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Discussion in 'Industry Surveys & Polls' started by Timbo, Aug 2, 2007.
How is your company set up? Sole Proprietorship, Partnership, LLC, S-Corp?
sole proprietorship for now but planning on doing a llc when things do well
SP for 10 years.Became a LLC this week.It's actually in my wife name which makes it a small minority owned business in the eyes of the federal government.
Is that because she is minority race or a female or both?
LLC for 5years
SOLE PROPRIETOR. Tried doing the Partnership bs last season w/ someone who trys to manipulate everything in the business because his daddy had bought alot of nice equipment he could use.
Yep, went sole and made the small initial investment of the stuff in my signature ( trailer, mower, trimmer & sprayer )
Now I have roughly 30 accounts since April and he is still unemployed (got his degree last year) and rarely calls me, I guess because I went off and made it? He's still nice though.
I never understood why anyone would go into a partnership other than the sole reason of having someone else to split responsibility with? Even then it almost always seems like everything is never even. I would never want my equipment to be half owned by someone else, and the worst part is you have to invest in twice the equipment and gain twice the customer base to be as profitibale as someone doing it on their own. Also, the responsibility of switching up who mows and who trims and edges. Since its just me, I hire someone $10/hr to do everything I don't want to.
20 accounts with another guy (who owns half my equipment) or 10 accounts by myself, on my own time while owning everything I got...hmmm. Just saying I honestly don't know why anyone would ever partner other than
1.) They do not want to be solely responsible for investment, estimates, and work
2.) Can't think of any other reason
Not saying it is a bad idea but you better make damn sure your partner is someone you trust 100% and is not manipulating the situation.