The LLC: The Preferred Method of Forming Your Business Identity
As an Independent contractor, you run your own business.
You set your own hours, decide where you want to work from, and negotiate your own deals.
When you work as an independent contractor, you work for your customers, more than you do your employer.
And as a small business owner, independent route owners should treat your business like any other entrepreneur would, and that includes the formation of a separate business entity.
So should you form an LLC?
You absolutely should. The benefits far outweigh the cost.
IDA services and programs are amazing. I recommend them for great coverage and phenomenal savings. The coverage was more than I was expecting, and it cost less!
Fewer Concerns and Not Overly Complicated
Your LLC is a signal to your clients that you are a serious business person. A signal that you are a professional, and you take their business very seriously.
You are in it for the long haul.
Unless told otherwise, the IRS treats LLCs as sole proprietorships or general partnerships for tax purposes.
If you are an IO you have to treat like a business, not just getting a paycheck from an employer. That’s one of the reasons we like IDA and their all-in-one solution. They have it all under one roof.
Limits Liability
It normally doesn’t take that much initial capital to get an independent contracting business up and running, but turning your business into an LLC does limit your liability for any ensuing suits or disputes.
Effectively, forming an LLC turns your business into its own, separate entity.
That way it is liable for its own debts and obligations.
You still have a duty to see those obligations fulfilled, but forming an LLC sort of puts your personal assets into a little protective bubble, so they normally can’t be seized to pay for the company’s debt.
Independent contractors need to treat their service as a business; otherwise they, or their clients, could experience negative financial consequences.
I run the business and my husband runs the route. We were new to this, and IDA was knowledgeable, patient and has helped me so much. And very cost effective!
The IDA Delivers for the Independent Route Owner
The IDA is your single source solution for everything needed to make sure your new business is formed correctly and quickly.
Membership includes the filing of your Corporation Name with the Secretary of State where you reside.
This process, if done incorrectly, can cause delays and is difficult to correct if an error is made.
Our experienced staff has helped thousands of IOs form their LLC, and will provide you with the right recommendations as to the most expedient course of action for your best results based on your location in the United States.
IDA meets all of our needs as IBOs. They have a plan in place to help you. Setting us up can be a lot of legwork, but they have all their ducks in a row.
You Need an Employer Identification Number - EIN
Your IDA Membership includes the filing of your EIN or Employer Identification Number with the IRS.
This is an important item that is necessary for your formation to be complete and for you to move ahead in the purchase process for your route.
The IDA is your single source solution for everything needed to make sure your new business is formed with speed and accuracy.
It’s so nice to work with a company that caters to the independent distributor. IDA customer service is awesome and everyone is helpful and attentive. With the amount of coverage we now have – plus the amount we’re going to save – it’s great!
When buying a new route and all that comes with it, IDA makes it easier for me to manage expenses and know what is going to happen. I wouldn’t go anywhere else.
Now I have everything my Brand requires plus additional features that give more protection and I still saved about 30% more from what my previous carrier charged. The IDA is my choice.
