"It's a tax write off"?

[Gasser64]

What red flags do they look for when it comes to this? What can get you into trouble?

[Strychnine]

Form an LLC, dude. It's worth it. Fuck getting sued.

Yes. A setup fee plus an annual franchise tax is better than potentially losing your shit at some point down the road.

Document every expense and keep every receipt.....for everything. I mean EVERYTHING.

Look into NeatReceipts for this.

Be very careful if you have a home purchase or refinance in your future. Your adjusted gross income will be used for qualifying. I've seen countless deals foall apart because someone got "creative" with their taxes only to find their actual income reported on paper was half what they thought.

Also very true. Since I get a W2 from my day job we use my income for house, cars, etc and get then creative with hers lol

[KBScobravert]

Yes. A setup fee plus an annual franchise tax is better than potentially losing your shit at some point down the road.




Look into NeatReceipts for this.




Also very true. Since I get a W2 from my day job we use my income for house, cars, etc and get then creative with hers lol

All points that I consider a must as I am forming my own llc/dba soon and starting my own business out of our house.

[brad88gt]

I am in the process of starting my own hotshot business. I have my LLC set up, and I am in the process of getting the last few details ironed out. I have found some good info here: http://smallbusiness.chron.com/ and here: http://www.sba.gov/.

My boss has several small businesses that he owns or owns part of. He has been invaluable in directing me to the proper people to get things moving in the right direction. If you know anybody that has done something similar to what you want to do, take advantage of their knowledge and experiences as much as you can.

I am meeting with a CPA next week so that I am not chasing my tail later.

Best of luck to you.

[YALE]

For what it's worth, Tarleton runs a small business development council that has an office in Granbury. You guys wanting to set yours up might take a drive down and hash it out with them.

[yellowstang]

What she doing?

She owns a residential and commercial cleaning business.

[Back N Black]

She owns a residential and commercial cleaning business.

Very nice, good for her!

[yellowstang]

Very nice, good for her!

Thanks, just celebrated 7 years in business this month!

[SVT Lurch]

Also very true. Since I get a W2 from my day job we use my income for house, cars, etc and get then creative with hers lol

All points that I consider a must as I am forming my own llc/dba soon and starting my own business out of our house.

Be careful if you get a government insured loan (VA/FHA/USDA), as they look at married couples as one person and negative income from one can hurt the other (which means you may not qualify).

[S_K]

Form an LLC, dude. It's worth it. Fuck getting sued.

Not True. If you personally do the work, you are personally liable. LLC or not.

[Matt]

Not True. If you personally do the work, you are personally liable. LLC or not.

Yup. I hear about supervisors and workers getting sued or even doing jail time more than you would think since they are the hands doing the job and it was their fault something failed and killed somebody. I've seen it several times from not following their company's processes.

[YALE]

Not True. If you personally do the work, you are personally liable. LLC or not.

You aren't excused from crimes or intentional torts. No form of corporation stops that. An LLC helps keep a judgement against your business from extending to your personal assets. Under a sole proprietorship, your stuff is automatically in the jackpot.

[yellowstang]

You aren't excused from crimes or intentional torts. No form of corporation stops that. An LLC helps keep a judgement against your business from extending to your personal assets. Under a sole proprietorship, your stuff is automatically in the jackpot.

Not true, LLC is like a get out of jail free card! I've used it when I got pulled over for speeding, he apologized and let me go.

[YALE]

Not true, LLC is like a get out of jail free card! I've used it when I got pulled over for speeding, he apologized and let me go.

Imagine if you had a Bar card, dude!

[yellowstang]

Imagine if you had a Bar card, dude!

I've applied for one, waiting on a few referrals before they authorize it. it's an exclusive club!