On Fri, 19 Dec 2014 12:05:05 -0800 (PST), wrote:

Bob La Londe wrote

"Ignoramus11878" wrote in

I am just wondering what do you think about the prospects for that*
business idea. Maybe you are, were or know someone with that sort of*
business plan and know how it worked out.*
*
I do have some opinions about it, but I will withhold them to see what*
you think. I just laid out pertinent facts.*
*
Liability can be mitigated a number of ways. *An attorney can help him with*
a simple service agreement for work that includes a limitation of liability*
depending on the type of work he does. *Insurance is not required most*
places, but he can weigh the risks and make his own choices.

Difficulty in business is best resolved beforehand.

Would an attorney even want to work with a firm that has no full time accountant working there, for example? Would a bank want to make loans to such a company that has no full time lawyer working there? Would an accountant wish to work with a company having less than a certain number of employees or level of gross earnings? Would an insurance company trust a client that didn't have all of these things? If not, you can understand why insurance rates might skyrocket for your operation.

You have to look at your business prospects through the eyes of those you work with, too.

Of the 120,000 or so commercial metalworking shops in the US, I doubt
if 10% of them have an accountant "working there," and probably no
more than 5% have lawyers on staff.

Those are independent services that one hires as needed.

Banks give those companies small-business loans all the time. As for
banks requiring insurance, it depends on the bank's exposure and what
assets they have encumbered with liens.


--
Ed Huntress