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re: Starting an LLC
Posted on 2/2/16 at 3:53 pm to MSTiger33
Posted on 2/2/16 at 3:53 pm to MSTiger33
He has one steady worker and few other boys helping when one of them is not available. So maybe 4 active workers including himself. He has about 25 yards but was thinking of trying to get some large lot/field work which most require insurance. And that is another reason to create LLC is to open bank account in company name. For equipment he has enclosed trailer, ZTR and few push mowers, weed-eaters, etc.
3
Posted on 2/2/16 at 3:55 pm to Amblin
quote:
He has one steady worker and few other boys helping when one of them is not available. So maybe 4 active workers including himself.
GL could be a grand or so, nothing so so bad.
Work Comp is an issue i'd be concerned about and would be required with most contracts
I'd be less concerned about equipment and just make sure he keeps locked up etc.
Posted on 2/2/16 at 3:55 pm to Amblin
I suggest he keep it low key, cash only. Hire illegal immigrants only when needed and pay in cash.
Why?
Does he enjoy giving the government all of his profits?
Why?
Does he enjoy giving the government all of his profits?
Posted on 2/2/16 at 4:06 pm to Amblin
What state are you in? I set up LLCs for clients regularly in NJ. All I need to file with state is a certificate of formation. I then prepare an operating agreement detailing the provisions for running the company. NJ requires a separate registration with the state for tax reporting. There is a difference between formation and registration (at least in NJ). Need to state type of business, number of employees, etc. for the business registration.
You will also need an EIN. The EIN application will ask how many employees the business has or will have.
Your son may want to consider classifying his workers as independent contractors instead of employees. Makes it a little easier tax wise.
He probably should talk to an accountant.
You will also need an EIN. The EIN application will ask how many employees the business has or will have.
Your son may want to consider classifying his workers as independent contractors instead of employees. Makes it a little easier tax wise.
He probably should talk to an accountant.
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