Opening a Business...need advice.

[ALVIN]

OK so here is the deal. My father and his friend have been talking about opening a business and it is pretty much in its final stages. The thing is that this business will be in my name. It will be a LLC company. This company will be Industrial Equipment Repair. We have all the things we need because my father's friend repairs industrial equipment already so there will not be much out of pocket. I believe licenses, getting the business registered, its own tax id, and advertisement will be the main things.

I know a lot of you have gone through this or are very knowledgable about this type of stuff. What kind of advice do you have? Steps, advice, legal help would all be helpfull. Thank you.

[Lucient]

1.Dont give your woman access to shit. She will screw you in the end
2. Pay your taxes
3. If your finances permit get a good accountant and keep a close eye on him
4. Dont trust anybody but yourself

[ALVIN]

I'm in college right now to become an accountant...but that wont be done for a while. Till then ya I know I gotta pay them taxes lol. The other thing is that its only going to be myself and my father's friend. I am taking care of sales, customers, advertising, etc. while he is the one that will be doing the hard labor. Now this is still in the works. Hoepfully I can open it up so I can start making money. lol

The reason my dad doesnt want to be a part of the company is because he will still be working at the place he is now. That is why the company will be in my name. And it will be a bit easier getting business with my dad's company since his friend already works for him.

[SampaGuy]

its most likely beneficial to you to incorporate it. u probably already knew that.

[koukis14]

1.Dont give your woman access to shit. She will screw you in the end
2. Pay your taxes
3. If your finances permit get a good accountant and keep a close eye on him
4. Dont trust anybody but yourself

5. Never hire friends
6. No matter how much you make in the beginning, put it all back into the business for the first couple of years.

[{X}Echo419]

you should open a nail salon. those things are GOLD MINES! :D

[TypeRPersonality]

nail salons FTNguyen