Small business owners........ - Chicagoland Sportbikes
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post #1 of 10 (permalink) Old 11-13-2006, 10:00 AM Thread Starter
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Small business owners........

So I'm very close to pulling the trigger and taking complete ownership of the family Dry Cleaning business.

I'm a little nervous and have been reading up a bit on small business ownership.

Any small business owners out there know of any good books or reference points on the "in's and out's" of running your own business?

Up until now, the business has pretty much been run by my mom. It's never been under a LLC or Inc ect..Not sure the pro's and con's for inc or llc the shop.
Taxes is another key item I need to look into.

I may keep the one employee that's there. Haven't really decided yet.

thx in advance.

Jesse

"The first attempt is always the most difficult."
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post #2 of 10 (permalink) Old 11-13-2006, 10:09 AM
 
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I'm under an llc because my side job is being a personal trainer where folks do get injured from time to time. So I protect myself on a personal level. As for dry cleaning biz, I guess there's employee safety to worry about there. I don't see it being that big of a deal to become an LLC and would figure that it's worth it.
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post #3 of 10 (permalink) Old 11-13-2006, 10:21 AM
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I've been looking into it and from what I have read sole proprietorships (sp?) and general partnerships are definitely not the way to operate a business for liability and tax reasons. I would talk to an attorney about which entity is best for you (C corp, S corp, or LLC) and then they can help you set it up. Good luck!

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post #4 of 10 (permalink) Old 11-13-2006, 10:28 AM
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post #5 of 10 (permalink) Old 11-13-2006, 11:05 AM
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In that business, you also have environmental concerns to think about due to the carcinogen and hazardous nature (along with the previously mentioned employee safety) of some of the chemicals you might use, store and transport. Just make sure you have as much of a legal steel ass cover in place in the insurance realm as well as the liability aspect.

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post #6 of 10 (permalink) Old 11-13-2006, 11:57 AM
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+ 1 on insurance. I lost a very nice Italian suit to a careless dry cleaner once. I wound up having to go to court to get compensated (and won).

That said, accidents happen, and the potential for items to be lost or damaged would be significant. Insurance against such things (and limiting your personal liability in such matters) would be a nice thing to consider.

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post #7 of 10 (permalink) Old 11-13-2006, 11:59 AM
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actually, just post the address so we know were to get a good deal on dry cleaning

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post #8 of 10 (permalink) Old 11-13-2006, 12:16 PM Thread Starter
One day at a time
 
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Thanks guys! CPA/Attorney is something I'm looking into right now as well.

I appreciate all the feedback.

As for the address, we're in bolingbrook. I'd post it but am not sure how well that would go over with the MOD's. You can PM me if you'd like.

And yes, you would all get a discount! We do Leather's too! I get my 2 piece cleaned all the time!

PS. we pick up and deliver too!

Jesse

"The first attempt is always the most difficult."

Last edited by geewiz; 11-13-2006 at 12:21 PM.
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post #9 of 10 (permalink) Old 11-13-2006, 05:35 PM
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Do an LLC based out of Delaware if you can? My understanding it is cheaper to do it there,
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post #10 of 10 (permalink) Old 11-13-2006, 05:51 PM
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Let me know when you take over I have a rug and a set of leathers that need to be cleaned asap. TIA lol
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