Starting a business

LWATSON

LWATSON

future trans limpers
Jul 30, 2008
2,587
1
36
55
Scotland Neck NC
I don't know if this has been said but when the time comes to hire some help don't hire anyone you cant fire! I learned the hard way hiring a friend that was unemployed and in a bind. It didn't work out and he wouldn't quit, I had to let him go and our friendship will never be the same.
 
Awenta

Awenta

Active member
Sep 28, 2014
4,090
2
38
CT
Be glad you're not setting up an llc in CT. 250$. Every year not just one time. It's a must though.

You need an EIN (federal tax id#) so you can have your insurance, bank accounts, credit cards, and everything linked to it and not yourself personally.

If you register as a sole proprietor you can use your SSN and not get an EIN. But then your personal property isn't protected. You can transfer everything to someone else or just become an llc.

I recommend having 6 months of expenses to sit on as a cushion.

Sent from my SM-N910V using Tapatalk
 
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pizza pig

I Like to Party
Feb 13, 2012
266
0
16
CT
yes you could say that. You need an EIN because you would be an employee of the company, albeit the only one, you still want to keep the business separate like said previously so your personal assets are protected and you are not personally help liable.

Good Luck Logan!
 
DIESELMAFIAPER.LB7

DIESELMAFIAPER.LB7

<----new hotness
Jan 17, 2010
5,163
12
38
idaho
shop.dieselmafiaperformance.com
DetailsUnlimited said:
Never do anything on credit for anyone. Meaning IOU's.
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This I don't give a **** if it's for your best friend never ever let anyone take a truck without paying the bill in full. If someone wants to make payments no truck or products till paid in full.

Also get legal shield it's not a matter of if you get sued it's when believe me been there done that
 
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jkholder09

New member
Jan 8, 2012
1,188
0
0
Maryland
DIESELMAFIAPER.LB7 said:
This I don't give a **** if it's for your best friend never ever let anyone take a truck without paying the bill in full. If someone wants to make payments no truck or products till paid in full.

Also get legal shield it's not a matter of if you get sued it's when believe me been there done that
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As long as you address customers and communicate I have always been able to work out any disagreements.

I would not start a business or continue any business where I expect to be sued. It is expensive and the only parties that make out are lawyers.


To the op if you like working on trucks its not a bad living. good help is hard to find sometimes, so when you get some treat them well.

There are shops closer than 4 hours away fwiw. I can think of 6 shops within 2 hours of you. They are all good guys and know what they are doing. That being said there is plenty of work for everyone.

Good luck with everything, you will be glad you did it after a few years:thumb:
 
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jkholder09

New member
Jan 8, 2012
1,188
0
0
Maryland
onebaddmaxxx said:
A few people come to mind, I know of your shop, eisenhart and blackout. George is around but good luck getting ahold of him.
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Craig at mpd
Mike at hollyrock
bobby at backyard
301 diesel in gaithersburg

Trust me there are plenty around us, and plenty of work.
Don't let that detour you. And do not get caught up in who's going where to get work done. sometimes you will be too busy or someone else will. Just do your thing, and be fair with yourself and customers you will do fine.

And Mr. Alexander answers the phone anytime i call him. I have never had trouble getting a hold of him.

And if you need some help getting started or have some questions about sdat give me a call or send me an email. I have multiple business'es in maryland and have been dealing with them for 10 years.
 
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onebaddmaxxx

Active member
Feb 22, 2009
1,212
1
38
Cecil County Md
Craig doesn't have a good duramax mechanic as the best one he's had was me when I worked there, and left a little over 1.5 Years ago. I still go down there and sometimes help them with the more difficult diagnosis issues on the duramaxs
 
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jkholder09

New member
Jan 8, 2012
1,188
0
0
Maryland
tj's is good though, and he does great on dodge too.

My point was I think if you are starting up thinking that there is not any competition than you may find out otherwise. There is a lot of work, but so many guys will read stuff on a forum and do it themselves. And the forums are great support for the diy guys. You would be surprised how many regular repair shops are getting into diesel now. I get so many trucks that have been to 3 shops that should not have been working on them and then I am expected to wipe there a$$. I had to put pistons in an lb7 california because the shop put 5 volt lly glow plugs in it by mistake and the tips melted off. That shop did all the gravy and I was the one that had to get him to florida on 3 days notice on christmas eve. the customer says to me, well the other shop doesn't really work on too many diesels................ugh it can be frustrating to say the least.
 
S

S Phinney

Active member
Aug 15, 2008
4,008
18
28
Quncy, Fl
Logan when getting you EIN it will ask you about empolyees. If you are not going to have employees to start with fill it out appropriately for that. If not you will be expected to do quarterly reports on withholding taxes ect... When you have your first employees you will then have to explain where they have been all the other months or years that you did not have them. Registering as a LLC is your best bet. It gives you adequate protection from liabilities but not full protection. In Florida every year you have to fill out a Annual report to keep your LLC active. That cost is 137 bucks and if it is late it is a 400 dollar late fee. Still in the end it is your best possible Avenue.
 
malibu795

malibu795

misspeelleerr
Apr 28, 2007
8,241
550
113
42
in the buckeye state
Biggest thing I did for my self was buy everything out right equipment wise. Reasoning being.. Taking my hotshot setup.. Right now I have to make a 700.00 a month in addition to insurance payment. With truck paid off. Truck doesn't move nothing gets spent. Outside the ~300.00 a mount insurance vs almost 1000.00 month bleeding
Some argue need payments for tax write off..I'd rather not be force to have to make that money.. Less stress for me..
 
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jkholder09

New member
Jan 8, 2012
1,188
0
0
Maryland
malibu795 said:
Biggest thing I did for my self was buy everything out right equipment wise. Reasoning being.. Taking my hotshot setup.. Right now I have to make a 700.00 a month in addition to insurance payment. With truck paid off. Truck doesn't move nothing gets spent. Outside the ~300.00 a mount insurance vs almost 1000.00 month bleeding
Some argue need payments for tax write off..I'd rather not be force to have to make that money.. Less stress for me..
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Thats correct. I paid cash for all my stuff.

Than if you don't want to do a job well you can pass. Being less stressed ultimately means you can do a better job for the customer as well.
 
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onebaddmaxxx

Active member
Feb 22, 2009
1,212
1
38
Cecil County Md
My truck is paid for . all toys are paid for. I have a tool bill which is minimal at this point. I'll have to buy an ac machine to do my cab off jobs and that's it. And want a little welder. Everything else I'll take with a grain of salt as it comes I guess. Tomorrow I am gonna call a CPA and get them to make a business plan for me. I want to borrow just a hair, maybe 10-15k and that's all I'd owe to the business
 
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