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going full legit

Discussion in 'Heavy Equipment & Pavement' started by bobcatboy, Jan 18, 2006.

  1. bobcatboy

    bobcatboy LawnSite Member
    Posts: 115

    My business is starting to get serious, up to this point It has been a side thing. I need to know from you guys thats been in it a while what type of paper work or documentation do I need to make this thing legit. I have filled for biz-liecnce but I know there are some other things I need, thanks
  2. qps

    qps LawnSite Bronze Member
    from Indy
    Posts: 1,484

    I would talk to a CPA, Insurance agent, and consider an S-Corp.( CPA could advise if it would benefit you or not) good luck. maybe a call to DOT if your hauling equipment around...those guys can ruin your day...
  3. gravtyklz

    gravtyklz LawnSite Member
    Posts: 96

    Although this isnt necessary for being legit....

    Learn to keep records of your finances....

    know what your spending, and what your taking in....thats any business

    I recoment Quickbooks for that part.
  4. ksss

    ksss LawnSite Fanatic
    Posts: 7,129

    Great tips. On the Quick books. If you can find a QBs expert it can help. My wife does most of the office work but we have another gal come in once a month and make sure all is well. It is well worth it at the end of the year, I second a quality CPA and a quality lawyer.

    I would establish a safety program immediately upon starting your company. this should include safety manual, training etc. Also an employee manual

    Join the AGC in your area (Associated General Contractors). Many benifits, great marketing tool, and networking organization.

    Contact the Work Comp. in your state

    As said get a hold of the DOT and get your number and stick it on your trucks as well as all the other regs you need to know.

    Find a Bank you can work with and establish a line of credit if needed.

    Find a quality insurance/bonding organization. Preferably they will be one in the same. Becareful on cost cutting measures taken when selecting insurance. Get your bonds submitted (if applicable) to the cities you plan to work in (we need right of way permits which are secured with a bond) and get the appropriate licensing for any specialty work.

    Find a quality sign shop. design a logo and put it on everything.

    I would start thinking on how you plan on attracting and keeping quality help. Whether it be benefit package, profit sharing or whatever.

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