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LLC or NOT?? Need advice..

Discussion in 'Business Operations' started by stonedawg, Feb 28, 2006.

  1. stonedawg

    stonedawg LawnSite Member
    Posts: 26

    New to the business and I was wandering: I work alone. I have a license from the county I reside.(100$ with 0 employees). I have purchased liability insurance for 500K and now was wandering if I should go through the state and become an LLC?? I was also wandering about making my truck "business only use" so I can write it off. Can I do that considering I already owned the truck?? Do I have to show that I sold it to the business? The business is my name anyway.. Thanks for all the advice!!
  2. Daily Lawn/Landscape

    Daily Lawn/Landscape LawnSite Senior Member
    Posts: 694

    My advice to you is to call an attorney to get that advice. But as for me Idid not want my personal property up for grabs if I were ever sued. With an LLC or S Corp They only have acess to the assets of you business. As far as making truck business only, no need for that. Keep track of your mileage of personal and business miles and take the milage deduction. Get with a good tax adviser to find out your best option.Make sure you set up a separate checking account and keep very very good records.
  3. LwnmwrMan22

    LwnmwrMan22 LawnSite Platinum Member
    Posts: 4,372

    Yes, you can use your truck. If you don't another vehicle, it's going to be hard to show that you use the truck 100% for your business, but you can write off 85% or so and be "safe".

    No, you don't NEED to LLC, I haven't and this is my 18th year now.

    Some people will say absolutely. Personally, I feel if I hit some kid in the head with a thrown rock, that the people are going to come after me, as the operator, and the company, as the equipment anyways.

    Yes, you do need to talk to an accountant and he / she will be able to clue you in MUCH better than a bunch of people on a message board.

    You don't need someone to do all of your books, you can get a software program to do that, but someone that'll answer a couple of questions for you, and at the end of the year, will take the numbers that you give them and prepare your taxes for you. Shouldn't cost more that $100-200 for the year.

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