: 26/January/2011 at 7:43pm
You need to go LLC.
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jaymark1 View Drop Down
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Joined: 27/January/2009
Location: Willow Grove
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Post Options Post Options   Thanks (0) Thanks(0)   Quote jaymark1 Quote  Post ReplyReply Direct Link To This Post 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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