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Re: How to become a "Contractor" not a "Sub-Contractor"
Subject:Re: How to become a "Contractor" not a "Sub-Contractor" From:Andrew Plato <intrepid_es -at- yahoo -dot- com> To:"TECHWR-L" <techwr-l -at- lists -dot- raycomm -dot- com> Date:Sat, 8 Sep 2001 11:15:24 -0700 (PDT)
--- Peter <pnewman1 -at- home -dot- com> wrote:
> A limited liability company, if permitted in your state will permit you
> to have the tax advantages of a sole proprietorship but give you the
> liability protection of a corporation. You should consult with a
> business lawyer near you. Make sure that you use a business lawyer
> rather than one who specializes in the accident cases.
My accountant said that LLCs can often attract the IRS as they tend to be
used by unscrupulous people who have scam companies. A full S corp isn't
much harder to set up and maintain and won't attract the eyes of the IRS.
> That is precisely the reason why you should have your LLC as a layer of
> insulation between you and a potential lawsuit.
Forming a corporation does not entirely protect you. Companies may still
sue you personally if you did the work. However, in general a corporation
protects you more than nothing.
NOTE: I am not a lawyer, this is not legal advice.
> Hopefully, your chosen area of specialty will be one
> that is in demand within your market sphere. If you are truly an
> entrepreneur, this will not happen by accident.
I hate to say it - but rarely will your specialty be in demand. IN my
experience, the trick to survival is flexibility. You need to mold and
shape your company to suit the demands of your market space. Just because
you think Russian Usability Engineering is cool, doesn't mean there are a
lot of takers for your services.
This is why you need to get plugged into your market space. Join the local
chamber of commerce, local business forums, and such. Subscribe to the
local Business Journal, Wall Street Journal, etc. You need to learn what
the local market is like, then craft your business to fulfill demand in
that space.
Also, I said this before, know thy competition.
> > It isn't easy. If 60+ hour work weeks are not appealing to you, I
> wouldn't
> > recommend going at it alone. Stick with agencies.
>
> Why such a short workweek?
Well, after 6 years in business, you get to settle into 60 hour work weeks
vs 90 hour ones. :-)
Andrew Plato
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