I'm a fairly experience (young:-) lawn-care service provider... I've been mowing for my parents, and neighbors since I was about 12/13 years old (just turned 18 a few weeks ago).... My little business has been up and down...but never more than 7 or 8 accounts...Usually around 5 full time and a few part-time. For the past 2 years i've been toying with the idea of expanding....Because I enjoy being outside/landscaping...I need to keep making money while I attend a local school...And, i need to be able to have some flexibility in hours (my current job...doesn't offer)...Anyway, i have two real questions here, the first is: Is it REALLY necessary for me to Incorporate (LLC whatever), get myself liability/insurance, etc?
In the past I've been able to work for either people I know...or work out some sort of release in terms of liability (usually through my parents)....I've been told that even getting customers to sign a release etc. Isn't enough...and that liability insurance is a must--for someone like me with a small business is that true? I understand the incorporating thing...its smart because then they'd go after the business, not the person, if something happened--but in terms of liability--I really don't know anything:-)
ALSO, in terms of equipment costs. I have some free cash, but not enough to go purchase a new trailer and another mower (which I would need).... Can anyone give me any suggestion on getting funding/loans? As it is currently my 'business' is only pulling in around 5k a summer... And I'm guessing I won't get any loans based on that small a company income...but, I don't really know.
I know its kinda a lot...but any info regarding these questions would be great....I've searched the boards but haven't found too much specifically regarding rhese questions. Thanks!