New Agent in Florida

I know this topic has been touched on in other Forums, but I can’t find it in direct relation so Florida.

I am starting as a NEW inspector. Should I go LLC? Or should I be a Sole-Proprieter?

Basically, what are the first steps to setting myself for safety: Business account? PO Box? DBA? LLC? S-Corp?

Thanks all, any advice is appreciated.

Just use the search…magnifying glass.

Patrick, those questions would be better answered by your attorney and accountant, not on a forum of home inspectors because all situations are different. You would be well advised to start with professional people to get your business going.

I hope this helps you. :smile:

LLC for the state and S-corp for the IRS.

I would NOT go sole proprietor… Too much liability. I would go LLC or INC. And that depends on how much money you will be making. Based on your tax bracket, there is a breaking point where an INC is better for taxes. Starting out I would form an LLC, because you will have less taxes to worry about that way. As you grow, an INC is better, because of the way you can structure it, (pay yourself a small payroll for income tax and less SS tax, and then you can pay yourself dividends on the rest…) If your are making closer to 6 figures, an LLC will have higher taxes, because you cant use the lowball salary, and dividend tricks… You need to talk with a tax advisor first. I don’t know what part of Florida you are in, but my brother is a CPA in Kissimmee, and I could get you his info.
Liability wise, they have the same advantages as long as you are not mixing your business and personal spending. Make sure you are using two different bank accounts. If you intermingle, the courts will be able to say that the business account is also a personal account!

1 Like

Thanks everyone, great information. Daniel, I spoke with my Accountant, and he confirms what you said. I’ll be setting up my LLC asap.

1 Like

Helping one another, that is what it is about. Way to go, Daniel!

And good luck Patrick! :smile:

1 Like

Good luck!

1 Like

Aint that the truth! I have received tons of help on here too! (and have a couple more questions to post soon) :laughing:

1 Like