General Legal Issues

The legal structure of your business and general small business legal issues.

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View Poll Results: Do you run your business as a
Sole Proprietor 84 65.63%
LLC 34 26.56%
S-corp 5 3.91%
Partnership 5 3.91%
Voters: 128. You may not vote on this poll

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Old 07-12-2010
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Default How do you operate legally (LLC, sole prop, partnership, etc.)?
Just curious about this. Thanks for taking the poll.
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Last edited by adavant; 07-12-2010 at 10:59 AM. Reason: put poll in instead.
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Old 07-12-2010
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Default Re: How do you operate legally?
Alyssa,

I operate as a sole proprietor. However, I am starting another company that will a LLP as three will be three partners and we felt this was the best route for us to go legally. I looked into making My Office Assistant an LLP but for now I will leave it as is and let me accountant decide when I should make the move.
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Old 07-12-2010
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Default Re: How do you operate legally?
I have been working at a sole proprietor for several months now, but looking into the filing of an LLC. I am trying to figure out a budget for those costs.
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Old 07-13-2010
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Default Re: How do you operate legally?
We (my husband/biz partner and I) are a Limited Liability Partnership, similar to LLC but two of us instead of one

There's another poll with a smiliar question here.
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Old 07-14-2010
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Default Re: How do you operate legally?
I haven't gotten that far yet, but would definitely think an LLC would be a good choice for me.
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Old 09-23-2010
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Default Re: How do you operate legally?
Just wanted to quickly recommend a site for operation.
http://www.incsmart.biz they operate out of Las Vegas, NV
I have spoken with David and Michael and I do know they are currentlly seeking a Registered Agent for the state of IL if anyone is interested?
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Old 09-25-2010
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Default Re: How do you operate legally?
Here I go showing my stupidity - but I am in Illinois and gotta ask... Registered Agent?
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Old 10-13-2010
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Default Re: How do you operate legally?
For liability purposes we counsel all our clients to at least consider an LLC (and get good insurance coverage).

However what most of our clients don't understand is that an LLC is not a recognized tax entity and unless otherwise timely elected to be taxed as (for instance) a Subchapter S Corporation they will in fact default (under state law) to be taxed either as sole proprietor (if a single member LLC) or as a partnership (if a multi-member LLC).

Since there are advantages and disadvantages to all entity types we also counsel all of our clients to seek competent legal counsel.

That being said we've found an LLC to generally be the most flexible business type for our small business clients as they can make elections to change the recognized tax status as their business grows and changes.

Leslie
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Old 10-13-2010
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Default Re: How do you operate legally?
LLC has worked for me in my jewelry business and will most likely use LLC for my VA business
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Old 10-18-2010
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Default Re: How do you operate legally?
fyi - I am new IL Registered Agent via http://www.incsmart.biz I got my first client (based in Idaho) the other day from them. Thanks Kathy!
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