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Registered
Join Date: Oct 2005
Location: Magnolia State
Posts: 7,548
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To reiterate/add to what MRM says, IMO you absolute need to set up a legal entity. While in my experience Sub. S/LLC's do not offer any significant tax benefits for the small business/sole proprietorship, they are worth their weight in gold to insulate you from personal liability. Just make absolutely sure you keep it totally segregated from your personal business so as to not allow the corporate veil to be pierced. If you were opening a snow cone stand I'd wait and see how the business goes before going to the trouble of setting up a business entity. But you're dealing with firearms...suppose you refinish a stock and then some peckerwood takes it out and fires it with a full barrel of mud. When his survivors sue you personally for your "negligence" you'll undestand why.
 Even if you were culpable, any recovery would likely be limited to the LLC's assets.Sounds like a great and rewarding venture on many levels. Good luck.
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Jim 1987 Carrera 2002 BMW 525ti 1997 Buell Cyclone cafe project 1998 Buell S1W: "Angriest motorcycle I've ever ridden." Last edited by Dueller; 04-22-2010 at 05:48 AM.. |
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04-22-2010, 05:44 AM
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(the shotguns)
Join Date: Feb 2006
Location: Maryland
Posts: 21,676
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no keys. keep it simple and don't try to squeeze every last dime out of it.
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***************************************** Well i had #6 adjusted perfectly but then just before i tightened it a butterfly in Zimbabwe farted and now i have to start all over again! I believe we all make mistakes but I will not validate your poor choices and/or perversions and subsidize the results your actions. |
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04-22-2010, 05:47 AM
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Double Trouble
Join Date: Nov 2002
Location: North of Pittsburgh
Posts: 11,705
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Quote:
Did you get that wood? |
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04-22-2010, 06:18 AM
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