Re: LLC vs S Corp

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Posted by booker on March 06, 2001 at 17:52:18:

In Reply to: LLC vs S Corp posted by david on October 21, 2000 at 09:32:10:

: I'm starting a pottery. I work out of home for now, someday a store front. I will sell wholesale and retail fairs. I'm concerned about personal liabilty with sole propriatorship, I want the finances and damage liability a separate entity from me to protect my personal assets that I've worked hard for. At this point I dont think I can afford an attourney to help me set up. So I come to you people for advise. Is it best for this type of craftsman to be set up as a "S" Corporation, or LLC? Does LLC really protect personal assets? Do any of you know of awebsite that might help educate me with regards to this?
: Thanks,
: Dave
Its not quite so bleak as John suggests. You can take out liability insurance for $ 1million in protection from most accidents, like people stumbling, breaking your pottery, getting hurt and suing. It won't protect you from intentional negligence on your part, of course, but neither would incorporating. Annual cost is about $2,000 depending on the risk of harm to others by your business, your store, and your product.

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