Lawn Care Business Forum Lawn Care Business Book Lawn Care Business Blog Lawn Care Software
Home Forum Contract & Flyer Templates Blog Software Videos Podcast Calculators / Estimators Store Mower Review Design It Yourself Lawn Business School

Go Back   GopherHaul Landscaping & Lawn Care Business Marketing Forum > Business > General Business Discussions

General Business Discussions A place to talk about general business discussions.

LLC Owners


General Business Discussions

A place to talk about general business discussions.
Reply
 
Thread Tools Search this Thread
  #1  
Old 02-17-2011, 10:04 PM
Paineless Creations's Avatar
Paineless Creations Paineless Creations is offline
Senior Member
 
Join Date: Jan 2010
Location: West Richland, WA
Posts: 205
Rep Power: 5
Paineless Creations is on a distinguished road
Default LLC Owners

So I switched over to an LLC last year and I have a question for you owners out there. How do you pay yourself? I am set up to have employees- do you add yourself as an employee? Do you just take money out and do a jounal entry in your books... How do you guys do it?
Reply With Quote

Stop guess-timating. Learn how to estimate and make money! $$$
Mow Time Estimator Lawn Care Price Estimator Mulch and Topsoil Calculator Snow Plow Estimate Calculator


  #2  
Old 02-17-2011, 11:37 PM
jymie's Avatar
jymie jymie is offline
Senior Member
 
Join Date: Aug 2008
Location: Hamburg New York
Posts: 905
Rep Power: 7
jymie is on a distinguished road
Default

Lawn care business tipsLawn Care Business Book
Being the owner of the business, your income will be what is left after all other expenses. Your payroll and expenses to run the business. At the end of the year when you do your taxes is when that comes into play. Expect the first couple years that you will claim a loss. I would not include myself as an employee to draw a paycheck, as that would appear that you are earning more than just being an owner. If that makes sence.
Reply With Quote
  #3  
Old 02-18-2011, 01:09 AM
LawnMoore's Avatar
LawnMoore LawnMoore is offline
Mr. Moore
 
Join Date: Jul 2010
Location: Suwannee River Florida
Age: 29
Posts: 288
Rep Power: 5
LawnMoore is on a distinguished road
Default

jeez i agree, its hard to profit as i have spent most of my personal savings to keep afloat the business.. loss i will claim.

I would do it that way also, or just be an emplyoee getting minimum wage only. then at the end of the year, if the profits are there, buy something usefull for the business to make you make money faster the new year!

Thats a tax writeoff when u use profit to buy more equipment.

You should get some sort of check every month atleast and pay some tax on it, we have to pay taxes just go ahead and make it easy, if your at a loss at the end of the year, i think you get taxes back, but not sure.
__________________
(352)682-3094 Suwannee River, Florida 32680

Visit my site, http://www.lawnmoore.com, Thanks!
Reply With Quote
  #4  
Old 02-18-2011, 04:35 PM
Steve's Avatar
Steve Steve is offline
Administrator
 
Join Date: May 2003
Posts: 36,688
Rep Power: 10
Steve has disabled reputation
Default

Quote:
So I switched over to an LLC last year and I have a question for you owners out there.
Did you switch over by yourself or did you have an accountant or lawyer help you?

What made you want to switch?
__________________
- Subscribe to my Lawn Care Marketing Blog Feed and get daily tips sent to you. Free!
Download your Free trial of Gopher Lawn Care Software.
Reply With Quote
  #5  
Old 02-18-2011, 05:23 PM
950thomas 950thomas is offline
Senior Member
 
Join Date: Jan 2011
Posts: 171
Rep Power: 4
950thomas is on a distinguished road
Default

I pay myself a salary
Reply With Quote
  #6  
Old 02-19-2011, 12:45 AM
Paineless Creations's Avatar
Paineless Creations Paineless Creations is offline
Senior Member
 
Join Date: Jan 2010
Location: West Richland, WA
Posts: 205
Rep Power: 5
Paineless Creations is on a distinguished road
Default

Quote:
Originally Posted by Steve View Post
Did you switch over by yourself or did you have an accountant or lawyer help you?

What made you want to switch?
Really I wanted to protect my house if anything happens (personal assets) and as you know I got a commercial account so I got General Liability of 2mil and changed to an LLC. I'm going to need some help with my commercial account so going to need to hire an employee. I really just want to be legit and grow this thing to the best of my ablilty. Also I did it myself online do not have a lawyer or an accountant.
Reply With Quote
  #7  
Old 02-19-2011, 01:08 AM
LawnMoore's Avatar
LawnMoore LawnMoore is offline
Mr. Moore
 
Join Date: Jul 2010
Location: Suwannee River Florida
Age: 29
Posts: 288
Rep Power: 5
LawnMoore is on a distinguished road
Default

You still need to pay yourself something, to keep uncle Sam's cronies off your back.

Even if its 100 dollars a month sallary.. and pay the tax's on it too.
__________________
(352)682-3094 Suwannee River, Florida 32680

Visit my site, http://www.lawnmoore.com, Thanks!
Reply With Quote
  #8  
Old 02-19-2011, 02:43 AM
jvholt jvholt is offline
Junior Member
 
Join Date: Sep 2010
Location: Texas
Posts: 6
Rep Power: 5
jvholt is on a distinguished road
Default

I have an LLC my accountant told me to go ahead and pay myself. My wife actually writes the check, It just felt wierd writing a check to myself. I pay myself a salary just like any other employee. I with hold taxes, medicare, and SS. The way the accountant explained it to me was that the LLC is its own entity and even though I am a member I am still an employee of the LLC. I also set it up online at the State of Texas website, pretty easy but cost a little more than I thought it would. In Texas an LLC is subject to a franchise tax as well, but like you I thought it was smart to seperate and protect my personal property from any potential lawsuites.
For me it's a lot easier to let an accountant worry about the taxes.

Last edited by jvholt; 02-19-2011 at 02:57 AM.
Reply With Quote
  #9  
Old 02-19-2011, 03:46 AM
LawnMoore's Avatar
LawnMoore LawnMoore is offline
Mr. Moore
 
Join Date: Jul 2010
Location: Suwannee River Florida
Age: 29
Posts: 288
Rep Power: 5
LawnMoore is on a distinguished road
Default

Does anyone know where to find how much taxes, medicare, and SS should be taken out of the pay?
__________________
(352)682-3094 Suwannee River, Florida 32680

Visit my site, http://www.lawnmoore.com, Thanks!
Reply With Quote
  #10  
Old 02-19-2011, 04:18 AM
hansons_lawncare hansons_lawncare is offline
Junior Member
 
Join Date: Oct 2009
Posts: 18
Rep Power: 6
hansons_lawncare is on a distinguished road
Default

i have seen things on quickbooks or just searching for a paycheck diduction calculator.

does anyone have the issue of starting out and buying a truck, and trailer, and weed whip, and a back pack blower, and a hand blower, and zero turn, and a push mower, and a bagger, and gas, and office supplies, and advertizing, and repairs and finding themselves writing off a loss for the year and unable to get a loan without a showable income.

i have seen online, legalzoom, they will get you all set up with an LLC. idk if id trust a program over someone you can go to if there is a problem but they say that it will hold up in court
Reply With Quote
Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
How to pay the owners aference1 Starting a lawn care business. 13 03-01-2010 11:53 AM
deadbeat owners tuscangardens General Talk 8 07-02-2009 04:54 AM
The owners of J&M Lawn Care Steve Show Off - Picture Post - Photo Gallery 0 10-11-2007 11:11 AM
Tips for new business owners Steve General Business Discussions 3 07-17-2007 07:50 PM
Contacting new home owners? Steve General Business Discussions 0 03-19-2007 09:56 PM

» Recent Threads
  RatingTitle, Username, & Date Last Post Replies Views
Complete body therapy...
zermin
Yesterday 11:51 PM
Yesterday 11:51 PM
by zermin
0 3
Repair or replace the...
lxarth
12-17-2014 05:07 PM
Yesterday 09:46 PM
by Just Cuts
10 296
Facebook
element009
03-23-2011 09:36 AM
Yesterday 04:33 PM
by stevef1201
38 9,889
Stander Vs. Zt
totalscape
12-20-2014 07:57 PM
Yesterday 04:26 PM
by stevef1201
4 97
Ideas on a large bid
Knaubone
Yesterday 11:57 AM
Yesterday 11:57 AM
by Knaubone
0 41
what do you "love" to...
calebmoss
07-06-2011 10:05 PM
Yesterday 12:52 AM
by rmccutchan
31 9,059
I'm BACK!
SuperiorPower
12-16-2014 11:08 PM
12-20-2014 11:33 PM
by SuperiorPower
7 261
These are the days on...
ExtremeLawncareServices
03-22-2014 10:12 AM
12-19-2014 09:45 PM
by ExtremeLawncareServices
189 16,766
Georgia Boys!
Chilehead
12-18-2014 10:23 PM
12-19-2014 09:36 PM
by Chilehead
2 122
Employee job training...
brookline
12-15-2014 08:15 PM
12-19-2014 07:48 PM
by SuperiorPower
9 366
Hello from Md
homey
12-17-2014 06:55 PM
12-19-2014 06:00 PM
by homey
5 210
Has Obamacare helped or...
Steve
12-18-2014 04:37 PM
12-19-2014 05:43 PM
by stevef1201
3 148
What Fertilizer to Use?
acrajchel
04-07-2014 02:56 PM
12-17-2014 01:11 PM
by Steve
23 3,019
Grass hopper mower
ExtremeLawncareServices
12-05-2013 09:51 AM
12-17-2014 09:40 AM
by SuperiorPower
34 6,169
Peco Bagger
AGPS
11-18-2014 02:20 PM
12-17-2014 09:13 AM
by SuperiorPower
15 1,378
New to Gopher Haul-from...
323k13l
12-12-2014 10:34 PM
12-15-2014 02:58 PM
by Steve
3 337
hi
creteland
12-12-2014 09:06 AM
12-15-2014 01:45 PM
by Steve
5 327
New addition to my small...
googus
12-12-2014 07:36 PM
12-15-2014 07:47 AM
by googus
4 403
Ferris IS700Z
rmccutchan
12-14-2014 01:10 AM
12-14-2014 11:41 PM
by rmccutchan
4 301
Charge what the market...
Billy Goat
12-09-2014 12:39 PM
12-14-2014 06:39 PM
by biglee
20 847
Hi from IL
steveinil
11-25-2014 02:07 PM
12-12-2014 07:18 AM
by steveinil
4 845
Utility Company Right of...
eastsidelandcare
12-11-2014 04:54 PM
12-11-2014 04:54 PM
by eastsidelandcare
0 309
leaf removal
Double J LLC
10-03-2014 05:24 PM
12-11-2014 04:50 PM
by eastsidelandcare
33 4,150
suggestions on full lawn...
Brian3137
12-10-2014 07:18 PM
12-11-2014 03:41 PM
by Steve
6 428
new to me box truck
jrayb39667
03-06-2014 11:20 PM
12-11-2014 09:43 AM
by Sprinkler Buddy
18 3,428
Hello from SW FL!!
5StarLawnscaping
12-05-2014 02:35 PM
12-10-2014 02:45 PM
by WesleySnips
7 672
Echo pb200 blower fuel...
googus
12-06-2014 09:03 PM
12-09-2014 06:35 PM
by Steve
3 523
Are you prepared for the...
Steve
12-02-2014 04:13 PM
12-09-2014 06:22 PM
by Steve
7 941
Email Address Name
Just Cuts
12-07-2014 09:49 PM
12-08-2014 03:15 PM
by Steve
3 464
Inspection form
stevef1201
12-07-2014 10:38 AM
12-08-2014 03:10 PM
by Steve
1 466
Truck, Trailer,...
hawthornelawncare
12-23-2011 01:01 AM
12-08-2014 12:37 PM
by jrs.landscaping
108 34,277
Back Pack Blower
Ian Lovejoy
11-09-2014 08:41 AM
12-07-2014 06:35 PM
by stevef1201
24 1,761
Innovation by mandate
bayoubandit
11-29-2014 01:33 PM
12-06-2014 03:27 PM
by SGL1
12 1,012
Trying something new,...
ExtremeLawncareServices
09-21-2014 10:07 PM
12-05-2014 11:06 AM
by Steve
9 2,304
Good help is hard to find
Hanks Lawn Care Services
11-19-2014 03:27 PM
12-04-2014 01:32 PM
by stevef1201
15 1,493
How many hours is too...
Just Cuts
12-04-2014 09:00 AM
12-04-2014 01:02 PM
by Just for Cuts
6 651
Does this sound like a...
googus
12-03-2014 07:47 AM
12-04-2014 12:37 PM
by Steve
5 731
New website
Chilehead
11-20-2014 04:39 PM
12-04-2014 12:27 PM
by Steve
14 1,265
New website
SGL1
12-02-2014 10:55 PM
12-03-2014 11:17 PM
by BLC7
19 899
Websites, how long...
Dan Tanner
03-09-2014 08:29 AM
12-03-2014 11:12 PM
by SGL1
21 3,286
I Want to buy old...
ExtremeLawncareServices
10-10-2014 11:04 PM
12-03-2014 10:36 PM
by ExtremeLawncareServices
8 1,909
GPS trackers for...
Billy Goat
12-02-2014 06:09 PM
12-03-2014 07:17 PM
by Steve
8 749
My site is on fronts page
tbtigers03
11-14-2014 05:58 PM
12-03-2014 06:31 PM
by SGL1
17 1,495
Hiring Subs over Temps
Billy Goat
12-02-2014 06:26 AM
12-03-2014 01:24 PM
by Steve
3 672
Thanksgiving cards
Steve
11-10-2008 11:57 AM
12-02-2014 11:11 PM
by SGL1
11 9,566
New parking area
ExtremeLawncareServices
11-07-2014 09:47 PM
12-02-2014 02:17 PM
by jrs.landscaping
12 1,524
Pressure Washing...
WesleySnips
07-31-2014 07:13 PM
12-02-2014 08:47 AM
by SGL1
6 1,545
old contracts
bayoubandit
11-29-2014 11:10 AM
12-01-2014 11:20 AM
by Steve
3 742
Hi to you NOTHERNERS
stevef1201
11-11-2014 05:56 PM
12-01-2014 10:54 AM
by Steve
9 1,318
Lawn care truck
Steve
10-10-2009 03:40 AM
12-01-2014 10:45 AM
by Steve
32 15,227
» Popular Tags
4wd 4x4 apartment complex apartment lawn care estimate bark bid bob villa care collections commercial decorating demonstration edging employee problems estimate ferris four wheel drive gopherhaul gravely hardscapes hills hiring how much to charge how to hydraulic installation introduction jobs landscape services lawn lawn care lawn care busines plan lawn care business lawn care business seo lawn care business show lawn care business website lawn care business website seo lawn care seo lawn care website lawn care website seo managing a lawn care business mr dave mulch mulch estimate new buisness new mower past due patio install per hour service podcast push versus ride reo running a business scag v-ride scripts shell snow snow plowing sprayer starting a business steve toro tractor auger trailer mate pro tree truck new used landscape turfgrass consulting up sell employee won't return wright stander rh
Powered by vBadvanced CMPS v3.1.0

All times are GMT -5. The time now is 12:16 AM.


(C) 2011 Riggs Publications - Terms of use & Privacy Policy

All times are GMT -5. The time now is 12:16 AM.

(C) 2011 Riggs Publications - Terms of use & Privacy Policy