Tarot Card Reading: The Business, Part 3

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Around the time that DM and I were interviewing, I was looking into the business structures that were available. They were:

  • Sole Proprietorship
  • General Partnership
  • Limited Partnership
  • S Corporation
  • C Corporation
  • Limited Liability Company

The above a just a few of the business structures available.

 

Sole Proprietorship

As a sole proprietorship, I would be the product. I was responsible for everything. Not only was I the reader, but I was the accountant, the receptionist, the janitor, etc. I had many hats to wear. But, I didn't have to listen to anyone else, or wait for someone else's approval before I did anything. Sounds great!

Most small business start out this way because it is relatively inexpensive to get started in Washington State. All you need to do is file for a Master Business Application, wait for it in the mail and you're in business. Depending on where you live you may also need to obtain permits for your locality. Christine Jette, the author of Professional Tarot, mentions this in her book, but does not get into detail about it. Nor does she get into detail about the other business structures. But, I just wanted to keep researching...

What I found is that in a sole proprietorship not only are you responsible for the myriad of things, but you also become directly responsible for any law suits that may be filed against you. For example, let's say you invite a client to your home for a reading on a Winter's day. You didn't shovel the snow from the path leading to the house and it has become icy. You client walks out of her car toward your front door. She slips and falls breaking her hip. (Let's assume that she's an elderly woman.) She decides to sue and now everything that you own maybe on the table. Yes, everything, because you and the business are the same. If she wins, you, your business and possibly your possessions, even the house you live in, can be placed on the altar of the judiciary system.

In addition, when it some to taxes, the business is basically an extension of you. Any earnings you get will be taxed, just like your regular job.

Also, if you have creditors nipping at your heels, they are nipping at your heals. Once again, under the law you and the business are view as one and the same. If you business gets into bad debt, as a result you get into bad debt.

Really, you're just saying that you have a license to sell products or services and that's it.

I decided against being a sole proprietor. Just on the grounds of litigation. Even if I were to have all the most water-proof disclaimers and releases, there are always loop holes. And, crafty lawyers will find them.

 

Partnerships (General and Limited)

This time around, I disregarded the idea of starting out as a partnership of any kind. I was going this alone. Although, when I was considering starting with XB and YP, this structure sounded good.

In a general partnership, two or more people bring in themselves. But, like the sole proprietor, the law makes no distinction between you and your partner(s) and the business. You have to really trust the people that you are in business with because if they run the company to the ground, you go down with it.

In a limited partnership, one or more of the partners is silent. In other words, they just have a stake in the business, but don't make the decisions. Essentially, one or more of the partners can do whatever they want with your money. And, like the a general partnership and sole proprietorship, if you get sued or have bad debt, the law doesn't see the dividing line: what is the business and what is you.

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