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 8 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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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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Capt Gregory Prickett
Speaking generally, you'll want to go with an LLC normally. There are way more options that way. They are normally easier to work with than either a corporation or a partnership. Check with a local attorney - they can advise you on what fits your needs.
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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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