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Attorney Wayne
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I live in the state of Florida and am a first-time pubished

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I live in the state of Florida and am a first-time pubished author. I need to set up either a partnership, LLC or sole proprietorship for my creative services business. I believe LLC is the way to go, but am unsure. Can you advise me?
Submitted: 4 years ago.
Category: Legal
Expert:  Attorney Wayne replied 4 years ago.
Hello. Congratulations on the publication! And on the new venture!

Most of the time, LLCs are the simplest and most flexible business entity for smaller operations that do not intend to issue stock for trade on a stock market (e.g. NYSE or Nasdaq). The reason is that the formalities are at a minimum -- and you can protect your non-business assets should the business become insolvent or get sued. Both partnerships and sole proprietorships leave not only your business assets, but also your personal assets (home, car, IRA, etc) at risk to either creditors or people who successfully sue the business. For the purposes of a small startup, LLCs provide protection similar to a corporation, without all the paperwork and reporting burdens.

But if you do form an LLC, you must be careful not to commingle your personal and business assets. When paid for work done by LLC (even if you did it), for instance, the money should be deposited in the LLC's bank account, and a check drawn to you as a distribution, dividend or paycheck. Similarly, don't do home repairs paid by the LLC (unless the home is a business property). I think you get the general idea. When you set up the LLC, you may want to hire a lawyer to help. That lawyer, and your accountant, can advise you on the best ways to keep from commingling funds, so the LLC provides protection to your personal assets.

I wish you all the best in your new venture!

Sincerely,
Attorney Wayne

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Attorney Wayne, Attorney
Category: Legal
Satisfied Customers: 1506
Experience: Practicing law since 2000.
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