Starting out Again, LLC or Solo proprietorship?
Hello guys. I have done some searching around the forums and really cant find my anwsers I'm looking for.
I'm going to make another run at my own bussiness again. I was doing it while in high school but never went liget. I keep most of my stuff over the last few years and got state retro money so I picked up a few new things.
1. I'm 21 still living home with Mom. All I own is my equipment, truck and Jeep. I do have a large savings account with money going to be used for a house down payment or retirement fund. That is all to my name.
I was thinking of start my company new so I can tax write off the new trailer and mower this year. I have a few bi-weekly lawns now but it all family, still waiting to get paid.
With that my big question is LLC or Solo proprietorship? I was thinking Solo because it be easier and I dont have much to lose. I would be getting 1 million in insurance to cover any damage I did. A friend has his own company and is telling me I need an LLC because it better for me. I can see him having it because he owns a lot of nice things and a nice house. I was thinking to start out as a solo and if all goes well next year retitle as an LLC?
He told me about Legal zoom and they make it easy. I was going to do that because with my day job they make it hard to get to county and state places since we work that same hours. Has anyone used them?
2. With taxs I know you can depreciate things and get money back. I was looking to upgrade to a F350 crew cab truck come spring Mid 2000. Can a solo write that off or only LLC?
Any help would be great guys.
96 F-350 Powerstroke
7x16 enclosed trailer
32" 2009 Exmark walk behind 15hp
48" 2009 exmark walk behind 17hp
Echo 210 trimmer
Red Max BP Blower
Echo stick edger
Back up equipment
Echo Bp500 blower