Small Business Owners Questions
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5,016 Posts
what type of business is it?
i can send you the name of my insurance guy.
i can send you the name of my insurance guy.
I own several businesses, some of which I use an LLC as either the general partner for an LP, or independently to hold property. It is a great "flow-through" company which protects you primarily from exposure. Also helps with taxes.
The insurance company I deal with is in San Antonio. Gosling & Sachse. Talk to Debbie Brzezinski and tell her the man from Bandera sent you. They do almost all my commercial/business policies. Their number is 210-384-0000.
The insurance company I deal with is in San Antonio. Gosling & Sachse. Talk to Debbie Brzezinski and tell her the man from Bandera sent you. They do almost all my commercial/business policies. Their number is 210-384-0000.
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4,588 Posts
There are lots of insurance companies. Check with several and compare. If you need specific companies pm me. I am renewing ours now and am getting quotes from 3 different companies.
Texxan,
Most of your ins. companies can provide you with the gen. liab. On the LLC, I'd advise you to talk with your accountant first. They will be able to tell you what your options are as far as setting up a corp, s.corp, LLC or just go as a sole proprietor. I spoke with mine and he said it would cost about $750 to set up a corp and wouldn't 'shield' me any liability exposures (in a courtroom setting it would be easy to hurdle). It would save me a little on taxes but then I'd have to pay an atty $750 to set up the corp. and then I'd have to submit 1/4ly statements to the IRS (again, I'd be paying an acct. for each one). Bottom line was the LLC or corp. route doesn't protect any small bus. owner from a lawsuit and the $750 up front and the extra 1/4ly acct costs just didn't seem like it was worth the small savings. Each case is different but talk to an acct before setting up anything other than a sole proprietor.
Most of your ins. companies can provide you with the gen. liab. On the LLC, I'd advise you to talk with your accountant first. They will be able to tell you what your options are as far as setting up a corp, s.corp, LLC or just go as a sole proprietor. I spoke with mine and he said it would cost about $750 to set up a corp and wouldn't 'shield' me any liability exposures (in a courtroom setting it would be easy to hurdle). It would save me a little on taxes but then I'd have to pay an atty $750 to set up the corp. and then I'd have to submit 1/4ly statements to the IRS (again, I'd be paying an acct. for each one). Bottom line was the LLC or corp. route doesn't protect any small bus. owner from a lawsuit and the $750 up front and the extra 1/4ly acct costs just didn't seem like it was worth the small savings. Each case is different but talk to an acct before setting up anything other than a sole proprietor.
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10,637 Posts
If you want to set up an LLC, it is simple and you can do it online. https://direct.sos.state.tx.us/acct/acct-login.asp or something like that. Set up a login and it is around $200 for everything you need. You will then have to register with the state for sales and use tax if doing a taxable service. As far as the taxes/insurance and whatnot, I dont know, I dont keep insurance cause I dont need it for what I do, This will be my first year for taxes(fed). Sales tax is easy, once you register they will send you a form that has all the percentages on it for where you sale stuff to and if it isnt on there, just call them up and they are always willing to walk you through it. I have always believed in doing as much of your own stuff as you possibly can. I will use a CPA for fed taxes though because I have no clue about corp tax loops......
Thanks for the bump Jeff! Commercial insurance is pretty much all that I do. I help people on the board with boat insurance as well but my primary focus is on the commercial side. If I can be of any help feel free to shoot me a PM and I'll get back to you. Thanks again Jeff!Brew said:
Brian
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