I am looking to start an ecommerce business doing resale and need to know if I should register as a sole proprietorship or an LLC. I own a newer home and an older vehicle, both of which are in a trust. Which would be better when I am just starting?
1 Answer from Attorneys
There is no legal distinction between you and the business with just a sole prop. The point of setting up a limited liability entity like an LLC is to create a liability shield so that you personally will not be held liable for the debts and obligations of the business. There may also be other advantages like tax advantages to setting up an LLC.
Before you commit to anything,I suggest that you consult with a lawyer in private and discuss your objectives in more detail. You can start by calling around to several for a free phone consultation, get some insights then pick the best fit to work with.
If you would like to discuss further over a free phone consult, feel free to contact me anytime that is convenient.
Our firm is now referred by the American Bar Association (see under the New York section): http://www.americanbar.org/groups/delivery_legal_services/resources/programs_to_help_those_with_moderate_income.html
DISCLAIMER: this is not intended to be specific legal advice and should not be relied upon as such. No attorney-client relationship is formed on the basis of this posting.
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