I was told that if I dont get a Tax ID# and get incorporated that someone can sue me personally instead of the business and take my House, car, and Ect.... Is this true?
2007-07-03 08:48:55 · 3 answers · asked by Virginia K 2 in Business & Finance ➔ Small Business
you need a federal tax id number
state tax id number
register with your secretary of state
local county
state department of labor
worker's comp
liability insurance for business and vehicles
check with your dept of transportation also
2007-07-03 09:16:18 · answer #1 · answered by FieryAngel 3 · 0⤊ 0⤋
Definitely need insurance. Contact your Small Business Association where you live. They can advise you and help you with any forms. Good Luck!
2007-07-03 15:57:45 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Pretty much true, if damages are high enough.
A corporation, or a limited liability corporation (LLC) can give you some protection of your personal assets.
2007-07-03 15:55:36 · answer #3 · answered by Judy 7 · 1⤊ 0⤋