Business Take over

[Swampy]

Since I'm taking my Bro's business, Grounds Master Lawn and Landscape Co, over I have a few questions that I need answered.

Do I personaly have to file for a Business License?
Whats the difference between Co, LLC, Inc, Corp,
Trucks and Equipment are they Taxed as property?
And are repairs tax deductable?

Thanks ahead of time.

[BeaverEater]

look at like WCTC for some classes, and some of the banks around here sometimes have different seminars about running a business.

[Lohman446]

Considering the basics of the questions asked, and dont take this as an insult, I would suggest you find both a lawyer and an accountant you can trust fully.

[maxama10]

Perhaps this will help you some, http://money.howstuffworks.com/business-channel.htm.

Can always try google...

[cowboy_00]

My dad started his business about 2 years ago and I agree with Lohman...the best thing to do is sit down with a very trusted accountant and an even more trusted attorney and they can help you.

(lucky the company isnt new...no intial capital investment)

[Steelrat]

My dad started his business about 2 years ago and I agree with Lohman...the best thing to do is sit down with a very trusted accountant and an even more trusted attorney and they can help you.

(lucky the company isnt new...no intial capital investment)

Business advice from someone with no ethics.

Interesting.

[maxama10]

Business advice from someone with no ethics.

Interesting.

O RLY? What makes you say that? I obviously missed something here

[billybob_81067]

O RLY? What makes you say that? I obviously missed something here

I think he was saying lawyers have no ethics, not cowboy_00. Although I have been known to be wrong before!

[Steelrat]

I think he was saying lawyers have no ethics, not cowboy_00. Although I have been known to be wrong before!

No, I was talking about cowboy. He sold me a jacked up emag, then refused to do anything to make it right. Total piece of crap. He is the LAST person who should be handing out any sort of advice.

[flyboy]

You have a lot of issues you may not be thinking about so the advice listed to talk to a trusted attorny as well as an accountant is good. Isues like:

Liability for previous debt (if any)
Liability for claims and contracts. (a change in ownership may void a contract if he has any commercial business)
Payroll tax liability (if taxes weren't paid)
Insurance, yada yada yada,,,,,

This is also to protect BOTH of you,

[billybob_81067]

No, I was talking about cowboy. He sold me a jacked up emag, then refused to do anything to make it right. Total piece of crap. He is the LAST person who should be handing out any sort of advice.

Well there ya go! I WAS wrong again...

[behemoth]

Well there ya go! I WAS wrong again...

yeeeeeeeeeehaw!

[SCpoloRicker]

Considering the basics of the questions asked, and dont take this as an insult, I would suggest you find both a lawyer and an accountant you can trust fully.

Agreed. If you're unclear about the different types of small businesses, you should enlist professional help.

Sorry about your loss.

[Swampy]

Well talked to a lawyer today. What he told me to do is have a accountant check the books first to see if theres enough to get this rolling again, then read the contracts that are typed up and signed to make sure that a change in ownership doens't void them, but if it does type up a new one and see if they will resign.

It also turns out that I need a new business license, not to mention all the other license's as well i.e. applicator's license.

As for WCTC I checked into some night coarses there.

Almost forgot that the trucks and trailers are not taxed but equipment such as the skid steer that weighs over 5,000 lbs is taxed as property.

I also called the insurance company today as well and I have to start up a new plan begining at the end of this month. My bro payed up till December but the said they will credit it to the new plan.

[beam]

Agreed. If you're unclear about the different types of small businesses, you should enlist professional help.

Sorry about your loss.

***Edit***

I was just informed of the circumstances surrounding this. Sorry.