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Quote[/b] (Team Gopher @ Feb. 24 2007,8:15)]Then, company interests are sold (like shares in a corporation). The people who buy the interests are called members. Unless the members agree otherwise, control of the business is distributed according to how much money each member has invested.
Well see one of the reasons why a lot of new lawn care operators go the route of dba is because they use their social security number as their tax i.d. They file their taxes as they always do but add the income from their business and show their expenses etc.
When you go the route of llc or s-corp you get a tax id for that new legal entity you have created which is your business corp.
You have to file additional taxes for that entity. It's a little more time consuming and expensive. Taxes as you know are complicated and each state is different. These are just some basics so what you could do is talk to your accountant and ask what they advise as far as this goes.
You will not go wrong by having all necessary licenses, permits, and insurance for all aspects of your enterprise. Murphy's law will hunt you down if you don't....
Its all money well spent in the long run. Makes you legitimate in the eyes of the customer and gives you peace of mind knowing you are doing everything the right way.
Not sure if sole proprietor or LLC, or INC is right for you. Good rule of thumb is once you reach a point when you think you have alot to lose, tangible and intangible, look into incorporation in its various incarnations.
Quote[/b] ]Not sure if sole proprietor or LLC, or INC is right for you. Good rule of thumb is once you reach a point when you think you have alot to lose, tangible and intangible, look into incorporation in its various incarnations.
I think that was very well said and a great way to look at it.
This is helpful info for me I have been doing my Lawn care service for a couple of years..Nothing big, but now I'm really looking to go BIG glad I found this forum Thanks for all U'r help.. I have been doing my pricing by the job and not by the hour..Question to anyone out there whats the best way to charge and how do U come to a Price that don't kill the customer but provides enough pay for labor,fuel,milage,ect.