Starter Business questions

T

TDIGuy04

Diesel Sniffer
Do you have insurance? How much does it cost per year? What's involved in getting a license, filing a business name, and what about taxes & tax prep?

I was also told to start an LLC to protect myself personally.

any help is appreciated:wait
 
You will need a federal tax id number, sometimes a state tax id number, you must register your business name, and then file to be incorporated or a LLC. There is a bit of work involved. If you have the cash just hire someone to take care of it all for you. If not, go to your state's website and they SHOULD have a bunch of helpful tools to carry you along through the process and answer all or most of your questions.
 
Ins is a must. You can start up as a sole prop. Less expensive and if you have proper liability Ins you should be fine against law suits or damage. Hire a accountant to do your books. And registering a name is pretty simple just call your States Agency this usually runs about $50.00 A sole prop You use your social security # as a business ID unless you have employees then you need a EIN # you can become a LLC later down the road...

Congrats and good luck to you..

JAY
 
GraniteState said:
PS My liabilty Ins costs about $600 a year for 1mill - 2 mill coverage
Click to expand...

Who is your insurance with if you don't mind me asking?? I've tried a few compaines but no luck.
 
You should be looking for a "Garagekeeper's" policy. Mine is through Celina Mutual. Google them, I'm sure they'll refer you to an agent in your area.

Be smart. Get adequate insurance.
Also, consult a CPA to to get good tax advice.

It is the right to run a business.

Jim
 
Thanks Jim. How's business? Things are starting to look up down here in SC. Thanks again for the tour of the shop last month. You gave me some good ideas.

I will look into Celina Mut.
 
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