Going into business....

[MCummings]

Well guys,, looks like I'll probably be going into the business world here soon.



There is a big demand for Aftermarket Accesories for Diesel pickups around Laredo, Tx. My truck, and my name is really getting around, I have people coming to me daily wanting to know what they can do to get their truck to run like that.



Well, The demand exsists. I'm reading, and have been reading ALOT of information about running a business and getting the forms and permits to get started.



The biggest thing I need/want is a Business name. I will be selling MANY different products, mainly for light and medium duty Diesel trucks, but I will also be selling SOME products for imports and domestic cars.



I would like to ask people here to help me choose a name for my company, I need something "Cool" to catch the younger crowd, but something that doesn't sound too young, something that sticks, and doesn't get "old". I've come up with a few names, but I would like reading any suggestions you here at TDR might have for a Business name.



Here are a few names I thought of...



Diesel Performance of Laredo (DPoL)

Strange Diesel Performance

Unorthodox Diesel

B. A. D. (bad as Diesels)

Diesel Accesories and Performance



My Favorite is. .

Laredo Performance Diesel, LPD (hints around Laredo Police Department. )





Anybody else have any suggestions of any sort, Business name, or even ideas on how to run the company. I've got a plan, several vendors, money, customers, good track record, and lots of friends to help me out.



Thanks in Advance TDR,



Merrick Cummings Jr

 

[nickleinonen]

i've been thinking of starting a similar business up here in ontario, but entirely internet based... but i am not sure how large the market up here is...



good luck...



the lpd sounds the best to me...

 

[Shovelhead]

"Smoke Stack Diesel Performance"

 

[Will24]

Laredo Diesel Motorsports

 

[sdalton]

Smokin Diesel Performace Shop

 

[muddyboots]

Accesorios de Troques Diesel de Laredo

 

[RustyJC]

I've got it!! Laredo Super Diesel. Hmmm..... LSD! :{



(Well, on second thought, maybe not. )



Rusty

 

[TPCDrafting]

Originally posted by MCummings

I will be selling MANY different products,

If you are selling many different products, IMO I would stay away from using "Diesel Performance" in the name. It might steer people away that are looking for performance parts and accessories for their gasser truck/car. (remember, JMO)

Here are a few that popped into my head:

A Merricks Truck Performance (puts you towards the top in the yellow pages and sounds almost patriotic too)

Cummings Cummins Performance (not very diversified, but cool anyway)

JR's Performance & Accessories



Good luck and get a web page asap so we can buy some stuff from you as well.

 

[Kernel]

The LPD sounds cool. Here's a couple...



Laredo Turbo Diesel Performance



TURBO DIESELS by Merrick



The Smokin Diesel Performance has a nice ring to it also.



By the way, do you do stacks?



Scott

 

[MCummings]

Wow guys, thanks for the support.



I'll be selling MAINLY Diesel accesories, but also chips, gauges and hopefully clutches for imports and domestics.

Yea, I'll do stacks. I'm just starting but I allready have some stock,, so far catering mostly to Fords and Duramax's (They need all the help they can get )



Kernel,, Did you get my PM ?



Thanks for the suggestion,, Yall have any more?



I'll be starting in a week or three.



Merrick Cummings Jr

 

[Camara]

Take it from a experience: Most businesses don't plan to fail they just fail to plan.



Just remember to do your homework first before jumping in feet first.



I wish you the best of luck in your new venture.

 

[QRTRHRS]

I would suggest speaking with an accountant and lawyer in your early stages. Decide how to set the business up. I have my farm set up as an LLC. Should some bottom feeder sue you, being set up as an LLC can more than likely prevent loosing your home, etc. You don't need officers, meetings, etc. , mostly seperate accounts, good records and a sound business plan. Cost me less than a grand in legal fees.



When I first set up, I registered my farm name and got a tax number. Had to redo that so it's better to set it up right to start with.

 

[TPCDrafting]

Good idea to get a good attorney and good accountant. A good financial advisor helps too. I incorporated a year ago. I set up an S-corp. I have no annual meeting, and I am all of the officers. Except my wife, I made her VP. Either way you end up going, it's a good idea to 1 protect your personal assets incase you get sued and 2 it will save you $$ in taxes. I'm saving nearly 15% paying corporate and employee taxes over self employment taxes. Set yourself up as an employee (and officer) of the company and the IRS says to pay yourself something "reasonable". The rest of the $ that you pay yourself is considered "officer distributions" and flows through the company and is taxed as such rather than personal income tax. It's confusing at first and it's turned out to be a lot of paper work to fill out, but it is worth it.

 

[E7mack96]

Tpc,



Employee taxes are the same taxes as self-employment taxes. 15. 3% S. E. tax is the same as the employee paid part and the employers' comtribution to social security and medicare.



And my understanding is that if you are the only "shareholder" in any form of a corporation, your corporation will be looked at as a sole proprietership, if you are sued, file bankruptcy, ect.



The key to these LLC, s-corps, ect protecting your assets is having a partner.

 

[TPCDrafting]

Maybe I wasn't clear enough, the 15% +/- I save is paying employee taxes on what I tell the IRS is my salary and what I actually pay myself. As a self proprietor, I paid self employment taxes on the total company income. (this is all legal) Also, all business items are purchased with pre-tax dollars which could also include a "company" vehicle and interest on any company loans is also deductable. So really I'm saving much more than 15% when I look at the bottom line. Also I inquired 3 seperate attorneys and all agreed my personal property was now just as protected weather I had a partnership or not. If one so desired to sue the corp. they could just as easily go after my assets, the corps and any partners as well. I agree it's not a 100% shield, but it's better than nothing at all.



Merrick, sorry for getting off topic.

 

[wyosteve]

tpc, not to sound nitpicking, but there really is no such thing as an S-Corp. It's really a corp. in some form where an election is made with the IRS under their regs. Subchapter S to be treated as an individual or partnership for tax purposes, but yet retain the liability protection aspects of a corporation. By the way, you might want to check if you're set up as a regular corp. , an LLC, or a close corp. All have liability protection, but different degrees of paperwork necessary to protect one's butt! FWIW

 

[willyslover]

Merrick... I have met you and know your a very nice and enterprising young fellow... .

May I suggest before you get into a business that you look into one of the senior programs... they have a program wherein a retired business man/lady help the new fledgling start ups in several ways...

to understand business, business accounting, business model and follow through of the same, step by step how to's type of thing... most new businesses fail do to lack of business knowledge and how to do correct accounting..... heck most take their personal wealth with them cause they do not know that they were failing in time.

another fact... most business courses in the local schools are "book theory" and not reality to the real world... . learned much more by being in business for 38 years than I ever learned by my profs. who had only taught theory.

 

[Power Wagon]

First, I'd suggest a couple names in jest...



Cradle-robbing diesel service...



Boy and little girl diesel... .



Ok ok, enough bad humor...



Now some serious suggestions.



If you're going to have more than just YOU in the business, I would seriously consider forming an LLC, instead of a corporation. This will simplify your taxes, allow immense flexibility the way your business is run, and so on.



The tax savings for an "S" corp are not that big, and in the startup of almost any business, the flexibility to do what you need with your money, the liability protection and the inexpensive and uncomplicated startup for an LLC in my view outweigh the small tax advantage you MAY get from a subchapter S corporation.



Your record keeping is less complex, and you need file taxes only once.



If you have partners in the business, an LLC will provide some tax reporting flexibility which may prove helpful to the those who have complex financial and investment strategies and are involved in your business.



The suggestion that you include help from someone like SCORE, or your local or state economic development office is excellent.



They can help you write your business plan, which will help you determine whether or not you're in a position to do this, and whether how you wish to do it is financially feasible.



The research you do in writing the plan will prove helpful in getting a grasp on your overall business. Also, they can be of good assistance when it comes to dealing with local and/or state business licenses, state filings for names and various other regulator hurdles you may encounter.



Do the serious investigating first, start with a plan to succeed, and you'll do much better than otherwise. As they say, failure to plan, is really planning for failure.



Best of luck...

 

[Bill Lins]

Originally posted by willyslover

another fact... most business courses in the local schools are "book theory" and not reality to the real world... . learned much more by being in business for 38 years than I ever learned by my profs. who had only taught theory.

AMEN!!!!!!!!!!

 

[Kernel]

Merrick,



If you help folks like you helped me in getting my stack, you won't have any problems getting work. Thanks again for your help.



Scott