Junkyard's work thread.....maybe haha

[CM1995]

JY I'll give ya' my $.045 (adjusted for massive inflation) on LLC's.

Just my experiences after owning several small businesses over the last 28 years.

I would create at least 2 LLC's at the stage you are in. One for the repair business and one for the laydown/ storage yard you might rent to the towing company. You need protection from liability from repairing equipment and from renting property which are completely separate risks.

As the septic company comes to fruition I'd form a 3rd LLC for it. Having 3 separate entities gives you flexibility on taxation and profits in addition to liability protection. Each one of these businesses have different exposures to risk and IMO it is best to limit each category of risk.

Will you be a single member LLC or have partners?

 

[Junkyard]

JY I'll give ya' my $.045 (adjusted for massive inflation) on LLC's.

Just my experiences after owning several small businesses over the last 28 years.

I would create at least 2 LLC's at the stage you are in. One for the repair business and one for the laydown/ storage yard you might rent to the towing company. You need protection from liability from repairing equipment and from renting property which are completely separate risks.

As the septic company comes to fruition I'd form a 3rd LLC for it. Having 3 separate entities gives you flexibility on taxation and profits in addition to liability protection. Each one of these businesses have different exposures to risk and IMO it is best to limit each category of risk.

Will you be a single member LLC or have partners?

It’ll all be single member like my current LLC. Back when I had the trucking business we had stuff broke into different ones. Property, equipment and management then the S corp that was a shell operating the trucking. Thanks for the insight, sometimes important stuff like that gets lost in the weeds.

 

[Welder Dave]

In Canada you have to have at least 2 directors/class A shareholders to form a limited company. It must be different in the US if you only need 1 shareholder.

 

[Acoals]

In Canada you have to have at least 2 directors/class A shareholders to form a limited company. It must be different in the US if you only need 1 shareholder.

They are talking about Limited Liability Companies (LLC.) which are not the same as Corporations (INC.) LLC's are more flexible, which is why most small businesses started in the last maybe 30 years use them.

 

[Vetech63]

I've been an LLC since 2010. From 1991 to 2009 was a DBA.........I was raped by the tax man every single year.

.....and I have NO idea why my font changed mid sentence!

 

[AzIron]

I've been an LLC since 2010. From 1991 to 2009 was a DBA.........I was raped by the tax man every single year.

.....and I have NO idea why my font changed mid sentence!

I just assumed you were very excited about your relationship with the tax man

 

[CM1995]

They are talking about Limited Liability Companies (LLC.) which are not the same as Corporations (INC.) LLC's are more flexible, which is why most small businesses started in the last maybe 30 years use them.

Not just small businesses, we work for a billion dollar a year GC that is an LLC. Another billion + a year GC located here is also an LLC.

An LLC structure offers the most flexibility for a company whatever the size however IIRC an LLC can never go public.

For us small fries a single member LLC filing as an S-corp with the IRS works around the self employment tax.

 

[Acoals]

Not just small businesses, we work for a billion dollar a year GC that is an LLC. Another billion + a year GC located here is also an LLC.

An LLC structure offers the most flexibility for a company whatever the size however IIRC an LLC can never go public.

For us small fries a single member LLC filing as an S-corp with the IRS works around the self employment tax.

Chrysler was an LLC before they turned into Stelantis or whatever it is they are now. Not sure quite how it works on something that big in scale, but anyway there they are.

 

[Junkyard]

Welp yesterday was a day! Did a quick service call in the morning. Ran to a demo job and helped cut up some truck frames. Saved a 427 tall deck with a 5+3 from an old truck. Then went to the steel plant. My trusty old 86 then started acting up…..

It now needs a trans rebuild and new torque converter lol. Threw some tools into my little jeep and ran back to the plant to finish repairs. I’ve got two machines in the shop and third on the way next week. Steel plant’s yard dog needs the intake/after cooler pulled. I think it’s plugged up and the old girl can’t breathe.

Now I’m deciding what direction to go truck wise….

 

[joe--h]

Around here $3,500-$5,000 seems to be the norm. If memory serves its about 2-1/2 yards or so to pour a tank and lid. We’ve figured 3 so we have mud for the pedestals etc

I bought a 1000 gallon Norwesco plastic tank last year, $1450 from Winsupply here in New Mexico. I don't know what local for concrete is now.

Who buys concrete tanks for that price when plastic is so much cheaper? Or is there something I'm missing?

Joe H

 

[Welder Dave]

They are talking about Limited Liability Companies (LLC.) which are not the same as Corporations (INC.) LLC's are more flexible, which is why most small businesses started in the last maybe 30 years use them.

Just saying that in Canada to be any more than a sole proprietorship you have to have at least 2 class A shareholders. One of them can have a big majority of the shares but there still has to be at least 2 to have an incorporated/limited company.

 

[Acoals]

Just saying that in Canada to be any more than a sole proprietorship you have to have at least 2 class A shareholders. One of them can have a big majority of the shares but there still has to be at least 2 to have an incorporated/limited company.

Pretty sure the OP is in Oklahoma ....

 

[colson04]

I bought a 1000 gallon Norwesco plastic tank last year, $1450 from Winsupply here in New Mexico. I don't know what local for concrete is now.

Who buys concrete tanks for that price when plastic is so much cheaper? Or is there something I'm missing?

Joe H

I haven't priced either option recently, but in 2016, concrete was cheaper per gallon.

I bought a 2000 gallon, 2 compartment tank, set in the hole, for $900. A 2000 gallon, 2 compartment plastic tank was around $1400, and I had to haul it and set it in the hole. Big difference back then. Today, I haven't a clue. Concrete prices have gone sky high locally so it probably favors the plastic tank today.

 

[Welder Dave]

Pretty sure the OP is in Oklahoma ....

That's why I mentioned it's different in Canada. The only time you can be a true 1 man show in Canada is a sole proprietorship.

 

[Junkyard]

I bought a 1000 gallon Norwesco plastic tank last year, $1450 from Winsupply here in New Mexico. I don't know what local for concrete is now.

Who buys concrete tanks for that price when plastic is so much cheaper? Or is there something I'm missing?

Joe H

We never see plastic tanks here. I know a lot of situations they have to use concrete. Beyond that idk.

 

[DMiller]

In MO a great deal depends on type usage for Septic, Plastic is very seldom used anymore even as cheaper seems most regulatory statutes no longer allow. Concrete, about the only Foreseeable Durable tank.

 

[joe--h]

Both here, but looking at the Menards site, they have tanks listed as being for one state only.

Search Results for "septic tank" at Menards®

Search results at Menards

www.menards.com

Need more research before I know why, but something different.

Joe H

OK, looked at one of the tanks and found this


So something is different but what it doesn't say.

 

[Vetech63]

Since we cant seem to drill our own oil anymore, and plastic products are made with a percentage of petroleum...........I'm thinking JY is at the entrance of a gold mine for the future. I just hope he remembers all the excellent advise I've given while he lights his Cubans with $100 dollar bills..

 

[DMiller]

My Happy ALMOST retired Ass is right there with ya!!!

 

[Junkyard]

Got time to split this little Kubota. Weep hole was dripping hyd oil. I’ll get everything sealed back up and he’ll be back to work next week.