Posted on Mar 20, 2016
Does anyone have good advice about the legal side of starting my own business?
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Small Business
Business
Small Business Owner
Advice
Law
Posted >1 y ago
Responses: 27
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In general, the risk to all your assets is on the table as a small business owner. If you create a corporation, the risk to the assets are relegated to what's in the corporation.
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PO3 Richard Garza
It really depends on the business. A corporation is not always the best either. You can do an LLC ( Limited Liability Company), or an LLP ( Limited Liability Partnership). You can have an Corporation, then use it as the partner in the LLP. The Corporation then takes the majority of the Liability and you the other partner can take the majority of the gains.
Best to get advice from a Lawyer that deals with businesses. They can advise you correctly. If you go Sole-Proprietor than as stated above you risk all of your personal assets and assume any and all liability.
Do your homework first, know what you are getting into. Good luck!
Best to get advice from a Lawyer that deals with businesses. They can advise you correctly. If you go Sole-Proprietor than as stated above you risk all of your personal assets and assume any and all liability.
Do your homework first, know what you are getting into. Good luck!
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2LT Bruce Bergley`
PO3 Richard Garza - Wow - as a Small business Accountant (CPA with 30+ years experience) - I would suggest a complex structure like this will drive your Accounting fees beyond where they should be. Use the KISS principle and strongly consider using an LLC.
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PO3 Richard Garza
2LT Bruce Bergley` - I did mention LLC, it was a simple point of showing various ways to set up a business and the need for a professional. For example Real Estate investing with multiple properties. Some income producing, others to flip and some to hold. There is definitely a need for different structuring beyond LLC.
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That venture is not an easy one. Be care what you do and when you do it. If you have the option to avail yourself of JAG, do it. IF not, tread reasonably with the SBA and check out any military friendly legal aid societies in your area for advice and council. Being a self-proprietor is tricky tax wise and the amount of paper you have to keep up with and fill out in mountainous. Good luck and message me if I can be of any further specific help.
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