Hi, my other half is wondering if I should become a LLC. I've had a in-home computer repair biz for 6 yrs, I do have a rider on our home owners for a in home business, but wondering if may of you have LLC or if its really necessary. Thanks for your input!
Should I be a LLC?
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RichmondTech
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Yes.
mucho filler
mucho filler
Velvis
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Could someone explan why its a good idea? I think it will cost me $500 for the paperwork and would like to know what I am getting for my money as it relates to a small IT/MSP provider.
Thanks.
Thanks.
phaZed
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Having an LLC opposed to a Sole proprietorship protects your personal assets.. as in if you get sued, you don't have to sell your car or home or have them possessed. With a SP, YOU are fair game if stuff goes wrong.
That's not to say that a SP is a bad move either, it just depends on what you are doing and what steps you are taking to ensure you minimize legal action against you (Service agreements, TOS).
I have a disclaimer that states that I do not warrant or protect customer data, everything should be backed up prior to having service performed. I also state that I shall not be held responsible for production loss, income loss, or charges incurred by the client while the computer is being repaired, or after repair. Situations such as these are the clients responsibility to setup backup systems or computers in case of down-time.
I don't work with companies as much as I do residential clients..
That's not to say that a SP is a bad move either, it just depends on what you are doing and what steps you are taking to ensure you minimize legal action against you (Service agreements, TOS).
I have a disclaimer that states that I do not warrant or protect customer data, everything should be backed up prior to having service performed. I also state that I shall not be held responsible for production loss, income loss, or charges incurred by the client while the computer is being repaired, or after repair. Situations such as these are the clients responsibility to setup backup systems or computers in case of down-time.
I don't work with companies as much as I do residential clients..
dweebsonduty
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I created an LLC and the only thing I can say about it is that you should have a professional do your taxes if you are an LLC as the tax prep is a pain and a bit complicated.
If you are not an LLC, buy insurance and have a solid TOS.
Think about getting: http://www.technibble.com/products/computer-business-kit/
If you are not an LLC, buy insurance and have a solid TOS.
Think about getting: http://www.technibble.com/products/computer-business-kit/
RichmondTech
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Here is some light reading.
http://www.technibble.com/forums/showthread.php?p=260698
http://www.technibble.com/forums/showthread.php?t=30344
http://www.technibble.com/forums/showthread.php?p=149494
http://www.technibble.com/forums/showthread.php?t=20112
After that if you still have questions if you should do it or not, consult a lawyer or accountant for the proper legal and/or tax advice.
NEVER do or not do something just because of how much it costs.
http://www.technibble.com/forums/showthread.php?p=260698
http://www.technibble.com/forums/showthread.php?t=30344
http://www.technibble.com/forums/showthread.php?p=149494
http://www.technibble.com/forums/showthread.php?t=20112
After that if you still have questions if you should do it or not, consult a lawyer or accountant for the proper legal and/or tax advice.
NEVER do or not do something just because of how much it costs.
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