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Might start a new business.
Posted: Sat Feb 11, 2006 10:15 pm
by MobileAudio219
My cousin and I have been talking about starting a lawn care business. We want it to be legit, licence, insurance etc.
So what do we do? I guess go to the courthouse and see what types of permit(s)/licence(s) that is needed?
Since the company would be owned by the two of us (50/50) how would the taxes work? Does the company pay taxes, then we both pay taxes on what we make from the company?
Any company owners here want to shed light on how to get started?
Posted: Sat Feb 11, 2006 11:12 pm
by JASON96R
The only thing I know for sure to do is become a LLC (Limited Liability Company) I'm pretty sure that will ensure that if someone was to sue your company they can't come after you only the companies assets.
BTW, I know the lawn care business can be very profitable. Good luck.
Posted: Sat Feb 11, 2006 11:14 pm
by Darthness
i'd imagine they'd be pretty profitable once you have all your equipment payed off... i thought about doing a pressurewashing type of business once,e ven though i know nothing about it and don't even own or know how to operate a pressure washer. it just came to me. great huh?
Posted: Sat Feb 11, 2006 11:47 pm
by MobileAudio219
Darthness wrote:i'd imagine they'd be pretty profitable once you have all your equipment payed off... i thought about doing a pressurewashing type of business once,e ven though i know nothing about it and don't even own or know how to operate a pressure washer. it just came to me. great huh?
we have all the equiment... basically now we are just trying to figure out how the taxes will work...
Posted: Sun Feb 12, 2006 7:29 am
by Ryan from Ohio
Pay a lawyer for the LLC, will cost ya around $1000
You should really contact your local SBDA
Also with two owners/employees all OSHA regualstions and recordkeeping applies to you so beware...
Posted: Sun Feb 12, 2006 10:14 am
by OnYrMrk
hm..in Oklahoma an LLC will cost one only 100 bucks. So that would tell me that it varies in different states
Posted: Sun Feb 12, 2006 2:16 pm
by MobileAudio219
I think the hardest thing about doing this will be getting all the legal stuff in order. We're going to start out small, mainly doing residental mowing and general yard cleaning... The only expense of getting started started is going to be the legal matters, which I openly admitt is going to SUCK!
Posted: Sun Feb 12, 2006 3:29 pm
by Justin from Detroit1
what exactly would you be charging tax for? There is no tax on labor, and isn't lawn care all labor?
Posted: Sun Feb 12, 2006 4:19 pm
by Ryan from Ohio
$1000 is what I was quoted to get the papers drawn up by a lawyer...
Posted: Sun Feb 12, 2006 4:55 pm
by MobileAudio219
Justin from Detroit wrote:what exactly would you be charging tax for? There is no tax on labor, and isn't lawn care all labor?
We have to pay taxes on what we make, we don't charge our customer taxes.