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Life Coaching Business Entity

Asked by: Stephanie - 2 July, 2013
https://d25eic0jctudgb.cloudfront.net/images/site/avatars/default.png-f1597c1da25f30f8c1a941405e8391c8 For a life coaching business where I am the only employee, what is the best type of entity to set it up as?

Do I need liability insurance to be a life coach/consultant?
Answered by: Ray Albert - 5 July, 2013
https://d25eic0jctudgb.cloudfront.net/images/site/avatars/194.jpg-630c771619e92bede7e6f696b56767b9 Stephanie,

For a small business typically a Limited Liability Company (LLC) is a better fit, as it is a more flexible entity which is easier to maintain, while not having to keep up with the formalities and sometimes additional taxation of a Corporation.

You can click here to compare LLC wth Corporation side-by-side.

I do not believe you would need any insurance policies/permits for your type of business, although having some liability insurance for a business in general is not a bad idea.

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