How long am I liable after I shut down business as a sole proprietor? -

I��ve been a specialty trade contractor for 5 years, working on new homes. Now that the market for new homes is gone I��m thinking of shutting down and finding work in another field. I��m wondering if I��m still liable for the work I��ve done even after I��ve closed down my business and if so for how long. If I am still liable should I keep my business liability insurance? What is the best way for me to shut down in this scenario?

Realistically you re liable for any work you did for long enough that it could no longer be considered a defect. It could easily be more than 10 years depending on what the construction was. If you did foundation work, it s obviously going to be for a long time. If it is something that typically needs maintenance every few years, then for a much shorter period of time.I can t give a good answer on this one except incorporate yourself as an LLC or S-Corp even if it s just you doing the work, if you go into business again.