I have been runing a Sole Proprietor business and I am interesting in forming an LLC. I need to know exactly what this is and I can not find the answers I`v been looking for. I understand the tax side of it, but is it also an isurance? I have an inflatable rental company and I need to have my units insured. If I form an LLC, does that provide me with some type of insurance against anyone trying to sue me or getting hurt after they have been instructed how to safely use my equipment?
I wouldn`t call it insurance but, as I understand it, it does provide liability and business debt protection against your personal property. You can definitely ask a lawyer specializing in startup which I am not.
I have worked with a company that deals with just that. Check out www.trazainsuranceagency.com and give them a call. They will answer all your questions and set it up for you for a low price, if you want. Tell them "Troy" sent you.
My name is Lisa and I work for an attorney who specializes in new business start ups (LLC, Corporations, etc.) Take a look at our website http://www.informationlaw.com. Dan offers a 1/2 hour free consultation and can answer any questions you may have.
Give me a call if you are interested or have any questions.
Pepper Law Group, LLC
Depends upon how you form the company but a LLC stands for a Limited Liability Company. You need to create your corporate "shield" as we put it as to potential liability issues in the future which is different than what you are asking about given the insurance issue. The place to create the LLC is your state`s Secretary of State or other business governing entity if not the SOS. Most states it is the SOS. A great reference point is a SOS Index at www.innoventum.com. This site also has a free 60 page entrepreneur guide that has been recommended by a number of government agencies. It`s very helpful. The guide discusses the different types of legal entities and why you should form one of the other.