[hazey]

I read somewhere that being a corporation gives you the benefit of not losing your house and car if your business whould go bankrupt.

I don't really need or want a partner, but would like to word things so that I can get these benefits as well.

DO I need to speak to a lawyer?

 

[ChasingPeace]

There are also tax benefits to being a corporation or other legal entity. Different states have different requirements for setting up legal entity. I would go to your state's secretary of state website to find out what forms/filings must be completed. With a corporation you need to have shareholders (usually at least 2), set up articles of incorporation, pay dividends, etc. An easier way to protect yourself might be to set yourself up as a limited liability company which has members, not shareholders, and can be done in many states with only one member. Again, check out your state's secretary of state website. Another useful site is www.findlaw.com which has articles on the benefits/pitfalls of different business entities. It is important to maintain the entity as a separate entity in order to remain protected. Open a separate bank account, don't comingle personal funds with corporate/LLC funds, etc. Good luck!

 

[Night Owl]

An LLC has the same benefits, plus cheaper taxation, and costs less to set up. In either case, I'd contact a lawyer to set it up. I'm in the process of doing this now.