How many weekend warriors have thier companies registered and have insurance? Is it registered as sole propiertership or inc? What kind of insurance do you have?
Question for every warrior........
- Thread starter Steve Ferreira
- Start date
Re: Question for every warrior........
Registered as an LLC in my state and licensed in my county. Equipment insurance, commercial liability and workers comp coverage.
Registered as an LLC in my state and licensed in my county. Equipment insurance, commercial liability and workers comp coverage.
Re: Question for every warrior........
I'm curious how many people will be willing to out themselves on a public forum stating that they don't have insurance.
I'm curious how many people will be willing to out themselves on a public forum stating that they don't have insurance.
Silas Pradetto
Graduate Student
Re: Question for every warrior........
Not sure how business in Canada works, but LLC is a common choice in the USA. One nice feature of a single-member LLC is that the taxes can be done on the owner's regular 1040 return as Schedule C. Which, in effect, means you can write off all business expenses, even if they were more than business income, effectively reducing your personal taxes at the same time.
I was a 'sole proprietor' under a different name starting in 2005, but am now an LLC under my current name, which started in 2007. I have commercial auto, and am in the process of switching over my commercial general liability and inland marine. I have no workers' comp since I don't have any workers
Not sure how business in Canada works, but LLC is a common choice in the USA. One nice feature of a single-member LLC is that the taxes can be done on the owner's regular 1040 return as Schedule C. Which, in effect, means you can write off all business expenses, even if they were more than business income, effectively reducing your personal taxes at the same time.
I was a 'sole proprietor' under a different name starting in 2005, but am now an LLC under my current name, which started in 2007. I have commercial auto, and am in the process of switching over my commercial general liability and inland marine. I have no workers' comp since I don't have any workers
Re: Question for every warrior........
You can do that for a while, but I believe you can only "lose money" 2 years out of 5 - I had an acquaintance that got in trouble by trying to call a "hobby" - car racing in this case, as a "business", but "losing money" every year. The IRS doesn't like that.
You can do that for a while, but I believe you can only "lose money" 2 years out of 5 - I had an acquaintance that got in trouble by trying to call a "hobby" - car racing in this case, as a "business", but "losing money" every year. The IRS doesn't like that.
Re: Question for every warrior........
I guess only those with insurance apply then........
I guess only those with insurance apply then........
Re: Question for every warrior........
Well the IRS should investigate congress and the federal goverment if they dont like loosing money year after year after year.... maybe its just a hobby.
Well the IRS should investigate congress and the federal goverment if they dont like loosing money year after year after year.... maybe its just a hobby.
Re: Question for every warrior........
At the risk of becoming too political, there are a number of flat tax scenarios that pretty much obsolete the IRS entirely - i.e. no income tax and a national sales tax. Borowing from the future to pay for today? I'm not sure we can fix that problem without changing the voting populace who elect these particular types.
Re: Question for every warrior........
When I had my rig, I had both gear and liability insurance through the AFM (musicians' union).
When I had my rig, I had both gear and liability insurance through the AFM (musicians' union).
Re: Question for every warrior........
Registered as Sole Proprietership in the state, Commercial liability insurance, still dodging the city license because it's stupid.
Registered as Sole Proprietership in the state, Commercial liability insurance, still dodging the city license because it's stupid.
Re: Question for every warrior........
Registered as an LLC. 2 million in liability coverage through Zurich.
Registered as an LLC. 2 million in liability coverage through Zurich.
Re: Question for every warrior........
Regardless how you structure your company if you set up any piece of equipment out in public you need liability insurance. It's also a good selling point to separate yourself from the guy who will work for free beer.
Regardless how you structure your company if you set up any piece of equipment out in public you need liability insurance. It's also a good selling point to separate yourself from the guy who will work for free beer.
Silas Pradetto
Graduate Student
Re: Question for every warrior........
I was paying less than $1000/yr for $1 million general liability, and less than $2000/yr for $100,000 of inland marine equipment coverage.
Some agents have a hard time finding a category to put us in, so it's a good idea to check around to make sure you're not being misclassified or overcharged.
I was paying less than $1000/yr for $1 million general liability, and less than $2000/yr for $100,000 of inland marine equipment coverage.
Some agents have a hard time finding a category to put us in, so it's a good idea to check around to make sure you're not being misclassified or overcharged.
Re: Question for every warrior........
A good reference point is your local Small Business Administration. The have all the info you need. Mine also has everything you need for local issues. Not sure if its available on their site. Locally they have kits available that will help you gather the information you need. Once you have it compiled, you make an appointment and they will have someone help you.
A good reference point is your local Small Business Administration. The have all the info you need. Mine also has everything you need for local issues. Not sure if its available on their site. Locally they have kits available that will help you gather the information you need. Once you have it compiled, you make an appointment and they will have someone help you.
Re: Question for every warrior........
Its that time of year again when I have to renew my insurance policy so I thought I would resurrect this old thread. Many of the municipal events we provide sound for require a copy of of our policy. For those that do not I always include one anyway. In my area it is very reasonable, I pay $550 per year for a 2 million dollar (1 million per occurrence) general liability policy.
Its that time of year again when I have to renew my insurance policy so I thought I would resurrect this old thread. Many of the municipal events we provide sound for require a copy of of our policy. For those that do not I always include one anyway. In my area it is very reasonable, I pay $550 per year for a 2 million dollar (1 million per occurrence) general liability policy.
Re: Question for every warrior........
"Registered as Sole Proprietership in the state, Commercial liability insurance, still dodging the city license because it's stupid."
"Registered as an LLC. 2 million in liability coverage through Zurich."
Here in California it's pretty much impossible to dodge the City Business license and fee ever since the state income tax board started sharing data with the cities a few years ago. The first year most of us "sole proprietors" got dinged for three years retroactively. The rate for "entertainment, theater (not film production) here in Oakland isn't very much and starting last year as the result of a court decision you only have to pay the gross receipts tax based on income you actually made working IN Oakland.
A California LLC, once established, costs $800 per year. Some people set up their "corporate home" in Nevada instead. For the amount of self employment income have these days it's easier and cheaper to purchase liability insurance coverage for those events where I'm actually the "provider" of the gear.
"Registered as Sole Proprietership in the state, Commercial liability insurance, still dodging the city license because it's stupid."
"Registered as an LLC. 2 million in liability coverage through Zurich."
Here in California it's pretty much impossible to dodge the City Business license and fee ever since the state income tax board started sharing data with the cities a few years ago. The first year most of us "sole proprietors" got dinged for three years retroactively. The rate for "entertainment, theater (not film production) here in Oakland isn't very much and starting last year as the result of a court decision you only have to pay the gross receipts tax based on income you actually made working IN Oakland.
A California LLC, once established, costs $800 per year. Some people set up their "corporate home" in Nevada instead. For the amount of self employment income have these days it's easier and cheaper to purchase liability insurance coverage for those events where I'm actually the "provider" of the gear.
Re: Question for every warrior........
Yesterday, some dude (old dude) just walked through my shop door like he owned the place... no anything to suggest his arrival... or WTF he's doing standing in the middle of my shop in the middle of a work day like he owns the place. It's like: "do I know you?" "oh... it's the insurance dude (wow, you've really aged in the last year... so how's the insurance biz treating you? That bad huh? BTW: Nice threads and ride there... couldn't be that bruital... really? no shit? A 2012 Lexus is that bigga POS and executive properties aren't the investment business model they used to be so you say... huh? Business sucks that bad huh... hear tell? Yea, I guess there's no going back to the '70's. Sorry about your life story dude... sucks to be you I guess)... here to make sure Uncle Gweeto's check is in the mail... as he relayed it's that time of the year again (renewals)... just checking up making sure or something"... I dunno... it was pretty weird.
Funny you should mention this.
Yesterday, some dude (old dude) just walked through my shop door like he owned the place... no anything to suggest his arrival... or WTF he's doing standing in the middle of my shop in the middle of a work day like he owns the place. It's like: "do I know you?" "oh... it's the insurance dude (wow, you've really aged in the last year... so how's the insurance biz treating you? That bad huh? BTW: Nice threads and ride there... couldn't be that bruital... really? no shit? A 2012 Lexus is that bigga POS and executive properties aren't the investment business model they used to be so you say... huh? Business sucks that bad huh... hear tell? Yea, I guess there's no going back to the '70's. Sorry about your life story dude... sucks to be you I guess)... here to make sure Uncle Gweeto's check is in the mail... as he relayed it's that time of the year again (renewals)... just checking up making sure or something"... I dunno... it was pretty weird.
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Re: Question for every warrior........
Hmmmm.....It must be the insurance police. I had better hurry up and send my check in before Uncle Gweeto sends that old dude over to my place.
Hmmmm.....It must be the insurance police. I had better hurry up and send my check in before Uncle Gweeto sends that old dude over to my place.
Re: Question for every warrior........
Every state is different. In Pennsylvania,it's a little complicated. You don't need to register with the state unless you use a ficticous title.If you use your own name,then you don't need to register. You don't need a state license either.I also do electrical work and don't need a state license for that.Some cities have their own seperate licensing for certain trades,like plumbers,HVAC,electric etc.i am required to pull permits and have my electrical work inspected,but there is no requirement in most places to do sound installs Now the state does require a license if you do residential work.That is $50 every 2 years.So if you install a sound system in a home,then you need the license.If you install one in a church or restaraunt,then you don't .So, just want to start up a company doing live sound in Pa, and you use your own name,there are no requirements at all.I do have insurance for all my operations.I pay less than $2,000 a year for liability and insurance on my truck and trailer,plus about $900 on my shop. I can only remember one instance over the past 23 years of anyone requesting a certificate of insurance for a live sound gig.
Every state is different. In Pennsylvania,it's a little complicated. You don't need to register with the state unless you use a ficticous title.If you use your own name,then you don't need to register. You don't need a state license either.I also do electrical work and don't need a state license for that.Some cities have their own seperate licensing for certain trades,like plumbers,HVAC,electric etc.i am required to pull permits and have my electrical work inspected,but there is no requirement in most places to do sound installs Now the state does require a license if you do residential work.That is $50 every 2 years.So if you install a sound system in a home,then you need the license.If you install one in a church or restaraunt,then you don't .So, just want to start up a company doing live sound in Pa, and you use your own name,there are no requirements at all.I do have insurance for all my operations.I pay less than $2,000 a year for liability and insurance on my truck and trailer,plus about $900 on my shop. I can only remember one instance over the past 23 years of anyone requesting a certificate of insurance for a live sound gig.