CK Virtual Assistant Services
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I am a sole prop for now. I will look into LLC in the future
Question How do you operate legally (LLC, sole prop, partnership, etc.)?
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savvyvirtuals
New Member
Sole Proprietor, Considering incorporation.
I've certainly struggled with this over the past year and a half. I operate as a sole proprietor but it seems there are so many good reasons to become incorporated. I am alos looking to grow a Multi VA practice now. This is great information. I will certainly make a decision soon.
cindyaleli
New Member
I use an LLC. Then you only hae to file a schedule c to your regular tax returns.
Office Goddess
New Member
I am registered as a llc for a combo of the liability protection (although they could sue me personally, as well) and for the added legitimacy it places on my business over being a sole-prop.
Yes, you could be sued personally, but, only for debts which you personally guarantee, for tax debts, for negligent or intentional acts, for breach of fiduciary duty, and for blurring the boundaries between the LLC and its owner(s). Since my personal code of conduct would not include doing any these things, I'm taking my lawyer's advice and setting up a single member LLC. It provides the next best individual protection after a corporation.
On the advice of my attorney, I will be forming a single member LLC. It's not that expensive (in my state it costs $100) and it provides almost 100% of the protection of the corporate veil. The only personal liability that I would have is:
- If I were to make a personal quarantee on a loan;
- If I did not pay my taxes;
- If I committed negligent or intentional acts;
- If I breach fiduciary duty; or
- If I blur the boundaries between the LLC and myself.
I am in the UK (Scotland) so excuse my ignorance but not sure what LLC etc is. I operate as a Limited Company rather than a sole trader. I find it easier to keep things in order (with the invaluable service from my accountant). Its been a learning curve to change my mindset as I am an now 'employee' of my own company. Feels like I am working for an invisible boss.
Update to my previous post - I have now formed an LLC to protect my and my family's assets. Would recommend you check into http://www.BurnettandAssociates.com
debw241
New Member
FYI - I have a business client who provides Registered Agents (RA) for every state in the U.S. He provides these locally and to other businesses from around the world. Since my last post here - I became RA for IL.
I am looking for a Registered Agent for the state of IOWA right now for him. His company keeps minutes, bylaws, corp records -- just need physical address (business or home) no p.o. boxes. I get mail for each business he assigns me about 1 time a year and forward to client at his expense. That's it.
I am looking for a Registered Agent for the state of IOWA right now for him. His company keeps minutes, bylaws, corp records -- just need physical address (business or home) no p.o. boxes. I get mail for each business he assigns me about 1 time a year and forward to client at his expense. That's it.
TheBrainyGal
New Member
I agree with Pam - I've started as a sole proprietor and it's been working great...but I've also looked at LLC and may be willing to revisit that as I grow bigger or take on more liability.