Business Take over

[Swampy]

Its not a problem beam or in fact anyone, it happened and there is nothing that could change it, sad to say but hey its life.

Now that my bro's business is slowly turning to life again, I realize the monster he created, seriously with the new trucks with just the snow removal accounts alone is about 60,000 alone.

I find that his business is more like a understanding of people but yet putting it into the real world.

[NotKai]

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

That is a real shocker!!

[ShooterJM]

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?

Co, Corp, Inc. = Technically it's all the same thing, a full, perpetual C corporation entity. An LLC is a limited liability corporation. Tax implications and the requirements are significantly different.

Trucks and equipment are taxed as several things, depends on weight and a few other mitigating factors.

Repairs depend on the type and on what. Generally you can deduct them in some way.

I'd reccomend calling your local SBA office and getting a mentor right quick.

[teufelhunden]

Echo the sound of calling for finding a professional [you get what you pay for, and we're free ]

However, I can point you in the right direction with the tax questions:

Trucks/equipment, as mentioned, depends.
Repairs shouldn't be tax deductible in the sense that you're thinking, but the way businesses calculate their gross income, they'll be pulled out as an expense.

[Swampy]

Sold!

Well thanks for the advice guys but I signed over the paperwork for the company today. I really just wanted to ride out the season and if nobody was interested then I'd continue on with it but with it not being in the paper for even 2 weeks it was sold for 340K

And if anybody cares:
Mowers:
2) 21in Toro Commerical Push mower
3) 2003 Ferris Hydro-walkbehinds 2) 36in decks 1) 48in deck
1) 1999 62in Kubota ZD21
2) 2001 60in Toro's Z both with striper's
1) 2005 60in Toro Z with a vac system
2) 1994, 98 72in 325 Toro Grounds Master
1) 1996 62in 223 Toro Grounds Master
1) 1998 10ft 455 Toro Grounds Master
1) 1997 16ft 580D Toro Grounds Master

Tractors:
1) 2005 John Deere 2210
attachments- 150gal Non-selective herbicide spray tank, 60in Aeriator, spreader, 62in deck, 60in snow blower, Vac cart system, work horse trailer,
1)2005 Kubota L4400 3/4yd bucket on the front and a backhoe on the back, and a drift breaker.

Trucks and Trailers:
1994 1500 Dodge pickup
1994 Superduty/F450 PTO Dump Truck (Salvage) 7.3L 5spd 5:13 gears,9ft fisher plow, 2.5 yard V box salter
1999 F250 7.3L pickup 8ft Boss V plow, 1/2yr tailgate salter
2000 F350 7.3L Stake Bed 200gal spray tank, 8ft Blizzard plow
2000 F550 7.3L Ctr Hydralics Dump Truck, 9ft Blizzard plow, 3yd stainless steel V-box
2002 F550 7.3L Ctr Hydralics 7spd twin turbo, Stake Bed, 10ft fisher plow
2006 Peterbilt single axel Ctr Hydralics, 12ft Boss plow, Bed salter.
2007 2500 5.9 Cummins Dodge
32ft Goose neck trailer
2) 22ft Landscaping trailer
22ft enclosed trailer
18ft skidster trailer

All the trucks had weatherguard tool box's and cabinets

Others
1) 1999 New Holland LX865 Skidster, diging bucket, forks, rockhound, harley rake, pre-seeder.
1) 300gal John Deere Spray truck

Plus stihl equipment (backpack blowers, Trimmers, Hedgers, Saws), backpack sprayers, a 300gal watertank, handtools, shop/air tools, and all the materials in the yard