OT- Contractor

[Mark Lane]

That depends, in my case, I started as a sole proprietor because all I
could afford was the $60 dollar registration. The plan is to
incorporate when can afford to. Though from a liability standpoint, I
have very little assets so I am only risking personal bankrupcy. With
that said, if I can get enough billable hours this month, I will be
incorporating.

On Mon, Jun 21, 2010 at 11:00 PM, ted leslie <tleslie-RBVUpeUoHUc at public.gmane.org> wrote:
> Or you screw something up and you end up losing your house and car to pay the damages.
> Don't leave assets in your company, and if sued, it folds.
> If you are married (commonlaw), you have to incorporate, else you also leave your significant other at risk.
> Actually, there is just no reason to not incorporate, its just unnecessary exposure.
>
> tl
>
> On Mon, 21 Jun 2010 22:47:33 -0400
> Yanni Chiu <yanni-bJEeYj9oJeDQT0dZR+AlfA at public.gmane.org> wrote:
>
>> William Park wrote:
>> > ...  Though, if you're the only shareholder, the only
>> > executive, and the only employee, then I don't think you can escape
>> > resposibility as easily.
>>
>> But that is the whole purpose of incorporation and limited liability.
>> What might happen is that you might be asked to personally guarantee a
>> contract, but that is beyond what is required.
>>
>> If you're referring to a case of "piercing the corporate veil"
>> (http://en.wikipedia.org/wiki/Piercing_the_corporate_veil), then you
>> should avoid doing the things that cause that - i.e. don't mix personal
>> and corporate monies and stuff.
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>
>
> --
> ted leslie <tleslie-RBVUpeUoHUc at public.gmane.org>
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-- 
Mark Lane <lmlane-Re5JQEeQqe8AvxtiuMwx3w at public.gmane.org>
--
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