Contractor Talk - Professional Construction and Remodeling Forum banner

1 - 9 of 9 Posts

·
Registered
Joined
·
7 Posts
Discussion Starter · #1 ·
It seems there is some insurance cop.,lawyer, or person lingering in the bushes waiting to jump out and take everything you have worked for all your life. i have a small sole propritor business. i noticed my workers com onlr covers 100,000 per accident not much in to days standards. one real accident sends the lawyers calling. is ther any way to protect my valubal assets besides becoming INC. would it be possable to put all assets under an LLC and continue doing bissness as a sole propriter? Any help would be greatly appriceated.
 

·
Registered
Joined
·
99 Posts
My co. is an S corp. and real estate under an LLC separately. Not sure how protected I am but your post made me think of a call I got yesterday.

Got a message from some girl saying it was about an insurance claim, call her back. Oh chit! We've only done snow cleanup recently and figured it was a slip and fall claim or something. Turned out she was from the Claims Pages advertising, sales witch. I guess they've taken up the BBB type tactics to try and make some sales. Lucky for her she didn't answer when I called back :censored:
 

·
Nepster
Joined
·
171 Posts
Do an S Corp instead of an LLC. You can avoid some self-employment taxes that way. If you have real estate it should be seperate and in an LLC. With an S Corp you can take a small salary, but write yourself distribution checks to make up the rest of the money. The distributions are not subject to self employment taxes. You still pay taxes at the end of the year on the distributions, but you avoid the additional taxes.

So I am told....
 

·
Registered
Joined
·
2,456 Posts
"Got a message from some girl saying it was about an insurance claim, call her back."
Had a few of these lately too. Even WC claims. Even got 1 letter so far. I answered one of these the other day and the person on the other end demended I allow so and so to talk to him. So and so doesn't even work for or with me. Who knows what it's about.
 
1 - 9 of 9 Posts
Top