Hi need a advice, I pass my master and wanna open my small electric company, now working full time and for moment I don't wanna quit, so thinking to do service calls after work, planning to open the company under my wife name and of course I will perform.the work, on the llc should I be a owner operator ,or my wife can employ me? I check with a cpa and also they don't understand the term employ it will be w2 or 1099?
Open a small electric company
- Thread starter jurj
- Start date
ptonsparky
Tom
- Occupation
- EC - retired
AC\DC
Senior Member
- Location
- Florence,Oregon,Lane
- Occupation
- EC
I stated llc then migrated to s-corp saved several thousand but I had to get to a revenue point to pay off
ptonsparky
Tom
- Occupation
- EC - retired
An S-corp has the advantage of, you are an employee. For me it meant a steady paycheck instead of feast or famine. I was at the point where I could do it though.
YMMV, so continue with your professional's advice.
YMMV, so continue with your professional's advice.
AC\DC
Senior Member
- Location
- Florence,Oregon,Lane
- Occupation
- EC
Yep, the professionals advice, but do your own research because I know more than my tax account and I got one of the best tax accountant in the state I do my due diligence I should say I don’t know more but there’s some things I catching something he catch so we’re an equal terms but you need to know what you’re doing instead of just taking someone’s advice otherwise you’re just being a sheep being led
One piece of advice make sure your tax accountant doesn’t prepare for the government either that’s a conflict of interest you want one that works in your favor not that worried about their paycheck
Just my two cents, but really do your own research
One piece of advice make sure your tax accountant doesn’t prepare for the government either that’s a conflict of interest you want one that works in your favor not that worried about their paycheck
Just my two cents, but really do your own research
zbang
Senior Member
- Location
- Roughly 5346 miles from Earls Court
Nolo Press and others have good books about starting a small business, read them.
Search the forums here for contracting and business advice, your question has come up before and will again.
Once you have the language of business in your head, spend the time to write a plan and research all the possibilities and costs. This includes talking with lawyers, accountants, someone who does commercial insurance, etc.
Decide whether you and your wife have enough money in the bank to make this work. Many small business fail because they don't have enough to become profitable.
(Please let us know what you decide and why.)
Search the forums here for contracting and business advice, your question has come up before and will again.
Once you have the language of business in your head, spend the time to write a plan and research all the possibilities and costs. This includes talking with lawyers, accountants, someone who does commercial insurance, etc.
Decide whether you and your wife have enough money in the bank to make this work. Many small business fail because they don't have enough to become profitable.
(Please let us know what you decide and why.)
ptonsparky
Tom
- Occupation
- EC - retired
I survived because of ignorance and stubbornness. Not a good way.
kwired
Electron manager
- Location
- NE Nebraska
- Occupation
- EC
Is good to at least talk to the so called experts, but you also need to do your own research and decide what is best for you as there is always more than one way to do things. Some may save you a lot of money, but may require you do a lot or spend a lot to get it done. You need to figure what is best fit for you. It won't always be same thing it is for the next person as they will have some different things impacting them. Your methods may change as your business grows or even someday should your business shrink or just simply go into different direction than it had been.