1. Missed the live Ask the Expert event?
    Not to worry. Check out the archived thread of the Q&A with Ken Hutcheson, President of U.S. Lawns, and the LawnSite community in the Franchising forum .

    Dismiss Notice

ATTN: KirbysLawn

Discussion in 'Business Operations' started by Lawn-Scapes, Oct 15, 2001.

  1. Scraper

    Scraper LawnSite Bronze Member
    Posts: 1,656

    TSG: Dude...relax...I was kidding.
  2. KirbysLawn

    KirbysLawn Millenium Member
    Posts: 3,486

    Sorry TSG, I have been busy and missed the post. It was very easy, I had the busines established by www.mycorporation.com and they did the rest, it was like $400 or so. I did all the "paperwork" about this time last year and had everything set up by 1/1/2001.

    I am established as a "sub-s" corp and once I obtained the federal tax ID number I went to the bank and set up the checking. I did have the added expense of new envelopes, lettering, cards, and such but no big deal. When I started this year everything wa son a "clean slate", new software, new scheduling software, and such.

    Hope that helps some.
  3. Lawn-Scapes

    Lawn-Scapes LawnSite Silver Member
    Posts: 2,810


    Did you have any business debt... truck, mowers, etc.. to carry over? How is this done?
  4. KirbysLawn

    KirbysLawn Millenium Member
    Posts: 3,486

    Since the truck and mowers were in my name I now lease them to the company. It bought the trailer and small stuff, new purchases are under the company only.
  5. bruces

    bruces LawnSite Senior Member
    Posts: 648


    If you go from a one person LLC or proprietorship to a corporation (regular or S corp), you can transfer assets and liabilities to the corporation in exchange for the stock in the corporation in a tax free transaction. See your accountant and attorney to make sure you do it right.

    If you are just changing the name, no problem. You would need to change your DBA name or register a new one if you are registered with the state, and change you bank accounts, etc. In your software, you could probably just change the name in the software if you aren't changing the type of business entity.

Share This Page