Starting canoe business

[ppride]

I'm planning on taking my hobby to the next step and starting a small one-person canoe building and restoration business. I'm curious how some of you have set up your businesses such as sole proprietorship vs. LLC or S-corporation and what kind of business insurance you would recommend.
Thanks, Pete

 

[Steve Ambrose]

Good luck Pete! I'll be watching for useful information as well. Hopefully some of the pro's will offer up wisdom. Can you get the tax break for creating a job if you're hiring yourself?

 

[ppride]

18 ft Guide

Thanks Steve. The Guide is looking great. I finished an El Toro sailboat restoration this winter and have a couple of paddles to build. Once that is done I'll start on the 1914 18 ft OT IF I got at last years assembly. Take care, Pete

 

[Kathryn Klos]

Seems to me that many who are in the business of restoring canoes for others get there gradually. They begin by restoring their own, and someone hears about this, and the word gets out. So, maybe they don't begin with a formal business plan.

You brought up some things which we haven't considered (yet) in planning our own restoration venture.

Kathy

 

[john hupfield]

I'm a Proprietor. Incorperation is protection if you plan to be sued.
Insurance is expensive and really should be there for product liability.
Generally one does not get rich but write offs are great at Tax time.
John

 

[Dave Wermuth]

taxes

My brother suggested I do the same just for the tax write offs. I don't intend to make a business of it. I have done a few for compensation, but not the type of compensation that made profit. just cover my costs and help another get the family canoe back in shape. I much prefer helping a friend restore his own. Then he has all the knowledge and skills to do it and maybe pass those skills on, but I've digressed.