Thinking of becoming an LLC just for added protection of personal assets. Has anyone else made the change OR considered it and decided to remain a SP? Just wondering how you decided what structure to adopt and what your reasoning was - thanks!
I begin as an LLC for protection of personal assets and to ensure my company operates as it’s own entity. I plan to stay an LLC at this time until my company grows larger.
I was already setup as an Scorp for my other business, and folded in my signings under that umbrella. You are much better protected as an individual when you are a LLC or Corp. My 2 cents, the price that legalzoom charges to set one up, is only slightly more than you would spend doing it yourself, at least in my state. Save the mental hassle. Also look for business insurance w/ umbrella coverages. You get covered for a majority of events, and pay a minimal amount. I can refer you to my agent if you’d like. He is amazing.
When I started in 2003 I was a SP, but changed to LLC in May of last year when I purchased my house.
I am set up as an LLC with a DBA for my domain name. I was advised that this was the safe way to operate.
LLC and also added Homestead and Trust for protection of our homes, cars, and assets!!!
I have also set up my business as an LLC.
I began as an LLC right out of the gate. E&O can only cover so much - in a litigious society, even the most insignificant issue can become a nightmare. My goal was/is to protect my personal assets in the event of a problem. In my opinion, it also creates another layer of professionalism because you have to maintain the structure of the business.