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  1. #1
    Join Date
    Oct 2009
    Location
    houston
    Posts
    35

    Default New Small Business Questions.....

    I am planning on starting my home inspection here soon. I was wondering what the majority of inspectors here have: DBA(sole proprietorship) or LLC. I am here in TX where E&O ins is mandatory. So having E&O ins kind of take the place of picking up the risk , so could I go the cost effective way and just do the DBA?

    Also , what accounting software do most of yall use and how do you like it? Quickbooks , Microsoft accounting.... etc?

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  2. #2
    Join Date
    Mar 2007
    Location
    Charlotte NC Licensed in NC and SC
    Posts
    597

    Default Re: New Small Business Questions.....

    LLC is easy too and the most popular. It is a good idea to draft an Operating Agreement for your LLC to make a record of what you are doing, ie. inspecting to a SOP and nationally recognized visual standards.

    Make sure your E&O covers you and not just the company. Also make sure you get GL insurance, some builders require 500k to 1 mil. A claim can exceed the cost of the house.

    llc operating agreement template - Google Search

    Bruce King, B.A. King Home Inspections, LLC
    www.BAKingHomeInspections.com
    Certified Master Inspector, Independent Inspectorwww.IndependentInspectors.org

  3. #3
    Join Date
    Mar 2007
    Location
    Chandler, AZ
    Posts
    119

    Default Re: New Small Business Questions.....

    Congratulations on starting your own company!

    Just my $0.02 on accounting software. I bought a copy of QB pro at Costco, but simply could not get it working the way I wanted to. We have our taxes prepared by a professional - I would strongly suggest you do the same, at least until you feel comfortable doing it your self.
    Since I was too dumb ;-) to use the QB - I simply use excel spreadsheets. A Friend of mine that has a small store uses excel and talked me into it. It's simple, and you can ask your CPA exactly what they need you to track, or they may even give you a worksheet to use. I've been using it for 3 years now.

    again, just my 2 cents.

    Good luck.

    Dave Hill
    Buyers & Sellers Property Inspections LLC
    WWW.BuyersSellersPi.Com

  4. #4
    Join Date
    Oct 2003
    Location
    Rockwall Texas
    Posts
    4,519

    Default Re: New Small Business Questions.....

    Quote Originally Posted by TcDuhon View Post
    I am planning on starting my home inspection here soon. I was wondering what the majority of inspectors here have: DBA(sole proprietorship) or LLC. I am here in TX where E&O ins is mandatory. So having E&O ins kind of take the place of picking up the risk , so could I go the cost effective way and just do the DBA?

    Also , what accounting software do most of yall use and how do you like it? Quickbooks , Microsoft accounting.... etc?

    You are making a joke with that comment I hope. I seriously hope so.

    rick


  5. #5
    Join Date
    Mar 2007
    Location
    Oregon
    Posts
    2,365

    Default Re: New Small Business Questions.....

    I agree QB is a bit confusing but you might check into having your accountant set it up for you. Otherwise, you'll be paying them to 'translate' your spreadsheets, notes and other stuff into a program, probably QB, so they can churn out your tax return.


  6. #6
    David Selman's Avatar
    David Selman Guest

    Default Re: New Small Business Questions.....

    TcDuhon - Incorporating has many other business protection benefits that E&O does not cover. DBA offers no business protection. Look on the web for "incorporate.com". There are many forms of incorporating a business. The most popular for inspectors seems to be LLC.

    Good Questions....

    David Selman
    Selman Home Inspections


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