Sole Proprietorship or LLC for a web-design company?
March 6th, 2010 | by admin |I am a college student in Chicago studying web design. I want to start a web design company that would basically be a website. I dont know if I should start a Sole Proprietorship or a LLC. Which will the most beneficial for a web site for web-design?
Thanks in advance,
SixOne13
Hello Six one 13
Interesting name, where did you get it? My own name "Logan" is
old Irish for "from the Hollow". LLC means Partners doesn’t it?
For most small businesses you don’t want partners. You do want
to make money. The skills used in building web-sites may serve
you in many ways. From what I have seen, most people who
make money from the web are selling something. From Old Cars
to Empty Promises. How much does it cost to make a promise.
Often booklets or pictures or music disks can be peddled for a
good profit.
A business that needs several partners usually is much larger.
Some partners have skills that others don’t, others have the
money to start, someone may have a place to work from, or
maybe the proper tools (welding shop?)
The big business killer is money! A dollar spent from out
of your wallet is not the same as a dollar spent from a credit
card. Both are different from the dollar you borrow on your
house (or other asset). A successful business usually starts
small, and builds into itself. If you dump a bunch of money
into a business, then that is spent, and you lose the ability
of adapting to different conditions. If the money is borrowed
you will find that the lender wants HIS whether you have an
income or not. Sometimes it is wise to borrow, but usually
it is not. As it is written, "The borrower becomes the slave
of the lender."
A suggestion for you. Talk to your teachers, friends, and
others who have been in the business. If you can work for
someone else for a while who is doing it, you may learn
much. That may save you making costly mistakes. As it
is written, "There is wisdom in many advisers." Buy
your professor lunch, do him some favors, a small gift.
Same for friends and associates,
You need your Start-Up money—Two years running money—
and an income to live on. If you borrow any of it, you need
enough income to pay the payments without any of it coming
from the business.
One Response to “Sole Proprietorship or LLC for a web-design company?”
By Logan A on Mar 6, 2010 | Reply
Hello Six one 13
Interesting name, where did you get it? My own name "Logan" is
old Irish for "from the Hollow". LLC means Partners doesn’t it?
For most small businesses you don’t want partners. You do want
to make money. The skills used in building web-sites may serve
you in many ways. From what I have seen, most people who
make money from the web are selling something. From Old Cars
to Empty Promises. How much does it cost to make a promise.
Often booklets or pictures or music disks can be peddled for a
good profit.
A business that needs several partners usually is much larger.
Some partners have skills that others don’t, others have the
money to start, someone may have a place to work from, or
maybe the proper tools (welding shop?)
The big business killer is money! A dollar spent from out
of your wallet is not the same as a dollar spent from a credit
card. Both are different from the dollar you borrow on your
house (or other asset). A successful business usually starts
small, and builds into itself. If you dump a bunch of money
into a business, then that is spent, and you lose the ability
of adapting to different conditions. If the money is borrowed
you will find that the lender wants HIS whether you have an
income or not. Sometimes it is wise to borrow, but usually
it is not. As it is written, "The borrower becomes the slave
of the lender."
A suggestion for you. Talk to your teachers, friends, and
others who have been in the business. If you can work for
someone else for a while who is doing it, you may learn
much. That may save you making costly mistakes. As it
is written, "There is wisdom in many advisers." Buy
your professor lunch, do him some favors, a small gift.
Same for friends and associates,
You need your Start-Up money—Two years running money—
and an income to live on. If you borrow any of it, you need
enough income to pay the payments without any of it coming
from the business.
References :
I have been through some of it, and have seen more.
I am an old man who also had dreams.
Follow your dreams—–but not over a cliff.
E-mail—-ljalyea@yahoo.com
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