Is Creating An LLP Stupid?

C

CleanFlow

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A buddy and I are huge into detailing. We have been doing cars together for the past couple months. It works because he loves interiors, I love exteriors, and our personalities match. We would like to take our detailing to the next level. We are currently using his garage and would like to have something legit to get new customers that we don't already know. Reach out to strangers, ya know. Perhaps put business cards with notes on them on random peoples wiper blades to get new business. Just clever inexpensive things like that. Is having an LLP a bad way to go? Any other advice would be awesome. Thanks!
 
I don't know what an LLP is or how to creat one.
Cards on windows don't work. Well in my area.
You need a good website, yelp page, google page/listing.
Do good work and your get customers that way, word of mouth is the best.
 
^ correct


Sent from my futuristic Apple device while in my office doing nothing.
 
+1 cards on windows are annoying to me, I always think "darn it, they touched my paint" just my opinion

Word of mouth does wonders.
 
CleanFlow said:
A buddy and I are huge into detailing. We have been doing cars together for the past couple months. It works because he loves interiors, I love exteriors, and our personalities match. We would like to take our detailing to the next level. We are currently using his garage and would like to have something legit to get new customers that we don't already know. Reach out to strangers, ya know. Perhaps put business cards with notes on them on random peoples wiper blades to get new business. Just clever inexpensive things like that. Is having an LLP a bad way to go? Any other advice would be awesome. Thanks!
Click to expand...

I would try and see if you can do cross promotion with other businesses in your area. Like offering people a $10 off an oil change at Jiffy Lube coupon with any detail service in exchange for them offering something similar to their customers.
 
Just so you know the limited is referring to limitation from other partner's professional malpractice. You can still be held personally liable in an LLP for your actions. What your thinking of is limited liability found in corporations and LLCs. In these, liability is limited to what's in the company unless the corporate veil is breached, which can happen for a variety of reasons, including asset co-mingling.

My advice is to go with an LLC, as come tax time it can be taxed as a "check the box", partnership, or disregarded entity while still allowing a corporate shield against personal liability. Any further advice should be given by a professional or attorney.
 
Oh, okay. I was under the impression that an LLP was the same thing as an LLC except the company was under two names. I have a business marketing degree, not a law degree, and I didn't listen in my business law class.

I'm really excited to get started in whatever we do, although I admit it's extremely overwhelming. I've read up on a lot of the stickies the general processes and just thought about postponing starting my business. One step at a time, I guess.
 
CleanFlow said:
Oh, okay. I was under the impression that an LLP was the same thing as an LLC except the company was under two names. I have a business marketing degree, not a law degree, and I didn't listen in my business law class.

I'm really excited to get started in whatever we do, although I admit it's extremely overwhelming. I've read up on a lot of the stickies the general processes and just thought about postponing starting my business. One step at a time, I guess.
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I need to find someone like your partner. I hate doing interiors!!!
 
CleanFlow said:
Oh, okay. I was under the impression that an LLP was the same thing as an LLC except the company was under two names. I have a business marketing degree, not a law degree, and I didn't listen in my business law class.

I'm really excited to get started in whatever we do, although I admit it's extremely overwhelming. I've read up on a lot of the stickies the general processes and just thought about postponing starting my business. One step at a time, I guess.
Click to expand...

I say this nicely...Get thee to either an attorney or/and CPA to get those kinda ducks in a row.

Good luck and please keep us up to date on how it works out for you.

Bill
 
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