Hey Matthew,
Congratulations!
Having operated numerous business, I echo Daniels encouragement that you seek professional legal counsel in this decision.
Starting a business is expensive and, if you have not done it before, filled with lots of questions that must be answered. You have the potential to be personally liable for the things you say, the decisions you make and the actions you take in your business. Initially, because you are on a tight budget, you may do things for yourself that more established firms would hire out. That's a prudent and widely accepted strategy...except, in my opinion, when it comes to decisions that expose you to liability, professionally and personally.
Just as you would not encourage a friend with little or no experience in the building trades to save money by laying the foundation for their new home themselves, its difficult for a non-attorney to provide meaningful assistance to you in this. You need a trained legal pro to lay our the options and help you chose the best fit for you. Although there may be similarities, businesses and the needs of their owners are unique.
Experience has taught me that there are some things you should really spend a few dollars on. A good accountant and a good lawyer are integral to the success of your business. Rather than asking for advice on organizational structure, I would recommend asking for references for an attorney who practices in the area you live and/or plan to practice.
Ultimately, I think you'll be happier with the responses.
Sincerely,
kevin
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Kevin Harris Assoc. AIA
Director, Sales & Marketing
AGS Stainless, Inc.
Bainbrdge Island WA
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Original Message:
Sent: 04-30-2020 19:48
From: Matthew Wang
Subject: Sole Props/LLC/PC/DPC/S-CORP/C-CORP/ETC - Advice?
Hello.
I am looking to start my own firm by myself (for now) and already have a couple of clients, ready to go. I have found plenty of resources on the discussion of LLC versus PC (or DPC, since I am in New York) and other business structures, but have yet been able to find anything specific to architecture. If you've been through this before, would you mind sharing what decision you came to and the thought process behind it?
Or if you know of any existing posts or publications I can reference, please share.
I'm in New York. My projects are in Massachusetts and New York. Residential interior renovations for now, with hopes to grow.
Thanks!
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Matthew Wang, AIA, LEEP AP BD+C
New York, NY
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