Christina72684 08:30 AM 04-30-2012
When we first opened we became an S-Corporation and our lawyer that set us up told us to keep the house (we don't live in it) in my name, and not to put it in the daycare name because if it was in the DC's name and we got sued, they could take the house. But keeping it in my name is causing so much more paperwork and is a pain in order to do things the "right way".
So I wanna know, what are the chances that I'll ever get sued? And for what?
godiva83 08:47 AM 04-30-2012
Touch wood I have never been sued!!! However, with today's society and their 'sue the pants off everyone' mentality I wouldn't risk it!!!
Grin and bear the paper work would be my advice. Also, that little thing called 'Murphy's law' is always sneaking up on ppl. You may be fine and as soon as you change it over pow... KWIM
Childminder 12:07 PM 04-30-2012
Tom Copeland does not recommend being a S-corp because you don't get to claim deductions as you should. You could be a LLC and have more protection against liability issues or just make certain to have liability insurance. IMO