DBA or LLC

[SWAMPY036]

Looking to start legit after winter. I was wonder what the thoughts were on wich is better, A doing bussniess as or starting a limited liabilty corp. This is going to be on the side with little over head. Till I can get some feet under it. I have also done a little checking and Ins. is going about $2,000 for a million and a half coverage is this close. Thank you for any info.

 

[ShoerFast]

Looking to start legit after winter. I was wonder what the thoughts were on wich is better, A doing bussniess as or starting a limited liabilty corp. This is going to be on the side with little over head. Till I can get some feet under it. I have also done a little checking and Ins. is going about $2,000 for a million and a half coverage is this close. Thank you for any info.

Check in your area if it is legal to set up an LLC, as some areas don't allow LLC's were there is the potential of property damage,,,,, a far cry from an expert here, but it may not be the place for .02 cents worth of legal advice, call a lawyer, if you would, most, the first call is free,,,,, just my .02 cents worth.

 

[Ryan Willock]

I have a $1 million policy for $980 per year so to me that sounds a little high but then you are in NY. The LLC if set up PROPERLY is NON taxable.... However YOU are. There are three different ways to set up a LLC. Only one of them has the above statis. Its up to you to determine which one is best for you.

 

[BlueRidgeMark]

1. There is no comparison. A DBA offers you ZERO legal protection.
2. See a lawyer. It's too important an issue for Internet advice.

 

[SWAMPY036]

I planned on seeking legal advise also. I was curious what bussiness owners on this site preferd. There are bussiness up here that are LLC I am just not sure if there is limitations on the type of buss. $980 for a mill. what company offers those rates.

 

[DFD34]

Llc??

Hey Swampy,
My brother and I started up are own company last year here in Massachusetts. We were going to go the LLC route but our accountant and lawyer told us to get Incorporated instead. It is much easier for tax purposes to get incorporated. Don't ask my why but that is what they thought was best in our situation. It is also cheaper to get incorporated. I did not know this but every year you must renew your incorporation or LLC status. Here in Mass I guess it is 500 for Inc and almost double that for LLC. LLC is essentially for larger corporations not us small guys. To much work for you and your accountant. As always, this is only my opinion. Ask you accountant or lawyer for the best answers. Good luck in starting out. DFD34

 

[northernmover]

Swampy,
Keep us informed as to what you decide. We have a DBA do to the simplicity of it. $2,000 for insurance is less than we found, which company/agency is this?

 

[trimmmed]

A DBA offers you ZERO legal protection.
[

Good advice!!!! DBA= Don't Betyour Ass (on it)

 

[Mr.]

The "corporate veil" is easily pierced in the course of small business.

Don't bet your Azz either way. Good insurance is key. Don't insure for less than your wife would sue for.

Fred

 

[Ryan Willock]

The agent is High (and I kid you not!) Rubbish (or is that high and Rubish?)LOL Anyway I don't remember who they ran it through, I'll have to look at the paper work again and then I'll post it.

 

[BlueRidgeMark]

The "corporate veil" is easily pierced in the course of small business.

True, but easily maintained, if you play by the rules.