Starting up Business - InspectionNews

Chris Lyons · #1 (**permalink**) 01-18-2008, 10:33 AM

Hello to everyone want to introduce myself. Have been reading your post for a while and getting a lot of usefull info. Thanks for everyones time.

What are your thoughts on Incorporating vs LLC or /and putting house in Trust to protect us from libaility.

E and O Insurance is not required in Illinois yet what are your thoughts on this also.

Chris Lyons

Kevin Luce · #2 (**permalink**) 01-18-2008, 11:06 AM

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What are your thoughts on Incorporating vs LLC or /and putting house in Trust to protect us from libaility.

When you talk to your lawyer is the best route to go. In Indiana, LLC works fine when you have no employees.

Quote:

E and O Insurance is not required in Illinois yet what are your thoughts on this also.

Get it or have the funds to cover yourself when you have to deal with a law suit or a legal dispute. It doesn't matter if you have insurance or not, when people think you did something wrong and they have money, they will sue you.

I'm not sure about IL, but around here, Legal costs can run $125 to $200 per hour depending on who is putting the hours in. Paralegal = $125, Lawyer $175 to $200 per hour.

Rick Hurst · #3 (**permalink**) 01-18-2008, 11:55 AM

TALK TO A ATTORNEY. Don't rely on a message board for facts.

BUT

I can tell you from my own experience, don't tie your home up in any form to your business.

Meaning, don't pay house payments, personal credit cards, or taxes on your home out of your business account. Doing such just made your home part of your business. If you do and ever go to court, an attorney will eat you alive when you try to throw out any incorporated or LLC type of documents.

rick