Shop size poll, how many people

[NolaTigaBait]

as I said, we are in the process of getting away from this contractor arrangment. and Yes the license is the problem, and recieving work direction as stated.. and that's what we found out. The new arrangment is a partnership, not a sole-propieritor. Partnerships are pefectly legal as long as one person holds the EC license in Oklahoma. We are completely covered with liability and bond. We do qualify for a exemption for WC under Okla. law as (< 5 family members).

Call it what you want, but we dont have a trunk, nor do we slam things.....:grin: The problem with this arrangment is thats its unique to family and I cant hire outside help, unless I re-arrange legaly.

And I can assume that the rest of you stone throwers have a completely clean nose??..:grin:

we all know you are a trunkslammer

 

[bradleyelectric]

The problem with this arrangment is thats its unique to family and I cant hire outside help, unless I re-arrange legaly.

And I can assume that the rest of you stone throwers have a completely clean nose??..:grin:

Can't you hire employees as a partnership? Have a 75% / 25% division of shares as a partnership? Just have WC on employees? I don't know as I never looked into partnership options. As primary here I have the option to wave WC on myself but have it on employees. I know I can issue shares of my corp., but never looked into the insurance coverage options for shareholders as I don't intend to distribute shares at this time.

 

[Mule]

I would recommend looking into a workmans comp policy for both partners.When I injured my shoulder it was on a job so my workmans comp covered what would have been a bankrupting medical bill,ambulance ride,emergency room,three hours of surgery, several visits to the orthopedic surgeon, rehab three times a week for a year.

I totaly agree, of course son in law is covered by short and long term disability through his job, but me, if injured I'd have to set in wheel chair on the job, so he could work..Yes, Im just stubborn as I've never had a WC claim after some 34 years of straight electrical work.....

we all know you are a trunkslammer

Good for you....:grin:

Can't you hire employees as a partnership? Have a 75% / 25% division of shares as a partnership? Just have WC on employees? I don't know as I never looked into partnership options. As primary here I have the option to wave WC on myself but have it on employees. I know I can issue shares of my corp., but never looked into the insurance coverage options for shareholders as I don't intend to distribute shares at this time.

Our accountant is working on this, but we caught her in the busy time of the year, and we're still waiting.....I dont have the particulars yet. Honestly our next move is my wife coming on board, which is another family member WC wise.
Im sure there is ways to hire employees as a partnership but, were just not to that point yet. But I often think about it.

Im getting closer to semi-retirement, so the plan is for the son in law to be near 50% parnter when he become JM. So he will incrementaly increase his partnership level over the next three years. He knows I will always have controlling intrest, but in the same breath he also knows I'll treat him right. And at that point if he doenst like it, he can go out on his own, but I want it to be real inviting to him to continue this arrangement. Hey, we can share the overhead cost.....duh...its a great arrangment I think, as long as I trust the quality of his work and business dealings, to protect my name and liability. which right now I fully trust him...

 

[B4T]

we all know you are a trunkslammer

Who is WE?? You want to throw words out there, that is your business. I have not seen anything that says he is trying to be "Fly by night Electric" Nothing wrong with trying to be creative in your business approach. The IRS will be more than happy to set the record straight

 

[Nick]

I believe about 1200 electricians and several hundred office employees. I lost count a long time ago.
Like RockyD I worked in Vegas about 15 years ago. It was on Treasure Island. There is nothing like it. That job had 400 electricians on it working 5 - 10's and alternating Saturdays.
One of those jobs up there just shut down last year. A couple Billion dollar project and they just sent everyone home right in the middle. Sine of the times.

 

[NolaTigaBait]

Who is WE?? You want to throw words out there, that is your business. I have not seen anything that says he is trying to be "Fly by night Electric" Nothing wrong with trying to be creative in your business approach. The IRS will be more than happy to set the record straight

i was joking...bra

 

[Rewire]

I totaly agree, of course son in law is covered by short and long term disability through his job, but me, if injured I'd have to set in wheel chair on the job, so he could work..Yes, Im just stubborn as I've never had a WC claim after some 34 years of straight electrical work.....


.

I remember laying in th ER after they set my shoulder waiting fir the wife to come pick me up and thinking "how am I ever going to pay for this" .When I set up my WC I thought it was just for employees but thanks to my insurance guy he covered me also.I had the thirty year run with no WC claims also but like they say it only takes one time.

Many businesses and contractors are requireing WC even for one man bands.Getting a policy is not that expensive and the longer you have the policy accident free the cheaper your modifier which helpes when you do add employees.

 

[bradleyelectric]

Who is WE?? You want to throw words out there, that is your business. I have not seen anything that says he is trying to be "Fly by night Electric" Nothing wrong with trying to be creative in your business approach. The IRS will be more than happy to set the record straight

That was me because he is a 1 man show with a part time employee that wasn't covered by workers comp. and he wasn't holding and paying taxes properly on this same employee. I don't think there is anything wrong with trying to be creative with a business, but what he was doing is both illegal and can put eveyone in a very bad possition if there is ever an injury on the job. There are big differences in calling someone a subcontractor to get around real business expenses and hiring either an employee or a legal subcontractor.

I understand Mule is new and learning how to properly run a business and is dealing with how he visions the business to be long term. I also know I have been harsh on him on issues. Truth is I like him and believe he has a lot of potential as a contractor.

I think he has a decent grasp on how he wants to operate as a commercial service contractor. I also believe he may be in line with a lot of his thinking in that compacity. He may choose value his time higher at a later date. I believe he could rethink how he values his time with residetial service, but this doesn't seem to be his focus but is just fill work. Even being fill work it can be valued much higher.

I also see he is working on "getting legal" in terms of structure. This is where our thinking is different on how to handle legal structure but that is where I believe it is just a matter of choose. The way that he has expressed is a legal way to handle it and that is all that really matters.

 

[Mule]

I knew I liked that Ford tractor for a reason.........:smile:

 

[TwinCitySparky]

i was joking...bra

Than use a smiley face when making such an offensive statement.

Maybe you just forgot