Technically, yes; you can operate a business as Joe Schmo and as long as you are in compliance with all other regulations and have your required licenses, no problem. Or you could get a DBA (Doing Business As), from your county and operate under Joe Schmo's Widgets and More. But should you? The answer is no. In fact, while it may seem like a cost savings to forego incorporation, in reality, it is penny-wise and dollar foolish.
Why? Because a corporation or LLC (LLPs are a bit more complicated and will be discussed in a future post) provides protection for your personal assets. The "corporate veil" separates the personal assets of the business owner from the corporation's assets. This separation ensures that if your business is sued, the only assets that will be available to remedy the damage are those owned by the corporation. In other words, you and your family won't lose your house when your employee causes a car accident on company time.
Incorporating is well worth the initial investment and the earlier you do it, the better. Contact The Firm today to discuss the options that are right for you
Here's how it works: The Firm provides competent legal advice based on your individual needs, and the client pays a flat rate for the individual, discreet service. A great way to think of it is ordering off the a la carte menu at a restaurant as opposed to the full-priced menu.
It's not for everyone but tasks such as drafting the appropriate documents, reviewing a proposed agreement, or reviewing a file and providing a legal opinion are some of the ways a lawyer could help with your case without providing full representation. With unbundled legal services, you can decide what you need help with the most and take care of the rest.
Of course, The Firm is also available to take on your entire case and represent you from beginning to end, giving you peace of mind. So is Unbundled the way to go for you? Contact the Law Office of Alexander Sherwood Keenan today and speak with an attorney to find out!
As will be discussed further in a future post, companies who chose a corporate form in order to limit their personal liability are required to use an abbreviation after their name. The "P" in PC or PLLC stands for "professional". Certain types of businesses are required by the State of New York (and many other states) to jump through a few extra hoops in order to incorporate.
New York has a list of professions that would need to use this special corporate form, but with a few exceptions, if you need a license to do your job, you would have to have a professional corporate form. For example, businesses providing acupuncture, athletic training, Social work, or optometry, among others, would need this special corporate form.
Check out New York's list of professions and contact The Firm today to discuss the "extra hoops" you may have to jump through