What is the name of your state (only U.S. law)? PA
I'm considering options on if its worth it to incorporate or just remain a sole proprietor and am seeking some opinions on this matter. I'm a civil engineer and work full time for a corporation. I also wish to perform work as an engineer on my own. I don't have any immediate plans for growing this business beyond just myself functioning as the owner and sole employee. My understanding is that the main benefits are limited liability but that applies when one has employees since they would be agents of the LLC and not of me personally. Since I would have no employees I would still be liable for my own actions and thus my personal assets could still be in jeopardy in the event of a legal suit even as an LLC. Is this correct?
I've heard of this before with clients suing the engineer of record and the corporation, which is what is causing me to pursue further research in this area before conducting business on my own. I do plan on acquiring liability insurance to provide a safety net just-in-case.
Given what I described about the prospective business, would there be any advantage to incorporating as an LLC?
Thanks in advance for any advice!
I'm considering options on if its worth it to incorporate or just remain a sole proprietor and am seeking some opinions on this matter. I'm a civil engineer and work full time for a corporation. I also wish to perform work as an engineer on my own. I don't have any immediate plans for growing this business beyond just myself functioning as the owner and sole employee. My understanding is that the main benefits are limited liability but that applies when one has employees since they would be agents of the LLC and not of me personally. Since I would have no employees I would still be liable for my own actions and thus my personal assets could still be in jeopardy in the event of a legal suit even as an LLC. Is this correct?
I've heard of this before with clients suing the engineer of record and the corporation, which is what is causing me to pursue further research in this area before conducting business on my own. I do plan on acquiring liability insurance to provide a safety net just-in-case.
Given what I described about the prospective business, would there be any advantage to incorporating as an LLC?
Thanks in advance for any advice!