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TOPIC: Business type?

Business type? 08 May 2006 21:10 #1

How do most of you operate (business type)? LLC, Sole proprietor (DBA), LLP?

Troy
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RE:Business type? 08 May 2006 22:19 #2

don't foget about S-corp.
Cordell Rogers
CPA, MAcc, not yet CF
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RE:Business type? 09 May 2006 04:26 #3

Cordel, can you give us an idea of the tax implacations for a SP campared to a LLC or an LLP? Thanks
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RE:Business type? 09 May 2006 08:43 #4

  • Rancho JD
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Good question heavyhorse, after all the studies and hard work, gathering supplies, appointments, keeping books, etc... support staff or not. You, are the one that wakes every morning, showers, crunches, stretchs, drives away and gets it done. If you can offer some business sense to the acronyms please do tell.
Hit on 16 stand on 17 and split those aces, merry christmas!
'panhandler' Reno, Nevada.
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RE:Business type? 09 May 2006 12:52 #5

I'm not so sure what the best choice is. They all have advantages and disadvantages. I'm about to start looking through them all and trying to figure out which is the best for me (or farriers).... My other business is getting taxed to death right now and i want to do a better job of protecting my farrier business (both legally and from taxation). I'm thinking the LLC offers the best protection from a legal standpoint, but over a certain amount of income ($150k i THINK (i don't have to worry about that) there is a franchise tax of 4%....

if anyone can throw in their $0.02, i'd appreciate it.

Troy
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RE:Business type? 09 May 2006 16:27 #6

Generally speaking, if you are operating your business as a sole proprietorship or a partnership, you are exposing yourself to all kinds of liability because you are too lazy to do it better. In business terms, it is just as ugly and lazy as pulling a diamond keg shoe out of the box and nailing it on, then rasping the foot back to the shoe.

The specifics depend on what state you are in, what other income you may have, how much income the business generates, etc.

LLCs are a lot easier to set up and maintain than corporations. The one big advantage of a corporation over an LLC is if there is A LOT of income, then you don't have to pay payroll taxes on it all like you would in an LLC. But if you don't have a lot of extra income from your shoeing business, you should save time and effort and just make it an LLC because it is easier. If you incorporate, there is almost no reason you should be a C-corp; you should almost always elect to be an S-corp. C-corps are subject to double taxation and S-corps are pass-through entities that are not taxed (the owners are taxed directly on their %).

This link has a lot of good info:
http://en.wikipedia.org/wiki/Limited_liability_company
Cordell Rogers
CPA, MAcc, not yet CF
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RE:Business type? 10 May 2006 03:57 #7

cordell_rogers]Generally speaking, if you are operating your business as a sole proprietorship or a partnership, you are exposing yourself to all kinds of liability because you are too lazy to do it better. In business terms, it is just as ugly and lazy as pulling a diamond keg shoe out of the box and nailing it on, then rasping the foot back to the shoe.

The specifics depend on what state you are in, what other income you may have, how much income the business generates, etc.

LLCs are a lot easier to set up and maintain than corporations. The one big advantage of a corporation over an LLC is if there is A LOT of income, then you don't have to pay payroll taxes on it all like you would in an LLC. But if you don't have a lot of extra income from your shoeing business, you should save time and effort and just make it an LLC because it is easier. If you incorporate, there is almost no reason you should be a C-corp wrote:

I hear The IRS adits LLC's more than any other business entity. Its that the truth? Thanks for all the good information Cordell.

Phil Strange
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RE:Business type? 10 May 2006 13:28 #8

So, we've talked a bit about the different types of businesses, but we've not gotten to the real meat of the question. How do most of you operate your business? LLC, LLP, S-corp, Sole proprietorship, C-Corp...... Which one suits a farrier the best? Lets say pulling in about $90k.

Troy
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RE:Business type? 17 May 2006 02:27 #9

  • calshoer
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Mines now an LLC. I only recently did that though. Before that ( the last 24 years) I was operating as a sole proprietor. Patty
Patty Stiller CNBF,CLS
www.hoofcareonline.com
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RE:Business type? 17 May 2006 07:16 #10

  • SlowShoe
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How about good old 'Private' or 'Familly'?
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RE:Business type? 17 May 2006 13:09 #11

  • vthorseshoe
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Heavy Horse;

6 yrs ago when I decided to specialize in doing just drafts and mules,(in one day I passed 32 riding horses on to 2 other shoers, the rest went over time)) my wife and I went to our accountant and had this discussion.
It was decided being an LLC was best suited for our business. With Cindy and I as the only employee's.
I applied for and got a tax # and we pay our taxes on the business once a yr.
But she evaluates our taxes 4 times a yr. to keep a watchful eye on them and be sure we have the funds to pay them when due.
I invested and bought a computer system, "forge ahead" and we keep very good records.
It helps in not only keeping track of money coming in BUT money going out.
Usually twice a year we go over our monthly records to see if I have spent money on unnecessary items or if I can be more conservative on my spending.
It has also helped us see the months when my spending for tools (files in mud season) goes up and we can plan ahead for added expenses.

Come tax time my wife hits a button and it all spits out. My wife does a quick check over, puts it in a folder and off it goes to our tax man. So simple. NO MORE SHOE BOX FULL OF RECIEPTS.

We take advantage of all the tax breaks we are allowed by law and stay up todate on any new tax breaks that may come along.

With todays costs rising everyday the old adage, "watch the pennies and the dollars will take care of themselves" is really true.

I have 153,000 miles on my 2003 pickup. Instead of a new truck it will be cheaper to drop a new engine in. The body is in fine shape so I can't justify buying a new pickup that will cost me between $20k to $30k.
A rebuilt will run me around $3,000 with labor.

Every 2,500 miles Truck gets serviced. When it needs repairs they are done. Not put off.
Tires are always in good shape or new.
Here in northern Vermont is no place for bad tires and sitting on the side of the road. Won't get the customer done.
Plus their all business expenses.

Continous education, business expense.

A good accountant, become a member of the SBA, (their programs will show you how other business's have succeeded, also programs that may be financially benificial to you are available.) A good lawyer, A regular experienced mechanic, My tire company in town. Along with being a member of the state farriers association.
These are all my support team and help me stay in business.

More info than you asked for probably, but I got on a roll. Sorry.

Bruce Matthews
AFA # 1300
Northeast Drafthorse Shoeing LLC
"you may not like what I say" !
-but-
"you'll never have any doubts where I stand
quote Cindy Matthews 1948-2006


I thought my life had come to a close with Cindy's passing, but there is life after death Thankyou Sharon !

Bruce Matthews
Southeast...
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RE:Business type? 17 May 2006 14:51 #12

SlowShoe wrote:
How about good old 'Private' or 'Familly'?
That's the same as sole proprietor or partnership. There are much better ways to do business. Look into starting an LLC. It's really easy - don't be intimidated.
Cordell Rogers
CPA, MAcc, not yet CF
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RE:Business type? 18 May 2006 01:37 #13

  • Andrew Grimm
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Cordell,
How does one begin the LLC process? Thank you.


Andrew Grimm
Andrew Grimm, CF, RJF
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RE:Business type? 18 May 2006 02:36 #14

Andrew Grimm wrote:
Cordell,
How does one begin the LLC process? Thank you.

Andrew Grimm
I have heard good comments from people who have used this site to form their LLCs. I have not used it because my company has 2 in-house lawyers and a paralegal who handle all the paperwork involved with creating an LLC.

http://www.legalzoom.com/llc/

The basic steps are:
    pick a name for your business
    make sure nobody else has registered that name
    file articles of organization with the state
    write an operating agreement (rules you create for your business - important if you have partners)

If you are familiar with the above do***ents, go ahead and do it yourself. If not, it's worth paying $200-$500 to have someone else do it for you.

It is really simple. If you do not have any partners, then you don't have to do much of anything else other than use the business name on your card, letterhead, invoices, etc. It is a disregarded entity for tax purposes (no double taxation).
Cordell Rogers
CPA, MAcc, not yet CF
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RE:Business type? 18 May 2006 03:46 #15

  • SlowShoe
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cordell_rogers wrote:
That's the same as sole proprietor or partnership. There are much better ways to do business. Look into starting an LLC. It's really easy - don't be intimidated.

I dont think there are much better ways to do business.

I'm not intimidated. I just want dont want to incorporate myself into the state. I preffer to have no contracts with the state. As a private individual I retain all of my rights. When Incorporating yourself with the state you give up some of these rights in exchange for certain benifits. Your business is now a creation of the state and is subject to it and a whole host of new laws.

I see no need to complicate things, when everything is going along just fine here.

Josh
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