I Are Official

[Reed]

Well, I went and talked with a CPA today. As of 1 September, I am a sole proprietor.

He gave me some good advice and guidance but I keep thinking --- What the hell did I get myself into? ?

[kirbinster]

Just curious, why did he suggest that rather than an S-corp or LLC which gives you many advantages.

[BuddhaPi]

Originally Posted by kirbinster

Just curious, why did he suggest that rather than an S-corp or LLC which gives you many advantages.

If you're a sole propietor, and you get sued for whatever reason, can't they come after your personal assets as well?? Just curious,

[kirbinster]

Originally Posted by BuddhaPi

If you're a sole propietor, and you get sued so whatever reason, can't they come after your personal assets as well?? Just curious,

YUP! that is why I ask... it is usually the worst form of operating a business just for that reason.

[BuddhaPi]

Originally Posted by kirbinster

YUP! that is why I ask... it is usually the worst form of operating a business just for that reason.

I thought I remembered that as being the main reason why I opted for an S-corp, no to mention the other tax advantages..

[Tzetsin]

Yikes! Its not too late... go back and change that.

[Reed]

It was a cheap way to get a license and register the name. Between now and the end of the year, I'm going to be more focused on building a portfolio and setting up the business than doing jobs. At this point, I don't see any liability things to worry about in the near future. I don't even know if I'll be dealing with people. If something comes along, then I'm legal. After the first of the year, I will upgrade.

[lonni]

Originally Posted by Reed

At this point, I don't see any liability things to worry about in the near future. I don't even know if I'll be dealing with people.

OMG. This nearly gave me a heart attack. How can you not worry about liability? You fall over and squish some ones favourite flower, liability. Some one thinks you took too long, made them ugly etc Liability. Get some really good isnurance, asap.

Not dealing with people? How do you figure that? how can you be a photographer an not deal with people? even for ortfolio building. What about permissions, or subjects or even practice jobs to see what working to a brief is like?