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  • #16
    Re: Liabilty and workers comp. Insurance

    Originally posted by NHMaster3015 View Post
    If "the kid" buys disability insurance he will be working for about 6 bucks an hour. If "the kid" gets hurt on the job, the lawyers are coming after you. If "the kid" has any brains at all he will move along and find another shop. Fair and honest seem to be a subjective thing
    Finding another shop? Goodluck with that,looked for a job lately?

    The lawyers wont be coming after me because theres nothing to take because I'm a Sub S corp. It all gets passed to me It's airtight and a lawyer wrote the contract for me...and I'm not required to have it by law. Sorry sir you dont have a case,not one worth any money anyway

    My sub "s" corp is properly maintained and is bullet proof. Goodluck trying to pierce that shield.

    Your not a lawyer are you?

    Comment


    • #17
      Re: Liabilty and workers comp. Insurance

      ...............................................
      Last edited by NHMaster3015; 02-19-2011, 10:56 AM.
      sigpic

      Comment


      • #18
        Re: Liabilty and workers comp. Insurance

        You are an outstanding human being indeed.

        Your apprentice must feel blessed. Better hope "the kid" doesn't read this forum
        sigpic

        Comment


        • #19
          Re: Liabilty and workers comp. Insurance

          Originally posted by NHMaster3015 View Post
          You are an outstanding human being indeed.

          Your apprentice must feel blessed. Better hope "the kid" doesn't read this forum
          He is blessed he gets to learn from me and get paid for it. I'm his employer not his daddy and i'm not the goverment. I never forced anyone to get in my van and go to work and I'm operating within the law. I think starting out at 15 an hr is generous and if you read the posts you will see that I'm not only considering paying workmans comp for him but also FULL health insurance. Do you do that?

          I dont care who reads it.

          I'm considering paying his health and workmans comp because I can. I've already retired once from a family business and get a monthly check for life....no not a union shop. After I got my 20 years in I had the chance to buy it or start my own. I started my own. I dont need to make any profit on my help even tho I am. I hired him to make my life easier and to teach. He also offeres me a bit of security. If I have a minor injury like a broke arm or ankle I would be out of business but with a well coached apprentice I can still keep customers serviced and some money coming in the door instead of dipping into MY money to keep things rolling. For that security that my apprentice gives me I'm considering showing my gratitude with insurances and bonus checks. I dont need to make a profit on him but I do need him to atleast pay for himself. Once he proves to me he can pay for himself he will get more benefits. I just hired a greenhorn...wtf do you expect after one week? I think the Kid is lucky myself. He is a naturally smart person who just needs some guidance and economics coaching...I'm teaching him how to make money and thats priceless.
          Last edited by TheMaster; 02-19-2011, 11:19 AM.

          Comment


          • #20
            Re: Liabilty and workers comp. Insurance

            Originally posted by TheMaster View Post
            Yeah I've had a G.C try to deduct it from my bill. You cant negotiate with me after the fact....maybe next time is what I told him. last time he ever called and thats the way I like it. I get tired of hearing them biotch and moan about how they dont have that much profit in this or that job. Its not my problem G.C's f's a bid up but 99% of the time their just lazy greedy lunch time drunks that drive nice pickups and wear plaid shirts.
            Sounds as if you have a similar system. That's the catch of it all. The law does not require you to carry it. However, it does require a GC's subs to carry it or the GC must provide for it. Small 2 man shops don't have to have it. Majority of GC's just won't hire you without it though.

            Basically, if one wants to work for GC's carry it.

            Regarding your S Corp "pass through entity". All of the business setups are a veil of protection. I don't believe that makes one un-sueable. I can't think of a business model that can remove one from litigation.

            The notion some have of "let them sue me. Only $100.00 in the S Corp...." won't necessarily work either. A good attorney on the right case would then go after the private assets of the person or group behind the S Corp. Consult an attorney specializing in litigation though. I'm a plumber.

            Now with all of this said, reading all of the mumbo jumbo documents I have around, a disability policy often covers much MORE than state regulated workman's comp. for less money.


            J.C.

            Comment


            • #21
              Re: Liabilty and workers comp. Insurance

              Originally posted by JCsPlumbing View Post
              Sounds as if you have a similar system. That's the catch of it all. The law does not require you to carry it. However, it does require a GC's subs to carry it or the GC must provide for it. Small 2 man shops don't have to have it. Majority of GC's just won't hire you without it though.

              Basically, if one wants to work for GC's carry it.

              Regarding your S Corp "pass through entity". All of the business setups are a veil of protection. I don't believe that makes one un-sueable. I can't think of a business model that can remove one from litigation.

              The notion some have of "let them sue me. Only $100.00 in the S Corp...." won't necessarily work either. A good attorney on the right case would then go after the private assets of the person or group behind the S Corp. Consult an attorney specializing in litigation though. I'm a plumber.

              Now with all of this said, reading all of the mumbo jumbo documents I have around, a disability policy often covers much MORE than state regulated workman's comp. for less money.


              J.C.
              Your talking about a lawyer attempting to pierce the corporate shield or veil.
              Thats very very difficult and very very expensive to even try to do....to actually do it the veil must have holes in it. I run my s-corp PEFECT down to writing checks from my business to myself for rent because I personally own the property the business uses. My rent includes a portion of the utilities also. My s corp has quarterly meetings and minutes are taken.
              I get a paycheck just like an employee and never use company money to buy personal items...and I dont cheat on my taxes..I report 100% of my income. The risks when you cheat are not worth rewards if somthing happens. Most are worried about the IRS when cheating on their tax.....but they fail to realize is that cheating on your tax will help a lawyer pierce your corpation and take you to the cleaners. get yourself a good lawyer and you will reduce your risk significantly.

              I work for some of the best lawyers in the country J.C.....I'm covered.

              Comment


              • #22
                Re: Liabilty and workers comp. Insurance

                Originally posted by TheMaster View Post
                Your talking about a lawyer attempting to pierce the corporate shield or veil.
                Thats very very difficult and very very expensive to even try to do....to actually do it the veil must have holes in it. I run my s-corp PEFECT down to writing checks from my business to myself for rent because I personally own the property the business uses. My rent includes a portion of the utilities also. My s corp has quarterly meetings and minutes are taken.
                I get a paycheck just like an employee and never use company money to buy personal items...and I dont cheat on my taxes..I report 100% of my income. The risks when you cheat are not worth rewards if somthing happens. Most are worried about the IRS when cheating on their tax.....but they fail to realize is that cheating on your tax will help a lawyer pierce your corpation and take you to the cleaners. get yourself a good lawyer and you will reduce your risk significantly.

                I work for some of the best lawyers in the country J.C.....I'm covered.
                Better double check it.


                J.C.

                Comment


                • #23
                  Re: Liabilty and workers comp. Insurance

                  You have to be crazy not to have insurance.
                  In this state you don't need car insurance so I wonder how many fly by nights are running around with no business insurance, no car insurance, or Workers comp insurance.
                  Rod
                  MT. Washington Sewer & Drain Cleaning
                  Serving Berlin, NH and North Conway, NH areas
                  http://unclognh.com
                  http://mtwashingtonseweranddrainclea...m/default.aspx

                  Charging less does not mean more call volume it just means you have to work harder to reach your goals.

                  Comment


                  • #24
                    Re: Liabilty and workers comp. Insurance

                    Considering and actually doing are two different things.

                    If the kid gets hurt you are going to hang him out to dry.

                    All of our employees have full disability insurance and they pay a very minor contribution to their health plan.

                    I love to watch you back peddle when you get stuffed into a corner. Two post back your all puffed up over your impenetrable S corp. and now you're telling us how nice you are planning on maybe treating your "kid" Good luck with that.
                    sigpic

                    Comment


                    • #25
                      Re: Liabilty and workers comp. Insurance

                      Originally posted by JCsPlumbing View Post
                      Better double check it.


                      J.C.
                      Double checking is not good enough...its constantly getting reviewed. Most of it is up to me.......I do not use company money for personal items or anything that could be considered personal. I dont even drive my van unless I'm working. Like my lawyer said..."Its 100% or nothing"

                      Comment


                      • #26
                        Re: Liabilty and workers comp. Insurance

                        Originally posted by NHMaster3015 View Post
                        Considering and actually doing are two different things.

                        If the kid gets hurt you are going to hang him out to dry.

                        All of our employees have full disability insurance and they pay a very minor contribution to their health plan.

                        I love to watch you back peddle when you get stuffed into a corner. Two post back your all puffed up over your impenetrable S corp. and now you're telling us how nice you are planning on maybe treating your "kid" Good luck with that.
                        No ones back peddling...your just not reading the entire thread. The S corp is airtight. Read the previous posts before you decide to make an argument out of it. Your wrong as usual. I dont hafta puff up I'ma big mofo anyway.

                        No ones hanging anyone out to dry. I'm not lying to him. Its his choice so if anyones hanging anyone out to dry its himself.

                        Now go over to the thread I started about new apprentice hire and read it. I will post a link to it in this thread since its related in that respect.

                        Here read this thread...then get back to me about what I say about insurance. Workmans comp is peanuts compared to health insurance and he will be getting both after he proves he is worth the trouble. In the meanwhile I'm covered and no ones getting sued and if I do I will win. No ones gonna hire onto my shop and after a week cry that their back hurts and file on my workmans comp....sorry. Once he proves to be worth a crap he will get coverage.
                        http://www.ridgidforum.com/forum/sho...pprentice+hire
                        Last edited by TheMaster; 02-19-2011, 12:27 PM.

                        Comment


                        • #27
                          Re: Liabilty and workers comp. Insurance

                          You are so full of crap, it's time to flush the bowl

                          Why would a one man band bother to file under chapter S ? Who are your share holders, corporate officers and where is your stock certificate? At best you are a sole proprietor or a limited liability corporation.

                          Go find someone else to impress with your BS, the numbers and the logic don't add up.

                          S Corporations

                          S corporations are corporations that elect to pass corporate income, losses, deductions and credit through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. This allows S corporations to avoid double taxation on the corporate income. S corporations are responsible for tax on certain built-in gains and passive income.
                          To qualify for S corporation status, the corporation must meet the following requirements:
                          • Be a domestic corporation
                          • Have only allowable shareholders
                            • including individuals, certain trust, and estates and
                            • may not include partnerships, corporations or non-resident alien shareholders
                          • Have no more than 100 shareholders
                          • Have one class of stock
                          • Not be an ineligible corporation i.e. certain financial institutions, insurance companies, and domestic international sales corporations.
                          In order to become an S corporation, the corporation must submit Form 2553 Election by a Small Business Corporation (PDF) signed by all the shareholders.
                          sigpic

                          Comment


                          • #28
                            Re: Liabilty and workers comp. Insurance

                            Originally posted by NHMaster3015 View Post
                            You are so full of crap, it's time to flush the bowl

                            Why would a one man band bother to file under chapter S ? Who are your share holders, corporate officers and where is your stock certificate? At best you are a sole proprietor or a limited liability corporation.

                            Go find someone else to impress with your BS, the numbers and the logic don't add up.

                            S Corporations

                            S corporations are corporations that elect to pass corporate income, losses, deductions and credit through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. This allows S corporations to avoid double taxation on the corporate income. S corporations are responsible for tax on certain built-in gains and passive income.
                            To qualify for S corporation status, the corporation must meet the following requirements:
                            • Be a domestic corporation
                            • Have only allowable shareholders
                              • including individuals, certain trust, and estates and
                              • may not include partnerships, corporations or non-resident alien shareholders
                            • Have no more than 100 shareholders
                            • Have one class of stock
                            • Not be an ineligible corporation i.e. certain financial institutions, insurance companies, and domestic international sales corporations.
                            In order to become an S corporation, the corporation must submit Form 2553 Election by a Small Business Corporation (PDF) signed by all the shareholders.
                            You dont have a clue. Many one man shops are S-corps. Get your facts straight. Just so happens the president of the corp is the one doing all the work. Your accountant can be an officer.....you really dont have a clue do ya?

                            Your post is a prime example of a plumber trying to be an accountant and a lawyer. I have all that handled by professionals...not a plumber on the internet. Its checked by 3 different companies. The lawyer,accountant and insurance broker. believe me if an insurance broker could look me in the eye and tell me I'm not covered they dont pass up the chance. I'm covered.
                            Last edited by TheMaster; 02-19-2011, 01:12 PM.

                            Comment


                            • #29
                              Re: Liabilty and workers comp. Insurance

                              Here you go have an educational read. I know teachers love to learn by nature..or is it they think they know it all thats why they become teachers??????
                              .................................................. ................................................

                              The disadvantages of an S corporation are disadvantages only for very small S corporations—say S corporations with less than $50,000 in annual profits or S corporations with only a single owner-employee.
                              S Corporation Income Taxes:
                              As compared to a regular C corporation, an S corporation saves corporate income taxes. How this saving occurs, though, is a little tricky. So let me explain.
                              If a regular corporation makes $100,000, the corporation pays corporate income taxes on that profit. If the leftover, after-tax profit is paid to shareholders as dividend, the shareholders pay personal income tax on the dividend.
                              In the case here, for example, the corporation might pay $20,000 of corporate income taxes on its $100,000 of profit (leaving $80,000 for dividends). And then the shareholder might pay another $15,000 of personal income taxes on its $80,000 of dividends.
                              In comparison, if an S corporation makes $100,000 in profit, the corporation pays no corporate income taxes on the profit. Rather, the profit is allocated to S corporation shareholders based on their ownership percentages. While the shareholders might pay around $25,000 in personal income taxes on their profit they won’t pay any income tax on the dividend (or what’s actually called a "distribution") when it’s made.
                              In this simple example, the shareholders pay $25,000 of personal income taxes rather than $15,000 because of the S corporation. But the corporation doesn’t have to pay the $20,000 of corporate income taxes.

                              An S corporation, therefore, means that the owners avoid a second, double tax. And avoiding the second, double tax means,of course, that as compared to a C corporation, an S corporation often saves business owners a substantial amount of income tax.
                              Note: You really have to work out with an accountant what the precise overall income tax savings are when comparing C corporations with S corporations. The savings amount depends greatly on the corporate and personal tax rates. Actual savings would probably be more if the corporate profits are very high and less if the corporate profits or shareholder incomes are very low.
                              S Corporation Payroll Tax Savings:
                              S corporations also offer another tax savings opportunity as compared to sole proprietorships, partnerships and C corporations that don’t pay income taxes because owners extract all of the profit in the form of salary: S corporations allow shareholder employees to save on payroll taxes.
                              To understand how the payroll tax savings work, you need to understand two things: (1) how payroll taxes are calculated, and (2) when payroll taxes are levied.
                              I’m going to be a bit general here, but payroll taxes basically include self-employment tax for sole proprietors and working partners in active trades or businesses and Social Security and Medicare taxes on employees, including shareholder employees.
                              The payroll tax rate is, roughly speaking, 15% on the first $100,000 of sole proprietorship profit, partner’s profit share, or shareholder, salary and 3% on anything above the first $100,000.
                              This means that someone who makes $100,000 a year as a sole proprietor, partner, or employee pays (either directly or indirectly) about $15,000 in payroll taxes.
                              And this means that someone who makes $200,000 a year as a sole proprietor, partner, or employee pays (again either directly or indirectly) about $18,000 in payroll taxes: $15,000 on the first $100,000 of income and $3,000 on the second $100,000 of income.
                              For an S corporation shareholder-employee, however, payroll taxes are only levied on the portion of the profit that the corporation calls “salary.” The corporation has to be reasonable in what it labels “salary,” but if $50,000 is a reasonable salary, then only the $50,000 is subject to payroll taxes. At a 15% tax rate, that means the S corporation shareholder pays roughly $7,500 in payroll taxes.
                              As compared to a sole proprietor, partner or C corporation employee making $100,000, therefore, the S corporation saves its owner $7,500 a year.
                              As compared to a sole proprietor, partner or C corporation employee making $200,000, therefore, the S corporation saves its owner $10,500 a year.
                              And, by the way, note that these amounts are savings per shareholder. If the example S corporation employs four shareholder-employees, the annual savings are roughly four times as much.
                              A caveat about my discussion of the payroll tax savings related to S corporations: I’ve been rough in my calculations and estimates. For example, the tax rate isn’t really 15% on the first $100,000, it’s really 15.3% on the first $97,500 in 2007 and 15.3% of some higher figure in years after that. What’s more, the tax rate on the earned income in excess of the 15.3% tax bracket isn’t taxed at 3% but actually rather only at 2.9%. Further, one other calculation complexity means that the tax bill isn’t quite as bad as I state here: Half of the payroll tax bill is a deduction for figuring income taxes and payroll taxes.
                              These factors don’t change the general payroll tax advantage of an S corporation, however: A S corporation can often save business owners substantial amounts of payroll tax if the business profit greatly exceeds what the business needs to pay owners for their work.
                              .................................................. ..................................................
                              Now do you have a clue? I make alot of money....this one man show is a stunner

                              Comment


                              • #30
                                Re: Liabilty and workers comp. Insurance

                                OK ,an apprentice working under Your direction Makes a mistake. Uses rubber gloves feeding 3/4" cable. cable grabs gloved hand, head goes into open cage ! EYE GONE ,Hand useless for life. Sorry Son, I have a notarized waiver ! , No House to lose to You. $350,000 in Hosp. bills! , No SSI ever paid in, 1099d the fool. wait, the General and homeowner have PLAID SHIRTS, HOUSES , AND NEW TRUCKS!
                                And My fellow citizens can support Him ,His Little Wife and Kids! I see You also hide the state You work in, or Maybe it's INDIA !
                                I can build anything You want , if you draw a picture of it , on the back of a big enough check .

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