What type of business is best for me to start, if needed ie. LLC, DBA, etc
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What type of business is best for me to start, if needed ie. LLC, DBA, etc
I am a licensed clinical professional counselor in IL. This is the highest license in the state meaning that I do not need supervision in my private practice. With having this private practice would I need to apply for a business LLC, INC, etc. or could I just trademark the private practice name and work under that? I want to be able to write things off on my taxes for my business but I’m not sure if you can have a business tax ID without having an actual business.
Asked on July 15, 2019 under Business Law, Illinois
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
Form an LLC. An LLC, or "limited liability company," will protect you personally and your personal (i.e. non-business) assets, like your home, your car, your personal bank or investment accounts, etc. from most business-related liability, such as if sued by a landlord for not paying the business's rent, or sued by a dissatisfied client. (Most but not all: no protection is perferct). The cost to form an LLC is low, and the paperwork, etc. requirements minimal: it's well worth the cost and effort to get this liabilty protection. As part of setting up your LLC, you'll also set up a separate LLC bank account (and possibly get an LLC credit card), which will facilitate tracking, and hence deducting, business expenses.
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