I am an independent personal trainer in Texas. I have a main place where I train but clients pay me directly with either cash, checks and now I am even thinking about accepting credit card. Should I open an LLC? Is it better for tax reasons? Please help!
2007-08-04 05:19:35 · 2 answers · asked by busybusy 1 in Business & Finance ➔ Small Business
Never do something this as a sole proprietorship. You'll get sued, and they can attack your personal property. Either register as an LLC or s-corporation (check with an accountant locally to see what's best for your situation).
2007-08-04 12:39:18 · answer #1 · answered by jdkilp 7 · 2⤊ 0⤋
I agree wth jdkilp 100%. I just want to add that incorporating does add an additional tax liability on your PROFITS so you pay more in taxes but you get the protection. In an industry where someone can claim your exercises injured them, I would want LLC and liability insurance.
2007-08-05 12:04:23 · answer #2 · answered by Esmeralda 4 · 1⤊ 0⤋