Business Entity Poll - Page 2 - Virtual Assistant Forums

ABusinessWoman · #16 (**permalink**) 08-22-2009

You can't beat the protection that you get when you form an LLC!

cbranch · #17 (**permalink**) 10-01-2009

I LOVE VAF! I was just thinking about starting a post about this very topic and viola I typed it in the search application and stumbled upon this post already created.

Norma · #18 (**permalink**) 10-01-2009

I chose an SP for cheaper startup and I get taxed at a lower rate than if I had a corp.

tan247 · #19 (**permalink**) 10-04-2009

I chose to initially register my business as a Sole Proprietorship because it was the least expensive and it is a one-person company. As my business grows I will consider changing to an LLC for personal asset protection.

Trish D · #20 (**permalink**) 10-05-2009

I'm an SP right now but if I expand the business, which I'm hoping to do then I'll become a Closed Corporation.

Julie · #21 (**permalink**) 02-09-2010

I have a corporation but only because I already had one for my other ongoing business and am just bringing VA into this business as a "division". It was necessary to form a corp with my other business as legal liabilities could be too great (security agency). I was informed by an attorney that a full C corp offers the fullest protection. 20+ years ago I had an atty form the corp for $500 (probably a lot cheaper now & can do one by yourself on the web). The cost now is only $10.00 yr to the Sec. of State. We also have to have a very large liability insurance policy. But if I were doing the VA only I would just form an LLC & get an Errors & Omissions policy.

ParadiseLegal · #22 (**permalink**) 02-09-2010

I am presently a SP. However, as the business expands, I plan to either go with Inc or LLC.

Ladycharliy · #23 (**permalink**) 02-10-2010

Since I am in the beginning phases of my business, I will stay a SP. I am looking into LLC, still trying to find out the tax, liability, insurance, state fees...ramifications. I also need to make sure if I file for anything other than SP that my city/county will not penalize me for running my business out of my home. They seem pretty touchy around here.

The Perfect Word · #24 (**permalink**) 02-15-2010

I'm currently SP, but I've been thinking about LLC. My husband is an accountant and wanted it SP when I started out years ago. Will probably talk to him about the LLC sometime this year as far as how it relates to tax filing, etc.

JolenePatey · #25 (**permalink**) 02-17-2010

I am a sole proprietor, at least for now. Thank you for the LLC insights, and the errors/omissions insurance advice.

Jean-VA · #26 (**permalink**) 02-22-2010

I started as LLC, after some considerations and mostly reading the interview with Lily (Office Goddess) on this forum

vrsi-office · #27 (**permalink**) 02-22-2010

I choose a S-Corp. I like having the liability protection of a Corporation, but I like to be able to draw out some money without everything having to be payroll wages.

VirtualAssistant4u · #28 (**permalink**) 02-22-2010

SP for now. At least until I can get it up and running at full speed.

Nancy's Virtual Office · #29 (**permalink**) 04-22-2010

I am a sole proprietor and will probably be for a while. If and when I need an accountant I will take their advice on what to do. I am just starting out and it is a much easier process to start your business as a sole proprietor. I do have business insurance with E&O so I am covered there.

Nancy Lynch

melissarushing · #30 (**permalink**) 05-09-2010

I'm a sole proprietorship simply because I'm just starting out and only have one person that I contract with. Honestly, I'm not sure when it's necessary to make the change to an LLC. One of the many things I need to learn I guess!