Does anyone here own their own business?

Discussion in 'Off Topic' started by The Animal, Jan 29, 2008.

  1. The Animal

    The Animal Well-Known Member

    Dear friends, Jsem in the process of starting up můj own business.

    Jsem speaking to a CPA she is guiding me through the steps but it is taking awhile.
    The number one thing on můj lists is to pay off our John Deere Backhoe,
    then go buy a trailer. I also have to get insurance yuck :!: You have to have it here, Americans love to sue each other. :roll: :roll: :roll: :roll:
  2. eso

    eso Well-Known Member

    Congratulation! Good luck with business!

    You should see all bureaucratic requisities you have to get to do bussines here, in CR.

    BTW: What means "CPA"?
  3. dzurisova

    dzurisova Well-Known Member

    Certified Public Accountant
  4. meluzina

    meluzina Well-Known Member

    yes good luck with the business zvířátko

    and to eso: i never set up a business in the u.s. myself, but did help a friend get a general contractot's licenses once years ago - i have set up a trade license for myself in cr - i don;'t really see that much difference in the bureaucracy involved - the procedures might be different, but not any less of a hassle

    one point where i definitely think czech bureaucracy is a bit better, is income tax... and yes, i know there are complications and it is confusing - but compared to the u.s. tax return i still have to complete every year although i am resident here, the czech tax return is heaven...
  5. The Animal

    The Animal Well-Known Member

    Děkuji everyone. I will keep you posted as it is being setup. Our business to help others. :wink: :wink:

    Jsem tired of turning wrenches. Ready for something else now.

    Time for me to go catch můj postel, before it runs away. :wink:
  6. GlennInFlorida

    GlennInFlorida Well-Known Member

    Hi Jody,

    Good luck with your new business :D

    These are tough times to start a new business but, it's people like you who keep the economy going. Best wishes for a profitable endeavor.
  7. The Animal

    The Animal Well-Known Member

    Děkuji Glenn

    For now, I still plan on working at můj regular job working on diesel engines. I will do the business on week ends. Our plans are to use the backhoe dig ditches, dirtwork, do some mowing and general welding.

    Děkuji everyone. :wink:
  8. BMoody

    BMoody Well-Known Member

    Do you have your business L.L.C.? Maybe S Corp.? If you haven't yet, you might want to incorporate to protect your family from the liabilities of your business. A good CPA might be able to point you to what is right for you. A good lawyer might give some positive suggestions on this matter too.

    Absolutely avoid sole proprietorships and perhaps even partnerships because your family will be liable for suits against your company.

    :-D Good luck with it! Wish you all the best! Even with the economy down, that just means you can build things for cheaper too ;).
  9. The Animal

    The Animal Well-Known Member

    Ahoj, děkuji BMoody

    One of the things that I did tell můj CPA is that I wanted my family protected.

    She set it up as LTD. For now we are going to lease all the equipment to the business. I wanted to go in as a LLC, that is what everyone else is doing at the moment. May have to change it later.

    A lawyer that I spoke to did not know why everyone is going LLC.

    At the moment jsem awaiting můj CPA's phone call. :roll: :roll:
    Jsem ready to go to work. :wink: :wink:
  10. BMoody

    BMoody Well-Known Member

    LTD. is a form of limited liability business. Not exactly a corporation, but it is protective. I'm not sure if it protects more or less than other forms of limited liability business structures, but it is better than a partnership or sole proprietorship.

    You should ask your lawyer what you have to do to make LTD. legally funcational. Meaning, often, you will still need officers other than you to record meeting minutes, or at least do it yourself but you must take minutes. Ask what you need to do. If you don't do it right, if you are sued by someone, the court can say that you did not operate your LTD. company correctly and so you should be treated as a sole proprietorship, which means you could be in trouble.
  11. The Animal

    The Animal Well-Known Member

    Děkuji BMoody

    I see what you mean, still can get in trouble if you do not take care of (business). I will ask my CPA about the minutes.

    In the mean time jsem still waiting for my CPA's phone call :roll: :roll: :roll:

    Since tax season is here, she is real busy. I might have to go work for her. :lol: :lol:
  12. PGN

    PGN Well-Known Member

    My wife and I formed our own llc business in July 2006 in the modelling and simulation field. The paperwork wasn't as bad as I thought it would be. It was a fiscal shock to directly pay taxes but in the long run we are much better off then when I worked for a company.
  13. The Animal

    The Animal Well-Known Member

    Ahoj everyone :!:
    Well BMoody, My CPA said that I did not have to do mins. The business is off to a slow start, I have business cards passed out. Advertising work on bulletin boards in the area. I also made contact with home builders to go in and do finishing work. Also told them that I do welding. One of the home builders here wants me to make a resume for them.

    All I know is, after 25 years of turning wrenches jsem realy burn't out. Even though I still love big Diesel Engines. I do not know how much more of this I can take. I have been burnt out for acouple of years now. I still keep my good attitude though. It is helping me get through.

    When I go do a job for the business I get excited and love it. But I will have to turn wrenches on my own equipment, that I can handle.

    Oh, forgot to mention all of the equipment is being leased to the company. So the company does not own anything.

    Jsem already doing book work keeping up with expences etc. Quartly tax is almost due about a month away. :roll: :roll:

    Děkuji everyone, Jody
  14. The Animal

    The Animal Well-Known Member

    Do you have any words of thought about being burnt out?

    Who else here gets burnt out? What do you do to try to get over it?

    Dekuji :wink: :wink:
  15. dzurisova

    dzurisova Well-Known Member

    Hi Jody,

    check your pm

    -- Katka
  16. The Animal

    The Animal Well-Known Member


    Děkuji for the info. :wink: :wink:

Share This Page