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post #1 of Old 07-05-2018, 02:54 PM Thread Starter
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Join Date: Jul 2018
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Starting

Hello all,


I am currently working part time for another company which prompted me with the idea to go out on my own. I have a few questions that I need help with.


I live in Maryland and my business will remain in Maryland as well. I plan on doing basic office cleaning, strip and wax, and carpet cleaning.


Here are my questions:


1. What licenses, insurance, bonds, and permits do I need?


2. If I need permits, do I need to get a permit in each town I do business in? (Seems tedious for 1 time gigs.)


3. When I hire employees, do I need a certain amount of money saved in savings for payroll or anything like that?


4. I know I need MSDS sheets for each chemical I use. Is this something I can type up or is there a company or organization where I have to get these forms from?


5. Should I do my own bookkeeping or hire a professional accountant. Obviously I am trying to keep the overhead low.




Thanks,


Dave
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post #2 of Old 07-06-2018, 10:05 PM
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Join Date: Dec 2015
Posts: 58
https://open.maryland.gov/business-r...ng-a-business/

Here is a link to get you started.
If it is difficult for you to research on your own I highly recommend you spend the money to have a CPA who specializes in small business help you structure your company. It's money well spent to do it right. There are just too many variables involved for anyone who is not familiar with Maryland law or your personal situation to give you sound advise here. Will you be required to collect and remit sales tax? Should you be a sole proprietorship or a LLC? What is your local tax burden as a business... township/ city.. a hundred questions! Spend the $ to have a professional guide you.
Yes, I do think you need to have working capital available to you when you hire employees... not only will they expect an on time paycheck but you will be responsible for paying your share of payroll taxes and insurances. Workman' Comp? Again, you need someone who knows state laws and your financial situation to guide you.
There is a lot of good software available to small businesses to help them keep track of record keeping, payroll etc... so if you are comfortable and confident that you can handle on your own that can be a money saver. I keep my own records and turn over to my accountant every quarter - the accountant files quarterly sales tax, does employee W2 and files business and personal taxes. For me the $ is worth the peace of mind that it's done correctly and timely.
No, don't type your own MSDS sheets. If you buy your chemicals from a supplier you will be shipped data sheets along with the chemicals. You can also download data sheets from the manufacturers web site. Yes, I do believe there is a database for MSDS sheets.. I've seen it but it's easier to navigate manufacturer's sites IMO if you need to replace sheets, etc.
You should also check to see if you have SBA office close to you... they offer all sorts of free information and consultations to individuals interested in starting or growing their businesses.
Best of luck to you!
Cleanexp is offline  
post #3 of Old 07-09-2018, 01:54 AM
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Join Date: Apr 2018
Posts: 41
Quote:
Originally Posted by Cleanexp View Post
https://open.maryland.gov/business-r...ng-a-business/

Here is a link to get you started.
If it is difficult for you to research on your own I highly recommend you spend the money to have a CPA who specializes in small business help you structure your company. It's money well spent to do it right. There are just too many variables involved for anyone who is not familiar with Maryland law or your personal situation to give you sound advise here. Will you be required to collect and remit sales tax? Should you be a sole proprietorship or a LLC? What is your local tax burden as a business... township/ city.. a hundred questions! Spend the $ to have a professional guide you.
Yes, I do think you need to have working capital available to you when you hire employees... not only will they expect an on time paycheck but you will be responsible for paying your share of payroll taxes and insurances. Workman' Comp? Again, you need someone who knows state laws and your financial situation to guide you.
There is a lot of good software available to small businesses to help them keep track of record keeping, payroll etc... so if you are comfortable and confident that you can handle on your own that can be a money saver. I keep my own records and turn over to my accountant every quarter - the accountant files quarterly sales tax, does employee W2 and files business and personal taxes. For me the $ is worth the peace of mind that it's done correctly and timely.
No, don't type your own MSDS sheets. If you buy your chemicals from a supplier you will be shipped data sheets along with the chemicals. You can also download data sheets from the manufacturers web site. Yes, I do believe there is a database for MSDS sheets.. I've seen it but it's easier to navigate manufacturer's sites IMO if you need to replace sheets, etc.
You should also check to see if you have SBA office close to you... they offer all sorts of free information and consultations to individuals interested in starting or growing their businesses.
Best of luck to you!
wow. so thanks for the detail info.
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post #4 of Old 07-13-2018, 06:03 PM
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Join Date: Feb 2017
Posts: 122
For the MSDS google the chemical and MSDS.You should be able to print them off yourself. Yes, you need one for every chemical.

Get a notebook and keep a copy in the office and in any vehicle that goes out with the chemicals. In short a book should be in each employee

vehicle along with a first aid kit.

Every town,state are different, but I need a license for each town that I work in.

Try a payroll service like paychex.You pay as you go, no deposit and I would use a service as making a mistake on employee withholding is an EXTREMELY painful thing to experience with the IRS. Play it safe.

Use a CPA at years end for your taxes.
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