Should I use an S Corporation or LLC to start my appraisal business?
Leonard M asked:
I want to open my own appraisal business. For the first few years I will be working alone. I will be paid as an independent contractor from banks and insurance companies.
I want to protect my personal assets from suit and I absolutely want to pay the cheapest amount in taxes.
What is the best type of business to open? From what Ive gathered it appears that an LLC, S Corp and C Corp are the most appropriate choices, but Im not sure as to why.
What are the pros and cons of each?
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- Related Blogs on Independent Contractor
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- Related Blogs on Personal Assets
- Separate Business Assets and Personal Assets
- California Banker On “Business Loan Margin Calls” | Visit Offshore …
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- ASA Newsroom » New Year's Resolutions Should Include Review Of …
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- Late Filing Fee For Partnership & S-Corporation Returns Soar « ABC …
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It’s cheaper and easier to purchase a professional liability insurance policy.
The corporate structures (almost certainly) will NOT protect you at all, because you are your appraisal business. zeuz
Getting legal advice from random, anonymous people on the Internet is a poor way to start a business. skeptical
I was in a similar situation and received information that cost me a real headache ,i would strongly recommend professional advice or gain viable information from those with experience.I recently found an excellent place where many people with excellent references provide a private community a wealth of information an in my particular case help.Run any information with your own professional adviser but you may find a few cherries. Alex S
My appraisal business is a Sole Prop now for 6 years. I have E & O, and I just don’t do things or appraisals for shady deals that would jeopardize my business or family. But an S-Corp is the way to go if you really want to. Crosstown Clay