Start the buisness, sole proprietorship or LLC ??

ChallengedOne · 04-16-2011, 08:50 PM

Based in Illinois going from hobby photographer and making it an official buisness. I see that sole proprietorship is the most common but an LLC will protect personal assets you may have, car,home, family members assets... What do most of you classify your buisness as? Any advice on one or the other?

**manishved** · 04-17-2011, 08:23 AM

Based on my experience, I suggest you look at incorporation more closely. By the way a sole proprietor is not much immune to personal litigation. A corporation (S-Corp) is a better way to go.

ChallengedOne · 04-17-2011, 08:37 PM

Thanks guys, and of course online legal advice isn't wise. Just getting the basics before calling the attorney this week, for a consult. Now I can call insurance company first. Probably also contact the SBA in my state. I have avoided the buisness steps because of these decisions, ohh well no time like the present.

Tom S. · 04-18-2011, 06:43 AM

Originally posted by manishved

Based on my experience, I suggest you look at incorporation more closely. By the way a sole proprietor is not much immune to personal litigation. A corporation (S-Corp) is a better way to go.

What he said. Incorporating isolates you from possible lawsuits.

soppy · 04-23-2011, 09:24 PM

Go with an S-Corp, that and a strong contract/model release should suit you well. I am a sole proprietor simply because I am a college student and don't really have an interest in incorporating (it does make taxes more complex, separate accounts, etc.) so I mainly rely on a strong model release that all clients must sign before I shoot.

04-16-2011, 08:50 PM	#1
ChallengedOne Forum Member Join Date: Jan 2011 Posts: 71	Start the buisness, sole proprietorship or LLC ?? Based in Illinois going from hobby photographer and making it an official buisness. I see that sole proprietorship is the most common but an LLC will protect personal assets you may have, car,home, family members assets... What do most of you classify your buisness as? Any advice on one or the other?

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04-17-2011, 08:23 AM	#2
manishved Loyal Site Supporter Join Date: Mar 2008 Location: N. Calif Photos: Gallery \| Albums Posts: 3,651	Based on my experience, I suggest you look at incorporation more closely. By the way a sole proprietor is not much immune to personal litigation. A corporation (S-Corp) is a better way to go.

04-17-2011, 08:37 PM	#3
ChallengedOne Forum Member Join Date: Jan 2011 Posts: 71 Original Poster	Thanks guys, and of course online legal advice isn't wise. Just getting the basics before calling the attorney this week, for a consult. Now I can call insurance company first. Probably also contact the SBA in my state. I have avoided the buisness steps because of these decisions, ohh well no time like the present.

04-18-2011, 06:43 AM	#4
Tom S. Veteran Member Join Date: May 2008 Location: S.E. Michigan Photos: Albums Posts: 4,317	Originally posted by manishved Based on my experience, I suggest you look at incorporation more closely. By the way a sole proprietor is not much immune to personal litigation. A corporation (S-Corp) is a better way to go. What he said. Incorporating isolates you from possible lawsuits.

04-23-2011, 09:24 PM	#5
soppy Veteran Member Join Date: Apr 2007 Location: Gainesville Posts: 347	Go with an S-Corp, that and a strong contract/model release should suit you well. I am a sole proprietor simply because I am a college student and don't really have an interest in incorporating (it does make taxes more complex, separate accounts, etc.) so I mainly rely on a strong model release that all clients must sign before I shoot.