5 Comments

  1. Joseph J. Patchen

    Funny you bring this subject up. Only last week I and friend kicked the idea around and made a short list of pros and cons. In Connecticut this is an expensive move as the state is imposing new taxes and surcharges almost daily against businesses. to cover out of control spending. But at the end of the day, the fact is, you are correct, this is a business and proper safeguards need to be in place in such a litigious society. The formation is easy it is just the upkeep that is expensive; but in the end it may still be cheaper than being on the wrong end of individual liability. Thanks.

    • I’m dealing with the expenses too – the $125 I mentioned is every year, and there is an extra form my accountant will have to file. That and the legal fee I spent. I did it this way to keep nice and clean and avoid being on the wrong end of litigation. Glad my post helped.

      • Joseph J. Patchen

        It did because I have been on the fence about it and I need to give it serious thought. Thank you.

  2. Very Interesting. I’ve thought about doing this over the years. Thanks for sharing your experience with us, Barbara!

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