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Bob's LLC

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CardinalNSB(at)aol.com
Guest

Posted: Wed May 28, 2008 4:09 pm Post subject: Bob's LLC

Finally something I might share back from 25 years as  

business/bankruptcy/attorney.

 

This is not legal advice, just thoughts.

 

LLC is good first step, still some questions as to whether a corporation (C  

or S) is the best for liability protection.  

 

More importantly here, be careful of putting all your eggs in one  basket.

 

In general, I recommend keeping separate businesses in separate legal  

entities.

 

It would be a shame to have the OBAM business hit with a claim that  

originated against the locksmith, for instance. 

 

Or when the big national company wants to buy the  hvac company,  having to 

separate out the other businesses.  Some tax issues there  also.

 

Mainly I worry about the cross liability issue. You don't want a  single 

point failure to ruin your entire economic plan.

 

Regards, and thanks again for this internet resource, Skip (Florida)

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nuckolls.bob(at)cox.net
Guest

Posted: Wed May 28, 2008 8:06 pm Post subject: Bob's LLC

At 08:06 PM 5/28/2008 -0400, you wrote:

 	  Quote: 	
		  Finally something I might share back from 25 years as 

business/bankruptcy/attorney.



This is not legal advice, just thoughts.



LLC is good first step, still some questions as to whether a corporation 

(C or S) is the best for liability protection.



More importantly here, be careful of putting all your eggs in one basket.



In general, I recommend keeping separate businesses in separate legal 

entities.



It would be a shame to have the OBAM business hit with a claim that 

originated against the locksmith, for instance.



Or when the big national company wants to buy the  hvac company, having to 

separate out the other businesses.  Some tax issues there also.



Mainly I worry about the cross liability issue. You don't want a single 

point failure to ruin your entire economic plan.



Regards, and thanks again for this internet resource, Skip (Florida)


	


   Thanks!  Actually, the LLC is primarily a way to

   get me, my kids and ultimately my wife on a payroll

   for group health insurance. There will be few "eggs"

   of net worth.



   Practically all the value is embodied in skill-sets.

   It's also a way for my consulting income to be

   distributed the kids and taxed at their rates

   instead of mine.



   ML is a town of 2000 where one cannot make a living

   by being a specialist . . . so it's exceedingly

   unlikely that any of the specialty services would

   become attractive to a buyout candidate. We'll

   carry liability insurance . . . but only enough to

   buy us representation and not enough to make us

   a plum to pick.



   I'm becoming rather poor in a few weeks. My income

   is going to be less than what I was making when

   my boss raised my wages by 50% after one of my

   designs landed him a $multi-million$ fleet retrofit

   of the Lears . . . that was 28 years ago.

        Bob . . .



        ----------------------------------------)

        ( . . .  a long habit of not thinking   )

        ( a thing wrong, gives it a superficial )

        ( appearance of being right . . .       )

        (                                       )

        (                  -Thomas Paine 1776-  )

        ----------------------------------------

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ed(at)muellerartcover.com
Guest

Posted: Thu May 29, 2008 6:41 am Post subject: Bob's LLC

Hi Bob,



Have you looked at an HSA (Health Savings Account) for health 

insurance?  I won't go into too many details and everyone's situation 

can vary,  but if you can afford the deductible early on if you get 

sick (worst case situation),  it will eventually start to add up to a 

significant amount of money in your account instead of the insurance 

company's.  Can work really well for a healthy younger person.  Also, 

I'm NOT in the insurance or healthcare business,  only a small business 

trying to stay afloat without lining the insurance company's pockets.



Ed

On May 29, 2008, at 12:01 AM, Robert L. Nuckolls, III wrote:



 	  Quote: 	
		   

 <nuckolls.bob(at)cox.net>



 At 08:06 PM 5/28/2008 -0400, you wrote:

> Finally something I might share back from 25 years as 

> business/bankruptcy/attorney.

>

> This is not legal advice, just thoughts.

>

> LLC is good first step, still some questions as to whether a 

> corporation (C or S) is the best for liability protection.

>

> More importantly here, be careful of putting all your eggs in one 

> basket.

>

> In general, I recommend keeping separate businesses in separate legal 

> entities.

>

> It would be a shame to have the OBAM business hit with a claim that 

> originated against the locksmith, for instance.

>

> Or when the big national company wants to buy the  hvac company, 

> having to separate out the other businesses.  Some tax issues there 

> also.

>

> Mainly I worry about the cross liability issue. You don't want a 

> single point failure to ruin your entire economic plan.

>

> Regards, and thanks again for this internet resource, Skip (Florida)



   Thanks!  Actually, the LLC is primarily a way to

   get me, my kids and ultimately my wife on a payroll

   for group health insurance. There will be few "eggs"

   of net worth.



   Practically all the value is embodied in skill-sets.

   It's also a way for my consulting income to be

   distributed the kids and taxed at their rates

   instead of mine.



   ML is a town of 2000 where one cannot make a living

   by being a specialist . . . so it's exceedingly

   unlikely that any of the specialty services would

   become attractive to a buyout candidate. We'll

   carry liability insurance . . . but only enough to

   buy us representation and not enough to make us

   a plum to pick.



   I'm becoming rather poor in a few weeks. My income

   is going to be less than what I was making when

   my boss raised my wages by 50% after one of my

   designs landed him a $multi-million$ fleet retrofit

   of the Lears . . . that was 28 years ago.

        Bob . . .



        ----------------------------------------)

        ( . . .  a long habit of not thinking   )

        ( a thing wrong, gives it a superficial )

        ( appearance of being right . . .       )

        (                                       )

        (                  -Thomas Paine 1776-  )

        ----------------------------------------

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Bret Smith

Joined: 09 Jan 2006
Posts: 178
Location: Mineral Bluff, GA

Posted: Thu May 29, 2008 7:15 am Post subject: Bob's LLC

Bob, Ed is correct on the HSA.  Definitely worth looking in to.



Bret Smith

RV-9A "Canopy"

Blue Ridge, GA

www.FlightInnovations.com



---

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_________________
Bret Smith
RV-9A (Emp)

nuckolls.bob(at)cox.net
Guest

Posted: Wed Jun 04, 2008 5:49 am Post subject: Bob's LLC

At 10:37 AM 5/29/2008 -0400, you wrote:

 	  Quote: 	
		  



Hi Bob,



Have you looked at an HSA (Health Savings Account) for health 

insurance?  I won't go into too many details and everyone's situation can 

vary,  but if you can afford the deductible early on if you get sick 

(worst case situation),  it will eventually start to add up to a 

significant amount of money in your account instead of the insurance 

company's.  Can work really well for a healthy younger person.  Also, I'm 

NOT in the insurance or healthcare business,  only a small business trying 

to stay afloat without lining the insurance company's pockets.



Ed


	


   Absolutely. They also get your insurance company out of

   the loop as to who pays what for whom and why. What used

   to be a tool for reduction of risk has morphed into

   socialized sharing of expenses that can no longer be

   classed as "insurance". An HSA recovers at least a

   portion of that flexibility and personal initiative

   that we've sold to the so-called insurance companies

   over the years.



   Bob . . .

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