VO-BB - 20 YEARS OLD!

Rob Ellis · M&M Joined: 01 Aug 2006 Posts: 2385 Location: Detroit

I have incorporated---an LLC.

So, in general, to avoid liability, does one put assets in the name of the LLC, or have as few assets as possible in the name of the LLC.

Me is a bit confused. Now you know why I passed on law school. Rolls Eyes

Philip Banks · Posted: Wed Oct 21, 2009 3:27 pm Post subject:

Keep assets out of the "company" and keep liabilities within. Basic rule is to keep the money you have as far from the reach of your creditors should you go belly up. LLC - Doing to big business what big business has been doing to them for years.

ccpetersen · Posted: Wed Oct 21, 2009 4:14 pm Post subject:

Dunno about LLC, but a few years ago we incorporated as a Sub-s corp both for tax and liability reasons. Best move we ever made -- shelters us personally from any whack jobs who want to sue us over a defective voice-over. Wink

c
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Frank F · Posted: Wed Oct 21, 2009 5:34 pm Post subject:

LLC - Limited Liability Company (sometimes called a Corporation by mistake) is really like a partnership, not a corporation. What this means is you limit the liability to an equal amount among the people named on the papers.

Since I am not an attorney, although I have played one on the radio; it would be advised to see an accountant soon to learn more about your options under your states version of an LLC.

Good luck.

Frank F
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Be thankful for the bad things in life. They opened your eyes to the good things you weren't paying attention to before. email: thevoice@usa.com

Bruce · Posted: Thu Oct 22, 2009 7:22 am Post subject:

Been through this discussion a few times and the biggest question is, "who on Earth is going to sue a voiceoverist for everything they've got!?" The answer is "nobody", based on the work you do.

I mean really, if you work from home you have home or renter's insurance with liability coverage for anyone who might come over and get conked by the upturned rakes you leave on the floor. You'd have to maliciously club somebody with a microphone for them to come after your business assets and not you personally, anyway.

Just reading copy for hire does not put you in jeopardy. Unless you are personally involved in the creation of a fraudulent or slanderous scheme, you have no criminal or civil liability. -- "Hi, I'm Bob Souer and I think derivatives from AIG are a great investment. I suggest you buy some today!" -- could have gotten him in trouble a year ago...today, it's just a lovely piece of comedy.

As far as taxes go, according to my accountant, my business would still go on Schedule C if I were an LLC. LLC makes no difference on that front.

The only place it might make a difference is in utter financial collapse ending in bankruptcy, but how your LLC can go bankrupt and not you personally is almost impossible to conceive. Plus, judges are loathe to take away the tools of your livelihood so you're likely to keep everything you need to make money no matter who or what owns your equipment.

LLC's and incorporation do make sense when you start hiring other people, and set up shop in a building, and get into major contractual agreements with other entities. You'll want protection there. But as a gal or guy sitting alone in a room with a mic providing a simple service...my understanding is it's not worth the hassle or expense.

B
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VO-BB Member #31 Enlisted June, 2005

I'm not a Zoo, but over the years I've played one on radio/TV. .

Deirdre · Posted: Thu Oct 22, 2009 8:04 am Post subject:

Yep— that's what my accountant says, too.
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bobsouer · Posted: Thu Oct 22, 2009 9:01 pm Post subject: