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Multiple New StartUps - Please help this overwhelmed newb

    • 1 posts
    April 16, 2014 3:53 AM EDT

    I'm sure this will be a long winded post, with many questions but I would greatly appreciate any advice.  I'm so glad I found these forums and look forward to learning and sharing.

     

    Here goes.

     

    I have multiple new startups going on at the moment.  My main personal career is independent (1099) medical sales rep.  I'm a 1099 rep for 2 different companies.  1st Question:  Should I form a business enitity such as "startup Medical" that would encompass these?

     

    I also do video production. music videos, weddings, sports highlights etc.  I have a sole proprietorship "XX Media" that handles this.

     

    i just started up a consulting business with a friend.

     

    I have plans to do a few other things in other areas.

     

    To keep it short, I'll stop here.

     

    What is my best route for setting up a company that would be the umbrella for all of this? Should i start an LLC and just make all of these DBAs?  Please help.  I feel like I have Startup ADD.

     

    • 8 posts
    May 13, 2014 7:09 PM EDT
    This response may be late, but maybe helpful. The primary purpose of creating an LLC or incorporating would be to protect yourself from liability in case something went wrong. It doesn't stop someone from suing, but it does stop them from going after your personal, non-business assets (except in certain circumstances). Once that company is formed, then anything in it can be attacked by creditors or plaintiffs, but they won't be able to take your house or anything. Even so, all the businesses operating under that LLC would be at risk. For example, a lawsuit against you as a sales rep could also go after assets held by your video company.
    The way to truly protect them is to create separate businesses. It is especially important to separate the business with a partner.

    Whether you choose an LLC or corporation, is dependent on a number of factors. With this many businesses, it would probably be worth speaking with a local attorney and CPA about the best course of action. It seems expensive, but could save you tons of money and heartache down the road.

    Obviously, this is not legal advice, just good ol' general information.
    This post was edited by SeanPLLC at May 13, 2014 7:09 PM EDT