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Anyone here have experience with their own construction company?
Posted on 2/14/23 at 2:08 pm
Posted on 2/14/23 at 2:08 pm
Got a good opportunity here to contract myself and maybe two or three guys for an industrial construction project.
Title kind of explains, just looking for anyone here that has or has had their own industrial construction company? How much insurance was required? what all was needed besides LLC and insurance? Would it better to 1099 the few guys or list them as employees for said company?
Title kind of explains, just looking for anyone here that has or has had their own industrial construction company? How much insurance was required? what all was needed besides LLC and insurance? Would it better to 1099 the few guys or list them as employees for said company?
8
Posted on 2/14/23 at 3:08 pm to BayouBengals21
You might actually get some good responses to this on the OT Lounge.
Posted on 2/14/23 at 4:33 pm to BayouBengals21
quote:
Got a good opportunity here to contract myself and maybe two or three guys for an industrial construction project.
Title kind of explains, just looking for anyone here that has or has had their own industrial construction company? How much insurance was required? what all was needed besides LLC and insurance? Would it better to 1099 the few guys or list them as employees for said company?
alot of that will be dependent on what your msa states.
Find yourself a good insurance guy, a good cpa, and a good lawyer that is familiar with the industry you work in. Those are the three most important people to the success of your company in the industrial space besides yourself. The cpa and lawyer help you structure the company properly. The lawyer and the insurance guy look at msa's and make sure you have the proper coverage and that the terms of the msa are not overly favorable to the customer and screw you. Then you can also look at contracting a safety guy. Just depends on the types of companies you are doing work for but some may require safety training or some type of safety program... which of course would be in the msa.
This post was edited on 2/14/23 at 4:38 pm
Posted on 2/14/23 at 6:56 pm to BayouBengals21
I have a residential construction company.
If you know what you’re doing, and like the other poster mentioned good attorney, cpa, insurance, it will be incredibly lucrative.
If you know what you’re doing, and like the other poster mentioned good attorney, cpa, insurance, it will be incredibly lucrative.
Posted on 2/14/23 at 7:59 pm to BayouBengals21
quote:
Would it better to 1099 the few guys or list them as employees for said company?
It’s technically not really a choice but dictated by the factors (not to say all businesses do it correctly though). Are they providing their own tools, setting their hours? Those are a couple of the criteria to consider. As a company, if you pay them as contractors you don’t have to match the payroll taxes, don’t have to file payroll returns, so in general a lot of businesses prefer to go that route.
If this is a one off job or two, I’d look strongly at going the 1099 route. Once you open payroll accounts, theres filings you’ll have to keep up with until they’re closed. Insurance can be high to say the least, I’d put together a projection of your revenue, labor costs and see if an agent can give you an idea before jumping in.
quote:
what all was needed besides LLC and insurance?
Assuming you have a contractor’s license already, if not, would look into your state’s requirements.
Posted on 2/14/23 at 8:53 pm to BayouBengals21
You might need a specialty contractors license depending on niche. Public works, heavy construction etc.
1099 could be an option, but of they are using your resources and under your direction w-2 is the correct way.
1099 could be an option, but of they are using your resources and under your direction w-2 is the correct way.
Posted on 6/8/23 at 3:18 pm to BayouBengals21
Absolutely! Having your own construction company can be an exciting venture. When it comes to insurance, it's crucial to have adequate coverage. Most industrial construction projects typically require contractors to carry liability insurance, workers' compensation insurance, and possibly property insurance. Besides forming an LLC and obtaining insurance, other key requirements may include a Contractors license ( LINK ), bonding, permits, and safety certifications. Whether to 1099 the workers or hire them as employees depends on various factors such as the nature of the work and legal obligations. Consulting with an attorney or accountant can provide valuable guidance tailored to your specific situation. Good luck with your project!
Posted on 6/8/23 at 4:13 pm to BayouBengals21
Typically your customers if you’re doing industrial work will have high GL insurance limits required, usually min of $5 million. If you’re a sub, maybe you can work around it.
And, if you’re dealing with oil and gas guys, ISNetworld will become your red tape monster. 1099s probably not going to fly. But, all these headaches can result in less competition and much better margins than commercial construction. It ain’t easy, but if it were, everyone would be doing it! Good luck!
And, if you’re dealing with oil and gas guys, ISNetworld will become your red tape monster. 1099s probably not going to fly. But, all these headaches can result in less competition and much better margins than commercial construction. It ain’t easy, but if it were, everyone would be doing it! Good luck!
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