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Junior Varsity
Operating as an LLC
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<blockquote data-quote="Bob Urtz" data-source="post: 92394" data-attributes="member: 1238"><p>Re: Operating as an LLC</p><p></p><p>The way I understand it, being an LLC doesn't offer any personal asset protection, contrary to popular belief. Many people think an LLC will separate an individual's personal property (house, car, etc...) from liability claims against the company. In many cases it does, but if you "pierce the corporate veil", all bets are off. That means if you are personally on the job when something goes wrong that results in a liability claim against your company, you can be held personally liable. For this reason I continue to operate as a sole proprietor, as an LLC doesn't offer any real benefit.</p><p>We are a fully insured business with business banking and business credit, business license, workman's comp, etc...</p></blockquote><p></p>
[QUOTE="Bob Urtz, post: 92394, member: 1238"] Re: Operating as an LLC The way I understand it, being an LLC doesn't offer any personal asset protection, contrary to popular belief. Many people think an LLC will separate an individual's personal property (house, car, etc...) from liability claims against the company. In many cases it does, but if you "pierce the corporate veil", all bets are off. That means if you are personally on the job when something goes wrong that results in a liability claim against your company, you can be held personally liable. For this reason I continue to operate as a sole proprietor, as an LLC doesn't offer any real benefit. We are a fully insured business with business banking and business credit, business license, workman's comp, etc... [/QUOTE]
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