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?
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?
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'm curious how many people will be willing to out themselves on a public forum stating that they don't have insurance.
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.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.
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.
Funny you should mention this.Its that time of year again when I have to renew my insurance policy so I thought I would resurrect this old thread.