Do you OWN a PERSONAL TRAINING BUSINESS?

[BodyQuest1]

Thinking of registering my business finally..
The business side can be quite confusing, I have even met up with an accountant, and asked about sole proprietorship..She seems unknowledgeable with most of the questions I was asking her, she keeps refering back to this book of legalities, trying to find definitions :X
If anyone know what they are doing, Which form of ownership is BEST suited for in-home training(regarding potential liabilites, taxes, etc)?-- sole proprietorship, partnership, Limited Liability Company (LLC), corporation, or S corporation?

[SFT]

Thinking of registering my business finally..
The business side can be quite confusing, I have even met up with an accountant, and asked about sole proprietorship..She seems unknowledgeable with most of the questions I was asking her, she keeps refering back to this book of legalities, trying to find definitions :X
If anyone know what they are doing, Which form of ownership is BEST suited for in-home training(regarding potential liabilites, taxes, etc)?-- sole proprietorship, partnership, Limited Liability Company (LLC), corporation, or S corporation?

I always try to tell people that the information is out there. To be honest, this research will be the easiest thing you ever do in your business. You don't mention a partner, so throw out the partnership... Corporations have considerably more paperwork and formalities than an LLC, so I'd also throw that out. Then, consider whether you are a sole proprietorship or a LLC, if you get sued, it is you getting sued, not just the company. Professional liability insurance is the best way to protect yourself.

The last bit of advice is research the difference between an LLC and a SP. Go to the library or search on the internet. A few basic ideas are:

- LLC is a separate entity so provides some protection, but not for negligence cases
- LLC can be taxed as disregarded entity (same as SP), or as a C or S corporation
- Fees can be up to $500+/year for an LLC, depending on your state. I'm in Massachusetts which has one of the highest LLC fees in the country.
- With an LLC, you will find it easier to obtain funding, or transfer/add ownership.

If you can afford the fees, I would go with the LLC.

[BodyQuest1]

I always try to tell people that the information is out there. To be honest, this research will be the easiest thing you ever do in your business. You don't mention a partner, so throw out the partnership... Corporations have considerably more paperwork and formalities than an LLC, so I'd also throw that out. Then, consider whether you are a sole proprietorship or a LLC, if you get sued, it is you getting sued, not just the company. Professional liability insurance is the best way to protect yourself.

The last bit of advice is research the difference between an LLC and a SP. Go to the library or search on the internet. A few basic ideas are:

- LLC is a separate entity so provides some protection, but not for negligence cases
- LLC can be taxed as disregarded entity (same as SP), or as a C or S corporation
- Fees can be up to $500+/year for an LLC, depending on your state. I'm in Massachusetts which has one of the highest LLC fees in the country.
- With an LLC, you will find it easier to obtain funding, or transfer/add ownership.

If you can afford the fees, I would go with the LLC.

Thanks for the reply, SFT.

What do you think of this?

http://www.bizfilings.com/limited-li...y-package.aspx

I'm thinking of registering through them...Getting the best package there...Do you know anything about "Registered Agent Service"?(as part of the package they sell there)

[Own3r]

I own a personal trainer Gym, currently selling since I have graduated and now living my dream I went all out when we opened it 400k investment, very high end one on one studio (marble and ****)
Worked great Averaged 120-140k a year but did not see much of it since the loans and operating costs were eating all the profit did end up driving a brand new f150 Plat with all expenses paid though, was a great write of.
Overall I would say fitness is a very hard business, best advertising are those cards that you get in mail and SEO, got most my clients that way.
Good luck and ask away if you got any uestions.

[HigginsRan]

I would also say an LLC. Cheap and easy to do yourself.

[AtomicMule]

LLC would offer you the most protection. Corporations are appropriate if you started appointing officers for a large organization. SP or LLC is the way to go. Have you heard of Legalzoom?

[Hassanw7]

i think that is tooo much work

[Hassanw7]

but if it works out im sure it will turn out great!!

[BodyQuest1]

i think that is tooo much work

are you speaking of registering the business itself, by "too much work"? or do you mean something else? :P