I have been a consultant/engineer for the past 5 years, mostly working on solid-state electronics for military, tactical, motorsports, and aviation applications. After the last company I worked for defaulted on all of their contracts, I have decided to go out on my own and build a product that I have been working on. I am outside of my non-compete and non-disclosure periods, and I should not have any problems in that arena.
Development is done, and I am at a stage where I can offer a sellable product that is being mass-produced. This is all privately/personally funded by my current day job (and many sleepless nights), I do not have any partners, investors, or even small business loans...just me.
In the state of Texas, I am not required to hold a business license for this type of business, I am only required to have a resale permit (done) and pay business taxes and inventory taxes. I have no employees, and have a home office and warehouse my inventory here (heavily guarded & monitored-- don't even think about it *wink*).
What is my best bet? Continue as a Sole Proprietor and let it work out that way, or set up an LLC by myself? One contributing factor is that my wife is a teacher at a private religious school and pays taxes as "self-employed Clergy", but to be honest we have not actually had to pay taxes in years because we make so little as a household and our child tax credits take care of the rest, and we don't own property.
Suggestions? Should I hire a SB lawyer to get everything organized....I really don't have the extra $$ for that at the moment, as it is all going to development and manufacturing.
Thanks!
Development is done, and I am at a stage where I can offer a sellable product that is being mass-produced. This is all privately/personally funded by my current day job (and many sleepless nights), I do not have any partners, investors, or even small business loans...just me.
In the state of Texas, I am not required to hold a business license for this type of business, I am only required to have a resale permit (done) and pay business taxes and inventory taxes. I have no employees, and have a home office and warehouse my inventory here (heavily guarded & monitored-- don't even think about it *wink*).
What is my best bet? Continue as a Sole Proprietor and let it work out that way, or set up an LLC by myself? One contributing factor is that my wife is a teacher at a private religious school and pays taxes as "self-employed Clergy", but to be honest we have not actually had to pay taxes in years because we make so little as a household and our child tax credits take care of the rest, and we don't own property.
Suggestions? Should I hire a SB lawyer to get everything organized....I really don't have the extra $$ for that at the moment, as it is all going to development and manufacturing.
Thanks!