Hi building_blocks, welcome to our forum! You've asked a great question that many small business owners ask either when first establishing their business, or as in your case when your business has become successful over a period of time. If you have a chance, please browse around our forum as we have some great resources for your that you may find helpful. I'd like to direct you attention to a couple of our expert articles as a start: Asset Protection: Keep What’s Yours and Changing to the Type of Entity That's Right for You.
I also know that our members will have some great advice for you as well, and do look forward to reading other feedback and advice they will provide. As always, the final decision is yours, and we must recommend that you do this carefully and with the advice of an attorney, accountant, or other trusted advisor.
We look forward to getting to know more about you and your business, and what decision you ultimately make.
I had a small business and made sure it was an LLC. Then when things went bad I could bankrupt the business without loosing my personal property. I think DBA leaves you open to legal liability and financial risk that you don't need. Talk to a lawyer. It may not cost you as much as you think to change. (In fact I think it is only a matter of filling out forms at the secretary of state's office.) Be sure you have all the right insurance to cover any damage you may do to someone or they can do to you.
Hi I am a newbie to this forum. Our licensed contracting business has run as a DBA for the last 8 years and overall been successful. Recently a couple of people have suggested that the business be registered as a LLC - mostly because we are looking to use contract labour. One thing we have learned is that there are many Small Business owners out there that have a wealth of information and first hand experience. I am sure that there are pros and cons to becoming an LLC and would love to hear your honest thoughts on this, please.