Life Coaching Business Entity
Asked by: Stephanie - 2 July, 2013
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?
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
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.
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.
