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KrazyCutz
06-03-2007, 08:47 PM
Hello I just started a Landscapping company with 2 of my friends. We now have about 40 lawns and are going to be running a pretty big advertising campaign in 2 weeks. All 40 came from word of mouth and people just stopping by the jobs (very proud of that).
Well here's the issue: How can I get paid weekly? I want to be a 1099, the company is 100% legal in all our names. I understand this way I will have to pay taxes at the end of the year but I want to purchase a home next year and paying taxes this year is cheaper then saying I have no job and have a high interest rate on my mortage.
What should I do?
Thanks

KTO Enterprises
06-03-2007, 10:19 PM
Very few people are willing to pay per cut. I actually prefer one check from each customer per month. I is a lot easier to keep track of who has paid and who hasnt. Moral of my rambling here. Bill the 3rd week of each month and let them know that have until the 1st of the month to pay you.

Stuttering Stan
06-03-2007, 10:27 PM
I agree with the above. Think about catering to your customers. It is a pita to write a check once a week. Much easier just to write a big check once a month. Part of customer service is making your services a real convience for the customer

Grits
06-03-2007, 10:29 PM
Set your company up as an LLC taxed as an S-Corp. Each of your partners (my opinion, a mistake) and you will own equal amounts of units. You can cut each of you a check weekly, bi-weekly, monthly, whatever. Then at the end of the year or quarterly, pay taxes on what you have paid yourself. I suggest getting an accountant and have them do all this.

It will, however, take a little time for your business to have enough money to be able to cut checks weekly. But that's part of starting up. You may have to eat Raman Noodles for a while.

KrazyCutz
06-03-2007, 10:41 PM
Thanks This is by far one of the best sites!!!!!