Help with getting 'legit'

shoeless89

shoeless89

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Hey guys, I have some friends that work at an Audi dealership and Maaco. They've both talk to their bosses and I have an opportunity to correct some used Audi's before resale and fix some interior stuff Maaco apparently always messes up (spilling stuff in cars). Up to this point I haven't been "legit" because I only do a couple cars a month (none the past month) so I don't pull in a LOT of money. Second, I'm 22 (almost 23 :) ) and I'm in school along with a few other commitments and working a part time job. I'm hesitant taking these jobs because I don't have insurance, and to get insurance I have to get a DBA and a few other things.

My questions are . . .
1) What all do I need to become an official business? I know is slightly differs area to area but maybe a generallity.
2) How much does everything cost to become official? I only make about $1100-1200 a month tops - living expenses I have about $200-300/month to play with. So I'm hoping its not to much of an initial investment.
3) How much do you guys pay for insurance? I know this differs depending on if your equipment is insured, etc. Buy maybe just a ball park?
4) And my BIGGEST fear is taxes. Since I don't make a ton (as of right now) detailing, is there a minimum amount of taxes you have to pay each year? How do I go about paying taxes, its pretty simple being young, single, and not owning a home. But I know once you start a business it gets a lot more complicated.

Any help on ANYTHING would be awesome! And if you don't feel like publicly talking about how much you pay for insurance, taxes etc. and would still like to share your experience, strength and hope with me you can PM me Im the MAN

:wave:
 
Well, I'm not going to give you a lecture of how I feel about becoming "legit", maybe one day on xbox....

Where I am at though, I would need a county and city small business license, and I would get an LLC, insurance, and keep meticulous records of the materials that I use for business only (and I mean business only, no using business stuff for your own pleasure!). A water reclamation system may be required depending your local laws.

Then there are optional expenses such as advertising.

This is just what I can recall off the top of my head. I know there is probably more.
 
Gonna Bump this for Shawn.:props:

I'm interested to see what advice others offer as well.Im the MAN
 
Google "Starting a business" + your state. Ditto "small business taxes" or look for your Department of Revenue.

In my case, I'm paying several business taxes that add up to about 10% of gross revenues to the state. As a sole proprietor, detailing income gets added to full time job which may (or may not) increase my federal tax rate.

You should be able to use business supplies for legitimate 'evaluation' purposes on a personal vehicle. Find a good small business accountant and detail their car in exchange for a couple hours of advice on how to document the various write-offs in your state.
 
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