LLC for training

[miles71]

Anyone else her start an LLC to offer training as an individual? I'm considering it.

TD

 

[traveller]

Anyone else her start an LLC to offer training as an individual? I'm considering it.

TD

Why? If you are the one providing the training, the llc will do nothing to shield you from liability. If you have employees or partners in the venture, an entity may provide benefits. Spend the money you would waste on filing and legal fees to buy higher limits on your business liability insurance.

 

[BigT5g]

Why? If you are the one providing the training, the llc will do nothing to shield you from liability. If you have employees or partners in the venture, an entity may provide benefits. Spend the money you would waste on filing and legal fees to buy higher limits on your business liability insurance.

 

[clandestine]

I agree. Sole Proprietor would likely suit you better from a $ standpoint until you grow, then re-evaluate.

This is the advice I received from a my Tax Gal

 

[GTOGUNNER]

I agree. Sole Proprietor would likely suit you better from a $ standpoint until you grow, then re-evaluate.

This is the advice I received from a my Tax Gal

Thats what I did for my Training / Consulting business...

 

[CroftonBilly]

B&S is an LLC.

See what mcbruzdzinski can offer with his and Patty's experience.

 

[traveller]

If you get to a point where you have independent contractors or employees who provide training under your company name, having a properly maintained corporate entity may help to shield you from liability incurred by one of the people working for you. Someone shoots themselves in the foot while your trainer watches them etc. If you are the one standing there yourself, the LLC will do nothing to shield you against a claim by the injured student.

If you want to provide training under a brand name like 'Miles71s most fabulous Firearms training emporium', there is a process to file for an assumed name for your business (also known as a 'doing business as'/DBA). You can also obtain an employer identification number for your sole proprietorship so you don't have to use your SSN on things like bank and tax filings. IF your business grows to a point where a corporate entity or LLC makes sense, you would keep the name (typically you would have to get a new tax ID).

 

[woodstock]

WOW, talk about confusing. i have an LLC set up through our accountant and the bank. when i get statements from the bank or the accountant it is for my LLC/SOLE PROPIETORSHIP.

i am protected.

go to the bank or accountant and ask them what suits your needs best.

 

[CypherPunk]

There are good and substantial reasons to form a corporate entity.

Two that come to mind are signing a lease or securing credit.

Your personal assets, or lack thereof also factor in.

I recommend you put together a business plan and talk with both an experienced local attorney who knows corporate liability and firearms law as well as an experienced CPA.

They may give you a free half hour in anticipation of future business, or charge you a few dollars, but good advice is worth it.

 

[traveller]

There are good and substantial reasons to form a corporate entity.

Two that come to mind are signing a lease or securing credit.

Every lease and bank account I ever had for newly formed single member LLCs I had to guarantee personally. A couple of years in, if the LLC has shown consistent income and assets you can get a new bank or a new landlord to enter into the agreement with the LLC only.

 

[CypherPunk]

Every lease and bank account I ever had for newly formed single member LLCs I had to guarantee personally. A couple of years in, if the LLC has shown consistent income and assets you can get a new bank or a new landlord to enter into the agreement with the LLC only.

Just because someone asks for a personal guarantee doesn't mean you need to provide one. I mean, if you asked for one and 98% of the people agreed to it, you'd be crazy to remove it from your boilerplate contract forms.

I have an S Corp containing few asserts. Granted, after 16 years I have an excellent D&B rating with a signature credit line, but Even in the beginning, I always decline and/or strike and initial any personal guarantee clauses. This has yet to prevent a deal. Most companies don't want to lose the business.

But then maybe I'm just an exceptional negotiator.

 

[CharlieFoxtrot]

As mentioned its important to remember that no corporate entity will shield you from liability from your own negligence. People think that having an LLC or corporation gives them some magic shield from liability. All they do in this regard is protect you from being personally liable for the actions of other members of the organization. An LLC costs $300 a year to maintain with the state of Maryland. You'd be better off putting that money towards an insurance policy.

 

[DC-W]

As mentioned its important to remember that no corporate entity will shield you from liability from your own negligence. People think that having an LLC or corporation gives them some magic shield from liability. All they do in this regard is protect you from being personally liable for the actions of other members of the organization. An LLC costs $300 a year to maintain with the state of Maryland. You'd be better off putting that money towards an insurance policy.

Thanks for the sage knowledge!

 

[mcbruzdzinski]

No matter what entity you chose, you will need to pay the state of Maryland a minimum of $300.00 to SDAT. One the fees Governor Hogan was working to reduce.

 

[Blaster229]

But then maybe I'm just an exceptional negotiator.

Making LLCs GREAT AGAIN!