How do we decide if we should incorporate or set up an LLC for our adult day care business?
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How do we decide if we should incorporate or set up an LLC for our adult day care business?
My wife and I own our home and plan to service 1-15 clients and hire 1-3 employees either full and or part-time.
Asked on October 23, 2014 under Business Law, California
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
Please go and speak with an accountant and an attorney about this in person. Are you planning on doing the day care in your home? Make sure that zoning laws allow you to run such a business and what the state licensing requirements are. There are also Department of Health requirements. A corporation shields assets from liability. An LLC limits liability to assets of the corporation. There are different tax structures as well. This is way to important to your financial well being to decide on your own with limited information. Good luck.
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
Please go and speak with an accountant and an attorney about this in person. Are you planning on doing the day care in your home? Make sure that zoning laws allow you to run such a business and what the state licensing requirements are. There are also Department of Health requirements. A corporation shields assets from liability. An LLC limits liability to assets of the corporation. There are different tax structures as well. This is way to important to your financial well being to decide on your own with limited information. Good luck.
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
Please go and speak with an accountant and an attorney about this in person. Are you planning on doing the day care in your home? Make sure that zoning laws allow you to run such a business and what the state licensing requirements are. There are also Department of Health requirements. A corporation shields assets from liability. An LLC limits liability to assets of the corporation. There are different tax structures as well. This is way to important to your financial well being to decide on your own with limited information. Good luck.
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