Business Registration

[Kendall Goad]

I was just curious how others think the best way to register an HI business is? (ex. LLC, SP or what)
BTW, HI insurance will be carried.

Thanks,
Kendall Goad

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[Rick Hurst]

At your local court house with the county clerk. Research to make sure you don't have the same company name as someone else also.

My attorney stated to me starting out, he doesn't recommend the use of your personal name in your business name either.

rick

[Jim Luttrall]

It all depends.



Now, go talk to a lawyer for some real advice on that. State laws vary, situations vary and to the best of my knowledge none of the regular contributors here is qualified to give legal advice.

BTW, I am Incorporated, but not for reasons related to HI business.
I was a sole prop. for years and am planning on returning to that business format soon.

[Jim Robinson]

I'm also in NM, and single member LLC is a piece of cake here. $50, and a real easy form to fill out. You will need to get a NM CRS number once you have filed your LLC paperwork, but it's all pretty easy. Don't get a CRS number before you do, or you'll have to get a new one when your LLC is approved, and they will get confused. Get a good book on corporate record keeping on how to keep your personal assetts protected by proper use of the corporation.

[Brian E Kelly]

Rick
You stated that your lawyer did not recomend the use of your name in the business name. I am courious as to why he might feel that way. My company is not a LLC or anything like that, I am a single man operation with the proper insurance needed as per New York State. I figured to use my name would only help.

[Rick Hurst]

Brian,

The reasoning I always have got from my attorney on this subject is that if you are ever in a lawsuit, it makes it easier for the prosecuting attorney to try and bring in any of your personal assets that you may have tried to separate from your business and basically go after those if they can get a judgement against you.

If you have as much money as Trump, I then wouldn't worry about it.

rick

[Kendall Goad]

Thanks for the replies.

I do know where to go to register.
I was just curious of the opinions as to registering as a Sole Proprietor or Limited Liabilty, etc.

BTW Jim R., thanks for the info. on the NM CRS#. Is NM still without any other registration requirements for HI's? Nobody around seems to be able to answer this question and the associations still say no. But I'm just wanting to cover all bases.

Kendall