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Thread: Starting a business and registering it

  1. #1

    Default Starting a business and registering it

    Hey guys,


    I'm an electrical engineer by profession. I was working under an electrical contractor for ten years. Recently, One of my colleagues resigned to start an electrical contracting business. But he has some doubts when it comes to registering the business. He asked me regarding it, and I had no idea. So I just thought of discussing it with you guys. He has fixed an appointment with a sole proprietorship registration consulting company by the end of this week.


    But I doubt, is it too risky to start an electrical contracting business under sole proprietorship? What do you guys think? Is a sole proprietorship or partnership registration is better for this kind of business?


    Thanks!

  2. #2
    David Wood
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    I won’t speculate on exactly how bad the eventual collection or judgment about running our own business because I like to work as a employee because you are free after working hour but if your owner of a business then you have to pay attention on your business run it well. So that why I don't like to work as a boss. Many times my friends suggest me to start my own business but I rejected due to this habit but now I realize that I must have my business even it is small or wide it does not matter. Keep share it up!

  3. #3

    Default

    Quote Originally Posted by benedik123 View Post
    Hey guys,


    I'm an electrical engineer by profession. I was working under an electrical contractor for ten years. Recently, One of my colleagues resigned to start an electrical contracting business. But he has some doubts when it comes to registering the business. He asked me regarding it, and I had no idea. So I just thought of discussing it with you guys. He has fixed an appointment with a sole proprietorship registration consulting company by the end of this week.


    But I doubt, is it too risky to start an electrical contracting business under sole proprietorship? What do you guys think? Is a sole proprietorship or partnership registration is better for this kind of business?


    Thanks!
    Tell him to just form an LLC. It will be taxed the same but it can be helpful to shield him personally from legal liability.

  4. #4

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    If it's going to be a real business, agreed with the LLC. There are annual costs to having one that could make a difference financially if the business doesn't really bring in much revenue.

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