Inc....

Discussion in 'Business Operations' started by yardboyltd, Feb 7, 2003.

  1. yardboyltd

    yardboyltd LawnSite Senior Member
    Posts: 323

    If your famaliar with them, I'd like to hear them? And I assume your familiar with Kansas statutes also
     
  2. bruces

    bruces LawnSite Senior Member
    Posts: 648

    Probably everything a doctor knows can be found on the web also, are you going to start doing brain surgery?

    No offense, but the tax laws are too complicated for most people to understand and apply correctly. If you can handle it more power to you, if you don't interpret them right, you are probably going to cost yourself money or subject yourself to possible liabilities for preparing your taxes improperly.
     
  3. devildog

    devildog LawnSite Senior Member
    from sc
    Posts: 270

    "buy'em books, send'em to school, and they still eat the pages" Its a chronic problem throughout the trades and life for that matter. The DIY types will always be with us. But there is a silver lining in that dark cloud, they create more work for the rest of us. With Regards... devildog
     
  4. paponte

    paponte LawnSite Silver Member
    Posts: 2,366

    "If your famaliar with them, I'd like to hear them? And I assume your familiar with Kansas statutes also".

    No, I am not. I don't have time to deal with that BS. And I will be the FIRST to admit I do not know EVERYTHING about inc. and all my taxes and shi@t. If you looked at my first post, I advised you to get a good accountant. You can read all you want, it's just not the same as someone that does it for a living. My acct. has taught me more, and knows more than I need to know. That's why he is on my payroll, to keep my @ss out of trouble. There are ways around corporate meetings, ways to make your signature mean "president" without signing "Pres." and alot more. If I wanted to know all the ins and outs, I would have become an accountant. But since I am a business owner, I just hire one... it's alot less chance to take. But you do whatever you want, since you seem to know it all. Oh yeah, and why post questions if you don't head to anyone's words? Heh, you'll be the next Willy Nelson... they'll take everything except for your lawnmower!! but hey, it will all be worht it cause you saved SOME money!
     
  5. yardboyltd

    yardboyltd LawnSite Senior Member
    Posts: 323

    I don't care how you sign your signature. In Kansas, whether you are sole shareholded, director, employee, and officer or not, your are still bound to have "meetings" regardless of how you sign your name. Basically you hold the meeting with yourself, not too hard, but thats still time that you have to sit down and take the minutes of the meeting with yourself. You have to have minutes of regular meetings to prove the existance of the corp... no way around it.

    When you said you don't know everything about taxes and legal affairs, you are most definently right, you dont' seem to have a clue except for what your accountant told you.
     
  6. paponte

    paponte LawnSite Silver Member
    Posts: 2,366

    LOL!! Your a funny guy!! your the one with the decision... not me. I'm incorporated already. You asked for advice, and that's what I gave. You do whatever you want since you know it all. It doesn't affect me in the least bit!

    "your are still bound to have "meetings" regardless of how you sign your name" ...One thing has nothing to do with the other, i was just listing examples.
    :dizzy: SMACK!! PAY ATTENTION!! :dizzy:
     
  7. Couple of things here


    Yard Boy: Paponte has a good point. I'm sure you are an intelligent man, you can do research just like the rest of us, but, aren't you better at running your business? A few years back, I decided to let people do what they do best, and I will do what I do best. So....I hired a payroll service and let them make all my tax deposits...that saved me at least 1 hour per week, probably more, plus I hated doing it. Then I hired an accountant for my monthly sales tax reports and to get incorporated.....that saved me countless hours per month and money. I filed as an S-corp. Guess what? My accountant fills out the paperwork about the annual meetings etc. All that I do is go on vacation with my VP..(wife), and write it off.

    Yes, this stuff costs money, yes I am intelligent enough to figure it all out....but I hated doing it. Plus it took me away from the other stuff that I dont hate doing....talking to my clients, getting them to do more work with us, playing golf, seeing my family.

    Now Paponte: Be nice, don't feel like a guy can get under your skin that much on an internet forum. I do the same thing, but usually by the time I hit Post Message I have gone back and edited my post, being nice. This forum has been known for the dedication of most of the people on here to a place without conflict for the most part. If you want to fight, email me, I will send you a link to a place that they fight all the time dude!

    Now Doug Austreim: What you said about wanting to put more money back in the SS system so you can draw a larger check at retirement: I guess I am a little cynical. I don't think our social security will provide me with much of a life, therefore, I put as little into it as possible, using the savings from my SE tax to invest in other ventures. In 15 years, God willing, a lot of my stuff will be paid off....rental house, other business ventures, at that point I will consider selling my Sprinkler Biz and slowing down......SS will not help me then! I for one, will not allow the Government or anyone else, to scare me into thinking SS is my saviour, because I don't believe that it is. Just my 2 cents.
     
  8. dougaustreim

    dougaustreim LawnSite Senior Member
    Posts: 488

    Sprinkler Guy, I agree with you basically about the value of Social Security. However, it is a common fact that many small businesses don't put anything aside for retirement any place else either. They dump all their money back into the business, and then find out when their ready to retire that they don;t have a lot to sell. Equipment depreciates and in many cases the business is so tied to the owners personality etc. that it has little value for anyone else. More money invested in the business real estate would be much better than iron, but that's not what most do.

    So in many cases, the business man avoids the SS and then does little else for retirement investment and ends up with nothing.

    Doug
    Austreim Landscaping
     
  9. paponte

    paponte LawnSite Silver Member
    Posts: 2,366

    SprinklerGuy... Now there's my type of businessman. Know's where his priorities are, and where to draw the line and hire a professional. My points exactly. As far as putting away for the future, my acct. set me up with SS, 401K, and some other Oppenheimer fund thing that comes out of my check every week. I have to agree on the feeling that I do not like the government "holding" my money for me. With my luck when I am ready to retire, they will say there's no more money left in SS we paid out too much.

    As far as fighting, I don't want to fight anyone. Just don't tell a person that has been around the block a couple of times that they are clueless. I am a businessman just like everyone else, and to me that is just ignorance. If someone is not willing to listen to people's reply's, then why post the question? No harm done here. As I had stated, it doesn't affect me in the least. I've been established for over 10 years now, just here to help & learn!
    :D
     
  10. paponte
    Do what you do best, let others do the rest! Right?

    Doug
    You are right, I was giving my 2 cents about the way I run my life.
    My business isn't tied to my personality at all....thank goodness otherwise it would be in trouble!!!!!
     

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