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  #31  
Old 12-12-2006, 11:11 AM
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Tim Wright Tim Wright is offline
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Very sound advise.

Tim
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  #32  
Old 12-13-2006, 09:16 AM
mmacsek mmacsek is offline
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I know this was stated on this thread and previous threads , Hire an attorney and follow his advice. Do a little research and don't just pick a name out of the phone book. The attorney I used was recommened by other attorneys as the best business lawyer. I thought an LLC was the way to go be he advised differently. He recommened Inc. subchapter S. The tax liability is no different than a LLC or sole prop. Everything passes through to me. This is not my knowledge but our CPA. As far as mixing personal with business our attorney advised on keeping personal assests in my wife and my name and business in my name only. My wife doesn't sign business checks because that could make her an officer and possibly open up our personal assests. The main reason to Inc. or LLC is to protect personal assests. Have a great day! Matt
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  #33  
Old 12-14-2006, 08:47 AM
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Quote:
Originally Posted by indy2tall
LOL, you go broke both ways either from awarded damages or from attorney fees. It sounds like the key is just to not get sued!

one word....INSURANCE......

a good insurance policy will prevent this.
they will cover legal fees, etc. all you pay is your deductable.
any business should have at least a $1M. policy...
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  #34  
Old 01-04-2007, 03:22 PM
VBsnow VBsnow is offline
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One last note.

This is probably one of the most informative threads that Lawnsites users can read. With that out of the way, check this out:

Here in VA you charge the officers of the LLC differently than other types of corporations. Since you have members and managers instead of officers the INS CO's charge differently. The members are charged a payroll basis of a sole prop @ $15,600 and the managers are charged like officers @ $26,000

What does this mean? Work comp is based on a per 100 basis. So the figure for members would be 156 and 260 for managers. We then multiply by the rate of $3(made up for simplicity). The member would pay $468 to be included for coverage and the manager would pay $780. The member would save $312 for the same coverage.

Use the info how you like. Just a little FYI on an oft overlooked fact.

Last edited by VBsnow; 01-04-2007 at 03:23 PM. Reason: spelling
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  #35  
Old 01-05-2007, 12:50 AM
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Team-Green L&L Team-Green L&L is offline
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This is a true statement. It very seldom comes up in court, but if a plaitiff can prove you co-mingle (embezzle) funds from your accounts, your LLC may not protect you. It is also imparative that you sign everything as a "manager" or "owner" etc. If you are using your signature alone, without identifying your actions as a company, you are personally liable. My buddy lost his garage door company for that reason.
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  #36  
Old 01-05-2007, 12:58 AM
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Josh.S Josh.S is offline
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Quote:
Originally Posted by Team-Green L&L View Post
This is a true statement. It very seldom comes up in court, but if a plaitiff can prove you co-mingle (embezzle) funds from your accounts, your LLC may not protect you. It is also imparative that you sign everything as a "manager" or "owner" etc. If you are using your signature alone, without identifying your actions as a company, you are personally liable. My buddy lost his garage door company for that reason.
So to sign a check you need to write,

John Doe - Owner

or

John Doe - Doe's Lawn Service, Owner

?

EDIT: Sorry for a stupid question.. haha...
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Last edited by Josh.S; 01-05-2007 at 01:05 AM.
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  #37  
Old 01-05-2007, 01:04 AM
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Team-Green L&L Team-Green L&L is offline
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Quote:
Originally Posted by Mow Right View Post
So to sign a check you need to write,

John Doe - Owner

or

John Doe - Doe's Lawn Service, Owner

?
No, when signing a contract or "legal" document, the other party MUST be aware that they are signed a binding agreement with an LLC. To do this, it is advisable to add "owner" etc. under your signature area. "Authorized representative" is appropriate also.
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  #38  
Old 01-05-2007, 01:15 AM
ALarsh ALarsh is offline
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Great advice and good read! Thanks
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  #39  
Old 01-05-2007, 06:57 AM
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John Gamba John Gamba is offline
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Quote:
Originally Posted by Mow Right View Post
So to sign a check you need to write,

John Doe - Owner

or

John Doe - Doe's Lawn Service, Owner

?

EDIT: Sorry for a stupid question.. haha...


I had a stamp made up. it was easier to do.
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  #40  
Old 01-05-2007, 08:49 AM
VBsnow VBsnow is offline
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Hey Yardpro

Yardpro,

Where are you in coastal NC? I am on KI.

Anyhow, I'm on the way to Snowshoe for the weekend. Think snow!
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