John Doe Jr.
New Member
- Jurisdiction
- Washington
Situation
Am an operating partner to a couple of companies all held by the same corporate group. Am paid on a 1099 basis (but have yet to receive compensation). Originally, I set up a Delaware LLC with office location in Washington State to protect myself. I am presented to the outside world as an officer and a director of the company. But I am not a salaried employee.
Now the company has expanded and other operating partners have asked for directors and officer insurance. The company will purchase such insurance.
Am I better off not using the LLC and having them pay me on a 1099 basis directly? Its an option. I am the one that set up the LLC for protection.
It seems if I stick with the LLC, I am shifting risk to myself and would need to purchase my own insurance?
Operating partner - Wikipedia
Am an operating partner to a couple of companies all held by the same corporate group. Am paid on a 1099 basis (but have yet to receive compensation). Originally, I set up a Delaware LLC with office location in Washington State to protect myself. I am presented to the outside world as an officer and a director of the company. But I am not a salaried employee.
Now the company has expanded and other operating partners have asked for directors and officer insurance. The company will purchase such insurance.
Am I better off not using the LLC and having them pay me on a 1099 basis directly? Its an option. I am the one that set up the LLC for protection.
It seems if I stick with the LLC, I am shifting risk to myself and would need to purchase my own insurance?
Operating partner - Wikipedia