For example, an accountant might advise you to set yourself up as an LLC instead of a sole proprietor. Later on, you step through the drywall in an attic and come falling out, right on top of Grandma, breaking her hip. They sue your company. As an LLC, you only lose your investment in your business but if you were a sole proprietor, they could have sued you and taken your home, your cars, your accounts, etc.
That's a little extreme, but there are tons of other little things that add up. Mainly, its how you are set up, etc., and that affects your taxes. A good accountant can damn near make you look broke on paper when it comes to taxes.
Re: Sub Contracting
Member #: 40846
Registered: 9/19/2005
Posted:
1493
Name:
Duane Vick
Name:
Duane Vick
Company:
Self-Employed
Occupation:
Installer
Location:
Phoenix AZ
There is 1 reply to this message
