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, 09:04 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: 7
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, 10:37 PM
jymie's Avatar
jymie jymie is offline
Senior Member
 
Join Date: Aug 2008
Location: Hamburg New York
Posts: 912
Rep Power: 9
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, 12:09 AM
LawnMoore's Avatar
LawnMoore LawnMoore is offline
Mr. Moore
 
Join Date: Jul 2010
Location: Suwannee River Florida
Age: 31
Posts: 288
Rep Power: 7
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, 03:35 PM
Steve's Avatar
Steve Steve is offline
Administrator
 
Join Date: May 2003
Posts: 38,042
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, 04:23 PM
950thomas 950thomas is offline
Senior Member
 
Join Date: Jan 2011
Posts: 171
Rep Power: 6
950thomas is on a distinguished road
Default

I pay myself a salary
Reply With Quote
  #6  
Old 02-18-2011, 11:45 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: 7
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, 12:08 AM
LawnMoore's Avatar
LawnMoore LawnMoore is offline
Mr. Moore
 
Join Date: Jul 2010
Location: Suwannee River Florida
Age: 31
Posts: 288
Rep Power: 7
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, 01:43 AM
jvholt jvholt is offline
Junior Member
 
Join Date: Sep 2010
Location: Texas
Posts: 6
Rep Power: 6
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 01:57 AM.
Reply With Quote
  #9  
Old 02-19-2011, 02:46 AM
LawnMoore's Avatar
LawnMoore LawnMoore is offline
Mr. Moore
 
Join Date: Jul 2010
Location: Suwannee River Florida
Age: 31
Posts: 288
Rep Power: 7
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, 03:18 AM
hansons_lawncare hansons_lawncare is offline
Junior Member
 
Join Date: Oct 2009
Posts: 18
Rep Power: 7
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 10:53 AM
deadbeat owners tuscangardens General Talk 8 07-02-2009 03:54 AM
The owners of J&M Lawn Care Steve Show Off - Picture Post - Photo Gallery 0 10-11-2007 10:11 AM
Tips for new business owners Steve General Business Discussions 3 07-17-2007 06:50 PM
Contacting new home owners? Steve General Business Discussions 0 03-19-2007 08:56 PM

» Recent Threads
  RatingTitle, Username, & Date Last Post Replies Views
fert/lawn programs
joshp
08-28-2016 10:43 AM
Today 03:27 PM
by acrajchel
2 203
My Invention
biglee
01-11-2015 06:51 PM
Today 10:43 AM
by joshp
20 2,878
fliers
joshp
08-19-2016 03:23 PM
Yesterday 04:24 PM
by Steve
10 637
Landscaper taking on odd...
WarriorLandscapingCAN
08-07-2016 06:57 PM
08-28-2016 10:31 AM
by joshp
7 805
Review of our lawn care...
Lawnline
07-12-2016 06:40 PM
08-27-2016 10:51 AM
by Steve
7 1,842
Start My Own Business?
mowandblow1980
01-12-2016 07:43 PM
08-25-2016 12:55 PM
by Steve
19 2,179
Looking for new host
Just for Cuts
11-26-2015 06:58 AM
08-24-2016 09:05 PM
by Stephen Alberts
10 1,928
Facebook advertising
Just for Cuts
12-13-2015 07:49 AM
08-24-2016 08:59 PM
by Stephen Alberts
14 13,132
Breaking into commercial...
SGL1
08-19-2016 07:02 AM
08-24-2016 10:12 AM
by mowandblow1980
7 604
Snow Plow
acrajchel
08-17-2016 10:21 AM
08-22-2016 11:21 AM
by Steve
5 575
Quarter Acre Woodland...
ew411
08-16-2016 06:50 AM
08-18-2016 12:25 PM
by Steve
4 559
Bidding Bushhogging
acrajchel
08-15-2016 11:52 AM
08-17-2016 05:32 PM
by acrajchel
4 554
Hello From the Florida...
KevinShuman
08-15-2016 08:57 PM
08-16-2016 01:52 PM
by SC93
2 551
I'm making stupid money...
WarriorLandscapingCAN
08-07-2016 07:07 PM
08-16-2016 12:42 AM
by SC93
5 853
A quick Intro
BLE
08-14-2016 05:17 PM
08-15-2016 10:54 AM
by acrajchel
2 543
New Customer - Gettting...
acrajchel
08-05-2016 05:00 PM
08-15-2016 10:52 AM
by acrajchel
4 816
helping out a friend set...
Doug D
08-13-2016 11:33 AM
08-15-2016 09:45 AM
by Steve
1 552
Small bed job
Bradcook21
08-09-2016 09:52 PM
08-10-2016 03:51 PM
by Steve
1 670
Hello from NoVa
jtwlawn
08-03-2016 11:20 AM
08-09-2016 10:45 AM
by jtwlawn
4 812
How much to charge for...
jymie
03-31-2013 05:59 PM
08-08-2016 04:33 PM
by Steve
27 6,676
Needing a website built
burtle
06-17-2015 09:02 AM
08-07-2016 10:21 AM
by Just for Cuts
18 19,857
New Site Hows it look
Infinitelawn
03-16-2015 10:32 AM
08-07-2016 08:37 AM
by Lawnline
8 11,319
Hey guys! Greetings from...
thegardener
08-05-2016 05:45 AM
08-05-2016 03:26 PM
by Steve
1 715
First Time Bidding-Need...
capitallawncrew
08-01-2016 08:30 AM
08-03-2016 09:52 AM
by Steve
3 703
Show us your stripes
Just for Cuts
05-21-2015 03:07 PM
08-01-2016 08:28 PM
by ExclusiveLawns
7 3,809
» Popular Tags
apartment become an entrepreneur best mower be your own boss bidding break business business education business help business management complex contractor hacks contracts deck lift dethatcher edging entrepreneur entrepreneur education estimate estimates fuel problems fuel pump half moon blade intro introduction jjandm lawncare l.t.rich landscape landscape design landscaping landscaping design company landscaping richmond va landscping lawn lawncare lawnservice lowering grade marketing mulch planting raising grade residential lawn care richmond va richmond virginia lawn care safety scag snowblower snow plowing snow shovel sprayer start a business start a lawn care business start business start up toro timecutter townhome tree tree service video web design websites what to charge work from home z-max z-spray
Powered by vBadvanced CMPS v3.1.0

All times are GMT -5. The time now is 06:43 PM.


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

All times are GMT -5. The time now is 06:43 PM.

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