Should I use my co. name?

[farmerkev]

Hey, I am still doing some searching dor a truck. But when I get one, I think I will have some magnets made for it. I worked where my mom works last summer, and possibly this summer, its something they could hook me up with, and maybe even at a deal. My unofficial name is Kev-Lawn. I havent put it on anything yet, since its not official. I have done searches, and Ive only seen a few similar names, one is a 17 year old kid a few stated over. When (assuming I do) get magnets, would I be okay putting Kev-Lawn on it with a phone # and some writing? I just want some opinions, thanks.

[Paulup]

Spend a few bucks with your Secretary of State and snag the name for yourself. Sooner or later, if the name is catchy enough, someone is going to legally reserve it. If they do, you're breaking the law by using those magnets.

Otherwise, I think its a great name, go for it.

[lawnboy858]

Sounds Good, it's catchy.

[farmerkev]

I think I will, I just need to figure out who that is I need to talk to. I have been told its an LLC Im looking for, is that true?

[Paulup]

All depends on how you plan to run your business. If you're a solo op, i would recommend LLC. DBA would work, but many banks are phasing it out, so you might have some trouble depending on where you live. Go HERE (http://www.sos.state.mn.us/home/index.asp?page=177) and download the paperwork. Fill it out and take it to a notary, that will cost you 10-20 bucks. You'll have the LLC formed for about 180 bucks, and its free to get your EIN from THE IRS (http://www.irs.gov) and you'll need about $100 to open a business checking account.

Read up on THIS (http://www.sos.state.mn.us/home/index.asp?page=92) page and learn what you can about the different types of companies. Good luck.

[TomberLawn]

If you are operating as a sole proprietor, all you have to do is file a paper with the county register of deeds to "claim" a name. Basically, it gives you a "DBA" (doing business as) name instead of being just your name (any person can be a sole proprietor, but the business name is simply their name) and protects your DBA from being copied in your county. For an LLC (limited liability company), you do have to file papers with the Secretary of State, similar to forming a corporation. Have you decided which business type is best for you? Do you know the difference between different types?

[farmerkev]

Im not sure what I want, if I form a DBA or LLC, will I need to pay taxes, or similar stuff, if I charge $25 for a lawn, I want to walk away with $25 in my pocket. I plan on being a solo operator, possibly a helper now and then when needed.

[TomberLawn]

DBA and LLC are taxed the same at the personal income tax level. No matter what form of business you choose, the tax man will want his share. Corporations are taxed separately from the owners, which means you pay taxes twice--once for corporate tax, then personal income tax on any of the profits you keep yourself. The main benefit of an LLC is that you are not personally liable for the business debts. As a sole proprietor, or DBA, your personal assets (home, car, checking/savings, etc) are not protected from business liability. Like if the business goes bankrupt, your creditors could seize your home to pay off debts. With an LLC, only the business's assets are fair game for liability, hence "limited liability."

[farmerkev]

I should mention, if you havent realized, I am ony 16, can I still get these?

[TomberLawn]

To get started, you might want to just file a DBA. Be sure to get general liability insurance. You probably should talk with an accountant before forming an LLC, just to make sure you know what you're getting into.

[JustAGlimpseLawnCare]

Your best bet would be a DBA with general liability insurance, as the DBA costs $25 (in NY) to set up, and insurance is anywhere from $400-$800, and is something you can market to your advantage. An LLC costs $220 here, and there are a bunch of other costs along the way, totalling nearly the same as the DBA/insurance. While this is only a one-time cost (you must pay $50/partner for an LLC annually) it does not give you the protection that insurance does. Of course, if you have a significant amount of wealth built up, make sure that you get good insurance coverage. If you cannot get good insurance (weak financial markets and new business venture) you may want to go for the LLC, as it will protect your personal assets in case of a lawsuit. Of course, this is only if you cannot get a good insurance plan.

[ALC-GregH]

you can still lose your personal property with a LLC if your insurance isn't up to snuff. All it takes is someone to sue you for more then your policy is drawn up for and your house could be gone in a NY minute.

[ALC-GregH]

I was also told that a LLC is best used if you have or intend to have employees. As a sole proprietor with dba you really only need a good policy.

[greenbaylawns]

Start Here Minnesota Secretary of State

Then here (go to the forms) pull out the business forms. Then pick one
Do a little on line search if you need help deciding . By the way Kev Lawn LLC is still available

[greenbaylawns]

Start Here Minnesota Secretary of State

Then here (go to the forms) pull out the business forms. Then pick one
Do a little on line search if you need help deciding . By the way Kev Lawn LLC is still available

Here's the linkhttp://www.sos.state.mn.us/home

[TomberLawn]

you can still lose your personal property with a LLC if your insurance isn't up to snuff. All it takes is someone to sue you for more then your policy is drawn up for and your house could be gone in a NY minute.

The purpose of the LLC form of business is to protect personal property of the owner. Unless the owner's home or other property was used as collateral for a business loan, it is separate from the business and not fair game in a lawsuit.

[mngrassguy]

Don't forget you DO have to collect and pay sales tax on that $25.00 lawn Kev. If you don't the state WILL reach in your pocket and TAKE part (06.5%) of that $25.00 plus fines.

You need to collect $26.63 and pay $1.63 to the state or collect $25.00 now and pay the sales tax plus the fines "out of your pocket" when they catch you later. Your choice. Good luck trying to collect the sales tax from your customers "after the fact".