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Re: O/T Starting my own Buisness
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Posted by BobinKY on September 12, 2005 at 16:56:30 from (205.188.117.6):
In Reply to: O/T Starting my own Buisness posted by perette on September 12, 2005 at 10:35:27:
Hey Perrette. Go for it! I admire you for taking the initiative to go ahead with your plans. Sounds like you have enough equipment to get started. Once you get into it, you can refigure your needs and keep upgrading. I will tell you that my nephew in the St. Louis area was approached by a developer to finish new homes. He is asked to backfill the foundation, level the yard and pulverize the soil, sew grass seed and blow straw. He was offered $1500 per home. He bought liability insurance for $200 per year. This covers up to $1,000,000.00 in damage. He is 18 years old and starting his Freshman year in college. He does this on the weekends when school is in session. It is a great business and he can make a lot of money at it. You may want to talk to the developers.
Just a word of caution. Even though it will be tough at first, go ahead and pay what you owe in taxes and social security. You don't want to leave the door open to the IRS coming in a couple of years from now and auditing you for seven years of back taxes. That will sink you ship in a hurry. I could tell you horror story after horror story about this, but I will spare you. Just do it! A good Accountant should be able to help you set up some type of arrangement where your business buys your equipment from you, so that you can defray some of your income. Good luck and keep us posted.
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