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Sole proprietor or Corp??

Discussion in 'Starting a Lawn Care Business' started by CleanCuts101, Mar 15, 2013.

  1. 205mx

    205mx LawnSite Silver Member
    Posts: 2,355

    Yea but 1/3 or gross? That's .33 percent. That would leave me 7% .....

    Net figures are so much more
    Important that Gross.

    And it's not a bonus if you get money back, it's
    YOUR money.
    Posted via Mobile Device
  2. CL&T

    CL&T LawnSite Senior Member
    Posts: 493

    Exactly my point. Remember, your first quarterly payment for the next year is due in April also. Nice to have something left over rather than having to come up with money. After the first year you'll know where you stand and you can budget accordingly.
  3. 205mx

    205mx LawnSite Silver Member
    Posts: 2,355

    Totally agree its much easier to do after the first year. Just get in the habit of number chunching
    Posted via Mobile Device
  4. XYZLawnPros

    XYZLawnPros LawnSite Senior Member
    Posts: 398

    Social Security is a really really...really bad investment vehicle.

    I have looked over all of my elder and deceased relatives documents relating to SS. It is a complete and utter disgrace to the laborers of this country that make under the max yearly ceiling to have to pay into this ponzi scheme if that is what you want to call it.

    Now back to the object of the thread.

    In all honesty, any of those corporate entities you are wanting to establish will suit most folks purposes in general just fine. The issue is why have only one? You can have your lawn/landscape/maintenance/fert company, but I would have shells behind the name you have in the public. Preferably trust entities. What is a trust you ask? Do your homework and figure it out. Don't expect your accountant or financial adviser or lawyer to help you out. They do not want you to know.

    Due diligence for your own company would be looking at how the best run corporations/trusts in the world are running theirs. Examples would be the big ones you all know: Google, Oracle, GE, Microsoft, all the oil companies. Metals manufacturers and food producers. Banks or lenders and monetary creators. Apple to Samsung. Retail manufacturers to durable goods producers.
    Media and entertainment. This list is long. The knowledge to gain is vast.

    The point is you do not have to make millions or billions or trillions to set your company up like they do.
  5. 32vld

    32vld LawnSite Gold Member
    Posts: 3,984

    Do not leave us hanging here.

    About how much money has to be involved to make having a S corp worth while?

    To be able to get income at a lower rate capital gains tax just as Romney did.

    I remember the press kept complaining IN LARGE TYPE how Romney made all that income and paid so little in taxes. Inferring he was evading paying his fair share.

    Then would sometimes explain buried in the end of the story that most of Romney's income was in capital gains which was taxed at a lower rate then at regular income.

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