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Old 04-13-2014, 08:30 AM
 
10,393 posts, read 5,524,127 times
Reputation: 10511

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Quote:
Originally Posted by King_of_DC View Post
Oh, goodness... I know all of that already. I know it is not an alternative... as I stated, I meant SP... go back and read the original post... that might help you understand why my first post in this thread was worded the way it was.

But you seem "stuck" on what you want to believe: That only you can understand this information. Or that I don't, even if you don't know me.
When you made the following statement, it was pretty clear that you didn't know what you are claiming above.

Quote:
My business was a DBA for many, many years...
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Old 04-13-2014, 09:16 AM
 
Location: Connecticut is my adopted home.
2,398 posts, read 3,820,334 times
Reputation: 7774
When I started out I consulted with an attorney that specialized in LLCs and small business organization. In the end I decided to go the sole proprietorship route because the attorney explained in depth that an LLC poorly organized, improperly run, without actual partners, and finally co-mingling of funds from personal sources was too easy to "pierce" in the case of a liability suit. Since I started with my own money, was the lone entity with a pretty low impact product, I went SP and bought a good insurance policy.

At least consult with an attorney that specializes in small business set up to see what will work for you. Best of luck in your new business.
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Old 04-13-2014, 09:46 AM
 
Location: Connecticut
55 posts, read 136,103 times
Reputation: 76
Quote:
Originally Posted by jaekn View Post
Uh, no.

Please do not incorporate unless you must. There are very stringent guidelines in terms of business organization and paperwork/records you must keep. You will also be taxes at the corporate level and the personal level for wages you pay yourself. I can't tell you how many times I've seen 1-2 person companies who incorporate and ruin themselves.
AMEN & Thank you!!! Also, with a D.B.A vs LLC, to file a D.B.A is generally free and if you don't make any money, you don't make any money and file as such, with no penalties. However, with an LLC, you don't pay any money upfront...but it's different. You will be required to pay a huge fee the next year just for having filed as such (and they're not going to tell you-they assume you already know when you get the letter to pay them in the mail...) whether you make money..or you don't! It will come as a total shock, if you've never had to pay a fee with the state revenue for not making any money but If you file an LLC with your Secretary of the State...you will be forced to cough up $250 (or more) fee!

It just makes no sense to me to file higher than a Doing Business As license, if it's not financially necessary. It could work against you, rather than for you!
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