Check out Small Business Administration at www.sba.com
I'm considering the same thing, here in PA.
Can't take the (current) day job to much longer.
Ron
From: "Rumpty" <[email protected]>
Subject:Re: Woodworking business
Date: Tuesday, December 16, 2003 8:52 AM
>> I'm assuming you're going to incorporate
There is no need to incorporate a small business, especially here in
Pennsylvania. A sole proprietorship is all you need beside liability
insurance. Also, change your truck to commercial insurance, here in Pa your
rates will be lower, and the cost difference will pay for your liability
insurance.
--
Rumpty
Radial Arm Saw Forum: http://forums.delphiforums.com/woodbutcher/start
- - - - - - - - - - - - - - - - - - - - -
"Al" <[email protected]> wrote in message
news:%[email protected]...
> I'm assuming you're going to incorporate. The best way (IMHO) to get your
> tools into the business as a liability to the business and an asset to you
> personally is for you to lease the tools to the company.
>
> This serves quite a few purposes - the tools can't be listed as an asset
in
> a lawsuit since they're leased to the corp, the'yre an immediate expense
to
> the company (cost of doing business) and will help offset the company's
> income at the end of the year, and as part of your lease agreement you can
> state that the company is responsible for the full replacement cost of the
> tool should it break...etc...etc..
>
> Sales tax license - at least here in Texas...allows me to buy at wholesale
> prices without paying sales tax - that is, assuming I'm going to re-sell
the
> stuff. Otherwise, I must pay taxes on what I purchase.
>
> BTW - I'm not a lawyer, this isn't legal advice, yadda yadda yadda..just
> thought I'd give you my .005 cent.
>
> "Rich" <[email protected]> wrote in message
> news:usuDb.558565$Tr4.1522919@attbi_s03...
> > Hello,
> > I am new to this group and I'm planning on starting a WW business
> > soon.(2004)
> >
> > Can anyone else who has gone through this recently give me a few tips.
> >
> > I'm aware of the sales tax licence, but, does this enable you to
> purchase
> > raw materials w/o paying sales tax? How does this work with local
home
> > centers? Is this what the 'contractor desks' are for?
> >
> > Also, I have purchased a good number of tools this past year (and
last)
> > and
> > was told there is a way to 'bring them into the business' as a cost to
> the
> > business (and depreciate them). Has anyone done or heard about this?
> > Details?
> >
> > I live in the state of Pennsylvania if that matters.
> >
> > Any help or useful links would be much appreciated,
> >
> > Rich
> >
> >
>
>