Posted by busybnotary on 1/25/07 8:03pm
Msg #172614

How do you have your business set up?????

I have a business license for an at home business and I run everything under my s.s. #. But I was wondering how to change that because should a situation arise I have my bond and e&o insurance but I wouldn't want my personal assets (which are my husbands & my sons) to be at risk. What's the best way to do this? Any help would be appreciated. Thanks.

Reply by Becca_FL on 1/25/07 8:45pm
Msg #172618

Your best bet would be to talk with an Atty. about the options that are out there. You'll get a lot of different opinions here, but only you know what is best for you, your family and your business.

Search out info. on Inc., S Corp, LLC, etc. and get informed so that you can make a responsible, well informed decision.

Reply by Glenn Strickler on 1/25/07 10:16pm
Msg #172629

Ditto, Becca.

One thing I would tell you for sure is get and EIN (Employer Identification Number). You can get it by filling out a form on the IRS web site. You don't need to give your SS# to persons unknown ....

Reply by Kevin/Ct on 1/26/07 4:46am
Msg #172642

No one should engage in commerce without incorporating or forming an LLC to limit their liability and to protect their personal assets. However, you will also need to carry sufficient e&o insurance. The corporate shield and the e&o insurance protect you against different liabilities.