View Full Version : Startin Out
03-03-2006, 10:09 PM
Hi all, i have all the equipment i need, and a vehicle and a trailer to get me there. BUT...i have no clue as to what i need to do as far as insurance and tax information. Now i know that everbodies taxes and insurance is different but i am 16 and i am paying for everything so i need to know what is necesary. any and all help is greatly appreciated thanks
03-03-2006, 10:31 PM
I would do a search on taxes or on starting out. You should find some help there! Do you have any employees or are you running solo?
03-03-2006, 10:41 PM
im runnin solo...i mean in there like a cutoff at certain amount of money you make? i understand this to be very complicated so...anyways thanks for the help...
03-03-2006, 10:46 PM
I would definitly look into general liabity insurance, at least 1 million in coverage. Call your local township and find out what kind of permits and licesneses you will need to work where you will be working.
Do you have any accounts as of yet? If no, do you have any neighboorhoods that you want to target? If you know where you would work, call that townships office and see if they require licensing or anything like that. Some areas will, some won't
03-03-2006, 11:02 PM
oh yeah, ive got around 15 residential/commercial accounts. they are all like big buildings in the city, but arent for business, they are rented out. i found out that my county doesnt require you to have a small business license/tax thing. all i think i have to pay is to get a tax number, and to register in the state i live in to be permitted to work (around 10 bucks) so, i think i am gonna look into some insurance
03-03-2006, 11:04 PM
as far as equipment insurance, i have a 1985 f-150, which already has insurance, a 5x10 open trailer, a 48" husqvarna w/b, husqvarna b/p, and a stihl trimmer...what would be my equipment value? iyo?
Do you know an accountant that is experienced with small business? They should be able to help make sure you have all your paperwork in order. They probably will also know what the insurance laws are in your area. You could also talk to a small business lawyer, but they usually charge substantially more.
An insurance agent who works with small businesses will certainly be happy to insure your equipment. Get minimal insurance for your equipment unless you really want it comprehensive insurance or are in a high crime area. If you know a power equipment dealer in your area, he may be able to give you an estimate of the value of your equipment.
03-03-2006, 11:18 PM
do those accountants have like one of those three letter names? i know it sounds silly.....
You mean like "CPA" (Certified Public Accountant) after their name? Yes. You don't need a CPA, but most are, and they are usually better informed about all the paperwork you should have.
03-03-2006, 11:50 PM
yeah thanks....i happen to know one rather well, but i dont know the difference between cpa, cna, dna, pain in the a, thanks alot
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