What must I do?

Discussion in 'Business Operations' started by Meehan47, Mar 12, 2007.

  1. Meehan47

    Meehan47 LawnSite Member
    from PA
    Posts: 33

    I am new to the game. This is my 1st official year of business (last year I had a few side accounts but got more and trying to get more this year) My question is, what necessary steps must I take to become legit? What kind of insurance will I need? I plan on just using my social security number for claiming my earnings. Any help would be appreciated
     
  2. PatriotLandscape

    PatriotLandscape LawnSite Bronze Member
    from MA
    Posts: 1,209

    Call your local insurance agent and ask for "General Liability Insurance"

    I would get a tax ID to cover your ss# if you have anyone you need to 1099 or anyone on payroll your ss# would be on a lot of there tax info and you don't want that floating around.

    the tax id is free and is just a cover for your ss#
     
  3. Meehan47

    Meehan47 LawnSite Member
    from PA
    Posts: 33

    Patriot, thanks for the reply. It would be just myself for this year. I have talked to a few people and some told me to become a corporation. Is that necessary? I want to treat it like a business, so would by getting a tax id number be sufficient?
     
  4. PatriotLandscape

    PatriotLandscape LawnSite Bronze Member
    from MA
    Posts: 1,209

    Start with just a tax id to hide your ss#. Incorporate when you have 2 or more employees because you have increased exposure but it is not needed as a solo op.
     

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