I am formalizing my consulting business this year. I want to go ahead and register my business, but am unsure of what TYPE of business to go under.
I was thinking sole proprietorship, but I know that the business itself would have no existence apart from the owner. So, I was thinking a single member LLC, but I am just not sure of the pros and cons of that one except that my business would exist apart from me, the owner. I don’t know, maybe I should start out as sole proprietorship, and then move to LLC later?
Does anyone have any suggestions on what type to use? Just as an FYI, the consulting firm will deal with a combination of a computer technical support for individuals function, as well as a public relations function (primarily dealing with individuals and events).
Thanks!
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gonna need a site.
ws=website
The most logical way to go is LLC. It gives you the legal protection (any lawsuits would be filed against the company’s assets, not yours) but doesn’t increase your tax liability. Most states only charge a nominal filing fee to make the move. Coincidentally, I just filed my LLC papers with Virginia last week.
Really, the only reason I could see for NOT doing it is that you’re concerned your company might not succeed, or you don’t have the money for the filing fees … either of which do make some sense.
Good luck!