Legal Question in Tax Law in Colorado

I'm just starting out as an independent consultant in oil and gas drilling. I'm not sure if I should Incorporate or go with LLC. It is just my wife and I at home. I travel for my work using my vehicle, and my office is in my home.

Asked on 10/04/11, 12:39 pm

1 Answer from Attorneys

Gary C. Johnson Attorney Gary C. Johnson

An LLC is in fact a corporation. The benefits of incorporation are many. The most important reason for most people is the segregation of assets. A kind of cheap insurance. Corporate assets can be seized if the corporation has a judgment levied against it. But private assets cannot be seized under the same set of facts. Since you travel it might be a good idea to put the vehicle (and vehicle insurance) into the corporation.

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Answered on 10/04/11, 2:49 pm

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