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.
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.
Company name: Appreciation A Business Outsource Agency
Join Date: Mar 2009
Location: Wisconsin
Posts: 65
Blog Entries: 1
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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Robert & Kathy Neubauer
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.
How do you operate legally (LLC, sole prop, partnership, etc.)?
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