A retired CPA told me in passing at WalMart that its important for people to have an LLC quot;at least.quot; Why? -

We were talking casually while shopping. I told him that I did consulting from time to time and was thinking of forming a 501(c)3. He said that everyone should have an LLC at least. But he didn t explain why or why one would be better than another.

Talk to a business law attorney for best advice. However, you need at least an LLC or S-Corp, if not a full C-Corp. The reason is legal protection. As long as it s the business s fault, you will not be personally liable. Let s say, you accidentally gave bad advice, and the business you consulted for sue you for 100K in damages. If you have an LLC, and you used LLC s name to bill the client, and was sure to represent yourself as part of the LLC, then LLC will take the fall. You are not PERSONALLY responsible, and thus, your bank account, your car, your house, etc. will NOT be part of the lawsuit. Whereas, if you just used your own name to consult, then you are now PERSONALLY responsible, and thus, stand to lose EVERYTHING YOU OWN, should you lose the lawsuit. This is just an extreme example, and there are many other advantages to owning an LLC, such as tax advantages, ownership controls, and such. ---Kasey C, PC guru since Apple II daysWe have enough youth, how about a fountain of SMART?

Why would you want a 501(c)3? That s for charities.An LLC is a legal concept at the state level that provides *some* limited liability. It s not guaranteed to protect you in the event of a lawsuit, though.

I want to start an event management company or a party decorator business...but i dont knw how to start ..? -

wht is the procedure for starting a business like this?? do i need to register if i start small time from my home initially...where do i get the whole idea about the topic? i m in mumbai so plz someone from india if can help me in this matter will be grt...i have avery good sense of decorating rooms...party trays....etc...but have never done professionally plz help

I will suggest you to undergo an interior decoration course or do an internet based research the industry, get a competitive knowledge.No one will believe you until and unless you can show a little of it, thus should have a business plan or just a presentable plan.You also need to know your probable competitors in your local market and consumer behavior.There are a lot of things to know...For more detail contact me at rintu_singharoy@yahoo.co.in or rintusingharoy@gmail.com

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