Re: Question about Business type

[Guest guest]

Meri,

Will you have a partner or do you see yourself as having a partner in the near

future? In general, sole member LLC's are taxed as sole proprietors anyway, but

offer you liability protection so long as you maintain the formality of the

business (keep separate accounts, have an operating agreement, title contracts

and market yourself in the name of the business, etc.). They usually have

filing fees, as other colleagues have mentioned. Sole proprietorships are fine

but offer no liability protection. What this means is that if you are sued and

liability is determined, your personal assets are available to satisfy a

judgement (versus with an LLC, it is only the assets of the business which

should be available to the plaintiff). Certainly we all carry malpractice

insurance for professional liability but we can be sued for things outside the

scope of our liability policies. Speaking to an attorney (not a bookkeeper,

accountant or friend...or even us on this forum!!!:)is the best next step.

Leah Aldridge

Atlanta, Ga

[Guest guest]

Thanks everyone. I guess i have to bite the bullet and talk to a lawyer. I

appreciate your responses. If anyone in NYC has any tidbits to offer regarding

NY law, I'd appreciate it.

Best,

Meri, CNM, IBCLC

>

>

> Meri,

>

> Will you have a partner or do you see yourself as having a partner in the near

future? In general, sole member LLC's are taxed as sole proprietors anyway, but

offer you liability protection so long as you maintain the formality of the

business (keep separate accounts, have an operating agreement, title contracts

and market yourself in the name of the business, etc.). They usually have

filing fees, as other colleagues have mentioned. Sole proprietorships are fine

but offer no liability protection. What this means is that if you are sued and

liability is determined, your personal assets are available to satisfy a

judgement (versus with an LLC, it is only the assets of the business which

should be available to the plaintiff). Certainly we all carry malpractice

insurance for professional liability but we can be sued for things outside the

scope of our liability policies. Speaking to an attorney (not a bookkeeper,

accountant or friend...or even us on this forum!!!:)is the best next step.

>

> Leah Aldridge

> Atlanta, Ga

>

[Guest guest]

I chose to go with LLC, mostly because I would like to eventually morph into more than a single LC business.. felt this gave me the most freedom to do so. Celina DykstraLa Leche League Leader, Lakes Region LLL, NHIBCLCceliner_d57@...Helping Moms and Babies Meet Their Breastfeeding Goals

[Guest guest]

I chose LLC because of the protection it provides for your personal assets.  But keep in mind that with an LLC you must pay a minimum of $800 in taxes, regardless of income.

Taryn

[Guest guest]

I have an s corp. no minimum. it has definitely saved me money. and once you get your head around being a corp AND being an individual employee working for said corp, it makes life easier. But it's more complex at tax time. my acct. does my corp return then does my individual return. Beebe, M.Ed., IBCLC Lactation Consultant/Postpartum Doula www.second9months.comwww.facebook.com/thesecond9months.--- On Tue, 1/10/12, Taryn Mickus

wrote:Subject: Re: question about business typeTo: Date: Tuesday, January 10, 2012, 7:25 PM

I chose LLC because of the protection it provides for your personal assets. But keep in mind that with an LLC you must pay a minimum of $800 in taxes, regardless of income.

Taryn

[Guest guest]

Here in CA, the tax burden (required yearly) is $800, not counting setup costs. That is whether you make money, lose money, whatever. Ick. I just attended a small business workshop offered for free locally. I would suggest looking into something like that to give you a good feel for what kind of business model you want/need. There are even one-on-one consultations available, all still free. I'm sure you can find something similar. There are ways to protect your property, but a good lawyer could help with that. Hope this helps! IBCLC, CPMCalifornia, USA

Hello Meri,I live in land and have had my PP for the last 6 years. The first two years I have the company listed with the local gov as LCC, like you I do not sell or rent anything else. As my friend/lawyer told me that if anything was to go wrong at least our own assets were protected.However, Now I have a established practice and I kind of know what is my income and outgoings are, I changed my company to sole ownership. The one important factor on this decision was; in the state of MD I have had to pay nearly $400.00 per annum to keep my LCC status and to me this was an unnecessary expense.It may be good idea to contact a local lawyer and discuss the requirements of your own state with him/her in more detail I think.KindlyAnnAnn Faust, MBChB, BA (Hons), IBCLC, RLC

BABY AND ME LACTATION SERVICES LLC

www.BabyAndMeLC.com

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computer. Thank you.>> Hello all,> > I am a new IBCLC and I am in the process of setting up a practice. I am wondering what your thoughts are on type of practice, sole proprietor vs LLC? I plan to see people in their own homes, and I do not plan to sell or rent products.> > Thanks in advance!> > Meri Barish CNM, IBCLC>

[Guest guest]

--what agency/org gives free business model info?  I'm in L.A. and would love to take advantage of this.  Thanks, LLLL IBCLC

 

Here in CA, the tax burden (required yearly) is $800, not counting setup costs. That is whether you make money, lose money, whatever. Ick. I just attended a small business workshop offered for free locally. I would suggest looking into something like that to give you a good feel for what kind of business model you want/need. There are even one-on-one consultations available, all still free. I'm sure you can find something similar. 

There are ways to protect your property, but a good lawyer could help with that. 

[Guest guest]

http://www.iesmallbusiness.com/ The "Training" tab will open up a link to upcoming seminars. I found it very helpful and plan to do more classes! IBCLC, CPMCalifornia, USA

--what agency/org gives free business model info? I'm in L.A. and would love to take advantage of this. Thanks, LLLL IBCLC

Here in CA, the tax burden (required yearly) is $800, not counting setup costs. That is whether you make money, lose money, whatever. Ick. I just attended a small business workshop offered for free locally. I would suggest looking into something like that to give you a good feel for what kind of business model you want/need. There are even one-on-one consultations available, all still free. I'm sure you can find something similar.

There are ways to protect your property, but a good lawyer could help with that.

[Guest guest]

Go to score.org and make a free appointment-tons of info on the website too

Gail Neuman RNC BSN CPHW, Notary Publiccertified in high risk OBchildbirth/lactation educator & student nurse practitionerNRP, AHA BLS for Healthcare & Heartsaver Family/Friends instructor Perinatal Nurse AssociatesBaby Your Way Midwifery Associates801 N. Tustin Ave., Suite 305Santa Ana, CA 92705

[Guest guest]

You can often access free business help from the Small Business Assocation through a local college. They can also often refer you to help, such as I found the CPA I am working with through a referral from an office of the SBA at a nearby university.

Dee Kassing

--what agency/org gives free business model info? I'm in L.A. and would love to take advantage of this.

Thanks,

LLLL IBCLC