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New LLC Business
Posted on 11/30/15 at 10:35 pm
Posted on 11/30/15 at 10:35 pm
I've started a construction related business with a 50/50 partner. I'm looking for general advice from folks that have done similar. What works best for accounting (quick books?), how to handle payroll (ADP?), etc? We're planning to sub out all of our labor so payroll will be limited to the two of us.
What are some general business lessons learned from those that have successfully navigated the small business world? Our goal is to stay small so we can run all aspects of the business and maintain service.
Thanks in advance.
What are some general business lessons learned from those that have successfully navigated the small business world? Our goal is to stay small so we can run all aspects of the business and maintain service.
Thanks in advance.
4
Posted on 11/30/15 at 10:43 pm to BLM
Quick books is dummy proof
No need for adp for 2 people. You can do it in quickbooks, learn how
Learn the rules for independent contractors and employees so you don't get fricked down the road
You better have a very good relationship with your partner
No need for adp for 2 people. You can do it in quickbooks, learn how
Learn the rules for independent contractors and employees so you don't get fricked down the road
You better have a very good relationship with your partner
Posted on 11/30/15 at 11:27 pm to BLM
quote:
BLM
Just had to comment on how unfortunate your username has become.
Sorry... If you're going QB route, buy the version that has payroll bundled. It'll save you a few bucks the first year anyway.
QuickBooks Pro 2016 Small Business Accounting Software with Enhanced Payroll
Posted on 12/1/15 at 6:59 am to BLM
Never ever be 50/50 partners. Worst possible setup.
Posted on 12/1/15 at 10:22 am to BLM
QuickBooks is kind of the standard for small business accounting, but there are some others such as Freshbooks and Xero that are pretty neat. Make sure you fully use their invoicing and bill pay features.
Payroll... if you are set up as a partnership for tax purposes, you won't be paying yourself a salary. You will be making payments to yourself (either in the form of guaranteed payments or distributions) and you will have to pay taxes including self-employment tax at the end of the year. So you need to do quarterly estimate payments.
If you do bring on a couple of employees (like admin or a supervisor) all of the accounting software providers have add-on payroll services, which would be fine. Just for the love of God, make the payroll tax deposits!
Get good contracts for all of your subs, so it's clear they are subs and not employees.
Payroll... if you are set up as a partnership for tax purposes, you won't be paying yourself a salary. You will be making payments to yourself (either in the form of guaranteed payments or distributions) and you will have to pay taxes including self-employment tax at the end of the year. So you need to do quarterly estimate payments.
If you do bring on a couple of employees (like admin or a supervisor) all of the accounting software providers have add-on payroll services, which would be fine. Just for the love of God, make the payroll tax deposits!
Get good contracts for all of your subs, so it's clear they are subs and not employees.
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