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<blockquote data-quote="Brad Weber" data-source="post: 50593" data-attributes="member: 114">Re: Managing a developing, young businessCheck around, for example the SBA has an office located at a college near me and I was able to go in and meet with them.&nbsp; The best thing I did was to get a good local Attorney and have them help guide me including putting me in touch with a good local accountant who also put me in touch with a good local insurance agent and so on.I follow the advice others offered and try to separate personal and business expenses and income.&nbsp; Not only are there tax implications but if you start trying to address personal items or property as business you could also find personal items or property tied up in business issues.Brian, my understanding is that although it varies by state, an LLC or Corporation can offer significant personal protection.&nbsp;&nbsp; It indeed will likely not protect the individuals in cases of acts of negligence by an Owner or Shareholder, but there are many other aspects where it can offer protection from personal liability.&nbsp; While I&#039;ve been lucky enough to never have to directly explore the liability aspect, I have found being a Corporation very beneficial in terms of contracting with Clients, insurance and so on.</blockquote>

[QUOTE="Brad Weber, post: 50593, member: 114"] Re: Managing a developing, young business Check around, for example the SBA has an office located at a college near me and I was able to go in and meet with them. The best thing I did was to get a good local Attorney and have them help guide me including putting me in touch with a good local accountant who also put me in touch with a good local insurance agent and so on. I follow the advice others offered and try to separate personal and business expenses and income. Not only are there tax implications but if you start trying to address personal items or property as business you could also find personal items or property tied up in business issues. Brian, my understanding is that although it varies by state, an LLC or Corporation can offer significant personal protection. It indeed will likely not protect the individuals in cases of acts of negligence by an Owner or Shareholder, but there are many other aspects where it can offer protection from personal liability. While I've been lucky enough to never have to directly explore the liability aspect, I have found being a Corporation very beneficial in terms of contracting with Clients, insurance and so on. [/QUOTE]

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