Im a sole proprietor right now which is slightly insane i am insured for almost a million and I have only been taking jobs with people I know since i started my own business about 2 years ago and left employment of someone else's company
Basically I moved and I never really got into the business side as an employee.
I do have contracts that state no warranty unless an extended warranty is paid for and a limitation of liability clause (not more then Labor paid to date for any reason).
So I am thinking about going LLC because its the next step up
Although I have been reading that in this state they can still come after personal assets even if its not gross negligence. basically the judge decides if you are personally liable in the case of a small company. I am guessing they probably always side against the owner.
After talking to one guy i met that is in about the same situation as me I figure its going to cost me at least another $1k a year if i can do most of it myself and as he suggested maybe more like $4K for corp fees and legal and tax prep, business registration every year.
considering I am a 1 person business and this can all be worth nothing if a judge finds I am personally liable anyway its ticking me off a bit but anyway
Do any of you guys do your taxes yourself? I do my own by hand right now and its not bad.. no turbo tax... Do you have any tips to lower my costs for accounting and record keeping or anything???
im more or less running on a shoestring just making it right now and I dont want to get screwed because someone thinks the cabinet i installed is a ladder to change a light bulb.
I would rather not LLC even but I guess I probably have to.