This is whats going ON!!!

[Rita]

We are trying to start up our own business ... Not so easy on NO money Been working on a lot of different business things... EIN # ect ..
May be Vacant more than Usual probably not
But here is the outlook so far


Keep us in your thoughts please .. we will need some help

[Christy]

GOOD LUCK Rita n Keith!!!!
awesome bis card, least yens already got the know how's of running a biz.

[ghoststomper]

Sending lots of prayers and positive thoughts your way Rita , best of luck to both of you.

[jerseycub]

Way to go Keith and Rita Best wishes and prayers for a successful business.

Remember the only way to climb the mountain is to start from the bottom. Again I wish you both much success in the future.

[Deleted]

Best of luck on y'all's venture, hope it turn's out the way ya want

[Sonya]

Congrats & the best of luck to you both!!

[Rita]

Thanks to you all ... this is already a VERY successful business ... Keith does all the work now its time for us to get paid what he needs to be paid .... Thanks to all my Phamily here we really need this and Now is the time to do it

[Penny]

I am soooo happy for you both Rita.....I've been after you for 3 plus years to do this and i am so happy that you's have finally done it.

Its a ton of hard work, and i know that things are different in the States then here, but if i can help or offer any advice, just holler

[Rita]

Thanks Penny!!! I am sure I will be calling you

[Penny]

Mar 15, 2010 5:01:45 GMT -6 Rita said:

Thanks Penny!!! I am sure I will be calling you

Call away.......i am so happy for you!!

[Rita]

Well this morning I will be going to get a mailing address so we can get our federal Tax ID#
then I will be calling around to figure out Insurance stuff

[Penny]

Mar 15, 2010 5:11:07 GMT -6 Rita said:

Well this morning I will be going to get a mailing address so we can get our federal Tax ID#
then I will be calling around to figure out Insurance stuff

Excellent, and you should be talking to an accountant about having a home office set up, what you can use, and what can be written off for start up costs, or will you be sending your books out once a month to be done.
Find out when payroll remitances are due each month too.

[Rita]

Mar 15, 2010 5:14:59 GMT -6 Penny said:

Mar 15, 2010 5:11:07 GMT -6 Rita said:

Well this morning I will be going to get a mailing address so we can get our federal Tax ID#
then I will be calling around to figure out Insurance stuff

Excellent, and you should be talking to an accountant about having a home office set up, what you can use, and what can be written off for start up costs, or will you be sending your books out once a month to be done.
Find out when payroll remitances are due each month too.

Yep thats what I am doing today .. we have a friend that does taxes for businesses .. also got to set up a bank account ..

[Penny]

Dont forget to call to about Workers Compensation, it maybe a different name there, and Keith being the owner, you may have to pay a little more per month, but worth it when he's the owner and god forbid he was to get hurt on the job.

[Rita]

Yeah its mandatory here All the fun stuff

[Penny]

Mar 15, 2010 5:31:55 GMT -6 Rita said:

Yeah its mandatory here All the fun stuff

Excellent

[Rita]

Took care of quite a bit today .. Got the Federal ID and the State ID ... Now we are going to work on the insurance which will be expensive especially since we have to carry 5 mil in insurance Just to work for General Electric

[Shelly]

You got my best wishes!!! Cool if ya got GE for some business. My hubby's company has a machine/tool shop (along with assembly, injection molding, extrusion). My only advice is not to put all your eggs in one basket (one company or one field). Diversify so if one has trouble u still have income. Ie; when GM went to crap. Yep, hubby supplies automotive and today they have a medical company in as a possible customer. Crossing fingers for them. And for u too

[BestoFour]

Good luck Rita. My husband is in business for himself and it can be a little scary sometimes but it works out in the end.

[Rita]

If things go the right way we should be all set make a little bank for the short days and No we never would put all our eggs in one basket
He services all of New England working rebuilding maintaining The HUGE industrial machines He is one of the last in his industry ... Finding work is Never a real problem .. I think the biggest part of this is that insurance cost up front

[Penny]

I am so happy for you Rita, talk to the insurance company and see if there are any payment plans you can go on instead of paying it all upfront.
I understand all about insurance, we carry a huge policy here ourselves, but you would think that there would be somthing that they could do, especially if you are an established customer with them

[Rita]

Nope they HAVE to have that much insurance just to go on the property .. They are Strict and by the book .. But I do know we can make payments on the insurance .. I wanna say 3000 every 3 months .. May be more we are trying to talk Keiths mom into transferring instead of having all this out of pocket Don't see that happening but its worth a shot

[Garden Happy]

Rita,
Check and see if your state has a SCORE thru the commerce dept.
This is a free service of successful retired businessmen who give advice and help find free support as you begin a new business.They hold free seminars and business meetings and you learn a ton and get connections you never could have without them.
Good luck and God bless your efforts.

[Penny]

Great idea GH, every little bit helps.

[Christy]

outch thats alot of inshurance money! good you can make it. be nice if Keiths mom would do the transferring.
your getting alot of good info wish i could help. most i ever did was bake goodies for school fundraisers
i know inshurance is a must, bank account n zoning laws.n ya got that coverd

[Wrennie]

It's mind boggling all the stuff ya gotta do to get a biz going. Keep a notebook of every penny that goes out to write off at tax season. If ya use a home office for work and have a mortgage you can write off part of the mortgage for a business expense. If ya use internet for business you can write that off too. Keep copies of any and all checks you write to the government for taxes/employment, sales, etc etc. Theyre theones that'll screw up & 'lose' a payment, and you want instant proof. (know a guy who got all his assets and bank accounts seized cause he didn't have the proof in hand and he had payed payroll taxes. Then they said pay the payroll taxes first then we'll release your bank accounts........ uh HELLO?!?)

[Garden Happy]

The score office helped me tons when i was just getting started years ago!!
Good luck,how is everything going now?

[Rita]

The Score office here is only open on thursdays .. We are going to try and contact them this coming week ... Things are Kind of on hold for right now .. We are trying to get all our ducks in a row before we even try to jump in .. we got all the ID's we Need now we need to find an insurance co ... ect ... Also keeping my fingers crossed that we can buy out his mom

[Penny]

Fingers crossed too Rita that his mom does the right thing too!

[spuds]

Mar 15, 2010 5:27:56 GMT -6 Rita said:

Mar 15, 2010 5:14:59 GMT -6 Penny said:

Excellent, and you should be talking to an accountant about having a home office set up, what you can use, and what can be written off for start up costs, or will you be sending your books out once a month to be done.
Find out when payroll remitances are due each month too.

Yep thats what I am doing today .. we have a friend that does taxes for businesses .. also got to set up a bank account ..

Yup,tax bennies alone will make this help pay off.

best to ya folks!