Sole Proprietorships!?!?!?!?

Discussion in 'Starting a Lawn Care Business' started by THRIFTY, Oct 30, 2007.


    THRIFTY LawnSite Member
    from (913)
    Messages: 208

    I am now to the point in my lawncare career that I want to go legit with taxes, ins, the whole shabang. A few questions I have that I couldnt find are:

    As a Sole propietor can I have a business name?
    How often do I file my taxes?
    What kind of ins do I carry?
    Do i need a CPA?
    What tax deductions are availible?

    For 08' I plan to service roughly 35-45 accts. I am a college student and plan to quit my parttime job to mow fulltime. Am I headed in the right direction? Any input would be appreciated.:usflag:
  2. WeeDr

    WeeDr LawnSite Member
    Messages: 23

    As far as I know: (which isn't much)

    1.Yes you can have a name
    2. Quarterly
    3. Liabality (Tell them your in the landscape buisness, it is realitvly cheap aproximaty $1,500 a year for 1,000,000 from what I found)
    4. Depends on your math skills I guess, probally advisable,
    5. Save all your recipts for gas, cell phone, food you eat on the job, clothing, insurance, CPA, if you run it out of your house some of the bills, equipment, repairs, maybe even your collage.

    Now that I think about it you probaly do want to get a CPA and talk to them about what is deductable because there are probaly things I'm not mentioning,

    Hope this helps,

  3. Roger

    Roger LawnSite Fanatic
    Messages: 5,940

    NO! .......

    THRIFTY LawnSite Member
    from (913)
    Messages: 208

    Awesome feedback! Thanks for the reply!! ;)
  5. richter24

    richter24 LawnSite Member
    from Indiana
    Messages: 27

    If you are committed to this then you are 100% making the right move. Good luck.

    I am set-up as an LLC just to personally cover myself. I have heard horror stories about Sole Proprieters going bankrupt and loosing there homes, over company accidents and what not. As far an insurance, get as much as you can afford to cover your business. Yes you can have your company name, but you should file it with your county recorders office. Contact the secretary of state for your entity, and the IRS for an EIN (Employer Identification number)....if you are required to have all these....Good luck my friend..
  6. topsites

    topsites LawnSite Fanatic
    Messages: 21,653

    1. Yes absolutely, in most cases it's required.
    2. Quarterly
    3. General Business Liability
    4. Yes, a CPA would be a good idea.
    5. This is why.
    > See, a CPA can help better than I can, I would highly advise looking into getting one.
  7. Wells

    Wells LawnSite Member
    from SLC UT
    Messages: 0

    1. Yes, and you will need it in order to obtain a business licence, ins, etc.
    2. As a "sole proprietor" you can file "yearly" with your personal taxes.
    3. General Liability insurance: it covers you for damages to someones personal property.
    4. It would be advised to seek assistance from a CPA but it's not required.
    5. You should be able to deduct all expences related to your business. (ie; marketing, equipment, repairs, fuel, office supplies, bank fees, computers, software, cell phones, etc, etc, etc.

    THRIFTY LawnSite Member
    from (913)
    Messages: 208

    Thanks for all the above replies!!!!
  9. Roger

    Roger LawnSite Fanatic
    Messages: 5,940

    Wilson, ... a long PM in your box.
  10. DA Quality Lawn & YS

    DA Quality Lawn & YS LawnSite Fanatic
    Messages: 9,264

    Wilson, please note that the previous posts were given by business-persons who live in many different states. Please check your individual KS laws and regulations governing your type of business.
    That said (from my perspective) - as a sole prop you can have a biz name and you must register it with the state, unless you are simply working under your full first and last name. Most like to have a biz name other than their personal name. I agree with above, taxes sb filed quarterly but perhaps your taxes may fall under a certain threshhold in which case you can file with your end of year return. For your situation, your income is probably going to push you over the limit to where you have to pay quarterly estimated taxes. Insurance - carry Genl Liability and perhaps property coverage for your equip ment if it is of large value and you do not want to self insure. CPA - check out other options first - good software can be had that will help you process bookwork.

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