Do CRs need an LLC? What does everyone do for liability? - CSRNation2024-03-29T14:54:08Zhttp://csrnation.ning.com/forum/topics/do-crs-need-an-llc-what-does?commentId=1736041%3AComment%3A1014004&feed=yes&xn_auth=noTY Stephanie, that is very he…tag:csrnation.ning.com,2009-05-08:1736041:Comment:10160212009-05-08T18:35:07.247ZRhoda Collinshttp://csrnation.ning.com/profile/RhodaCollins
TY Stephanie, that is very helpful! Will ask!<br />
Rho
TY Stephanie, that is very helpful! Will ask!<br />
Rho I am incorporated and did it…tag:csrnation.ning.com,2009-05-08:1736041:Comment:10160162009-05-08T18:28:49.251ZStephanie P Borthwickhttp://csrnation.ning.com/profile/StephanieBorthwick
I am incorporated and did it on the advice of my accountant. It has saved me a bunch of money in taxes. You should definitely consult with your own accountant to see if it's right for you. Everybody's situation is different. I did pay an attorney to do the incorporation paperwork and would not recommend that. It's apparently fairly simple to do it yourself, just FYI. I would much rather have paid less then $900 to an attorney.
I am incorporated and did it on the advice of my accountant. It has saved me a bunch of money in taxes. You should definitely consult with your own accountant to see if it's right for you. Everybody's situation is different. I did pay an attorney to do the incorporation paperwork and would not recommend that. It's apparently fairly simple to do it yourself, just FYI. I would much rather have paid less then $900 to an attorney. I've heard of Marsh. Had call…tag:csrnation.ning.com,2009-05-05:1736041:Comment:10140042009-05-05T00:58:42.350ZRhoda Collinshttp://csrnation.ning.com/profile/RhodaCollins
I've heard of Marsh. Had called my ins co to see if they do it...they are looking into it, so will go from there. Yes, got your email. TY! :)
I've heard of Marsh. Had called my ins co to see if they do it...they are looking into it, so will go from there. Yes, got your email. TY! :) Thanks, Veronica!tag:csrnation.ning.com,2009-05-04:1736041:Comment:10136702009-05-04T17:16:23.032ZRhoda Collinshttp://csrnation.ning.com/profile/RhodaCollins
Thanks, Veronica!
Thanks, Veronica! I only know of two reporters…tag:csrnation.ning.com,2009-05-04:1736041:Comment:10134752009-05-04T02:33:43.270ZQuyenhttp://csrnation.ning.com/profile/QuyenNDo
I only know of two reporters who are incorporated. I used to have E&O, but haven't had it for years. :)
I only know of two reporters who are incorporated. I used to have E&O, but haven't had it for years. :) Thanks. I was going to talk w…tag:csrnation.ning.com,2009-05-04:1736041:Comment:10134692009-05-04T02:24:16.042ZRhoda Collinshttp://csrnation.ning.com/profile/RhodaCollins
Thanks. I was going to talk with both, just wondered if it was a common practice or such. :) Thanks again!<br />
Rho
Thanks. I was going to talk with both, just wondered if it was a common practice or such. :) Thanks again!<br />
Rho Disclaimer: I'm obviously not…tag:csrnation.ning.com,2009-05-04:1736041:Comment:10134322009-05-04T00:53:28.075ZQuyenhttp://csrnation.ning.com/profile/QuyenNDo
Disclaimer: I'm obviously not an attorney, so what I am about to write should in no way, shape or form be regarded as legal advice. Just sharing a little knowledge I have on the matter.<br />
<br />
What your husband is speaking of is asset protection, and there are several business entity forms or vehicles that will protect your personal assets in the event of a lawsuit against you: LLC (limited liability corporation), LP (limited partnership) and trusts. CRs could incorporate themselves (i.e., Rhoda…
Disclaimer: I'm obviously not an attorney, so what I am about to write should in no way, shape or form be regarded as legal advice. Just sharing a little knowledge I have on the matter.<br />
<br />
What your husband is speaking of is asset protection, and there are several business entity forms or vehicles that will protect your personal assets in the event of a lawsuit against you: LLC (limited liability corporation), LP (limited partnership) and trusts. CRs could incorporate themselves (i.e., Rhoda Collins, Inc.) to achieve this purpose. As to the "need" to form an LLC or any such entity, I think that would be a personal choice.<br />
<br />
In our particular line of work, CRs could get what's called Errors & Omissions insurance, which does provide asset protection. This is relatively affordable at $500/year for $500,000 coverage.<br />
<br />
But ... to determine which is best for you, your CPA/an attorney would be the best people to discuss this in more detail with you. :)