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Starting an LLC
Posted on 2/2/16 at 3:14 pm
Posted on 2/2/16 at 3:14 pm
My son has a small yard business and thinking about making it a LLC. Few questions we have to anyone that has done this recently:
1. What is the process to create a LLC(costs, time, process)?
2. We want to get some type of insurance on the equipment and business for liability so any recommendations on what kinda and amounts are standard for something like this?
Any other tips or info would be appreciated.
1. What is the process to create a LLC(costs, time, process)?
2. We want to get some type of insurance on the equipment and business for liability so any recommendations on what kinda and amounts are standard for something like this?
Any other tips or info would be appreciated.
19
Posted on 2/2/16 at 3:16 pm to Amblin
quote:
business for liability
$600-$700 a year depending upon few things. #employees etc.
quote:
insurance on the equipment
what kind of values you got here?
Posted on 2/2/16 at 3:17 pm to Amblin
first question would be what makes you want to form an llc for a lawn service?
Posted on 2/2/16 at 3:17 pm to Amblin
Posted on 2/2/16 at 3:18 pm to Amblin
quote:
My son has a small yard business and thinking about making it a LLC.
Is he a teenager with some neighbors houses or an adult who gardens and does professional lawn care for a large amount of people as a full job?
Posted on 2/2/16 at 3:18 pm to Amblin
You can do it yourself online and file it, or pay a lawyer to do it.
Not sure its worth it for your sons yard business though. he'll be paying a chunk in fees and now a pant load of taxes. i recommend keeping it under the table.
Not sure its worth it for your sons yard business though. he'll be paying a chunk in fees and now a pant load of taxes. i recommend keeping it under the table.
Posted on 2/2/16 at 3:18 pm to Amblin
Filing an LLC is easy in FL. Check your State's Division of Corporations. It's probably easy for you as well. It think it was under $400 but it was 6 years ago.
It was all online for me.
Insurance is just a matter of getting with an independent agency (smaller one probably because of the small needs you have) and filling out forms.
It was all online for me.
Insurance is just a matter of getting with an independent agency (smaller one probably because of the small needs you have) and filling out forms.
Posted on 2/2/16 at 3:38 pm to Amblin
quote:
1. What is the process to create a LLC(costs, time, process)?
smart to do...will cost him about $80 in fees if he does it online with (I think $25 per year for annual report). It takes about 10 min. No need to hire a lawyer for something like this unless he's doing big jobs on a contract basis. It won't affect his taxes at all. Make sure he opens bank account in LLC's name. Talk to broker about insurance.
Posted on 2/2/16 at 3:42 pm to Amblin
The fee is $105 for a LLC now, just started one last April.
Posted on 2/2/16 at 3:43 pm to Amblin
Is he the sole member? Are their any employees?
Posted on 2/2/16 at 3:48 pm to Amblin
is he 13?
Posted on 2/2/16 at 3:53 pm to Amblin
There is a lot of terrible advice in this thread. Talk to a lawyer or find a good summary online, written by a lawyers (although be careful with that too).
Posted on 2/2/16 at 4:23 pm to Amblin
I have been in the lawn biz for 12 yrs this year,my advise is to first get with your tax person, if you don't have one get one, they will point you in the right direction and get you a tax ID number. Once you get this you will need GL insurance and also workers comp if you will have people working for you. You will also need commercial ins to cover pulling your lawn trailer.my tax person does all my filings for me and tells me what receipts to keep and such. Once you learn all this you can do it all on your own if you like.
Posted on 2/2/16 at 4:36 pm to Amblin
get a lawyer
Posted on 2/2/16 at 4:41 pm to Amblin
Your son has always done good work for me, hate to see that he's selling out. I don't trust Big Business with my petunias
Posted on 2/2/16 at 5:26 pm to Amblin
Ask a lawyer instead of a bunch idiots on an anonymous message board
Posted on 2/2/16 at 6:01 pm to Amblin
quote:
and business for liability
It depends on the business. We do cabling in data centers and our general liability policy has to be for $3 million minimum.
Posted on 2/2/16 at 9:50 pm to Amblin
The first time I started one I went straight through SOS website.
LINK
i just had a friend of mine who is an attorney do all the legal stuff for me, but there are websites you can use that makes it easier to file.
Others might think you don't have to do so, but I would recommend talking with an attorney first (I wouldn't go out of my way to talk with one, but if you have a friend or associate you can get some time with to explain the proper way to do things).
LINK
i just had a friend of mine who is an attorney do all the legal stuff for me, but there are websites you can use that makes it easier to file.
Others might think you don't have to do so, but I would recommend talking with an attorney first (I wouldn't go out of my way to talk with one, but if you have a friend or associate you can get some time with to explain the proper way to do things).
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