fastline
05-21-2013, 01:55 PM
I have what I would consider a multi faceted business plan. I am an engineer, do aircraft engineering work, own several CNC machine and manufacture air parts as well as race parts. I also am in farming where I am getting ready to get more serious with the farm-direct-retail strategy. I am getting ready to build a large building on farm property to serve as shop space for these different businesses.
I have been operating as a sole proprietor because of all the question marks on which tax structure I need, which assets should be inducted into the business(es), and how to protect myself with minimal insurance over lap (cost). I have to make sure that no matter what happens, the building remains personal and my land and structures could never be a liability concern.
Seems like just renting building space to myself would work, BUT, I also want to leverage to depreciate the building area on my taxes. This almost seems like I further need ANOTHER sole proprietorship if I incorporate the other businesses just so I can deduct the building. Jim Bob's flower picking...
I think what I am most concerned and irritated with is how to get this mess insured and insulated or otherwise protected from the age of rabid attorneys. It is my understanding that if I create two separate corps, if one is sued, the other's insurance can also become liable, which is just cannot understand....
Really looking for an experienced out of box businessman to talk this out with. I want to make very strategic moves going forward.
I have been operating as a sole proprietor because of all the question marks on which tax structure I need, which assets should be inducted into the business(es), and how to protect myself with minimal insurance over lap (cost). I have to make sure that no matter what happens, the building remains personal and my land and structures could never be a liability concern.
Seems like just renting building space to myself would work, BUT, I also want to leverage to depreciate the building area on my taxes. This almost seems like I further need ANOTHER sole proprietorship if I incorporate the other businesses just so I can deduct the building. Jim Bob's flower picking...
I think what I am most concerned and irritated with is how to get this mess insured and insulated or otherwise protected from the age of rabid attorneys. It is my understanding that if I create two separate corps, if one is sued, the other's insurance can also become liable, which is just cannot understand....
Really looking for an experienced out of box businessman to talk this out with. I want to make very strategic moves going forward.