JessXEmoji 46 Posted June 26, 2014 Im lookin to start my website sooner than expected. Should I go Sole or LLC? I dont ecpect to make much for a couple years. Sole propritorship would be easy on the wallet unless i get sued. Im running 100% from home ecommerce. What do you guys think? Share this post Link to post Share on other sites
Dawn's Design 403 Posted June 26, 2014 I became an LLC its not but $50 in the state of MS. Share this post Link to post Share on other sites
JessXEmoji 46 Posted June 26, 2014 Did you get a lawyer or do it all yourself? Share this post Link to post Share on other sites
VictoryVinyl 13 Posted June 26, 2014 LLC is way more expensive here in IL. Sole proprietorship here unless things really take off and it was expensive enough after all the red tape IL bullcrap. Share this post Link to post Share on other sites
jaybyrd 3,770 Posted June 26, 2014 I run sole prop and if you think LLC holds you harmless you might want to do a little more investigating. There's a reason they don't call in a no liability corporation. 2 Share this post Link to post Share on other sites
Dawn's Design 403 Posted June 26, 2014 The only reason I became an LLC is the state of MS requires it to get a resale tax permit Share this post Link to post Share on other sites
Neuromax 97 Posted June 26, 2014 Sole Prop here too, LLC isn't really any benifet. You are still liable no matter what you have been told or think. The only way to escape that is to incorporate and that is not a cheap way to go. You can buy an insurance policy for 1 million for just a few hundred a year. Its a good investment. 1 Share this post Link to post Share on other sites
Go-C Graphics 856 Posted June 26, 2014 Does an LLC completely protect you NO But it does provide more protection then a Sole Prop. I'm an LLC but I'm treated like a Solo Prop (Tax wise) because I'm the only owner. In FL it cost about $160. I wouldn't pay a lawyer because all they are going to do is fill in the same form you can fill out yourself. Just do your research. Share this post Link to post Share on other sites
BannerJohn 1,324 Posted June 26, 2014 Guess what? Under Tenn Law, you can't do it yourself. You have to get a lawyer to do it for you. How's that for lining pockets? Share this post Link to post Share on other sites
gcextreme 475 Posted June 26, 2014 Here in Mn I got my LLC for like $160..just got my renewal form..its $25 to renew.. No lawyer needed either. 1 Share this post Link to post Share on other sites
Dakotagrafx 7,297 Posted June 26, 2014 Guess what? Under Tenn Law, you can't do it yourself. You have to get a lawyer to do it for you. How's that for lining pockets? hey aren't you the state with the cecil turtle look alike in congress LOL http://www.megawavs.com/play.aspx?id=1467 Share this post Link to post Share on other sites
skarekrow 1,842 Posted June 26, 2014 I've operated my business as a Sole Propritor for 28 years. Concidered a few times Incorporating or LLC. Every time I looked into it I couldn't find practical reasons for it, for me and my enterprise, at least. Hard to beat the simplicity and Low Cost/ Headache factor it offers. 1 Share this post Link to post Share on other sites
JessXEmoji 46 Posted June 26, 2014 Guess what? Under Tenn Law, you can't do it yourself. You have to get a lawyer to do it for you. How's that for lining pockets? Are you talking about a LLC? Share this post Link to post Share on other sites
JessXEmoji 46 Posted June 26, 2014 A friend had to pay a lawyer $1200 here in TN for his LLC to buy homes and flip them. Share this post Link to post Share on other sites
wickedstangs 42 Posted June 26, 2014 I have heard that it is better to get and LLC for the sole purpose of below. "all LLC owners are protected from personal liability for business debts and claims. This means that if the business itself can't pay a creditor -- such as a supplier, a lender, or a landlord -- the creditor cannot legally come after and LLC member's house, car, or other personal possession. Because only LLC assets are used to pay off business debts, LLC owners stand to lose only the money that they've invested in the LLC." Share this post Link to post Share on other sites
skarekrow 1,842 Posted June 26, 2014 AS Jaybird mentioned above...details from here ; However, a creditor can also try to go after your personal assets by eliminating the limited liability protection provided by the corporation or LLC. This is commonly referred to as piercing the corporate veil. The corporate veil is usually pierced if the creditor can show that the corporation or LLC was a shell created only to provide liability protection for its owners or the company was practically inseparable from or an alter ego of its owners. Courts will be more likely to pierce the corporate veil if: Corporate formalities, such as holding annual meetings and keeping minutes, were not followed. Certain owners exerted too much control over the corporation or LLC. Owners commingled personal funds with company funds or used personal funds to satisfy company obligations. The company was not sufficiently capitalized when it was formed. Share this post Link to post Share on other sites
BannerJohn 1,324 Posted June 26, 2014 Are you talking about a LLC? yes Share this post Link to post Share on other sites
BannerJohn 1,324 Posted June 26, 2014 hey aren't you the state with the cecil turtle look alike in congress LOL http://www.megawavs.com/play.aspx?id=1467 OFF by one state. The turtle guy is kentucky Share this post Link to post Share on other sites
JessXEmoji 46 Posted June 26, 2014 I dont plan to go into debt or need a creditor As im still working full time plus ebay sales are funding the website supplies etc... Share this post Link to post Share on other sites
gcextreme 475 Posted June 26, 2014 I dont plan to go into debt or need a creditor As im still working full time plus ebay sales are funding the website supplies etc... lol nobody really ever "plans" to go into debt...it just happens.. 1 Share this post Link to post Share on other sites
skarekrow 1,842 Posted June 26, 2014 Sounds like filing as Sole Proprietor is all you need, Jesse. ...and debt doesn't "just happen".... It's a decision, every time. 2 Share this post Link to post Share on other sites
Dakotagrafx 7,297 Posted June 26, 2014 hey aren't you the state with the cecil turtle look alike in congress LOLhttp://www.megawavs.com/play.aspx?id=1467 OFF by one state. The turtle guy is kentucky dang - your right again - still love watching him talk and thinking of cecil Share this post Link to post Share on other sites
