Just started WSR and im very excited

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Ghostteck
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Just started WSR and im very excited

Post by Ghostteck »

Hi everyone,
I'm very excited to start WSR, This forum has been extremely helpful. Right now I'm still getting incorpated etc, before I can call safelite and lynx for the packages. I hope I dont annoy anyone with my newbie questions later on. Thanks!
t4k
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Re: Just started WSR and im very excited

Post by t4k »

Where did you receive your training?
Coitster
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Re: Just started WSR and im very excited

Post by Coitster »

Well you don't need to incorporate to get starte. I run my business as a sole proprietorship and don't have to worry about all the extra costs with a corporation.
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t4k
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Re: Just started WSR and im very excited

Post by t4k »

Coitster wrote:Well you don't need to incorporate to get starte. I run my business as a sole proprietorship and don't have to worry about all the extra costs with a corporation.
Coitster
Same here.
usmc68
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Re: Just started WSR and im very excited

Post by usmc68 »

Exactly. Sole propietorship to start(no double taxation). No lawyer. Give your customer 2 copies of the invoice to get repaid by the ins. company instead of paying for garage keepers ins. to get paid by the networks. I joined ACT(Liquid Resins) about 5 years ago and recieved my FIRST call last year from LYNX to drive almost 100 miles round trip on a Saturday for $50-before 1PM- I politely told them HELL NO!!!
Good luck, winter is my slow season and just started 24th year, but spring is just around the corner!!!
Ghostteck
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Re: Just started WSR and im very excited

Post by Ghostteck »

t4k wrote:Where did you receive your training?
I am going to be practicing myself and then when I get the hang of everything and get better established I will go for my certification, also want to do PDR and HLR. I've always been into cars modifying doing all the work myself so I'm no stranger to diy.
usmc68 wrote:Exactly. Sole propietorship to start(no double taxation). No lawyer. Give your customer 2 copies of the invoice to get repaid by the ins. company instead of paying for garage keepers ins. to get paid by the networks. I joined ACT(Liquid Resins) about 5 years ago and recieved my FIRST call last year from LYNX to drive almost 100 miles round trip on a Saturday for $50-before 1PM- I politely told them HELL NO!!!
Good luck, winter is my slow season and just started 24th year, but spring is just around the corner!!!
Oh I wanted to do that but the places my friend is trying to get me into need a minimum of 2mil liability insurance and to get insurance I have to be incorperated. Is signing up for ACT the same as the Safelite packets and Lynx?
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Brent Deines
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Re: Just started WSR and im very excited

Post by Brent Deines »

You do not need to be incorporated to buy insurance but I suggest you speak with an accounting professional. For this type of business most are now recommending a Limited Liability Company (LLC). The LLC combines many of the benefits of a corporation and a sole proprietorship. It's also easy and inexpensive to setup. I started as a sole proprietorship, then incorporated to a C-Corp and then converted to an S-Corp, but if LLCs had been around when I started that is what I would have done and that is what my company would still be.

If you do speak with and accountant let us know what he recommends.
Brent Deines
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Ghostteck
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Re: Just started WSR and im very excited

Post by Ghostteck »

Brent Deines wrote:You do not need to be incorporated to buy insurance but I suggest you speak with an accounting professional. For this type of business most are now recommending a Limited Liability Company (LLC). The LLC combines many of the benefits of a corporation and a sole proprietorship. It's also easy and inexpensive to setup. I started as a sole proprietorship, then incorporated to a C-Corp and then converted to an S-Corp, but if LLCs had been around when I started that is what I would have done and that is what my company would still be.

If you do speak with and accountant let us know what he recommends.

Hi Brent,
I tried to buy WSR and Liability insurance at the bank that my friend reccommended me to but they requested that I get an ein/tax id number which I can only get when im incorperated as a LLC S-corp-C-corp. I will be meeting with a CPA this sunday to confirm everything and I will let you guys know. Even trying to get on the Safelite and LYnx packets you need a EIN number.

It sounds like I'm doing something wrong though... can someone steer me in the right direction if I am going down the wrong path? Thank you ;)
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Brent Deines
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Re: Just started WSR and im very excited

Post by Brent Deines »

I don't think you are doing anything wrong but I would check with an independent insurance agent for your insurance if your bank cannot help you. In fact I would do that anyway and have them explain the difference between straight liability insurance and garage keepers. Some in this industry don't feel they need a garage keepers policy but I personally would not do business without one. If you are doing business as a sole proprietor you will use your social security instead of you EIN as thousands of other windshield repair technicians do.

I'm pretty sure Safelite and Lynx will also allow you to use your social security number as a sole proprietor as well.

Once you decide what type of business entity your company will be you will need to register your business with your state corporations division. Some states require a business license as well but others do not. I think it will then be much easier to obtain insurance and sign up with the networks.
Brent Deines
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candyman
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Re: Just started WSR and im very excited

Post by candyman »

Good morning. A sole proprietorship is all you need to get started. Unless you are making volumes of Money or have partners, you don't need it. Go on line and down load the SS4 For your Tax ID # Fill out the form and print it. Then go to the bank with your copy and open your business account. Contact RLI and obtain either a garagekeeper policy or a liability policy. Lynx, SGC, HSG all accept this. Someone gave you wrong advice for a sole owner. The way laws are enforced or applied today, you have very little protection from liabiliity suits. Brent has employees, and is a much wider target considering the type of business he has and services provided. He is more than just WSR or HLR. www.IRS.gov look for the form you want to fill out and obtain on the spot your Fed ID# for tax. You will need to provide the actual name of your business at that time.
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