what's your opinion on ownership of a company?

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#1

Originally Posted By: ashley bruce
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I ordered my course from ahit today, thanks to Kurt Bliss for the info, and an excited about starting. My question is how to file my business, as a sole proprietorship, LLC, or LLP. Before I see a lawyer can anyone give me reasons for doing one or the other? thanks

#2

Originally Posted By: ekartal
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Hi Ashley,


Might be best to ask an attorney about your options.

Erol Kartal
ProInspect

#3

Originally Posted By: gjohnson
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Ashley that questions has been answered over and over again. If you do a search you will probaly find lots of answers. If you don’t find what you are looking for private message me and I will go through it for you.



Gary

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Gary (Snicker's) Johnson - Free NACHOS
The NACHI Foundation
Executive Director

301-591-9895

#4

Originally Posted By: Blaine Wiley
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Ashley,


The question has been answered here many times, but the general consensus is: Sit down with your lawyer and accountant to find the best method of protecting your current and future assets, and have you fill out the least amount of governmental paperwork. It differs for each person in each situation. I am an LLC in FL. I was a C Corp in VA. Others are S Corp. So, sit down with them prior to opening.

I also must admit, I chose LLC primarily because I got tired of making monthly tax deposits at the bank, having the accountant do two separate annual tax returns, and the third time I got a compliance letter from the gov making sure all of my employment and OSHA posters were visible in my office, I just decided I wanted something different.

#5

Originally Posted By: ekartal
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Ashley,


Many newcomers think that LLC always provides the most protection. Not always so. Like Blaine said it varies from state to state.

Erol Kartal
ProInspect

#6

Originally Posted By: kleonard
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Ashley,


After talking with my attorney and a few different CPAs, I decided, at least for the first couple of years to go with C-corp, There are more issues to consider than just the issue of liability.

If you don't want to fork out the $ for an attorney for sure talk with a couple of local CPAs. If they think they are going to get your bus they will most likely give you free advise. call them & ask them for an appoitment to chat. They were by far the most helpfull for me.

Hope this helps.. ![icon_wink.gif](upload://ssT9V5t45yjlgXqiFRXL04eXtqw.gif)

Kevin

#7

Originally Posted By: joconnell
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Hi Ashley,


I'm chiming in to expand a little bit, but the best advice has already been given... sit down with your attorney.

It is a common misconception that forming a business as a corporation relieves the owner from liability in a legal negligence case. Since many home inspectors are both owner and sole operator of the firm, however, this is not the case. If a mistake is made that causes injury to the client, the client has the right to pursue damages beyond a suit against the corporation.

"In such a case, the injured party can sue both the business and the negligent individuals, bypassing the limited liability of the corporate form." (credit Pracitcal Financial Management, 3rd edition).

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Regards,

Joe O'Connell