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Thomas McJD
Thomas McJD, Attorney
Category: Business Law
Satisfied Customers: 6513
Experience:  Experienced in Corps, LLCs, Partnership, etc.
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I am planning to start my own small business for party rental

Resolved Question:

I am planning to start my own small business for party rental equipment. My main rental is going to be cartoon character mascot rentals but I would also like to incorportate for now 1 or 2 bouncers. I know the bouncers come with liability issues and licencing requiremtns. I want to make sure everything I set up is legal as far as contracts, liscences, training etc. I don't know if I need to become a corporation or an LLC? I want to ensure I am not breaking any copyright laws. Needing info also on taxes for employees. (PT or FT)
Can you assist? What are your fees?
Submitted: 3 years ago.
Category: Business Law
Expert:  Thomas McJD replied 3 years ago.

Hello, I will be happy to assist you. After receiving your answer, and unless you have need for clarification, your accept (by clicking the green "accept" button) would be appreciated. Although you have made a deposit, I cannot receive credit for my work without your accept.

 

All the information you are wanting (the nitty gritty specific stuff) is beyond the scope of the services provided by JustAnswer.

 

However, I can say that LLCs are generally better for small business and generally offer better liability protection than corporations.

 

Once you have your LLC, you can even have it taxed as a corporation if your CPA/accountant advises that would give you a positive tax benefit.

 

As far as employees, you would pay their wage/salary and 1/2 their social security, FICA and other such taxes -- about 7.5%. You also have to withhold their income tax and submit it with a report to the IRS and state.

 

Generally, the type of rental equipment that you're speaking of comes with the licensing right to lease/rent the equipment to third parties -- so you wouldn't generally need to do anything else. However, that's an important question for the company from which you ultimately buy your equipment.

 

 

I believe I have answered your question. As noted above, please let me know if you need clarification, and if not your accept would be appreciated. If you are a monthly subscriber, you must still click the "accept" button for me to receive credit for my work, but you will not be charged an additional fee.

 

If you later open a new question and would like my assistance, please begin the question with "To TMcJD...." This will ensure that only I answer the question.

 

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Thank you for using JustAnswer. Your "accept" (by clicking the green "Accept" button) would be greatly appreciated. Although you have made a deposit, I cannot receive credit for my work without your accept.

 

You understand that your use of or communication on this forum, in any and all ways, is intended for general informational purposes only and shall not constitute and/or be relied upon as legal advice or be construed as creating an attorney-client relationship. Further, you agree not to rely on anything I say as legal authority and where appropriate for your own protection will obtain appropriate legal and or tax advice with an attorney or other professional licensed to practice in the jurisdiction where your legal or other issue arises.

 

Customer: replied 3 years ago.

So to be clear, I was aiming toward an LLC anyway, but it is required? I cannot just run the business without making it an LLC?

 

In reference to the rental equipment, I am not purchasing from a company that rents the equipment. I am planning to purchase my own new products and rent the equipment on my own. I have already done some research and found that their are contracts I need to build and liscences required. Do I need to involve a lawyer for that?

Expert:  Thomas McJD replied 3 years ago.

You could run the business without an LLC, but then you're exposing all of your personal assets and yourself to liability. If you operate the business through an LLC, and follow proper protocol (keeping personal assets away from the LLC and LLC assets away from yourself), then you get a nice shield of liability protection.

 

I understood you were buying these yourself. What I noted is that when you buy, the product generally comes with the right to lease it and use it to make profit. But ask the company you buy from whether that's the case.

 

The licensing and rental agreements to your customers should be drafted by an attorney, yes.

 

Your accept would be appreciated. Thanks.

Thomas McJD, Attorney
Category: Business Law
Satisfied Customers: 6513
Experience: Experienced in Corps, LLCs, Partnership, etc.
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