need help FAST ( attn to any one who owns a bussiness)

[goda]

one year ago i was plannig on starting a local aquarium cleaning service .
well never got around to getting all the licenses and the idea kinda died out

well today a doctor called who apparently some how found the cleaning page on my web site ( musta been cached in google or somthing cause i know i deleated it)

anyways heres my questions

what is needed from the goverment (dont wanna be incorperated yet)
exact names of the things needed cause the goverment is no help

also what would you charge for a 120 gallon reef aquarium ( per visit)

what type of supplies do you carry with you if you do this.

( i was initialy only planning on doing FW tanks till i could afford to get salt stuff in bulk but ... this is almost to good to pass up if i can get this started)

can i see an example contract if you have one to give me some ideas.

i would like to be not responsiable for any deaths in the tank. ( lets face it unless your there almost every day you cant fix a problom)

[gearqueer]

I am not an aquarium store owner just an aquarist with a little business experience. I don't know if you need licenses in your area to clean tanks but...

You do not need to incorporate.

You can start your business as a sole proprietor.

The doctor may want to 1099 you at the end of the year which means you will file taxes differently than normal. But you don't need to find that out now.

You should start saving receipts for supplies you buy because you can write them all off.

You technically should report all income you make from this venture at the end of the year.

Hope that helps

[gearqueer]

Also I think my LFS charges $75 per visit and $75/hour plus all supplies.

[zoltetov]

You don't need to incorporate, but if you are seriously considering this as a business venture, it would be fool-hardy to not protect yourself in someway or another, be it incorporation, forming an LLC, or what-have-you. You never know what can result from your work, or, worse, what someone will blame on your work. I'm not sure what kind of assets you have, but, I imagine you'd want them protected. Anyway, something to think about.

[davidhughes85]

i would jsut do it for cash until it gets a lot bigger...did that with a lawn mowing business

[Randall_James]

A Business Plan (first things first)

If you do as suggested above (work for cash) you are taking a risk. I would suggest you skip that and do this correctly from the start. It will save you headaches later with the IRS should they decide they want to look at you. Many shops "write off" tank costs and that is a paper trail that could haunt you later.

You need depending on your state and city:
Resale numbers if you are providing any products
Register a DBA (fictitious name) certificate with the state
You city will likely require some type of license to do business
Some kind of Liability policy or heck of a waiver from clients

Contact your local "Chamber of Commerce" for more detailed help on your particular local. They should be able to direct you to where you need to go.

Lastly
Determination.....

[adnup]

Heres some info for you: http://www.myflorida.com/taxonomy/business/

[CarmieJo]

If your state charges sales tax on services you will need to get a sales tax ID number.

[Randall_James]

<a href=showthread.php?s=&postid=7418841#post7418841 target=_blank>Originally posted</a> by CarmieJo
If your state charges sales tax on services you will need to get a sales tax ID number. Hint: that is what a resale number is :)

[Sk8r]

You can find some materials from your local Small Business Association which may have pamphlets.
Get a ledger book: can even be an ordinary notebook.
Write down what you spend, down to rubber bands and hose clamps.
Write down what you're paid. You should establish a separate bank account for your business: this prevents what's called 'commingling of funds.'
You do not need to incorporate.
You can deduct from your profits anything it cost you to make those profits, including use of your car (per mile), so you need to keep a record of your mileage including runs to the fish store after supplies, your postage, etc.
You are on the same basis as someone who watches children, mows lawns, etc. You are called an independent contractor, and it will be up to you to report your income and fill out a Schedule C, Profit or Loss from Business or Profession on your taxes. It's not hard if you have aforementioned records.
Keep all your receipts in envelopes labeled by month, even if your 'record safe' consists of a cigar box.
If this takes off, you may have to file Estimated Tax next year: this is where you have to pay taxes by the quarter year according to what you made this year.
Let's see...
Good records. Good reporting. Keep receipts. Oh! If you make significant income, you'll need to pay Social Security taxes as well as income tax: this can be a heck of a surprise if you didn't take that into account.
You're called, in other words, Self Employed. The fact you have another job may let you cover your tax liability by the size of withholding you already have on that job.
You can deduct bad debts, if someone fails to pay you.
But you can only deduct insofar as you have income to deduct it from: don't set up and try to claim years of losses---that just doesn't work. Make a profit your first year and the feds and state will not question your existence as a legitimate business. They are particularly impressed by orderly records.
I believe if you have a state sales tax ID number, you may get some tax break on items for resale...I'm not sure on that, since resale doesn't happen in my business. Also---try to account for materials used, as a ledger entry "Smith Tank---chgd water, 10 cups salt, salt X cents per cup." (divvy up a cannister to get your per cup cost.) and "Labor: 3 hours @ 75.00 an hour. You don't have to explain about glass-scraping." Everything that is charged on the bill can be deducted or added as expense or profit. Income goes in one column of your ledger, expense in another. Add every quarter to figure how you're doing.

[Randall_James]

Do yourself a favor, get Quickbooks :) as you get busy you will find great benefit in getting with an accountant. I have owned business's for 30 years and can tell you that you stick with what you know and pay for the best help you can afford for the things you do not know about. It is a bit early for a CPA but in time if you are successful, they can make you a lot of money back at the end of your year.

Shop your competition, provide what they can not or will not, and charge accordingly. Service business's are all pretty much the same, you have to outwork the competition to succeed as well as make your customers understand the value they are getting.

[goda]

i plan on taking taxes to an accountant like i always do. just didnt want to hire some one to do all the stuff for me yet
i already had a sales tax number when i tried to do this the first time . actualy i just cancled it a few months ago.. guess that was dumb now i gotta start all over.

i would like to incorperate someday since i am becoming a scuba instructor soon i wonder if i could throw the fish stuff in there with scuba ( scuba instructors try to get as far away from liability as possiable for obvius reasons)

[Randall_James]

Good records and keep every reciept, my CPA pounds this over and over even if you do not think you need it, save it....

Also keep a small pad in your car, you must log all of your milages to / from /purpose / fuel if you plan on deductions for milage. Without this detailed log, an audit will get your milage allowance thrown out. A hassle yes, but it is money back.

an LLC or like is nice, however it is a large hassle if you are trying to borrow money. The same protection the LLC or INC provides you from liablitly issues, it affords you from bankers and they are pretty hesistant to loan money with no way to attach your assets.