http://bellydancebiz.tribe.net/thread/cbfcfde6-7de1-476d-a578-0b84fc655fa9?format=rss Tribe.net. Local Connections http://bellydancebiz.tribe.net/thread/cbfcfde6-7de1-476d-a578-0b84fc655fa9#21bf2e7a-1506-431f-8321-5acdd2075cf2 LLP has some benefits also I hear. Mon, 06 Jul 2009 03:03:41 GMT http://bellydancebiz.tribe.net/thread/cbfcfde6-7de1-476d-a578-0b84fc655fa9#21bf2e7a-1506-431f-8321-5acdd2075cf2 Kaytee 2009-07-06T03:03:41Z http://bellydancebiz.tribe.net/thread/cbfcfde6-7de1-476d-a578-0b84fc655fa9#bee01d6c-e108-4526-a161-d197f784b074 If you register as an LLC acting as a Sole Prop, you get the benefit of coverage, but don't have to bend 6 ways to Sunday for a president, secretary, etc. Check with your CPA - they will be the best source of advice for you - a lot depends on your State laws, as well. Good luck. Sat, 04 Jul 2009 21:31:54 GMT http://bellydancebiz.tribe.net/thread/cbfcfde6-7de1-476d-a578-0b84fc655fa9#bee01d6c-e108-4526-a161-d197f784b074 Velvet Fifi 2009-07-04T21:31:54Z http://bellydancebiz.tribe.net/thread/cbfcfde6-7de1-476d-a578-0b84fc655fa9#d8e9feb0-821f-4b16-91bc-5a5362c90aa1 I think your best course of action is to meet with a CPA and get their advice. I opted for LLC, but I'm not running a dance studio. When I was running a studio, we were a c-corp. But then again, the business was incorporated ages ago. Fri, 03 Jul 2009 00:45:37 GMT http://bellydancebiz.tribe.net/thread/cbfcfde6-7de1-476d-a578-0b84fc655fa9#d8e9feb0-821f-4b16-91bc-5a5362c90aa1 Samira 2009-07-03T00:45:37Z http://bellydancebiz.tribe.net/thread/cbfcfde6-7de1-476d-a578-0b84fc655fa9#162f93c2-53fa-4df5-bf71-71f893a3147d When I had my store, I just stayed a sole proprietor. However, in opening a studio, you may want to look at avenues that would protect you personally in the event of some catastrophic injury or disaster, by incorporating or going the LLC or other route. As a sole proprietor, you are responsible for all the bills, payments and any insurance claims. Incorporated, it only goes as far as the assets of the business, not your house or personal savings account - at least that's how I understood it. On the other side, by incorporating, you need a board of directors, president, sec'ty, treasurer, etc., but so often members of the family are named to those positions, but you do have to be careful to follow the rules for meetings and administration of the corp. Can be done easily, millions do, but just saying you need to be aware of those. Thu, 02 Jul 2009 20:59:46 GMT http://bellydancebiz.tribe.net/thread/cbfcfde6-7de1-476d-a578-0b84fc655fa9#162f93c2-53fa-4df5-bf71-71f893a3147d Xanthea 2009-07-02T20:59:46Z http://bellydancebiz.tribe.net/thread/cbfcfde6-7de1-476d-a578-0b84fc655fa9#3f4b6ed1-9276-4506-a114-780a8d8bd195 Hello, I am moving forward with my plans to open a studio. I currently teach and claim my income on my schedule C as a sole Proprietor, but am wondering if I should look to creating an LLC before I proceed with the business. For those of you who have followed a similar path of opening a studio, how did you do it, and why did you decide to do what you did?? Thu, 02 Jul 2009 18:33:28 GMT http://bellydancebiz.tribe.net/thread/cbfcfde6-7de1-476d-a578-0b84fc655fa9#3f4b6ed1-9276-4506-a114-780a8d8bd195 Just Joyce 2009-07-02T18:33:28Z