Setting up a Corperation

Discussion in 'Starting a Lawn Care Business' started by bassfishin002, Apr 23, 2007.

  1. bassfishin002

    bassfishin002 LawnSite Member
    Posts: 22

    Hey guys I was checking into setting up a Inc. for my company. I would like to stay as a sole proprietorship for now (not enough money) but I would like to know if I would still be able to get commerical accounts? Do they lean more towards the LLC's and Inc's? Also another question is when you are Inc or LLC how much does this affect your insurance rate and what is the base liability insurance at which most commercial accounts would like to see? Thank you very much for you input.
     
  2. Grits

    Grits LawnSite Silver Member
    from Florida
    Posts: 2,994

    Get an accountant. You will thank me.
     
  3. TSG

    TSG LawnSite Senior Member
    Posts: 444

    What he said
     
  4. skinnydogz

    skinnydogz LawnSite Member
    Posts: 33

    If your on your own, a corp is fine....generally a llc if you have partners....base liability is about $1Mil.....it's not that much...here in MO. I have it and it costs me like $400 a year.....
     
  5. bassfishin002

    bassfishin002 LawnSite Member
    Posts: 22

    WOW here in Florida I have called a few places and they wanted $500 to $700 a year and thats just for 100,000 and 200,000 coverage. I mention a million dollar coverage and the lady laughed at me. Skinny are you an LLC or Inc.?
    Thanks for the input.
     
  6. outcold00

    outcold00 LawnSite Member
    Posts: 31

    newb question, whats LLC mean?
     
  7. Grits

    Grits LawnSite Silver Member
    from Florida
    Posts: 2,994

    Limited Liability Company
     
  8. Grits

    Grits LawnSite Silver Member
    from Florida
    Posts: 2,994

    I have 300,000/600,000 and it runs about $580 per year.
     
  9. bishoplandscape

    bishoplandscape LawnSite Member
    Posts: 169

    2 million and only 1200 yearly!
     
  10. skinnydogz

    skinnydogz LawnSite Member
    Posts: 33


    I am solo so I am a Inc. when I need help I just hire an "independent contractor" as a part time person.....it keeps for easy employee maintenance...I was told that walmart requires $2mil for liability but I am not too sure about the mngr here, as he's a BS'r....I didn't get the bid anyhow....but I actually had to go to a second rate company to get insurance and shopped around.....alot of the larger companies give alot of BS also for a general mowing policy....if you want to add extras, they start racking on the fees....if I want to add other stuff like contractor stuff the prices start rising quickly
     

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