What's the price to be a Legitimate Buisiness

[Really Well Cut]

I live in New Jersey and only work in the lawn biz on weekends. I am 19, I goto school and work another job on weekdays. What do I have to do so I can be a real business even though I only putweeknds into it? Whats up with insurance, filing under a fictious name, and taxes. Is it true since I am the only owner of the biz I won't be taxed cause any money comes out of my pocket? Input would be great!

PS what is DBA, couldn't find it for in new jersey?

[Gotta Frame]

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The DBA means, Doing Business As, and that would be you Company Name.
Hope that helped. Gotta Frame

[kutnkru]

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<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote"><b>Originally posted by Really Well Cut</b>
<i>... What do I have to do so I can be a real business even though I only putweeknds into it? ...</i><hr height="1" noshade id="quote"></blockquote id="quote"></font id="quote">Cut a minimum of two 20hr days each weekend -LOL!!

[LANDSCAPINGPOOLGUY]

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hey im in jersey too, if you wanna make yur business legal id say get the services of an accountant and let him file all the papers for you..he will help u decide on what type of business you want to be and when youll pay yur sales tax ect ect.also he will come in handy during tax time...

any questions you can email me a pool973@aol.com

Chuck
Perfect Property Services Inc.

[CCLS]

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I agree with the above posts. If you are a sole proprietor, which I assume you are or will be, you will be taxed on all of the sales that the business makes. In order to run a good operation, you need to keep receipt for every business expense, so you can claim them at the end of the year and lower the ammount of taxes you will have to pay. You need general liability insurance, to protect you and your business. In most lawn businesses, $1,000,000 coverage is sufficient.

I'm not sure what you mean when you say you won't be taxed. What I do know is that you are still responsible for paying income tax on the money you draw from your business account. I hope this helps a little.

[cole1980]

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Really Well Cut,
You would go to your local county courthouse and tell them you need to get a form for a DBA. It will need to be notarized most likely, and generally the notary is free at the courthouse. Have at least 2 names picked out and see if they have a database of names so you don't copy anyone else out there. Cost me a whopping $9.50 to file unincorporated. And, you will have to file taxes. Call an accountant and they will tell you what you can write off. Save every receipt.

[Seascape]

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might want to consider getting a trailer to.
mike

[grasshopper]

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<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote"> might want to consider getting a trailer to.
<hr height="1" noshade id="quote"></blockquote id="quote"></font id="quote">

What the hell does this have to do with the post??

<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote">Is it true since I am the only owner of the biz I won't be taxed cause any money comes out of my pocket?<hr height="1" noshade id="quote"></blockquote id="quote"></font id="quote">

This makes absolutley no sense. Do you have any idea how many business exist that have a single owner. Do you think that exempts you from paying taxes. Of course you have to pay taxes on the business. Get insurance, register the business with the IRS (tax ID will be issued), and get any lisencing requirements needed in your state. Then my friend...you will be a legitimate business.

[Master Lawn Care]

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If I was you, I would talk to an attorney about forming your business as an S-corporation. It really doesn't cost alot (you can even do it yourself, there are forms at office supply stores to do it).

good luck

[Really Well Cut]

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That trailer comment may be cause the pic I have supplied which was from last year. I have recently beefed up my equipment thats why I'm curious about the real side of the business.