What business do you have?

bull2five · Jun 12, 2012

LLC, S corporation or C corporation?

I'm trying to register a new business and would like to know what kind of business you have and why you picked LLC, S corporation or C corporation?

Thanks for your help in advance

echo271 · Jun 12, 2012

bull2five said:
LLC, S corporation or C corporation?

I'm trying to register a new business and would like to know what kind of business you have and why you picked LLC, S corporation or C corporation?

Thanks for your help in advance

Sole proprietor due to lack of funds as far as personal liability keep it safe and work smart good luck

bull2five · Jun 13, 2012

echo271 said:
Sole proprietor due to lack of funds as far as personal liability keep it safe and work smart good luck

Someone else on this site mentioned Sole proprietorship. I have potential customers that want me to remove trees for them but want me to be licensed and insured. Can you get licensed and insured as sole proprietor?

rtsims · Jun 13, 2012

Sole Proprietorship:

Sole Proprietorship exists when a single individual owns and operates his own business. In effect, the owner is the business. The funds for the business come from the owners personal funds, or loans in the owners name. A sole proprietor reports income or losses in there personal tax return.
Keep in mind, if a sole proprietor dies, the business ceases to exist. Just thought i should add that part.

Workers compensation is only required for a sole proprietor if you plan on doing commercial work, and/or if you have employees.
Your insurance and bond requirements range depending on whether your commercial, residential or both. Hope that helps a little.

Just some info on what i know about Sole Proprietorship, by no means am i suggesting that you form your business under a Sole Proprietorship.

Grouchy old man · Jun 13, 2012

bull2five said:
Someone else on this site mentioned Sole proprietorship. I have potential customers that want me to remove trees for them but want me to be licensed and insured. Can you get licensed and insured as sole proprietor?

You asked this same question in a thread below and I said that you certainly can but I will mention that with little or no experience you may have a hard time getting insurance. I think the best advice I can give you is to talk to an accountant about your financial situation and protecting your assets and an attorney about what you will be required to do in order to start a business. Every state is different and asking a queston like this here is going to get you information that may not be entirely correct for where you are.

rtsims · Jun 13, 2012

Edit

by no means am i suggesting that you form a business at all. Just read the other thread

bull2five · Jun 13, 2012

rtsims said:
Sole Proprietorship exists when a single individual owns and operates his own business. In effect, the owner is the business. The funds for the business come from the owners personal funds, or loans in the owners name. A sole proprietor reports income or losses in there personal tax return.
Keep in mind, if a sole proprietor dies, the business ceases to exist. Just thought i should add that part.

Workers compensation is only required for a sole proprietor if you plan on doing commercial work, and/or if you have employees.
Your insurance and bond requirements range depending on whether your commercial, residential or both. Hope that helps a little.

Just some info on what i know about Sole Proprietorship, by no means am i suggesting that you form your business under a Sole Proprietorship.

Thanks for the extra info.

bull2five · Jun 13, 2012

Grouchy old man said:
You asked this same question in a thread below and I said that you certainly can but I will mention that with little or no experience you may have a hard time getting insurance. I think the best advice I can give you is to talk to an accountant about your financial situation and protecting your assets and an attorney about what you will be required to do in order to start a business. Every state is different and asking a queston like this here is going to get you information that may not be entirely correct for where you are.

I was looking at registering my new company online and had LLC, S corporation or C corporation to pick from. Never thought about sole Proprietorship until someone mentioned it. Did not want to have to pay extra money to talk to an attorney and accountant but guess it would be a better option than asking how other companies on this forum are registered. I appreciate all the advice and will at least talk to an accountant if not both.

What business do you have?

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