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Post Info TOPIC: How is your business structured/registered?
How is your business structured/registered? [33 vote(s)]

Sole Proprietor
30.3%
LLC
33.3%
Inc.
30.3%
Not yet registered
3.0%
Other
3.0%
ssk


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How is your business structured/registered?
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Comments, recommendations, tips from experience welcome.

-- Edited by ssk on Friday 1st of October 2010 09:13:56 PM

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http://en.wikipedia.org/wiki/Limited_liability_company

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Travis Baird 662-288-6428



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I was a soul prop for years with the state of Oregon. As I took on employees and had more liabilities, I switched to an Incorporation. It's now a whole new ball game that i'm still trying to figure out myself. Luckily my brother is a CPA and helps with my headaches...lol!

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Tim Hunter - Gleaming the View Inc.

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LLC with DBA for marketing use.

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Currently setting up business
Jacksonville, FL



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LLC nice to have the protection of a corporation without the tax issues

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Clark Hussey
AP Surface Solutions LLC
518-396-0972



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Incorperated here...........The companys loses can be deducted from my wife and I taxs returns.

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We were inc. and it was a lot of paperwork. We went LLC with S-corp protection this year. What ever you form buy the s-corp protection.

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Bill Booz

Accuwash LLC

Cell-240-425-2845

 



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DBA is easiest and cheapest way to get into business, but you will want to be an LLC if you want to protect yourself.

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ShingleShiner
518-225-1622




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Bill, what added protection does the S Corp give you? My basic understanding of a LLC is that if the company is sued, then they can't come after the owners personal assets.

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Joey Satterfield EnviroTech Cleaning & Restoration (615)653-4550


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They say your protected if you have a llc but any good lawyer can get past that and still sue owners of the company.

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LLC has never been a 100% proven way to go although it has it's benefits. You cannot form a DBA without a sole entity to claim upon and the best way for a small business is without a doubt an S-corp because you can transfer losses to your officers tax return and it has unmatched protection. There is a ton of headache paperwork though. But any good accountant will tell you go S-corp. We are incorporated as an S-corp

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I have an S corp (AATPinc) and I opened a dba (Roof Stain Removers). The lady at the bank told me I couldn't use AATP's bank account, but I needed to open another account. Does that make sense? (I admit I'm not that bright. My wife has poor eyesight, so I try to get by on my looks).

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Wilmington, NC


Art Green
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Roof Cleaning Wilmington North Carolina


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Those are two separate entities. You should consult a tax accountant for the tax laws in your area.
If you have checks written to Roof Stain Removers, the bank I do believe only can deposit it in that specific named acct. It allows the IRS a way to track money flowing in and out of the banks. But check with a local tax accountant to confirm your state laws and end of year filing.
Take Care,
KIM R.

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Just some food for thought.....
Whether you have an LLC or an S-Corp. you can still be held liable for personal negligence and be sued for your personal property. The LLC or Corp is supposed to protect you from losing personal assets, and they do up to a point then the are useless. 
DISCLAMER: The below examples are by no means a letter of the law. I am not a legal expert. These are just scenarios I am putting out there for everyone to think about in their daily process, procedures, and be aware of the possibility of a surprise lawsuit you may be slapped with even though you thought you were protected by an LLC/Corp. etc. This is not legal advice for anyone and should not be taken as such. Consult your business lawyer for your own personal situations.
Lawyers can make a Negligence case out of just about anything we do or don't do as a business owner no matter what business entity we use. no

Example A:
Lets say one of your employees lost control of a ladder and it crashed through a window that just happened to be the newborns nursery. Lets also say the crib was near the window and the newborn was seriously injured. Lets say you as the owner of the Corp are the immediate supervisor on record of that employee. If you can prove that the employee was trained in the proper use of a ladder and have it documented and dated you would be Protected from being sued. If you can not prove that the employee was trained correctly you could be sued personally for negligence in failing to properly train your employee. The employee could also be sued for their negligence.

Example B:
Lets say you lost control of a ladder and it crashed through a window that just happened to be the newborns nursery. Lets also say the crib was near the window and the newborn was seriously injured. Lets say you are the owner of the Corp on record, you could be sued personally for your personal negligence.

Again I am not a legal advisor, If you have any questions as to your own business, please consult your business lawyer as they are the experts.

Something else to note: If you have the proper Liability insurance, and high enough coverage as we all should have biggrin then chances are the insurance company will have deeper pockets then your assets and a lawyer will probably pursue the insurance company only.
Now if you are running your business without liability insurance  disbelief and something bad were to happen you can bet you will be on the hook for damages etc.


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none

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Roof Cleaning Long Island N.Y 516-763-4108 wrote:

Incorperated here...........The companys loses can be deducted from my wife and I taxs returns.




That is called a "s" Corporation.

 

AC



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none

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Posts: 692
Date:
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SP Cleaning wrote:

Just some food for thought.....

Whether you have an LLC or an S-Corp. you can still be held liable for personal negligence and be sued for your personal property. The LLC or Corp is supposed to protect you from losing personal assets, and they do up to a point then the are useless. 
DISCLAMER: The below examples are by no means a letter of the law. I am not a legal expert. These are just scenarios I am putting out there for everyone to think about in their daily process, procedures, and be aware of the possibility of a surprise lawsuit you may be slapped with even though you thought you were protected by an LLC/Corp. etc. This is not legal advice for anyone and should not be taken as such. Consult your business lawyer for your own personal situations.
Lawyers can make a Negligence case out of just about anything we do or don't do as a business owner no matter what business entity we use. no

Example A:
Lets say one of your employees lost control of a ladder and it crashed through a window that just happened to be the newborns nursery. Lets also say the crib was near the window and the newborn was seriously injured. Lets say you as the owner of the Corp are the immediate supervisor on record of that employee. If you can prove that the employee was trained in the proper use of a ladder and have it documented and dated you would be Protected from being sued. If you can not prove that the employee was trained correctly you could be sued personally for negligence in failing to properly train your employee. The employee could also be sued for their negligence.

Example B:
Lets say you lost control of a ladder and it crashed through a window that just happened to be the newborns nursery. Lets also say the crib was near the window and the newborn was seriously injured. Lets say you are the owner of the Corp on record, you could be sued personally for your personal negligence.

Again I am not a legal advisor, If you have any questions as to your own business, please consult your business lawyer as they are the experts.

Something else to note: If you have the proper Liability insurance, and high enough coverage as we all should have biggrin then chances are the insurance company will have deeper pockets then your assets and a lawyer will probably pursue the insurance company only.
Now if you are running your business without liability insurance  disbelief and something bad were to happen you can bet you will be on the hook for damages etc.

 




Today you ca get sued for wearing purple socks LOL it doesn't matter with these lawyers out there today.

If yall would like we may be able to get a class on this topic set up for the NCE events next year.

I make sure that when we hire an employee we have an employment contract, protocols signed, safety equipment checked out and signed off for, and a copy of the company health and safety manual in each and every truck as well as employee training manual. Then there are no excuses.

 

AC



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