When to become a business?

Discussion in 'Starting a Lawn Care Business' started by JeffH1, Jan 30, 2014.

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  1. grassmonkey0311

    grassmonkey0311 LawnSite Silver Member
    from MD/NC
    Posts: 2,167

    This is not true.

    A solo member is a "single member" to the LLC. This was verified by the IRS and my lawyer.

    So for 1 person to own the company, you would be a single member LLC.
     
  2. TPendagast

    TPendagast LawnSite Fanatic
    Male
    Posts: 7,563


    so you missed the part where I said (usually)…. the whole country doesn't conform to the rules of your one specific state.

    Which state is it, where they let you solo LLC?
    And again… don't open mouth and insert foot without doing research outside your own, small, singular experience of being in business once, for a short period of time, in a tiny little state, whose rules apply to a very small percentage of people on here reading the posts.
     
  3. 205mx

    205mx LawnSite Silver Member
    Posts: 2,342


    Tennessee is one
    Posted via Mobile Device
     
  4. zwhit81

    zwhit81 LawnSite Member
    Posts: 141

    Wow! Had some nice police bashing going on! Anyone want to yell at us overpaid teachers? Seems to be popular bashing us in this state! I agree to all of you who mentioned that laws are different in every state. I suggest staying off of this site with tax questions. Take a few hundred bucks and talk to a lawyer or acct. (Money well spent)
     
  5. Charles

    Charles Moderator Staff Member
    Posts: 7,849

    Lets try and stay on topic. This is not a thread about race, illegals etc
     
  6. Armsden&Son

    Armsden&Son LawnSite Silver Member
    Posts: 2,357

    Exactly true Charles...

    It is a thread about paying taxes....

    It's too bad that some guys will argue until they are blue in the face that person x or situation y means no reason to pay taxes...

    If you love America, You will do the right thing....

    Pay your taxes!!!!!!
     
  7. TPendagast

    TPendagast LawnSite Fanatic
    Male
    Posts: 7,563

    Uhhh this isn't' a thread about paying taxes… the OP wanted to know when to "become a business"

    Anyone with income pays (or should) taxes.

    PLENTY of people dodge paying taxes, even big established companies… it's called tax evasion.
    Being a "business" isn't related to paying taxes. some do some don't

    If you make $100 on tips as a waiter, are you supposed to pay taxes? yes.
    Mow three lawns? pay taxes? yes.

    Again the business entities purpose is not for taxation, it's a protection, primarily, for the person or person doing the business.

    You can be totally legit and pay all your taxes as "Bob a guy who mows grass"…is it suggested? there are many reasons to say no.
    But it doesn't mean he doesn't (or shouldn't pay taxes)

    in most cases, mowing lawns doesn't require a license… some muni's require a license to fart in their general direction, some don't… so this varies all over the place.
    But in most cases, the main purpose for registering a business name is so that there isn't 7 guys called "lawn ranger" in the same state.
    So the business registration/license is more of a service the state provides for you (protecting a marketable name) than a way of tracking your taxes.
    My dad always paid taxes… never had a business.
    As I said before.. a business license usually ranges between $5 and $50 to get… in our industry, this usually doesn't come with a big test, or entry hurtle (like general contractor, plumber, electrician)
    So it's not really something separating the "men from the boys"
    nor is it really an expense to worry about.

    so…its NOT a thread about taxes.
     
  8. CRC_PP

    CRC_PP LawnSite Member
    Posts: 43

    https://www.nolo.com/legal-encyclopedia/single-member-llcs.html

    According to this the previous law barring single member llcs has since been lifted...all 50 and DC.

    I am a single member LLC here in PA.

    As stated LLC is a means of separation(protection) of your personal assets from your business liabilities. It is a mere pass through in terms of taxation and is essentially the same as being a sole proprietor except affords you more legal protections.

    https://www.sos.state.oh.us/sos/upload/publications/busserv/llc.pdf

    Just some information a quick search pulled up that will be relevant to the OP. ;)
     
  9. TPendagast

    TPendagast LawnSite Fanatic
    Male
    Posts: 7,563

    Read the patriot act fine print, it substantially changed things like banking and bankruptcy and asset protection (pretty much because organized crimes was using the LLC as protection) so…LLCs no longer give you the protection they once did. much more transparent (almost completely) and zero corporate veil.

    Old grey mare aint what she used to be
     
  10. grassmonkey0311

    grassmonkey0311 LawnSite Silver Member
    from MD/NC
    Posts: 2,167

    I think it's time to insert your foot in your mouth.

    I never attacked you (like you did to me), I simply stated some information was wrong, so stop :cry:

    If you knew everything, your business would be much bigger and you wouldnt be posting on LS. Lighten up.
     
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