Ok I stil can not decide? LLC? Corp?

**sal329** · 07-23-2006 11:22 AM

I am planning on opening an online retail store selling gifts. Then I hope to grow from there and add another store then another. I would like to have my company XYZ (LLC or Inc) as my main comapny then have the stores ABC Gifts dba XYZ. I will be the only one working these stores and doing all myself. Paying only myself. So I am still stuck, any advise please. Thanks

**youngmoneyblog** · 07-23-2006 01:36 PM

just do scorp. its cheaper and Florida and it works well. I'm doing retail.

**sal329** · 07-23-2006 06:51 PM

S Corp? Where can I get more info on the S Corp? Thanks

**NORTH** · 07-24-2006 12:24 AM

Save yourself the energy and stick with "sole proprietorship" until you've proven the business for a good 6 months. Your business needs your full attention right now just to be successful... worry about that crap later.

**BOG** · 07-24-2006 12:52 AM

Originally Posted by NORTH

Save yourself the energy and stick with "sole proprietorship" until you've proven the business for a good 6 months. Your business needs your full attention right now just to be successful... worry about that crap later.

+1

Absolutly no need for a Corp or LLC at your level.

**WanganRunner** · 07-24-2006 01:25 PM

Ok, I will ask a more pointed question here.

For my purposes, I have two primary interests in incorporation:

1.) Legal Liability - I sell certain types of vehicles from time to time, this carries with it a certain degree of legal risk that I'd like to abate to the furthest extent possible. I'm certainly not in the business of screwing anyone, but I don't want to be personally liable for claims against the company, period.

2.) Recourse from debt - I have an occasional need for outside debt financing, and if a venture goes awry, I don't want to be personally liable for the debt. Ideally, the primary corporation won't be either, I'd like to do each loan under an SPE (Special Purpose Entity). Any thoughts on this?

Cost to incorporate isn't so much a concern.

**BOG** · 07-25-2006 03:21 AM

Legal Liability should not be a reason to Inc or LLC. You think this is going to protect you from being sued? Think again. I see people and their companies get sued all day every day. It helps to a degree, but it does not make your "sue proof". It's more like "padding".