Originally Posted by BBallkid42
Curious as to how much I should expect to pay for insurance? Right now I am a solo operation with the help of someone every now and then but 99% of time it is just me. Also got some questions on how to become a legal business. Obviously I will have to register my company and acquire a business license but what else would I need to get and how much cost am I looking at. And as far as taxes go, will the 6% sales tax I add on cover all the state and federal taxes I have to pay or will I have to increase my price as well to cover new taxes? Please don't think I have been a low-baller not paying insurance because I am looking into now so please no hate responses. I know there are a lot of questions but please help answer as much or as little as you can. Thanks
You can contact your Department of State (or go online) and they will tell you exactly what you need to become a legal operation. If you go LLC (smart) you will need to file your articles of organization. Here in NY, it cost me 200 dollars. I then had to run an ad in two local papers. The ad is generic and the county clerk will tell you what they need to say. Thats about it for becoming a company as far as I remember. As far as insurance goes, it will vary from area to area. I pay 760 every six months for a million dollar liability policy, but I have coverage for me to leave the ground (roof cleaning, tree trimming, exterior lighting) and for plowing.
As far as taxes go, I just charge the tax rate on the bill and hand everything to my office manager (hot ass wife) and she does the quickbooks and then everything goes to an accountant.
Becoming legal is a process, but it's worth it.