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TOPIC: What Business Is It?

What Business Is It? 04 Mar 2011 14:14 #1

I would like to know how many of you are sole proprietor, LLC, Corporation, or something else?

I couldn't find a previous thread on this.

What do you think/know are the benefits of being (sole proprietor, LLC, Corporation, or other)?
Cody Gilreath, CF
www.certifiedtexasfarrier.com
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RE:What Business Is It? 05 Mar 2011 13:36 #2

  • texfarrier
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Gilreath Horseshoeing wrote:
I would like to know how many of you are sole proprietor, LLC, Corporation, or something else?

I couldn't find a previous thread on this.

What do you think/know are the benefits of being (sole proprietor, LLC, Corporation, or other)?

not sure why i file sole proprietor..probably less tax liability?.all the freaking irs stuff is so confusing...find a good cpa its worth the money plus its another right off too
Austin Russell
"Uva Uvam Vivendo Varia Fit"
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RE:What Business Is It? 07 Mar 2011 02:32 #3

  • Travis Reed
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Gilreath Horseshoeing wrote:
I would like to know how many of you are sole proprietor, LLC, Corporation, or something else?

I couldn't find a previous thread on this.

What do you think/know are the benefits of being (sole proprietor, LLC, Corporation, or other)?

Cody I was hopein some of theses guys would hash this out...your not the only one quessing at what way is the best...maybe now that the clinic is over things will get back rolling with this....keep it bumped up
Travis Reed.....


www.sporthorsefarrier.com to direct link..
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RE:What Business Is It? 07 Mar 2011 04:22 #4

  • BS-Horseshoeing
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I found a good accountant who did everything for me and all I have to do is sign papers and write checks. He incorporated me, put me in an S corp., does my taxes quarterly and year ends. Makes everything run smooth and legal.
Ben Sturman
AFA CF #7558

Tough times never last, but tough people do!

Beware the lollipop of mediocrity, one lick and you will suck for ever!

Folks who think traditional farriery means perimeter fit don't know a heluva lot about shoeing. Tom Stovall,...
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RE:What Business Is It? 08 Mar 2011 00:44 #5

  • khfs
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I am a sole-proprietor with an LLC. Sole-proprietor because I am only one person and do not have any employees; and LLC to keep my business property separate from my personal property so if someone sues me they can not go after my house. In Wisconsin we must have a sales and use permit. I pay my sales tax monthly, but my CPA tells me what to pay in for my quarterlies and does my year-end taxes. I know of two farriers that have gotten audited this year for failure to pay sales tax. A CPA can save you a lot of trouble down the road.
Kari Hoyer
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RE:What Business Is It? 08 Mar 2011 01:08 #6

  • texfarrier
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what do you mean sales tax?..what are you selling?...i have never paid sales tax to the irs......i only pay sales tax when i buy something...i never file quarterly either i just pay at the end of the year and there is a penalty of only a few dollars
Austin Russell
"Uva Uvam Vivendo Varia Fit"
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RE:What Business Is It? 08 Mar 2011 01:39 #7

  • brian robertson
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The sales tax is on services not just products in WI.
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RE:What Business Is It? 08 Mar 2011 03:22 #8

  • tbloomer
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khfs wrote:
I am a sole-proprietor with an LLC. Sole-proprietor because I am only one person and do not have any employees; and LLC to keep my business property separate from my personal property so if someone sues me they can not go after my house.
The limited liability has to do with "debt liability" incurred with your business creditors. If you company runs up debt, your creditors cannot sue you to take your house to cover the debt. OTOH, if you use your house as collateral for a business loan, you've defeated the protection afforded by the LLC or INC.

If you are found liable in regards to your negligence in farrier practice - i.e. you kill somebody's horse by a negligent act during the course of business ;) - the liability is on you, your business, and all of your personal assets. LLC and INC do not protect your assets in this situation.
Tom Bloomer
http://blackburnforge.com
302-222-6404


Here's the deal. I'm trying to keep it simple.
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RE:What Business Is It? 08 Mar 2011 03:28 #9

  • tbloomer
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You might want to visit your local Small Business Administration.

http://sba.org/

You'll get good advice there - from business people who are experts in "business."
Tom Bloomer
http://blackburnforge.com
302-222-6404


Here's the deal. I'm trying to keep it simple.
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RE:What Business Is It? 08 Mar 2011 03:40 #10

  • tbloomer
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Gilreath Horseshoeing wrote:
What do you think/know are the benefits of being (sole proprietor, LLC, Corporation, or other)?
Any CPA worth their fee is going to want to see your business plan and financial records before making a recommendation.
Tom Bloomer
http://blackburnforge.com
302-222-6404


Here's the deal. I'm trying to keep it simple.
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RE:What Business Is It? 08 Mar 2011 04:08 #11

I've always been a sole proprietor, I was just wondering what others had their business set up as. I do have a CPA that does my taxes. Thank God!
Cody Gilreath, CF
www.certifiedtexasfarrier.com
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RE:What Business Is It? 08 Mar 2011 06:35 #12

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I wrote my first 5-year business plan in 2001. That included starting out as a sole proprietor and then changing to an S Corp in my 5th year. I incorporated at the end of 2005 and have conducted business as a corporation since then. My administration costs were higher (CPA for taxes), but my tax liability was lower. In 2009 I started doing my own taxes. This saved me substantially on administrative costs, but consumes more of my time processing taxes myself. On average I get to keep about $7000/year more than I did as a sole proprietor. OTOH I spend about 32 hours/year of my time processing payroll and corporate taxes.
Tom Bloomer
http://blackburnforge.com
302-222-6404


Here's the deal. I'm trying to keep it simple.
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RE:What Business Is It? 08 Mar 2011 10:06 #13

  • Peters Shoeing
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What Tom said sounds good, but does it apply to us one-man-business types?

Also, I was thinking we could talk tax tips. So far...heres a list of deductions.

Obviously some are incorrect and wont make the cut. It's just me thinking out loud...feel free to tell us what is a no-go.

-schools/clinics/summit fees, lodging, plane, etc
-books, videos, subscriptions to AFJ, HoofWatch, Co-op
-business cards, stationary, invoices, envelopes, pens, paper, ink
-invoice or business software
-website fees & web design fees
-commercial insurance and liability insurance
-cell phone bills
-local & internet advertising
-uniforms, apron, etc
-tools, shoes, other supplies
-oil changes, auto repairs, car parts, tires
-gas or mileage, which is better to claim?
-profits lost from deadbeats
-volunteer work or rescue work
-CPA fee or software fee
Alan Peters
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RE:What Business Is It? 08 Mar 2011 13:52 #14

  • khfs
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Thanks for that clarification Tom.
Kari Hoyer
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RE:What Business Is It? 08 Mar 2011 19:13 #15

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Peters Shoeing wrote:
What Tom said sounds good, but does it apply to us one-man-business types?
Probably not. A significant portion of my tax savings is on distributions to "shareholders" which are not taxed as salary. Shareholder distributions are taxed like interest/investment income based on your tax bracket. So about 15% less tax on that portion of "profit" not taken in regular payroll to myself as an employee.

My wife is a 50% share holder, does not participate in any business activities. So she receives no salary and pays no Medicare/FICA taxes on her portion of shareholder distributions. I pay no Medicare/FICA on my portion of distributions.

If you don't want to share "profits" with your spouse or you aren't married, then this would not be worth the trouble. Also not a good idea if you can't live on a small salary in between quarterly distributions. Taking "profit" more than quarterly will be treated by the IRS as salary and taxed like salary with the 15% Medicare and FICA taken off the top.

All of this is stuff I considered in my business plan, especially the planning and discipline to budged finances around quarterly distributions.
Tom Bloomer
http://blackburnforge.com
302-222-6404


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