does i need to regester as limited or as an induvedual
2006-12-28 07:00:12 · 6 answers · asked by Chike E 1 in Beauty & Style ➔ Fashion & Accessories
Always Limited
If the company needs to be closed down god for bid due to not making a profit no one can come after youat personally for any credit that was outstanding............
I.e. phone bill, gas, rent, suppliers basically anyone that you would be recieving bills from
2006-12-28 07:03:51 · answer #1 · answered by xXx Orange Breezer xXx 5 · 1⤊ 0⤋
You want to register as an LLC or limited liability company. As someone already mentioned, it's the only way to protect yourself in the event that something goes wrong, you get sued or go bankrupt, etc.
I'm in the process of going through the paperwork right now and you can in fact start one as an individual. An LLC is often best suited for smaller companies with just a few employees, so it's perfect for your startup.
Check out more info at wikipedia:
http://en.wikipedia.org/wiki/Limited_liability_company
2006-12-28 07:11:03 · answer #2 · answered by rmonkeygirl 2 · 0⤊ 0⤋
if you are the only director and you have no secretaries then you should regester it as an individual. if you work with a partner or partners then it should be regestered as a partnership company. because it is not a big company and you do not manifacture the clothes then you cant be limited or unlimited company
2006-12-28 07:05:50 · answer #3 · answered by vamy189 2 · 0⤊ 0⤋
Limited - play it safe!
Think if someone sued you, then you'd be only liable to a certain limited extent, for which you'd cover yourself on liability insurance.
Don't think it won't happen, these days some fool could trip on the floor in your shop and sue you.
Unlimited is very rare these days as no one fancies the unlimited risk associated with it.
2006-12-28 07:17:20 · answer #4 · answered by Anonymous · 0⤊ 0⤋
depends on your state and local regulations. Check with your town or coutny clerk's office, and your state's Dept of State. Also, find the locla chapter of SBA or SCORE for free advice.
PS the term limited is usually reserved for companies organized as an LLC or LLP
2006-12-28 07:03:48 · answer #5 · answered by Shihfu Mike Evans 4 · 0⤊ 0⤋
Try Business link for free business start-up advice:
2006-12-28 07:16:19 · answer #6 · answered by glgl 5 · 0⤊ 0⤋