What who you say is the best business type for a clothing company?

-Individual Owner / Sole Proprietorship
-Limited Liability Company (LLC)
-Limited Partnership (LP)
  • litoQ

    I just like how in "Businees Type" you mistyped Business

    I amuse me ;)

    I'd think LLC but im not ontop of the game in that respect... Ive also heard there are alot of benefits to actually Incorporating, im also interested in a definitive answer
  • skilla

    lol......yeah i know!
  • benaiahclothing

    I'm looking into both LLC and Incorpoarting. I just have my business license right now. I'll post some info when I figure it out. I'm just kinda lazy. lol
  • FuzzyInk

    Speaking from out current business entity setup, I would say that LLC would be the best choice. With that, you are limited as to the liability that can fall on you personally. If you get sued, etc., your personal assets cannot be taken (house, car, etc.) in order to recoup the funds. There are a few more hoops to jump through to attain this, but in the end it's worth it.

    Partnerships are a bit different in that you could be held personally liable for debt meaning they could come after your personal account to recoup the necessary funds. My suggestion would be to talk with the small business center at your local college to get a feel for things. They will also recommend which entity is suited best for your specific needs. I hope that helped a little bit.
  • Time Without the E

    Do NOT go the inc. route. you are responsible for everything out of your pocket. someone can sue you and take your house, car and dog but under LLC they can only sue the company so you can only lose the companies assets not your own.
  • skilla

    Thank you guys for your help!
  • quakerninja

    I just have a registered assumed business name, thats all I really need for now.
  • skilla

    MadeByMAS said: Yeah I have an LLC, really easy and fast to setup.

    where did you setup your LLC?
  • molasses4masses

    ALL FOR LOVE said: I am about to register as an LLC but all this huge business terms mentioned while researching is overwhelming my brain.

    Help me Jon Kruse!

  • benaiahclothing

    skilla said:
    MadeByMAS said: Yeah I have an LLC, really easy and fast to setup.

    where did you setup your LLC?

    You can go straight through you state commission board. I think commissioner of revenue is who I'd go through in Virginia, I assume same position in other states.

    Or you can do www.legalzoom.com. it'sreally fast and reliable, you just have to pay 3rd party fees, instead of just paying state fees if you were to do it directly with your state. If you don't understand this legal talk, I'd recommend legalzoom. I personally know some people who have used it and were completely satisfied.

    I'm setting up my LLC for Benaiah in 2 weeks when I get back from Cornerstone.

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