3 ms·

I wouldn't sweat the liability oo much either, but why not just incorporate. In most states it costs $150.

epi0Bauqu 19y ago
Agreed. Quite simply, why take the risk? It is such a low cost, and you get protected from liability arising from all sorts of low probability but high impact events, some of which you probably haven't even thought of.
- drusenko 19y ago
  cost is a hell of a lot more than $150... unless you're planning on incorporating something that will end up providing no protection in court, anyway, and will hurt you big time if you end up going big.
  - epi0Bauqu 19y ago
    This is just not true. Suppose you file the basic incorporation documents provided by your state and you are the sole shareholder. How exactly will that provide you with "no protection in court" or "hurt you big time if you end up going big?"
    - davidw 19y ago
      You have to do some other things, like open up a bank account, and make sure company things are separate from personal things. But there are books (nolo.com has some for instance) that explain the steps necessary. I guess it's all about risks/rewards - I don't have a lot of assets to begin with, I'm not sure the company will go anywhere, so why blow thousands of dollars on expensive lawyers? Better to learn the details of the process myself. So I created an LLC in Oregon. On the other hand, if you're already wealthy, and want to create some kind of music sharing site... well, maybe some good lawyers are worth the money.
  - mikesabat 19y ago
    It is much more to have a lawyer draw up an agreement. You can register a company and get and EIN for about $150 usually. It's very simple and if you run everything through the business there should be some protection. My businesses have been sued several times and I've never worried about my personal liability - and I've never been named in the suit. I guess the real protection comes with insurance, which is the best idea if you are really worried about liability. I'm not a lawyer.

Agreed. Quite simply, why take the risk? It is such a low cost, and you get protected from liability arising from all sorts of low probability but high impact events, some of which you probably haven't even thought of.

drusenko 19y ago
cost is a hell of a lot more than $150... unless you're planning on incorporating something that will end up providing no protection in court, anyway, and will hurt you big time if you end up going big.
- epi0Bauqu 19y ago
  This is just not true. Suppose you file the basic incorporation documents provided by your state and you are the sole shareholder. How exactly will that provide you with "no protection in court" or "hurt you big time if you end up going big?"
  - davidw 19y ago
    You have to do some other things, like open up a bank account, and make sure company things are separate from personal things. But there are books (nolo.com has some for instance) that explain the steps necessary. I guess it's all about risks/rewards - I don't have a lot of assets to begin with, I'm not sure the company will go anywhere, so why blow thousands of dollars on expensive lawyers? Better to learn the details of the process myself. So I created an LLC in Oregon. On the other hand, if you're already wealthy, and want to create some kind of music sharing site... well, maybe some good lawyers are worth the money.
- mikesabat 19y ago
  It is much more to have a lawyer draw up an agreement. You can register a company and get and EIN for about $150 usually. It's very simple and if you run everything through the business there should be some protection. My businesses have been sued several times and I've never worried about my personal liability - and I've never been named in the suit. I guess the real protection comes with insurance, which is the best idea if you are really worried about liability. I'm not a lawyer.