OT:Opinions Please
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Lead Driver
Joined: Feb 2000
Posts: 5,374
Likes: 46
From: Palm Bay, Florida
OT:Opinions Please
I have started a small "business" out of my garage here at home in working with buying and selling used handicapped mobility equipment.
Was keeping it low key until my darn unemployment ran out, most everyone I sell to asks for a card which I do not have.
At least I didn't until a month ago, I went on VistaPrint online and made my own cards, stickers to put on the equipment, and even magnetic signs for my truck.
NOW, I am concerned that espessely the way the economy is that I am a target for a staged accident in order for some low-lift to sue me (with my signs on my truck they might figure that I am a LARGE company)
Plus I also have concerns about an inexperianced user of a scooter or powerchair falling off or just plain wrecking and sueing me for injuries sustained.....
I liked it better when I was just plain old Rick selling a few pieces of equipment......
What does everyone think? should I back off of the "company" thing I've sort of created? or go further into it and seek out some type of insurance to cover myself in the event that something happens??
Thanks for reading and any opinions guys!
Was keeping it low key until my darn unemployment ran out, most everyone I sell to asks for a card which I do not have.
At least I didn't until a month ago, I went on VistaPrint online and made my own cards, stickers to put on the equipment, and even magnetic signs for my truck.
NOW, I am concerned that espessely the way the economy is that I am a target for a staged accident in order for some low-lift to sue me (with my signs on my truck they might figure that I am a LARGE company)
Plus I also have concerns about an inexperianced user of a scooter or powerchair falling off or just plain wrecking and sueing me for injuries sustained.....
I liked it better when I was just plain old Rick selling a few pieces of equipment......
What does everyone think? should I back off of the "company" thing I've sort of created? or go further into it and seek out some type of insurance to cover myself in the event that something happens??
Thanks for reading and any opinions guys!
Elder User
Joined: Jun 2007
Posts: 705
Likes: 1
From: Sandia Park, NM
I have heard if you get "incorporated" you can protect your personal assets. I cannot speak from experience, just conversation with a few small business owners. If you want to make a living of it, I would think you'd need the advertising and such. Just my $.02 Another option would be to repair and refurbish the used equipment and sell it to a retailer. That would remove the liability of user error from you I would think.
Elder User
Joined: Jun 2007
Posts: 705
Likes: 1
From: Sandia Park, NM
I think he was hoping to reach out to any SB owners on here and get opinions, not legal advice.
Hotshot
Joined: Jan 2011
Posts: 18,849
Likes: 179
From: Puget Sound
Sometimes we don't choose our career path, it chooses us. My priorities when I consider a professional move:
- Will I enjoy it? I suck at a job I dread going to every day and my overall disposition follows suit.
- Does it have appropriate down time? Too little work has obvious disadvantages, but too much work lands me back in that disposition issue.
- Is it sustainable? Will you make money, or just work?
Thread Starter
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Lead Driver
Joined: Feb 2000
Posts: 5,374
Likes: 46
From: Palm Bay, Florida
Sometimes we don't choose our career path, it chooses us. My priorities when I consider a professional move:
- Will I enjoy it? I suck at a job I dread going to every day and my overall disposition follows suit.
- Does it have appropriate down time? Too little work has obvious disadvantages, but too much work lands me back in that disposition issue.
- Is it sustainable? Will you make money, or just work?
I have been doing this for about a year and a half now, have bought 2 tires for my truck, paid for 1/2 of all incurred maintenance on my truck as well as countless tanks of fuel, bought dinner a few times, ect, ect and have about $1500.00 to the good right now, plus about $3k in merchandise here in the garage, not getting rich by no means, but for everything I have bought and sold, expenses, and whatever not too bad for a business I started by accident in looking for a used Mobility scooter for a friend.
mainly I work with SCOOTERS like the ones at WalMart only sportier, plus electric lifts that fit into the trailer hitch.....
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Lead Driver
Joined: Feb 2000
Posts: 5,374
Likes: 46
From: Palm Bay, Florida
Seems under the table and may be to some underhanded, but as far as things go'm trying so hard NOT to get bitter with my employment situation/in trying to make a few bucks doing what I am doing.
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Postmaster
Joined: Jun 2010
Posts: 2,555
Likes: 9
From: Longview, TX
There is a LOT that goes along with owning and running a small business. I haven't had one personally, but I have been close enough involved with several that I feel comfortable offering a little advice.
My advice is that if you're only making a few thousand a year and it's just something that supplements your income, leave it as it is. I would be careful with naming it or making it too official because of tax and liability purposes. You can still have cards and put your name and number on items you sell I think without incurring any liability.
If you want to expand and grow and have this as your primary income, I'd say to create an LLC and get insured. Then there will be a LOT of codes, laws, and tax issues and hurdles you have to research and deal with.
My advice is that if you're only making a few thousand a year and it's just something that supplements your income, leave it as it is. I would be careful with naming it or making it too official because of tax and liability purposes. You can still have cards and put your name and number on items you sell I think without incurring any liability.
If you want to expand and grow and have this as your primary income, I'd say to create an LLC and get insured. Then there will be a LOT of codes, laws, and tax issues and hurdles you have to research and deal with.
9 ECHO 1
Joined: Aug 2009
Posts: 12,467
Likes: 58
From: Missouri
I had signs on my truck for 4 years. Never once was I 'targeted' for being a large business. Most people know that a magnetic decal is a small business thing.
In the 4 years I ran my business, I can only directly attribute 2 leads to the door magnets, however it does add a bit of a presence when you show up as well.
In the 4 years I ran my business, I can only directly attribute 2 leads to the door magnets, however it does add a bit of a presence when you show up as well.
Thread Starter
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Lead Driver
Joined: Feb 2000
Posts: 5,374
Likes: 46
From: Palm Bay, Florida
Thanks for all the comments so far guys! its a tough call for me as to what to do.....we have a house, 2 antique cars, 3 daily driver vehicles, a car hauler trailer and a new travel trailer all paid for and don't want to risk loosing anything due to some dead-beat staging an accident, or like I said before an inexperianced user falling off or crashing on a piece of equipment.
More Turbo
Joined: Jul 2011
Posts: 594
Likes: 5
From: Full-time RV
This. Plus, go ahead and register with the appropriate taxing authority (city/county/state) if you are selling physical items (sounds like you are). Remember, taxing authorities survive bankruptcies, nuclear attacks and zombie invasions (along with school loans).
Logistics Pro
Joined: Jun 2005
Posts: 4,243
Likes: 16
From: AZ
I have my own trucking company...I wouldn't consider doing this without a business license and as an LLC in Nevada. Why LLC in Nevada? No tax on business here (nor income tax) and isolation of liability to the company. Why license? So I can use all the business deductions I am entitled to when doing my 1040 and wholesale access to parts/materials as I need them.
Thread Starter
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Lead Driver
Joined: Feb 2000
Posts: 5,374
Likes: 46
From: Palm Bay, Florida
I'm not looking for a lawyer at this point, just some opinions....
Thanks Again Guys!!