Topic: Incorporating as an LLC?

Hey all,

I was simply curious if any / many of you freelancer types have filed as an LLC (or other legal form of business) in order to seperate your business cash flow from your personal / family finances.

How has your experience with it been?

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Re: Incorporating as an LLC?

We are an LLC. It's my personal opinion that anyone doing secular work, especially ecommerce work, should be an LLC to protect persoanl assests. Providing hosting would be another case of needing to be an LLC. Basically the advice we got was anytime you provide a service were people can sue you for lost assests, you should sepereate personal from business via an LLP, LLC, C-corp, etc...

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Re: Incorporating as an LLC?

It's a MUST to register as an LLC just to keep legal and financial matters seperate from your personal business.  I have an LLC -- I hired a small business lawyer and he took care of everything for less than $500, which included the filing fee with the state.

Re: Incorporating as an LLC?

Some accountants can also help with setting up the LLC. 

I am in the process of setting up my LLC (should have it by the end of the month) for my software consultancy.  I've also gotten an EIN (Employer Identification Number) even though at this point I have no employees.

I will be opening a business banking account to keep the finances separated and I will also be carrying General Liability and Errors and Omission (E&O) insurance.

Re: Incorporating as an LLC?

It seems to be a unanimous "yes," then? Ha.

Thanks for the replies, all. I dropped by Borders today and picked up a book a/b starting and running an LLC.

We'll see how this all goes.

Now to get to work on that pesky website and find some clientel.

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