I Formed a Corporation or Limited Liability Company. Now What?

[Nick Gromicko]

I Formed a Corporation or Limited Liability Company. Now What?

[dquigley]

Informative yes, but is there a specific point that you are making that i am missing, or just shating info. I'm all ears.

[Nick Gromicko]

Yes. That for home inspectors, incorporating isn't quite enough. Read the last paragraph in the article.

[Dominic J. Maricic]

Great article Nick , and one that guys should all read over carefully.

[dquigley]

Thanks Nick,

I missed the whole concept my first reading. Very informative and i appreciate your added input

[John Harrison]

Nice article.

looking back at forming my LLC.
I was told by the state that I would not need an EIN number and could just use my S.S.
I really did not like this as I beleived the intent was for me to seperate myself from the company.
When I went to open the business checking account the bank would not do it unless I had an EIN number. Thats when I was finally able to get one.

[Jam Lasserton]

Thanks for the post. It was informative and I actually read it three times to make sure I got all the information stored away. Every inspector should take the time to read your article. I have been looking into this exact thing and now I am more confident in starting my own LLC.

[dquigley]

Originally Posted by jharrison

Nice article.

looking back at forming my LLC.
I was told by the state that I would not need an EIN number and could just use my S.S.
I really did not like this as I beleived the intent was for me to seperate myself from the company.
When I went to open the business checking account the bank would not do it unless I had an EIN number. Thats when I was finally able to get one.

As you probably know now. Getting an EIN can be obtained online in a matter of minutes. There is no charge

[Bruce A. King]

E&O should be on the inspector not the LLC unless you have it on both. If you have it on just one make it the inspector. Anyone disagree?

[Kevin Luce]

Here in Indiana, the client can sue my company but not the home inspector directly if an LLC or Corp. My client can report me to the Home Inspection Licensing board, the PLA can fine me and take away my license. From what I remember seeing, the Professional Licensing Agency (PLA) for Indiana, only 5 people have been fine and 3 lost their license since licensing started. Very small % for the amount of home inspectors that get sued in Indiana per year.

As far as I know, insurance doesn't protect me against the PLA and the fine they can apply.

This is how I read our state law regarding this matter.