If I’m in the process of starting my own business as a basketball trainer, what would be the best type of business entity to form?
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If I’m in the process of starting my own business as a basketball trainer, what would be the best type of business entity to form?
All research indicates that a Sole Proprietorship is the best business entity for me, with one exception. I will be specializing in shooting instruction but will also be focusing on several other aspects of basketball development, such as strength training, that incorporate some injury risk. I am worried about the liability that comes along with a sole proprietorship and the inherent risk that is involved with all physical activities. Would a sole proprietorship along with clients signing a waiver form be the smartest route and be enough to keep my personal assets safe?
Asked on August 19, 2013 under Business Law, Illinois
Answers:
Anne Brady / Law Office of Anne Brady
Answered 10 years ago | Contributor
If you are concerned about liability, you should form a Limited Liability Company, or LLC. Here is a link to a Web site where you can download a booklet on how to do this in Illinois: http://www.cyberdriveillinois.com/publications/business_services/llc.html
In Arizona, we simply file a few forms with the Arizona Corporation Commission and then publish the articles of organization in a local newspaper. The process is generally pretty simple everywhere.
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