Out of the fry pan...

Status
Not open for further replies.

c_picard

Senior Member
Location
USA
So,
I finally committed to meeting with a lawyer to discuss setting up
as an EC. I've done a lot of homework on this, and am trying to stay on track
to start part-time this summer. I know y'all must have opinions on which is
the best way to start out. I'm curious what they are.

Sole propriety or LLC? Other?
Set up for employees right away?

Thanks in advance,
Chas
 

ceb58

Senior Member
Location
Raeford, NC
So,
I finally committed to meeting with a lawyer to discuss setting up
as an EC. I've done a lot of homework on this, and am trying to stay on track
to start part-time this summer. I know y'all must have opinions on which is
the best way to start out. I'm curious what they are.

Sole propriety or LLC? Other?
Set up for employees right away?

Thanks in advance,
Chas
Not to be rude but if you have set up an appointment with a lawyer why are you asking a bunch of wire pullers. We all have different set ups. What works best for one person may or may not work for another. A lot will depend on your state laws. Some think setting up an LLC will protect them personally which may not always the case.
For me personally I am doing as you plan on. Contracting part time. For me it was best to just go as a sole proprietor. But that is what works for me.
I will give this advise that I found to be true. Find a good accountant/CPA. Unless the attorney specializes in tax law there are thing he probably cannot tell you or advise you on. You need both to help you get started. The attorney can help set up things like contract language for you, advise and help set up filing leans on people that wont pay and if it is best for your situation set up a LLC or corp.
Also find a good insurance agent that can set you up with the right insurance policy to cover your work.
 

c_picard

Senior Member
Location
USA
thanks,

I was asking the wire pullers because a lot of you have been there...
anyhow I got a little more creative with my search terms and found some
decent links and different opinions.

Later.
 

satcom

Senior Member
You must be in a great area, around here business is at a crawl and many of the full time guys are working part time, they find it hard to get work to pay their expenses, and get together money to buy a jar of peanut butter, so before you jump in this pool with no water, understand the cost of just keeping a business alive in these rough times, the if you have plenty of savings and work in yur area to start then jump in, the electrical business is not something you can usually do well part time, it needs your full time attention to survive and grow, but everyone is in a different position, you may have a full time job you can leave anytime of the day if an emergency from a customer you did work for pops up, and make calls in the daytime hours to secure new work, you have plenty to think about other then lawyers before you make the jump, if you plan how you intend to secure work first you will have a good starting point.
 

c_picard

Senior Member
Location
USA
work has been finding me...

work has been finding me...

Actually, this area is as dead as any, maybe more so.
I just never had the "high" of making a years' salary in one cul-de-sac like
some guys. I also teach, design/install Solar PV systems, and work odd jobs
to fill in the blanks. I also own real estate.

I'm not sure why, but people like me, and want to give me their money.

This move is to legitimize the work I have been doing, and allow for potential
growth when the opportunity presents itself.

I appreciate the input,
Chas
 

growler

Senior Member
Location
Atlanta,GA
I'm not sure why, but people like me, and want to give me their money.

This move is to legitimize the work I have been doing, and allow for potential
growth when the opportunity presents itself.

When you start to do legitimate work people may not like you as well.
 

satcom

Senior Member
When you start to do legitimate work people may not like you as well.
That is funny, but customers that love you before you have all the overhead and operating expenses, can soon forget about you when you get rid for the truck with mud on the license plates, and try to bill them the real cost of operating ligit.
 

frankft2000

Senior Member
Location
Maine
With me, when I talked with my lawyer about which type of business type to set up, he said "Ask your accountant". ended up INC. but as a "S" corp.
 

c_picard

Senior Member
Location
USA
To those who are suggesting I haven't considered all the costs involved, and then
passed them on to the customer...

The "side work" I have done thus far has been sold at a fair market value, and the
extra cake that would have been someone else's overhead has been squirreled to
set up for potential growth.
I would not in good conscience unfairly undercut others Though just about every apprentice
I ever met was doing side work, as well as the ticket holders. And most were setting
themselves up for failure for precisely the reasons you mention.

I have always admired the overall tone of this forum. It has been a place to get varied
points of view, in way that was free from the direct competition of the marketplace.
Lately I have noticed folks being on edge, and posting is like falling overboard into a bunch
of sharks. This is still the exception I suppose, but there sure seems to be a lot of whining
about the market. Tough cookies.

I'm done posting for now anyhow, I'll be busy building a successful business.

Thanks for your encouragement. Maybe your customers stopped liking you for other
reasons?

and My truck is mud free, salt haze on the other hand....
 
Status
Not open for further replies.
Top