Great Feller
ArboristSite Lurker
I formed an LLC in July and I will be the only employee/owner. It is meant to be a small forest consulting/tree service side business to compliment my full-time job. I made sure nobody in Iowa had my business name and got my "employer id number". check that off the list.
I then contacted the Small Business Director at the college and got some free info. Wasn't real impressed with the help. You get what you pay for.
I then filled out the articles of organization sent that in. I then got a fancy letter back saying I had paid the $50 bucks and that the secretary of state acknowleded my LLC. That leads me to my second question.... Is that paper with the seal of the secretary of state my "business license"?? If not, I do not have anything saying "business license". Check?
I also sent in for a sales tax permit because tree trimming/felling,firewood sells in iowa is a taxable service. On the form I also had to fill out when I wanted the tax year to end. I put August?... Will I get something in the mail come July letting me know to get my taxes and stuff together?....check
I set up a business checking account using my ID number, got a business credit card too.... check
I've been purchasing equipment for years.... knowing this was what I wanted to eventually do. I have 3 saws: MS 460, husky 455, Ht 131,and a small poulan 14" saw, wedges, helmets, chaps, chain, punch and spinner for making chain, chain grinder, files, guides, log chain, binders, tree marking paint, etc. Lots of other little things.
I bought a trailer and 4 wheeler to use striclty for the business. I told my insurance company business use,,, come to think of it they never asked for my tax id number... I'm paid up on that until aug 09. Should I look back into that?
I bought a truck with my personal checking account and have a personal insurance policy on it. It is the only vehicle I have and I figured I'd use it more for personal use than business. I didn't put it under the business because I didn't want to get caught using obvious business assets for personal use and therefore risk my LLC protection.... It seems to me you can use personal assets for your business and be ok... I don't know.
I keep a mileage log in my truck and record all miles used for business.
As for accounting,,,, I'm keeping track of my miles, expenses, income, bank statements, etc. I'm organizing it all in a binder. My sister is an accountant at the New Holland dealership in town. I think she'll help me out come tax time. I don't think I'll have a lot of business transaction since it's my first year and things aren't looking too hot.
Liability insurance: I found 1 million general liability to cover all my services for 72 bucks a month. Have not bought it yet, still shopping.
Called city hall in all the towns I want to provide tree felling/trimming to see about additional permits/licenses. Good on that. check
Other licenses and training: 4 year degree in Forestry from Iowa State, Game of Logging course, State licensed Nuisance wildlife control operator, soon to be state licensed commercial pesticide applicator. Check
advertising.... Haven't done any yet. I'm waiting to get the pesticide license and liability insurance. I'm going to put an add in the paper. Maybe get some business cards.
Overall, am I missing anything??? Am I really to the point where I can start doing work? Is all the BS of starting the business about over??? I'm ready to spend my time working,learning, and buying new equipment.
I would love to hear some feedback. Thanks!
I then contacted the Small Business Director at the college and got some free info. Wasn't real impressed with the help. You get what you pay for.
I then filled out the articles of organization sent that in. I then got a fancy letter back saying I had paid the $50 bucks and that the secretary of state acknowleded my LLC. That leads me to my second question.... Is that paper with the seal of the secretary of state my "business license"?? If not, I do not have anything saying "business license". Check?
I also sent in for a sales tax permit because tree trimming/felling,firewood sells in iowa is a taxable service. On the form I also had to fill out when I wanted the tax year to end. I put August?... Will I get something in the mail come July letting me know to get my taxes and stuff together?....check
I set up a business checking account using my ID number, got a business credit card too.... check
I've been purchasing equipment for years.... knowing this was what I wanted to eventually do. I have 3 saws: MS 460, husky 455, Ht 131,and a small poulan 14" saw, wedges, helmets, chaps, chain, punch and spinner for making chain, chain grinder, files, guides, log chain, binders, tree marking paint, etc. Lots of other little things.
I bought a trailer and 4 wheeler to use striclty for the business. I told my insurance company business use,,, come to think of it they never asked for my tax id number... I'm paid up on that until aug 09. Should I look back into that?
I bought a truck with my personal checking account and have a personal insurance policy on it. It is the only vehicle I have and I figured I'd use it more for personal use than business. I didn't put it under the business because I didn't want to get caught using obvious business assets for personal use and therefore risk my LLC protection.... It seems to me you can use personal assets for your business and be ok... I don't know.
I keep a mileage log in my truck and record all miles used for business.
As for accounting,,,, I'm keeping track of my miles, expenses, income, bank statements, etc. I'm organizing it all in a binder. My sister is an accountant at the New Holland dealership in town. I think she'll help me out come tax time. I don't think I'll have a lot of business transaction since it's my first year and things aren't looking too hot.
Liability insurance: I found 1 million general liability to cover all my services for 72 bucks a month. Have not bought it yet, still shopping.
Called city hall in all the towns I want to provide tree felling/trimming to see about additional permits/licenses. Good on that. check
Other licenses and training: 4 year degree in Forestry from Iowa State, Game of Logging course, State licensed Nuisance wildlife control operator, soon to be state licensed commercial pesticide applicator. Check
advertising.... Haven't done any yet. I'm waiting to get the pesticide license and liability insurance. I'm going to put an add in the paper. Maybe get some business cards.
Overall, am I missing anything??? Am I really to the point where I can start doing work? Is all the BS of starting the business about over??? I'm ready to spend my time working,learning, and buying new equipment.
I would love to hear some feedback. Thanks!