JohnT

Wondering about going in business for myself as a mobile service tech. What are the recommendations about LLC or Inc. Thanks for your consideration.

Atta Boy!

Go for it an ye shall be rewarded!

Allan

They most likely mean the exact same thing, same as corporation. Ltd, Inc, Corperation and LLC can be used interchangeably. It means the business is incorperated and the business owner/directors have a lot more protection in case of lawsuits against the company. They are protected from being held personally liable for company debts. They are not protected in all cases though. If the company owner and/or a company director was grossly negligent and personally responsible for debts or a lawsuit against the company, they could still be held liable. I'm sure someone will be able to explain that better than I did. I was just trying to say that a lot people think being incorperated protects the directors of the company from any possible lawsuits or debts a business incurs and that's not the case. If you work by yourself you may not need to be incorperated right off the bat. You'll need liability insurance but could operate as a sole proprietorship until you get bigger or hire more employee's. You may or may not need a business license as well. You'd have to check with your jurisdiction for the particular type of business you want to start..

Okay, I dont practice at all in this area, I think Mike or Dean may to some extent, so my opinions are worth just what youre paying NOTHING..............

That being said, an advantage of incorporation or LLC is to provide some degree of protection against liability BUT ITS NOT IRON CLAD and the smaller your company and the more youre actually involved in the hands on day to day operation the more you may still be liable regardless. If you incorporate then there could be some double taxation consequences, BOTH corporate as well as your own individual income as a corporate employee.

I think if I were a small businessman in a service business ID CONCENTRATE MORE ON GOOD LIABILITY INSURANCE in the event your negligence causes harm to another. Theres more expense and headaches in incorporating AND YOU STILL NEED LIABILITY INSURANCE ANYWAY.......

Liability is the main concern and insurance can reduce that risk to you personally.

I like the sound of your idea and business but if one of your company trucks is involved in an accident and the truck owner (you or your coproration) are at fault, they're coming after you (or corporations) and any of your (or corps) assetts and its the deep pocket (usually insurance) theyre lookin for.

Hows this sound for free only semi educated (NOT a business attorney) advice........

Start on your own BUT ONLY AFTER you purchase good blanket liability insurance and thennnnnnn if successful you consult a local qualified business attorney about the advantages and drawbacks of LLC or Corportation instead of lay advice on a tractor forum???????????????

This gonna be a sole propietership or partnership??? A partnership is one ship that often dont float rememebr lol

Best wishes n God Bless, I hope you make a go of it and at least youre asking good questions indicating you have a plan or are at least developing one.............

John T Only a "semi retired" "Country" Lawyer mind you

Yep,

Nothing will bring on the tax auditors faster than incorporating. :>)

Allan