Re: Starting a nursery/liability
> Good news Theresa! Don't know about the insurance to protect the assets. I
> thought that was what an LLC was for.
You can get insurance, but it's pretty much a one-time shot. Once you
use it up, you're going to lose your coverage for a while or have to
pay insane rates.
I talked to my insurance agent last week about getting coverage for
myself if I did a DBA. It was pretty cheap, but it only covered $100K
in damages. I could get more, but the price starts climbing quickly...
The problem I have with LLCs is that they're temporary. I don't remember
how long it is (30 years?), so if you want a business that will last
LLCs aren't the way to go. Laws also vary from state to state for LLCs,
so if you do business in other states it can become complicated. And you
also need at least two people to form an LLC.
On the other hand, you don't have to have a board of directors and keep
minutes and all of that junk! :)
If I was going to create a legal business structure I'd probably go for
an S-Corporation. They're a lot cheaper to set up, too.
Now if only I could come up with a name to incorporate with! :)
Chris
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