Sole proprietor or LLP
Engaging in a new part-time business. Renting space in an antique mall and plan to buy and resell furniture pieces. I already have a sole proprietor business which I could adapt, but I was wondering if an LLP would be a better vehicle. I will need to get a sales tax permit and resale permit - or maybe a Texas corporatin. What do you think? Thank you.
Asked on 1/21/01, 9:33 am
1 Answer from Attorneys
Re: Sole proprietor or LLP
I typically recommend against just using sole proprietorships for businesses, unless this is a really small operation. Either a corporation or an LLC would be appropriate, in that you may have some protections from creditors. Probably an LLC would suit your needs, and it's less expensive to set up. In addition to the sales tax permit, you would also need a taxpayer identification number. Let me know if you want to talk more about these issues.
Answered on 2/13/01, 10:33 pm
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