Starting a business

[JJZ 109]

I'd check with an accountant and/or other professionals before I went to the expense of an LLC. It may vary from state to state, but my accountant tells me that if you're flying solo a sole proprietorship with good liablility insurance is the way to go. Because any good attorney will poke holes in an LLC if they're coming after you. Also, my state charges fees to start an LLC as well as annual charges to keep it.
An accountant can also keep track of annual equipment depreciation and several other things that you won't want to think about at tax time.
I think my annual premium is in the $800 area for business liability. $300k per incident/$1 million aggregate.

 

[AxleHub]

Gary,

I understand that at this time you are no longer consiidering this business opportunity. And I think you. Seem to be following a reasonable process of considering something and then deciding about it . . very reasonable.

But because a couple things popped up to take your focus . . I hope you don't stop considering other opportunnities if they come up.

My focus is that being retired from one effort does not mean you should be retired from all opportunities. Helping family is a good thing . . but don't be content with being retired only imo. At 90 years old I was told my mom would die before the weekend by doctors and nurses . . and I said it may not be so. I was told I was in denial . .. and I said the only denial I had was that doctors and nurses could tell the future 72 hours. Then we started an effort of "future value" and not only did she improve, but she got better than when she was a young 85. She ended up passing away at 97 having made many new friends and influenced many others.

My point is . . . don't let anybody pigeonhole you into being anything less than a future value person. Dream . . . Consider . . . Help others (of course) . . But expect that there are opporrtunities for your skills that still maybe coming . . you just need to find the right one

 

[Industrial Toys]

My (retarded) (ex) accountant told me I could claim the taxes (HST) on my new 80K driveshed. This put me front and centre for an HST audit, which for a brief time was a living helll. Turns out, the driveshed would no longer just be part of the farm, but would have to be dealt with seperately on the future sale of the farm.

So I just gave them their tax! Don't believe everything some idiot "expert" tells you.

 

[DaveNJ]

My (retarded) (ex) accountant told me I could claim the taxes (HST) on my new 80K driveshed. This put me front and centre for an HST audit, which for a brief time was a living helll. Turns out, the driveshed would no longer just be part of the farm, but would have to be dealt with seperately on the future sale of the farm.

So I just gave them their tax! Don't believe everything some idiot "expert" tells you.

The first law firm that I worked for had a specialty in suing accountants, insurance agents and even (horrors) other attorneys that gave bonehead advice to their clients that sometimes resulted in misery and disaster. The accountant, attorney or agent you chose for a business venture should be experienced with your type of venture, and even then, you need to question them when something doesn't seem right. What Industrial Tractor speaks of happens often. Unintended adverse consequences will still happen as a result of business decisions. That's life. Stuff happens. You can only make the most informed decisions possible with appropriate advice.