Choosing a structure type
Hi all,
My father and I are starting a small contracting/remodeling business and we aren't sure if we should just make it a sole proprietorship or get an LLC. For now it's just the two of us, but we'd eventually like to expand and hire on a few employees.
Any thoughts?
I would suggest an LLC because there is some liability in the field you are in. Of course you have to have insurance but having the added protection for your assets that an LLC affords is worth the small cost.
I'd also suggest an LLC. Besides, if there's 2 of you it can't be a sole proprietorship. One of you would have to be the employee. I guess technically you could do it, but it's more trouble than just going with the LLC protection and having a clear company structure.
Moving this to legal to attract more responses.
The other option Harold, would be to be a partnership then one would not need to be an employee, but an LLC would be the best option.
Posting Permissions
Reply With Quote
Bookmarks