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TOPIC: LLC myth

LLC myth 06 Aug 2006 17:20 #1

  • brian robertson
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CAUTION! If your business is a LLC and you or your employee screws up and the client seeks compensation for damages you are not "off the hook".

The plaintiff's counsel would be derelict in his duties if he did not file suit against the LLC AND who ever had anything to do with the shoeing process. Your liability includes the horse, the facility and/or persons injured or damaged while conducting your services. LLC is not the silver bullet to save you. Incorporation is only one layer of protection and it will only require the plaintiff to spend a little more $ to file additional pieces of paper to come after you personally. It's not a very good shield.

Also your legal expenses will be higher defending a LLC vs a Sole Prop. regardless of the outcome.

Consult with your counsel; there is now lots LLC case law.

A LLC might bluff a wacko into not filing suit but it certainly won't keep away the wackos with good counsel.

Seperate your business assets from personal assets by placing your goodies in a trust (good estate planning by the way.) Then if you lose, the plaintiff is entitled to your shoeing business and that's it. The next day you get another DBA and start anew and the plaintiff can know the joys of a shoeing business.

I think some threads are getting too long and convoluted and new threads should form when the discussion goes too far afield. That's why I moved this post to a second location.
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RE:LLC myth 06 Aug 2006 17:35 #2

  • Andrew Grimm
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Thanks Brian, I just replied to the other thread aminute ago. I you wish to respond here than that's fine.
I'm 22 and just built my first home and I have a succesful farrier business. I just meet with an attorney last week to form an LLC. This is after the lawyer and my cpa felt that LLc was the route for me to take. However, from what your saying maybe it's not the right path to take at all. The LLC paperwork hasn't been filed or sent to the state at all right now. So, if I need to change something; now would be the time to do it. What do you think? all advice is appreciated. Thank you.


Andrew Grimm
Andrew Grimm, CF, RJF
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RE:LLC myth 06 Aug 2006 22:40 #3

Andrew,

I would follow the advice of your attorney & cpa. They practice in the same state where you live. LLCs are all based on individual state's laws - so each state has different rules.

LLC or S-corp depends on a lot of factors - so I would take everything you read here with a grain of salt and rely on the advice you are paying for.

One definite tax advantage to an S-corp is the ability to avoid payroll taxes on the profits of the business. You will pay payroll taxes on the wages you pay yourself, but the remaining profit is only subject to income tax and not FICA taxes.

Good luck-
Cordell
Cordell Rogers
CPA, MAcc, not yet CF
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RE:LLC myth 07 Aug 2006 00:06 #4

  • SlowShoe
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Of course your lawyer wants you to go with an LLC, becuase you'll be paying to him to help you with it!



**warning: this post contains an extreem bias towards equity law**
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RE:LLC myth 07 Aug 2006 00:31 #5

  • brian robertson
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I asked my attorney to list the specific liability protection a LLC would provide me here in Michigan. It wasn't very impressive.

He said his firm has had success going after LLC s and their owners on a consistant basis.

The tax advantage, for me in Michigan, did not offset cost of setting it up and the additional accounting fees.

The IRS audits a much higher percentage of LLCs compared to Sole Prop.(GAO report 2004).

I have chosen insurance and a trust to protect "my stuff".

To some, having LLC after their business name looks "classy" so it's used as a marketing plan.

So Andrew, if I were you, I'd have some face to face time with your attorney and get the specifics of the actual protection of your LLC in your State, in writing, with his signature, before I'd pay for setting it up.
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