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Anonymous
Starting a business could use advice on well Everything 2017-03-30 05:05:11 Post No.
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Starting a business could use advice on well Everything 2017-03-30 05:05:11 Post No.
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Starting a business could use advice on well Everything
Anonymous
2017-03-30 05:05:11
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So I just opened my first LLC with the state, got my IRS EIN number and a business bank account.
I do aquarium installations and service mostly on large aquariums/ponds and other water features with animals in them.
I also worked with an ex-partner of mine who did coral propagation and sold it online which something I'm interested in expanding into once I get more clients and revenue to actually rent a warehouse or something to run the grow op. What I will not do however is open a shop/retail which is these days a dying proposition even in something specialized as marine aquariums.
My math skills are terrible which hampering me on my accounting knowledge. But as general question do most people who take payments say in this case the invoice for my monthly service fee and then automatically deduct the % that goes to tax into business savings account from your business checking?
Right now I only have one client which is a gross of $380 a month for aprox. 35mins of work twice a month. (just a 20 gallon FW planted aquarium). I aim to get at least 10 more clients this month in that range. ( my base rate is $380).
I feel like I do the job better then most of the chuckle fucks in the area however I feel disorganized and its something I'm trying to fix but I just don't really know where to start.
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>>1914744
I would say pay some ocd accountant to help you with the math and doubke as a secretary??
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>>1914744
you're not going to owe taxes on $380/mo
once you get to the point where you owe taxes you just estimate how much you owe quarterly and send that in to the IRS along with the little coupon for estimated taxes.
https://www.irs.gov/pub/irs-pdf/f1040es.pdf
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>>1914744
now since you went with the LLC you're going to need to also submit the company's share of FICA withholding taxes on top of your own. Look up how to make employer contributions of FICA tax and follow those directions.
Also because of the LLC you're required by law to have workman's comp insurance on yourself. Look into this as you get a couple more clients.
Your LLC and workman's comp protects YOU, but it doesn't protect your clients from you. Most clients are going to want to see that you're insured. Get a contractor's liability policy as soon as you can. A couple million in coverage should be good until you get employees. You may also want to look into getting a business services bond just so you can say you're insured and bonded. Clients do prefer it. Smart clients won't hire you until you get insurance. Your insurance agent can advise about both liability and bond.
Personally I'd forget about the coral propagation project until you're grossing at least $50k and paying yourself at least $24k. Warehouse space is going to cost a lot and you'll almost certainly lose money on that project. It's something to think about when you can afford to throw money away.
You should be writing off a home office and storage space most likely. That way you can deduct vehicle expenses 100%. We can discuss this if you like, or I'd urge you to talk to an accountant about it.
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>LLC
>Not a C corporation
O Y
V
E
Y
enJOY not being able to issue shares
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>>1915390
>he wants to answer to shareholders
Disgusting
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>>1915421
>not owning all of your shares
shoggidiy
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>>1914744
Get an accountant to help you out
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