I’m planning on starting up a structural engineering firm in a couple of months, primarily preparing structural construction documents for educational, commercial, and residential projects and offering construction administration services.
For those of you who have started up your own firms, what are the advantages and disadvantages of various business entities? I’m in NY State, which has PSCs (Professional Service Corporations) and PLLCs (Professional Limited Liability Corporations). I do not really know the fine points of difference between the two, but I know that I want to incorporate to help shield my family’s assets in this litigious environment of structural design. Does one offer better legal protection? Does one have accounting benefits over the other? Can anyone guide me towards some good resources to research this?
I’m going to talk to a lawyer next week about incorporation, but wanted to get some more background first.
Thanks for your help!