How Many Of You FFC's Are Sole Proprietors, How Many LLC?

[melilley]

I know there are a few threads on this subject, but I am curious to how many FCC's are a LLC and how many are sole proprietors.? My head is spinning! I just opened and applied for my EIN as a sole proprietor. I have told some family members this and they immediately say I need to look into it and should probably be an LLC. Well it's just me and I can only have 6 kids including my son. I don't see how it would benefit me to be a LLC. I think that it's different for FCC as opposed to different businesses. I have no loans out for the business and we do have assets, but not a ton. We own a house, 2 vehicles, my husband has some stock and 401k (or something like that), but that's about it. Am I right to be a sole proprietor or is there something that I'm missing? I did read Tom's article on this, but I would just like some input! Thanks!:
Oh and I am going to get as much business liability insurance as I can get. And if for some reason if I don't succeed I'll just have to enter the work force outside of the home, we will not be out of anything.

[Blackcat31]

I am a sole proprietor.

You should do a poll of you really want to see the differences in who is which

[melilley]

Originally Posted by Blackcat31

I am a sole proprietor.

You should do a poll of you really want to see the differences in who is which

I would do a poll, but I don't know how...lol

[Blackcat31]

Originally Posted by melilley

I would do a poll, but I don't know how...lol

I made one for you

In the future, when you post a new thread you will see an option on the top right hand side of your new post that says "Thread Tools". When you click on that, a drop down menu will appear. Choose "add poll" and the rest is pretty easy.....

If you try it now in this thread the "add poll" option is not in the drop down menu since there is already a poll added but you can still click the drop down menu and see the other thread tool choices.

[melilley]

Originally Posted by Blackcat31

I made one for you

In the future, when you post a new thread you will see an option on the top right hand side of your new post that says "Thread Tools". When you click on that, a drop down menu will appear. Choose "add poll" and the rest is pretty easy.....

If you try it now in this thread the "add poll" option is not in the drop down menu since there is already a poll added but you can still click the drop down menu and see the other thread tool choices.

Oooooh! I get it, thank you!!!

[Starburst]

I don't buy any of here products but I do like the ideas of some of her videos (although she does seem kinda too perky and upbeat (lol) - and my bf said she sounds a little full of herself in some of the videos ). This is a video about information how to start a home based preschool (most of the info can work for daycare too) and she talks about the pros and cons of becoming a sole prorietor and an LLC

For that specific video (week 3 video)
http://www.startapreschool.com/training/business.html


for all 8 of the videos:
http://www.startapreschool.com/training/graduation.html (you can click on the week but it erases all the other weeks after so you may want to save that page so you can go back to get more weeks)


Once my business gets up and running I am going to be looking into being an LLC- espesually if I take the kids for walks or transport by car.

[Michael]

I would want to separate my personal business from my professional business. Otherwise you are open to too much liability.

[kitykids3]

I have been running as a sole propietor since I opened 6 years ago. However, as I gain more assets (although still not much), I don't want to risk any of it so I have been leaning towards becoming an LLC. My dad, uncle and brother are all business owners also and have all become LLC's and suggest it.

[williams2008]

I am sole proprietor.

[MarinaVanessa]

Sole proprieter

[GoodKarma]

Sole Proprietor. Our tax preparer specializes in taxes for child care providers and told me not to do LLC, but I don't remember why.

[LaLa1923]

Maybe Tom can shed some light. ?..

[melilley]

Originally Posted by LaLa1923

Maybe Tom can shed some light. ?..

He does have an article on this, but it says unless you have a ton of personal assets you would want to be a sole proprietor. But what is considered a ton of personal assets? kwim?