yup...i bit the bullet and became and LLP today. it was expensive, but in the end i believe it is worth it.
if only the cost of becoming an LLP covered all the questions i have now that i am an LLP : ^ )
Wednesday, March 26, 2008
Announcing, LimoncelloSTYLE, LLP
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3 comments:
Congratulations, I don't really know what this is. I'm sure my FI does..in his business like brain aka the rolladex.
I know; I went back and forth on what I should do, but I finally settled on a sole proprietorship. I really wanted to do the limited liability corporation, but the cost was just too much, and my knowledge just too little. Even after all the stuff I read on it. The great thing is I can upgrade if I grow as a company.
Congratulations on becoming official!
Smart move, M.
As a sole proprietor, you leave yourself open to a hot mess of potential headaches as there is no limit of personal liability for SPs (meaning, if you're sued, they can come after your personal assets like your home, car, bank accounts, etc). With an LLC, your personal liability is limited to your contribution of capital to the LLC.
Kudos to you for bein' all official and stuff now! :-)
K.
ps - Wow, all that proofreading of contracts as an assistant to an agent in Hell-Ay really paid off! ;-)
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