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Old 11-14-2014, 09:29 PM   #1
Wudscrasher OP
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OT: Starting a small service-based business in CO - Need lawyers, tax pros, etc.?

(Not a Vendor post!) Maybe, in the future I'm starting a GIS/GPS service business soon. My partner & I are looking at filing an LLC, which I think meets our needs. After hours (days?) of trying to navigate Colorado & Federal laws/requirements, we have a good idea of what we need to do, but need to talk to folks who have BTDT. We are a tight-knit group, us Rockies Regional inmates. Most of us have actually met in person, rode together, etc. I trust you for advice, even if we've never met. That's really something, considering the global reach of the WWW!

So, I reach out to my ADV friends as I begin this endeavor. Just looking for any law/tax/insurance folks who have gone through the LLC process & know how to help me navigate the maze and offer advice. PM me if you can help! (Not looking for free consultations. If it's what you do for a living, I'll pay for your time)

Thanks, and wish me luck
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Old 11-14-2014, 09:35 PM   #2
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Good luck Wuds!
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Old 11-14-2014, 09:41 PM   #3
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Originally Posted by nwcolorider View Post
Good luck Wuds!
Thanks, Norm! I have so many awesome ideas of where to take GIS/GPS, I figure why not try to make my own living off of it, instead of "The Man!" Problem is, I need to figure out the damn gub-mint requirements!
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Old 11-14-2014, 10:21 PM   #4
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I've done LLC's through LegalZoom, and the manual way. Doing it through LegalZime saves time, but costs about $150. If it's your first one, it is also a good way to ensure that nothing is missed, and they hold your hand through the process. And it saves a lot of time filling out forms.
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Old 11-14-2014, 10:24 PM   #5
AnnieGS
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I requested an EIN from the IRS and set up my LLC through the CO SoS website in about 5 minutes.
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Old 11-14-2014, 11:04 PM   #6
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Thanks, Justin & Annie! We are going to go through the online/state LLC applications. That's the easy part. Covering our asses & submitting an Operational plan, tax structure, etc., is the fun part! Always had an idea of my GIS/GPS experience to complement my 2-wheeled addiction. I have that opportunity, now. Am welcome for suggestions, BTW, for ANY type of mapping & GPS migration. 18 years I've been enjoying this, from old school CAD to implementing the latest GPS/GIS. The guys that joined me on the Dino-Ride Liaison this year? When we reached our final break-point after a difficult road, my GIS/GPS calcs & roll-charts were off by 0.04 miles. 132 feet. I'm good.
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Old 11-15-2014, 09:27 AM   #7
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Are you going to have a Mag-Chloride alert on you GPS info?
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Old 11-15-2014, 10:24 AM   #8
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Originally Posted by Wudscrasher View Post
Thanks, Justin & Annie! We are going to go through the online/state LLC applications. That's the easy part. Covering our asses & submitting an Operational plan, tax structure, etc., is the fun part!
You've already determined your tax structure by using an LLC (flow-through entity, the business isn't taxed, but you and your partner will pay tax on any income paid out). The larger issue you face is developing a rock-solid partnership agreement.
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Old 11-15-2014, 11:35 AM   #9
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You've already determined your tax structure by using an LLC (flow-through entity, the business isn't taxed, but you and your partner will pay tax on any income paid out). The larger issue you face is developing a rock-solid partnership agreement.
That's the big part, Annie. I'm the one whoring myself out for the work, my Tank Commander is responsible for the heavy lifting, to start. I gotta say, "Fuck it!" Guaranteed salary for a year, I'm going to make this happen!
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Old 11-15-2014, 11:37 AM   #10
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Are you going to have a Mag-Chloride alert on you GPS info?
I can make that happen. What a friggin mess that was. Only got better the next morning, didn't it?
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Old 11-15-2014, 11:39 AM   #11
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That's the big part, Annie. I'm the one whoring myself out for the work, my Tank Commander is responsible for the heavy lifting, to start. I gotta say, "Fuck it!" Guaranteed salary for a year, I'm going to make this happen!
You should also be aware that verbally stating "we're partners" is a legally binding (!) 50:50 agreement; hence, a written partnership agreement is absolutely necessary. Division of labor, contribution of assets, salaries, time/effort/$ disparities, partnership dissolution terms...etc.

I'm all about DIY, but the legal fee for writing this up is worth the investment.

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Old 11-15-2014, 11:46 AM   #12
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Originally Posted by AnnieGS View Post
You've already determined your tax structure by using an LLC (flow-through entity, the business isn't taxed, but you and your partner will pay tax on any income paid out). The larger issue you face is developing a rock-solid partnership agreement.
+1. Good luck Wuds. I have set up three L.L.C.'s, a good operating agreement is essential. Feel free to call me with questions.
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Old 11-15-2014, 01:52 PM   #13
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...The larger issue you face is developing a rock-solid partnership agreement.
This +10 to 100th degree. This area has the most 'rope' to get into trouble with - good luck!
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Old 11-15-2014, 03:18 PM   #14
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Congrat's Wuds! Finally pulling the trigger. You have my sincerest support.

My wife used the services of the Larimer SBDC to start her business.
http://www.larimersbdc.org
She recommend them when I started mine and they have been there all the way. They have tax consultants, lawyers, successful small business owners, etc, all volunteering their time. I plan to "give back" when I get there. In the mean time...

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This +10 to 100th degree. This area has the most 'rope' to get into trouble with - good luck!
To the 1000th degree. I've met more partners in this category of unsuccessful businesses than any other category, especially if they are family members. That's why I refuse to have a business partner despite the offers.

Sometimes having partners is inevitable but like AnnieGS says, the crux is to have a signed agreement on the division of labor, finances, time off to go ride your bike, etc. It's not a matter of not trusting each other, it's a matter of setting the expectations from the beginning.

All the best man. You know where to find me if you need anything.
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Old 11-15-2014, 04:52 PM   #15
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I'd be glad to help. PM me or e-mail me at my username @ gmail with your e-mail and I'll holler at you from my professional account.
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