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Hi,
I'm interested in forming a computer consulting company based in NYC but
am unsure which business structure is most suitable for my company. The
company will be one man shop. Which business structure (sole
proprietorship, smllc, or s-corp) offers the "best" protection for a
computer consulting company based in NYC? I do not want in the future
where a client can go after my personal assets in the event if a business
deal goes sour. Please advise. Thank you.
Joe
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"a" <a@a.com> wrote in message news:pan.2004.02.13.21.07.16.78387@a.com...
Hi,
I'm interested in forming a computer consulting company based in NYC but
am unsure which business structure is most suitable for my company. The
company will be one man shop. Which business structure (sole
proprietorship, smllc, or s-corp) offers the "best" protection for a
computer consulting company based in NYC? I do not want in the future
where a client can go after my personal assets in the event if a business
deal goes sour. Please advise. Thank you.
Of the Choices you Proffer, (I assume "smllc" is Some Manner of Limited
Liability Company) the Best Choice, in order of Advantages v Disadvantages,
would be 1. smllc 2. s-corp 3. sole proprietorship
Joe
Naughtius "The Scarlet Permanent Assurance" Maximus
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Hi Naughtius, thank you for replying, by smllc, I mean Single Member LLC.
I should have made it clearer. So to clarify, if I form a SMLLC computer
consulting company, a client can not go after my personal assets? Can you
elaborate on the Advantages and Disadvantages of these business
structures? In what ways can a SMLLC protect my company?
On Fri, 13 Feb 2004 14:15:15 -0700, Naughtius "The Twinkies Made Me Do It"
Maximus wrote:
"a" <a@a.com> wrote in message news:pan.2004.02.13.21.07.16.78387@a.com...
Of the Choices you Proffer, (I assume "smllc" is Some Manner of Limited
Liability Company) the Best Choice, in order of Advantages v
Disadvantages, would be 1. smllc 2. s-corp 3. sole proprietorship
Naughtius "The Scarlet Permanent Assurance" Maximus
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"a" <a@a.com> wrote in message news:pan.2004.02.13.21.31.12.273773@a.com...
Hi Naughtius, thank you for replying, by smllc, I mean Single Member LLC.
I should have made it clearer. So to clarify, if I form a SMLLC computer
consulting company, a client can not go after my personal assets? Can you
elaborate on the Advantages and Disadvantages of these business
structures? In what ways can a SMLLC protect my company?
Uhh... yeah, I can, BUT I'll Beg Off for a Day or Two, since I HAVE to
get a RESPONSE TO MOTION TO DISMISS composed and Returned to Court/Counsel
For Defendants, No Later Than Tuesday...
And then, Maybe someone [In NYC] will Adequately Respond in the
interim...
Naughtius "No Rest For The Wicked" Maximus
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Hi Naughtius, thank you for replying, by smllc, I mean Single
Member LLC.
I should have made it clearer. So to clarify, if I form a SMLLC
computer
consulting company, a client can not go after my personal
assets? Can you
elaborate on the Advantages and Disadvantages of these business
structures? In what ways can a SMLLC protect my company?
A corporation or LLC is a seperate person. It is responsible for
it's own debts and liabilities. The owner is not responsible for
the debts of the corp or LLC. Therefore the owner's assets, other
than the business itself and assets devoted to the business and
assets used as colateral for the business are not at risk. But.
But you are still responsible for your own acts. If you are
working in the business and do something that gets you sued, you
will be personally named in the suit, and your personal assets are
at risk. So the corporate or LLC form doesn't protect much if you
are the only person there. The Corporate or LLC form works it's
magic best when there are other working in the business, running
over people's dogs or whatever, getting the company sued.
Insurance is a more important protection for a sole owner.
That doesn't mean don't bother with the corporation or the LLC.
You should still do that. The protection provided by the
corporate or LLC form is not zero, and there are other benefits
too. (Better ability to charge deferred tax plans and pension
plans to the business, lower tax rates for some people, and a few
other things)
McGyver
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