A question for those who run their own business or businesses as an LLC...
My wife is a photographer that currently freelances under a DBA (Doing Business As). She has some type of liability insurance but I'm not certain on what it covers or how much. My feeling is that coverage probably is not enough and our personal assets (home, cars, retirement savings, etc.) are exposed if someone decided to sue her.
I am looking to set up an LLC to be able to pick up freelance medical writing/editing jobs as a side business (perhaps make it full-time).
Setting up an LLC in Michigan is cheap and should be easy. Since we would each benefit from the protections a LLC provides and since we are married, would it be better to organize as "XYZ Enterprises" as the parent company, then each of us have DBAs that point back to the parent? According to my research, this is possible. I'm trying to look at this from the standpoint of taxes and being efficient. I will have no costs. My wife will have costs with printing and shipping.
Or are we better off setting up individual LLCs and keeping everything separate? I'm continuing to do research and plan to meet with a CPA in the coming weeks but thought I would ask.
Thanks!
My wife is a photographer that currently freelances under a DBA (Doing Business As). She has some type of liability insurance but I'm not certain on what it covers or how much. My feeling is that coverage probably is not enough and our personal assets (home, cars, retirement savings, etc.) are exposed if someone decided to sue her.
I am looking to set up an LLC to be able to pick up freelance medical writing/editing jobs as a side business (perhaps make it full-time).
Setting up an LLC in Michigan is cheap and should be easy. Since we would each benefit from the protections a LLC provides and since we are married, would it be better to organize as "XYZ Enterprises" as the parent company, then each of us have DBAs that point back to the parent? According to my research, this is possible. I'm trying to look at this from the standpoint of taxes and being efficient. I will have no costs. My wife will have costs with printing and shipping.
Or are we better off setting up individual LLCs and keeping everything separate? I'm continuing to do research and plan to meet with a CPA in the coming weeks but thought I would ask.
Thanks!
