Originally Posted by lawnman24949
If you are interested in getting an LLC these are somethings I would do so everything goes smoothy. What you want to do is get a good lawyer that has dealt with younger people creating businesses before. Also do not use a website that advertises creating an LLC for $100 because to do it right it will cost you between 1 to 2 thousand dollars. I would also suggest you have your dad own 51% of the business and you can own 49% of the business but just remember this is solely for legal reasons and you can buy him out when you are 18.
You are dead on there. Our LLC cost over 1000 bucks but it was well worth it. It was done right and came with local tech support aka 2 Lawyers. The online companies don't really do squat compared to a lawyer. ALSO get a good accountant...I am a cheap skate and I still have an accountant do all my payroll, taxes, etc. He has paid for himself in deductions (income tax) before.
Originally Posted by Greenlandscaping
I make about 100 in profit after the second guy and gas. Not bad especially at my age
WHOA! So do you make $100 after buying equipment, oil, etc? Is it really profit? Technically profit (if I understand it correctly) is what you make after all overhead (including YOUR "SALARY")...
I'm just trying to help you out (nothing derogatory here)...I was well versed in this yesterday when one of the local dealerships' owners talked my ear off about the money end of it. Literally 30 minutes. But it made me stop and think. I wish folks had given me advice like that of on this thread and what the guy talked to me about yesterday when I was your age. And older for that matter.