Advice about starting a business
Yesterday I went to an accountant about starting my own HVAC business and applying for my contractor license. He informed me that I can start my business without my license, and he said that's how alot of businesses got started. Will I be making a mistake starting without my contractor license? I know my EPA doesn't stand for much, that is why I want my contractor license in my hand. The accountant was saying that my business has to build up its net worth before I can receive my license. I am looking for advice from business owners on how you got started.
Get an application package from your state agency or whoever grants licenses for the trade. You generally have to meet some minimum net worth and demonstrate financial responsibility. This can be based on personal statement of net worth if you don't have a business started. Get the facts from the people who will grant the license.
Last edited by hotntired; 04-25-2008 at 12:08 PM.
You can't learn a thing with your mouth open.
It's all State by State. Here you wouldn't need any money but would need a license. We have all different knids from a handy man to a MM98 that can bid anything.
As far as MS goes if you can bid w/o a license what would be the point in getting one at all?
I should have played the g'tar on the MTV. MK
You can be anything you want......As long as you don't suck at it.
Thanks for the advice. I did call the state board, and they said I can't bid for a job over $50,000 without a license. So calling them did answer my question. Thanks.
Originally Posted by hotntired
How are you going to get insurance without a license?
“Now the freaks are on television, the freaks are in the movies. And it’s no longer the sideshow, it’s the whole show. The colorful circus and the clowns and the elephants, for all intents and purposes, are gone, and we’re dealing only with the freaks.” - Jonathan Winters
That is a good question. I just called the insurance company for a quote for liability and workman comp. this morning. Is there more insurance that I need? I was able to get insurance in Memphis as a sub-contractor a year or so ago, but I know that is different from trying to go out on my own.
Originally Posted by coolwhip
I would listen to your accoutant. Being in business is a learning experience. Once you are in business you will learn about business everyday you are in business. .
It is my understanding that all you really need to start any business in a Federal ID number and a business checking account. After that all of the rulles and regulations of any particular state or municipality kick in. It is up to you to learn all of these rules and regs. But this is an on going process.
Originally Posted by GinyaM
In MS you don't need a state lic. for under $50,000. Most cities want you to lic. and be bonded to work. Pick the cities (Hattisburg for instance) that you will work mostly in and get a license. You don't need lic. for insurance. If you are a one man shop your accoutant is correct. Understand that area is VERY competative and most A/C people don't stay in business long....
So, be careful and good luck!
Life is too short, Behappy!
Thanks for the advice. I just want to make sure I am covered in every way. I have also applied for my MS state tax number and waiting for my quote from the insurance company. After that I should be ready to go, I guess.