Legal Question in Business Law in New York
business insurance
what is the difference between these entities (sole proprietor,corp, or LLC)? also why being in business under sole proprietor insurances offer no protection,and what kind of protection is that?
What is general liability?, and if you are owner & operator do you need workers compensation?
1 Answer from Attorneys
Re: business insurance
I would need more information in order to answer your questions. For example, I would need to know if you have employees when dealing with worker's comp. A business entity such as a corporation or LLC will help to protect your personal assets, where if you are a sole proprietor then you will be fully liable for the debts of your business. There are a number of considerations that go in to selecting the best entity and the state for your business and it is a good idea to speak with an attorney prior to making a selection. Please contact my office if we may be of any assistance to you in this matter.
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