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Message
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 3:18 pm to BeerMoney
There is a man named W on here who is an expert on LLCs
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 3:42 pm to EvrybodysAllAmerican
quote:
he'll be paying a chunk in fees and now a pant load of taxes.
Why?
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 3:50 pm to EvrybodysAllAmerican
quote:
he'll be paying a chunk in fees and now a pant load of taxes.
Why do you think he'll be paying a load in taxes? At least federally, he can just report it as part of his normal income through a Schedule C if he is the sole member with 0 employees.
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 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.
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 4:02 pm to Mo Jeaux
quote:
he'll be paying a chunk in fees and now a pant load of taxes.
Why?
Because Uncle Sam likes to spend other people's money?
Income tax (state and federal), self employment tax, payroll tax, possibly sales tax, probably some city or parish business licenses, occupational licenses, etc.
Seriously, if its a high school kid, summer job type business, just making a few thousand, keep it off the grid.
If he's trying to make it a career or a long term business, then he'll eventually have to, but id wait until i had no other choice and needs to start deducting business expenses, etc. Keep it simple and keep the government out of it as much as possible.
This post was edited on 2/2/16 at 4:36 pm
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