Q: I filed my business name as a Sole Proprietorship, Would it be best to incorporate for government contracting?
I want to export building supplies, plastics and oilfield and mining equipment to Mexico, Peru and Chile. I also want to get into government contracting. I am a disabled female veteran owned minority business and a lot of the websites ask for a DUN's and EIN numbers. Before I acquire this, I think it would be better to incorporate to get more/better funding and my foot in the door than a Sole proprietorship. Should I Incorporate before applying for government contracts and Dun's and EIN numbers?
A: An LLC or a Corporation is essential to protecting business owners from liability (it will also allow you to get an EIN). Operating as a sole proprietorship leaves one open to personal liability.
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