Moving from full time to part time, what can I automate?
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@guyinpv said in Moving from full time to part time, what can I automate?:
It's about $50 in Arizona.
Cost was not my concern. Just surprised to be pounced over it like it's the most important thing.
Everything is a risk, it's all risk. It's not russian roulette risk, it's not 1 in 6. Maybe not even one in one million? I don't know.
I consider having a good business plan and a way to actually make money to be a top priority. Not fuss over admin/legal work. Yes I know, it's not that hard to file, I'm just being difficult about it.
To be perfectly honest, I can't file one yet because I don't know if I'm going to keep my DBA. I created a name a couple years ago thinking I would stay in the IT business and try to do service work. But now I'm actually getting more opportunity with development and less IT.
Now I'm back to square one, trying to figure out exactly what my new undertaking is going to be, and whether I need a new name for it.It would be like if you are a landscaper and then call yourself "Bob's Handiwork". I mean, "Handiwork" isn't exactly the same as landscaper, but it kinda can be, just not excited about it.
This is an essential part of a good business plan.
You don't need the DBA, or get a different one.
It could be Bobs Handiwork DBA Bobs Landscaping . That's the point of the DBA.
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@guyinpv said in Moving from full time to part time, what can I automate?:
Cost was not my concern. Just surprised to be pounced over it like it's the most important thing.
Only because it is, by far, nothing comes close, the most important thing. Only jumping on your for your own protection.
But certainly don't let anything we've said make you think it is just "like" the most important thing, it is absolutely without question the most important possible thing.
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@guyinpv said in Moving from full time to part time, what can I automate?:
Everything is a risk, it's all risk. It's not russian roulette risk, it's not 1 in 6. Maybe not even one in one million? I don't know.
You really aren't listening. It's one in six, easily. One in a million, you are delusional. Everyone in this thread has seen it. Everyone we know in business has seen it.
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@guyinpv said in Moving from full time to part time, what can I automate?:
I consider having a good business plan and a way to actually make money to be a top priority.
A business plan? That's just playing around. I'm serious. Sure, you need a business plan if you are in a high school business class or you are trying to make a pitch to an investor. But for running your own business? You are talking about wasting time with the most critical thing that there can be for a business, and then suggesting that a business plan is even worth doing? I'm so confused.
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@guyinpv said in Moving from full time to part time, what can I automate?:
To be perfectly honest, I can't file one yet because I don't know if I'm going to keep my DBA. I created a name a couple years ago thinking I would stay in the IT business and try to do service work. But now I'm actually getting more opportunity with development and less IT.
Just file GuyInPV LLC. Later, DBA whatever you want to do business as. Doesn't matter what the LLC is really called. Don't let names be a hangup to the real business getting done. Not actually a big deal.
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@scottalanmiller said in Moving from full time to part time, what can I automate?:
@guyinpv said in Moving from full time to part time, what can I automate?:
I consider having a good business plan and a way to actually make money to be a top priority.
A business plan? That's just playing around. I'm serious. Sure, you need a business plan if you are in a high school business class or you are trying to make a pitch to an investor. But for running your own business? You are talking about wasting time with the most critical thing that there can be for a business, and then suggesting that a business plan is even worth doing? I'm so confused.
You're confused cause you have things backwards
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@guyinpv said in Moving from full time to part time, what can I automate?:
@scottalanmiller said in Moving from full time to part time, what can I automate?:
@guyinpv said in Moving from full time to part time, what can I automate?:
I consider having a good business plan and a way to actually make money to be a top priority.
A business plan? That's just playing around. I'm serious. Sure, you need a business plan if you are in a high school business class or you are trying to make a pitch to an investor. But for running your own business? You are talking about wasting time with the most critical thing that there can be for a business, and then suggesting that a business plan is even worth doing? I'm so confused.
You're confused cause you have things backwards
No he's 100% right. What's the business plan for?
This is like rearranging your house so you can buy an insurance policy. Doesn't make sense.
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@guyinpv said in Moving from full time to part time, what can I automate?:
@scottalanmiller said in Moving from full time to part time, what can I automate?:
@guyinpv said in Moving from full time to part time, what can I automate?:
I consider having a good business plan and a way to actually make money to be a top priority.
A business plan? That's just playing around. I'm serious. Sure, you need a business plan if you are in a high school business class or you are trying to make a pitch to an investor. But for running your own business? You are talking about wasting time with the most critical thing that there can be for a business, and then suggesting that a business plan is even worth doing? I'm so confused.
You're confused cause you have things backwards
Do whatever you think is best. When you lose your house, you can explain to your wife that it was a million in one chance and it's all okay, because at least you still have the business plan.
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Or we lose the house cause frivolous lawsuits are still bloody expensive and drown us into homelessness and bankruptcy anyway?
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@guyinpv said in Moving from full time to part time, what can I automate?:
Or we lose the house cause frivolous lawsuits are still bloody expensive and drown us into homelessness and bankruptcy anyway?
So you think that this is so common that it's not worth having solid, proven protection. But not so common that it could ever possibly happen?
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@guyinpv said in Moving from full time to part time, what can I automate?:
Or we lose the house cause frivolous lawsuits are still bloody expensive and drown us into homelessness and bankruptcy anyway?
They can only be as expensive as the assets the LLC owns. That's the whole point of this. If you're an SP it's as much as they can take from you. If you're an LLC it's not.
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@stacksofplates said in Moving from full time to part time, what can I automate?:
@guyinpv said in Moving from full time to part time, what can I automate?:
Or we lose the house cause frivolous lawsuits are still bloody expensive and drown us into homelessness and bankruptcy anyway?
They can only be as expensive as the assets the LLC owns. That's the whole point of this. If you're an SP it's as much as they can take from you. If you're an LLC it's not.
Right, he's intentionally making them costly. Unless he's saying that he owns literally nothing and has nothing to lose, then they are equally costly.
The LLC is the one thing that keeps lawsuits from being overly expensive AND reduces the chance of them happening at all. I just don't understand.
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Here is the breakdown:
- LLC costs essentially nothing.
- LLC reduces the likelihood that someone will bother to sue you as they have nothing to win.
- Skipping the LLC advertises to the world that you have enormous exposure and have it all out for the taking AND that you are a highly susceptible target that likely doesn't have an attorney or other basic protections. It's not just that your exposure is high, it flags you as likely to be unable to handle a lawsuit logistically.
- LLC gives you the potential to sell your business if necessary.
- LLC gives you the potential to get investors or partners if necessary.
So zero effort, enormous protection.
I'm 100% lost as to why this is even a discussion. But it is your family's future, not mine. Do what you think is right.
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@scottalanmiller said in Moving from full time to part time, what can I automate?:
@stacksofplates said in Moving from full time to part time, what can I automate?:
@guyinpv said in Moving from full time to part time, what can I automate?:
Or we lose the house cause frivolous lawsuits are still bloody expensive and drown us into homelessness and bankruptcy anyway?
They can only be as expensive as the assets the LLC owns. That's the whole point of this. If you're an SP it's as much as they can take from you. If you're an LLC it's not.
Right, he's intentionally making them costly. Unless he's saying that he owns literally nothing and has nothing to lose, then they are equally costly.
The LLC is the one thing that keeps lawsuits from being overly expensive AND reduces the chance of them happening at all. I just don't understand.
Plus I don't know the full affect that has on your credit (obviously negative, just don't know to what degree) as a SP when going bankrupt. You could just dissolve the LLC.
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LLC gives you the potential to get investors or partners if necessary.
Along with this. If you ever decide to get a partner and aren't incorporated, both partners are fully liable for each other. That's even worse of a mess.
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Plus the partners kind of own each others assets.
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@scottalanmiller said in Moving from full time to part time, what can I automate?:
Plus the partners kind of own each others assets.
Right which is why they are liable for each other. One decides to skip out with everything, you're in trouble.
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@stacksofplates said in Moving from full time to part time, what can I automate?:
@scottalanmiller said in Moving from full time to part time, what can I automate?:
Plus the partners kind of own each others assets.
Right which is why they are liable for each other. One decides to skip out with everything, you're in trouble.
I've seen that happen many times, actually. It's pretty common.
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@scottalanmiller said in Moving from full time to part time, what can I automate?:
@stacksofplates said in Moving from full time to part time, what can I automate?:
@scottalanmiller said in Moving from full time to part time, what can I automate?:
Plus the partners kind of own each others assets.
Right which is why they are liable for each other. One decides to skip out with everything, you're in trouble.
I've seen that happen many times, actually. It's pretty common.
I just dealt with helping somebody secure system accounts that had just happened last week
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@JaredBusch said in Moving from full time to part time, what can I automate?:
@scottalanmiller said in Moving from full time to part time, what can I automate?:
@stacksofplates said in Moving from full time to part time, what can I automate?:
@scottalanmiller said in Moving from full time to part time, what can I automate?:
Plus the partners kind of own each others assets.
Right which is why they are liable for each other. One decides to skip out with everything, you're in trouble.
I've seen that happen many times, actually. It's pretty common.
I just dealt with helping somebody secure system accounts that had just happened last week
I knew that and it had slipped my mind. Very prescient.
