My hobby is starting to make money. I make sharp art. I wrote off a bunch of equipment last year on my taxes to make up for a child turning adult age. But I need to set up an LLC to protect my assets from attachment and to protect me in general. Who do you recommend to tackle it.
call the county, they are usually pretty good about walking you though every thing.
Setting up an LLC is easy. Do it yourself or hire an on-line atty for about $200. I set mine up years ago because I had employees. However, do not allow yourself to believe that an LLC offers you protection. As a business lawyer friend of mine from this website told me, as long as you have an active hand in the product or end results, you can be attached to a lawsuit. LLC protection is best for the owner who has employees making and selling the product. As a sole / employee, you are better served as a DBA with a large liability and umbrella policy.
Interesting. My accountant suggested and LLC. Some other custom knife makers have also suggested and LLC and warned that not all LLC are created equal. Some risk is assumed in handling extremely sharp knives and I have prepared signs stating such. Nor do I allow anyone under 18 to handle them at shows. I need to invest in a good business attorney to get the best options. My greatest risk lies in teaching classes. The risk of injury is very real with a student in the shop. Extremely hot forges, hot steel, abrasive equipment are not items to be toyed with or around.
14’ CMF Skiff
25 Johnson - 2 stroke
14’ Heritage Redfish
“There is no hunting like the hunting of man, and those who have hunted armed men long enough and liked it, never care for anything else thereafter.”
Ernest Hemingway
I think I’ve seen your product- Are you doing the gun & knife shows? You really put out a quality product!
DO NOT pay a lawyer - get to the SCORE office and they will help you free
Your best friend is a $1MM umbrella policy. You may have a difficult time getting one or pay a serious premium because of teaching classes.
Boat drinks, Waitress I need 2 more boat drinks!
quote:I got a 1M umbrella from State Farm. If I recall it was only like $300 a year or something. You do have to bump up your automobile limits, but with all of the discounts and such, it nearly pays for itself.
Originally posted by Too BusyYour best friend is a $1MM umbrella policy. You may have a difficult time getting one or pay a serious premium because of teaching classes.
Boat drinks, Waitress I need 2 more boat drinks!
quote:
Originally posted by natureboyI think I’ve seen your product- Are you doing the gun & knife shows? You really put out a quality product!
DO NOT pay a lawyer - get to the SCORE office and they will help you free
Thank you.
14’ CMF Skiff
25 Johnson - 2 stroke
14’ Heritage Redfish
“There is no hunting like the hunting of man, and those who have hunted armed men long enough and liked it, never care for anything else thereafter.”
Ernest Hemingway
Already have 100/300/100 on the cars. I figured that teaching classes might be an issue. All students must sign a waiver, but a waiver is not the end all/be all. Obviously working around a forge and 2300* steel has inherent risks and are understood by prospective students. Thanks for the suggestions.
14’ CMF Skiff
25 Johnson - 2 stroke
14’ Heritage Redfish
“There is no hunting like the hunting of man, and those who have hunted armed men long enough and liked it, never care for anything else thereafter.”
Ernest Hemingway
Nice looking knives Texas!
“Apathy is the Glove into Which Evil Slips It’s Hand”, but really, who cares?
quote:
Originally posted by skinneejquote:I got a 1M umbrella from State Farm. If I recall it was only like $300 a year or something. You do have to bump up your automobile limits, but with all of the discounts and such, it nearly pays for itself.
Originally posted by Too BusyYour best friend is a $1MM umbrella policy. You may have a difficult time getting one or pay a serious premium because of teaching classes.
Boat drinks, Waitress I need 2 more boat drinks!
Mine was $700 on the kayak fishing guide service. Not so much as a band aid ever came out of my first aid kit.
Boat drinks, Waitress I need 2 more boat drinks!
To obtain a umbrella policy you have to every thing you own insured including junk boats and autos, raw land ect. I had a heck of a time and still couldn’t get it! Might try product liability policy. Good luck!
Have a good wife you trust and put the house, truck, and boat in her name, do not allow her to be a part of the LLC. Worst they can get is your business and you just start over. BP sounds like you may not have been working with the right person (agent, not wife).
quote:That's not true. Maybe try a different company.
Originally posted by boatpoorTo obtain a umbrella policy you have to every thing you own insured including junk boats and autos, raw land ect. I had a heck of a time and still couldn’t get it! Might try product liability policy. Good luck!
quote:
Originally posted by FishnengrHave a good wife you trust and put the house, truck, and boat in her name, do not allow her to be a part of the LLC. Worst they can get is your business and you just start over. BP sounds like you may not have been working with the right person (agent, not wife).
This saved a good friend of mine’s backside. Good stable Marriage required. 
“If Bruce Jenner can keep his wiener and be called a woman, I can keep my firearms and be considered disarmed.”
quote:
Originally posted by DFreedomNice looking knives Texas!
“Apathy is the Glove into Which Evil Slips It’s Hand”, but really, who cares?
Thanks brother!!
14’ CMF Skiff
25 Johnson - 2 stroke
14’ Heritage Redfish
“There is no hunting like the hunting of man, and those who have hunted armed men long enough and liked it, never care for anything else thereafter.”
Ernest Hemingway
I’m so glad to be retired and don’t have to put up with all that BS anymore!!! Business not wife!
Becoming a full-time Bladesmith is my retirement dream. I am retiring from federal law enforcement after 29 years and will take up the bladesmithing full time for fun and profit. And I truly enjoy taking a piece of raw steel and creating a piece of very sharp art.
14’ CMF Skiff
25 Johnson - 2 stroke
14’ Heritage Redfish
“There is no hunting like the hunting of man, and those who have hunted armed men long enough and liked it, never care for anything else thereafter.”
Ernest Hemingway
TexasRed
Where are you going to be teaching at?
Sound like something I would like to
learn.
I currently teach at my shop in Goose Creek.
14’ CMF Skiff
25 Johnson - 2 stroke
14’ Heritage Redfish
“There is no hunting like the hunting of man, and those who have hunted armed men long enough and liked it, never care for anything else thereafter.”
Ernest Hemingway