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GreatFX Business Cards › Small Business Buzz › Avoid Legal Trouble
Small Business Buzz
Avoid Legal TroubleA doubleshot of business news espresso with extra froth Being a new small business owner, I was recently forced to re-evaluate my company’s legal position. As a sole-proprietor, I learned that ALL of my personal assets were at risk of being taken if there were ever a legal dispute against my company. Immediately, I visited a lawyer and formed a Limited Liability Company. Taxes are figured exactly the same, but now the assets I’ve worked so hard for are better protected. “Operating a business as the sole proprietorship puts the owner in a vulnerable position. A better choice would be to start your company as a limited liability corporation. This means your company is a separate entity that must deal with its own legal issues and you are not personally held liable.” Source: Bookmark to:
Related Buzz Posts:       • Which Business Entity is Right for You? (Part 3) • IRS to Audit S-Corporations • Which Business Entity is Right for You? (Part 1) • Which Business Entity is Right for You? (Part 4) By Chris Brunner Friday, November 20th, 2009 @ 6:04 PM CDT Operations | |
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