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View Poll Results: What entity type is your virtual assistant business?
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Sole Prioritor
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38 |
62.30% |
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General Partnership
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2 |
3.28% |
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S Corporation
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2 |
3.28% |
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Corporation
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0 |
0% |
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Limited Liability Company
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19 |
31.15% |
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06-05-2009
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Active Member
Company name: Virtual Dream Office Services
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Join Date: Jul 2008
Location: WI
Posts: 513
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Business Entity Poll
If you can share with me why you chose that business entity that would be helpful too.
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06-05-2009
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Junior Member
Company name: Sage Virtual Assistance
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Join Date: Feb 2009
Location: Sacramento, CA
Posts: 390
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Re: Business Entity Poll
If the company gets bigger I will go with an LLC or incorporate but for now a SP works for my purposes.
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06-05-2009
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Senior Member
Company name: Codehead, LLP
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Join Date: Apr 2007
Location: Portland, OR
Posts: 8,935
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Re: Business Entity Poll
Hi Collette, I don't see this on the list, but we are an LLP [Limited Liability Partnership] - my husband and I - it was the direction we chose after seeking advice here on the forums and works well for us for tax purposes, etc.
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06-06-2009
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Contributing Member
Company name: Wise Virtual Solutions
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Join Date: Mar 2009
Location: Tampa, FL.
Posts: 61
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Re: Business Entity Poll
In Florida my husband and I went with LLC for tax reasons and it is working well for us ;D
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06-30-2009
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New Member
Company name: Thompson Office Support
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Join Date: Jun 2009
Location: Grand Rapids, MI
Posts: 38
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Re: Business Entity Poll
Sole Proprietorship works for me for right now. I chose SP specifically because it was quick and easy to startup business. I may take a look at LLC in the future.
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06-30-2009
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Contributing Member
Company name: Blue Water Business Services
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Join Date: Mar 2009
Location: Iowa
Posts: 152
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Re: Business Entity Poll
My attorney suggested starting with a SP. I was considering a LLC, however, he said that the limited liability it would extend would not apply to bookkeeping errors and omissions. That I would need error and omissions insurance anyway. As my business grows I will re-evaluate what business entity will work best at that time for tax purposes.
__________________
Angie
Blue Water Business Services
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06-30-2009
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Resident Member
Company name: Action Jackson Virtual Assistant
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Join Date: Apr 2009
Location: New Mexico
Posts: 1,236
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Re: Business Entity Poll
I am glad you told us that Angie. I was doing the paper work for my LLC, but now that I have learned about the error's and omissions not being covered under an LLC. I wonder if INC would be better. Anyone know if Inc. would be better for those who do bookkeeping?
Thanks in advance for any thoughts on it.
Andrea
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07-01-2009
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Senior Member
Company name: The Virtual Office Goddess, LLC
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Join Date: Aug 2007
Location: Boulder, CO
Posts: 2,889
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Re: Business Entity Poll
Originally Posted by Action Jackson VA
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I am glad you told us that Angie. I was doing the paper work for my LLC, but now that I have learned about the error's and omissions not being covered under an LLC. I wonder if INC would be better. Anyone know if Inc. would be better for those who do bookkeeping?
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I would STILL do E&O insurance, no matter what form your business takes.
I chose LLC because IMHO it seems more 'business like' than a SP and provides a legal business start date when filed with the Secretary of State. As far as liabilities, anyone who sues will most likely name the individual as well as the company, which is why I bought E&O insurance, as well. Not that I plan on making mistakes
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07-01-2009
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Contributing Member
Company name: Greenleaf Accounting Services
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Join Date: Apr 2009
Location: Northwestern PA
Posts: 76
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Re: Business Entity Poll
I'm with Lily on this one. I'm an LLC taxed as a SP because that gives me the best liability protection for my business. My bookkeeping & QuickBooks consulting services are services that I personally provide, however, so a disgruntled individual could sue my business and me, personally, as the service provider. By maintaining a healthy E&O policy for my bookkeeping/accounting/QB/tax work, then I'm covered no matter who/what they sue!!
Before LLC-ing, though, I would check to see what your state's filing requirements are. In PA, the annual paperwork is minimal and a small busines like mine doesn't pay any "LLC" taxes (aka Capital Stock Tax). I've heard that some states charge an annual fee upwards of $300 for LLC's, though ... yikes!
HTH!
Deb
__________________
Deb Howard Greenleaf, Certified QB ProAdvisor
Virtual Bookkeeping & QB Consulting
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07-02-2009
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Junior Member
Company name: PennWin Administrative Services
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Join Date: Jun 2009
Location: Columbus, Ohio
Posts: 392
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Re: Business Entity Poll
Currently I operate as a SP. However, if I start expanding I will go LLC for asset protection (you never know) and tax purposes.
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07-02-2009
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Resident Member
Company name: Shore Office Services LLC
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Join Date: Jun 2008
Location: Jersey Shore
Posts: 1,092
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Re: Business Entity Poll
I set up my business as an LLC. I pay annual fees in NJ of $50.00 I don't have E & O insurance but that is definitely something I intend to get....
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08-12-2009
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Active Member
Company name: Virtual Dream Office Services
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Join Date: Jul 2008
Location: WI
Posts: 513
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Re: Business Entity Poll
Sorry it's been awhile since getting back to this topic. After I posted this message I was contacted by a business that walks a person through creating an entity. The good news is they are offering to create a podcast and post to this group. PM if you'd be interested. I'm hoping it would be informative for all of us. Sounds like they would explain the pros and cons and how to go about creating one.
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08-12-2009
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Contributing Member
Company name: Virtual Contact Group
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Join Date: Jul 2009
Location: Mobile, Alabama
Posts: 67
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Re: Business Entity Poll
My plan is to setup my business as an LLC. I formulated a parent company two years ago and as a result of extensive research and experience, a LLC setup works best for my needs. Primarily due to the fact that a LLC setup protects the personal assets of its members and to me offers the professionalism of a Corporation without the Corporate tax burdens.
Sheila
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08-13-2009
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Contributing Member
Company name: GalFriDee
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Join Date: Apr 2009
Location: Delaware, USA
Posts: 82
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Re: Business Entity Poll
As a start up, I am a sole proprietor...however, I intend to change to LLC as business picks up.
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08-21-2009
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Junior Member
Company name: Offsite Office Professionals, LLC
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Join Date: Dec 2008
Posts: 294
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Re: Business Entity Poll
I chose LLC for asset protection and tax purposes. I've owned a corporation and an S corporation in the past and feel the the LLC serves my VA business needs best. I have a genealogy research business that is currently a SP but it's growing and I feel it's time to switch it to an LLC or possibly change it to a DBA under my VA business. Need to talk to the tax man.
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