Need help--opening my own business.

[citrine]

Thanks Arif....I have joined a business group and have started to network with other professionals as well. I will definitely keep that tip in mind!

 

[FUEGO]

Protection against lawsuits from disgruntled patients. I would try a single member LLC. Taxation as an individual, but with the limited liability and asset protection you need.

Wouldn't Citrine be principally liable since she is the one doing the massages? And as such, any judgments against her as a natural person could be satisfied against any of her personal assets? How does the LLC shield her from individual liability for torts (ie a claim of negligence)?

 

[simple girl]

Wouldn't Citrine be principally liable since she is the one doing the massages? And as such, any judgments against her as a natural person could be satisfied against any of her personal assets? How does the LLC shield her from individual liability for torts (ie a claim of negligence)?

It doesn't. She needs additionally to have professional liability insurance, which I believe she said she already has.

 

[Gumby]

Wouldn't Citrine be principally liable since she is the one doing the massages? And as such, any judgments against her as a natural person could be satisfied against any of her personal assets? How does the LLC shield her from individual liability for torts (ie a claim of negligence)?

True about personal liability for professional negligence. However, there could be other claims not involving her personal negligence (contract claims -- e.g. "I paid you and you didn't do what I wanted", "You missed my appointment" etc.), for which an LLC would be helpful.

 

[Scrapr]

citrine

I'm late to the advice party. but...

remember barter is taxable. So the amount that you barter needs to be paid in cold hard simolions. Could add up

servicemagic does not have a good rep in the construction biz. Lots of tire kickers that you get charged for. You can do your own website. I did mine with network solutions. plug & play. Not hard at all

I'm not a fan of magnetic signs. My impression is...what are you next week? A MLM promoter? Graphics on your car are relatively inexpensive. Fast signs is what I have used. Make it big enough so you are noticed.

 

[TooFrugal]

I would second the advice to keep your expenses as low as possible initially. I also second the Nolo press books. Their book on tax deductible business expenses was very helpful to me.

 

[deserat]

Citrine,

I started my own consulting business last year - you've gotten good advice from the people here:

1) LLC is the way to go at first
2) Keep your expenses low - maximizes your profit
3) Do your own books - Nolo Press has an excellent series of books for entrepeneurs - I do my own books and taxes.
4) Marketing is important - being involved in professional groups helps get your referrals
5) I have my own website and business email - adds to the professionalism
6) Don't under-price yourself
7) If someone doesn't pay, be firm in insisting on payment and if possible set up a payment plan - be prepared to deal with this aspect of the job - it can be disheartening, but standing firm and professional helps you keep your self-dignity and lets them know you're not a doormat. And then don't do business with them again.
8) I never thought I'd say this as I'm juggling work for an employer as well as being self-employed - I enjoy the self-employment a lot more as I can set my pace and take the projects I want - the freedom is amazing. Enjoy it when you can.
9) Look into the bennies of being self-employed (ability to defer more money for retirement, deductability of certain expenses)

Best of luck!