Richard Posted September 17, 2012 Share Posted September 17, 2012 Hi am a newbie, and was just getting started, I was wondering could somebody give information how they set up their business structure as far as finding lawyer and accounting, and should it be set as LLc, and what is the normal price range? Thanks Richard Link to comment Share on other sites More sharing options...
BigRedvender Posted September 17, 2012 Share Posted September 17, 2012 It just depends on How big you plan on starting. If you buying 5-6 rack set ups and looking to place 50 other singles double etc... Yea go LLC if you just starting out with 5-10 machines get GOOD Liability Ins. Start as a sole Proprietorship and then you can upgrade later to a LLC. I am running as a sole myself right now. Sometime next year I will move the vending side of things into a LLC. I am planing on setting one up after the 1st of the year for the farm we rent out also. Just to keep personal and business separate from each other. Link to comment Share on other sites More sharing options...
Richard Posted September 17, 2012 Author Share Posted September 17, 2012 I will be starting off small for now, to see if i like it. I plan on ordering 3 oak machines for now. Thanks Richard Link to comment Share on other sites More sharing options...
musser Posted September 18, 2012 Share Posted September 18, 2012 Three machines? Fly under the radar completely. BTW, under 300k annual a sole Proprietorship is just fine. Work out of your "pockets" until you see if this is for you. When you hit 100 or so machines there will be some serious tax advantages so take a new look at your biz if you hit that point. Link to comment Share on other sites More sharing options...
BigRedvender Posted September 18, 2012 Share Posted September 18, 2012 I will be starting off small for now, to see if i like it. I plan on ordering 3 oak machines for now. Thanks Richard If you don't have Excel get open office. It is a freeware program similar to MS Office. The spread sheet program is Calc you can watch demo's on how it works on youtube. Just keep things simple keep track of Mileage, Cost of Candy, Locating, Machines, and then one on what each machine grosses. As Long as you keep track you should be fine. The main thing is go to a good accountant for your taxes. Link to comment Share on other sites More sharing options...
Richard Posted September 21, 2012 Author Share Posted September 21, 2012 Sorry for late response, thanks for information. Link to comment Share on other sites More sharing options...
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