I will be doing side work, but want to protect my assets from any future judgments. I am licensed, but have never signed and sealed anything before. Would it be best to put my house and cars in an irrevocable trust? For anyone who is a sole proprietor, how do you protect your assets? Thanks
I abandoned all thoughts of doing side work when I looked at insurance. You can't just have the insurance now. You have to have it in the future. The occasional project wasn't going to provide enough in fees to cover the now and future costs.
randomised- You can get sued for anything! My BIL is also an architect and he was sued for something the contractor did. The suit against him was eventually dropped, but it made him not do side work anymore.
Mar 6, 19 4:36 pm ·
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randomised
And so you decide to start doing side work, makes sense :)
Mar 6, 19 4:51 pm ·
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irrevocable trust
I will be doing side work, but want to protect my assets from any future judgments. I am licensed, but have never signed and sealed anything before. Would it be best to put my house and cars in an irrevocable trust? For anyone who is a sole proprietor, how do you protect your assets? Thanks
Ask a lawyer.
Just do a proper job and don't screw up, you, your house and all your cars should be just fine ;)
Why not start an LLC?
LLC. Good insurance.
I abandoned all thoughts of doing side work when I looked at insurance. You can't just have the insurance now. You have to have it in the future. The occasional project wasn't going to provide enough in fees to cover the now and future costs.
randomised- You can get sued for anything! My BIL is also an architect and he was sued for something the contractor did. The suit against him was eventually dropped, but it made him not do side work anymore.
And so you decide to start doing side work, makes sense :)
Block this user
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Archinect
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