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Thread: Hi I'm Tom

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    Default Hi I'm Tom

    Hi I'm Tom. I few years ago I got into a hobby using tools made back in the 1950's. I soon found out that the tooling used with them was either worn out after 60 years of use or the replacement parts were junk and expensive. So I found suppliers and manufactures that were willing to make small runs of high quality tooling and sell low quantity's.

    I started selling these on ebay at reasonable prices. I added items that people requested and took some out that didn't sell well. I have about 60 items but their sold in different set-ups so I may have around 100 to 120 different combinations.

    Now that I moved to the state of Florida I'm thinking I should form a LLC and become a real business.

    So I'm here looking for advice on forming the LLC, accounting, Inventory systems and stuff like that.

    I hope I'm in the right place.

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    Hi Tom!

    Welcome to the forum and congrats on your business!

    Forming an LLC is always recommended, especially when you're selling/providing a service. It's relatively painless to start and (at least in Missouri) only cost $50 - $100. I would definitely recommend it as it provides the liability coverage in the event something happens or somebody wants to sue you. Keep in mind, you would have to pay self-employment tax and all - so this would be a discussion to have with a tax accountant as well.

    As for the accounting and inventory system - I would recommend getting Quickbooks. It's relatively painless to learn, has decent inventory for 300 or so items, and can be packaged up and sent to your tax accountant at the end of the year. If you need help with this, feel free to reach out to me and I'd be happy to help you in any way that I can.
    Tran Nguyen
    Accountant
    Tran'sActions Accounting, LLC

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    Welcome to the forum Tom. I think you've already started asking questions, but feel free to ask more. We're happy to help and never short on opinions. I look forward to getting to know you and thanks for joining the community.
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    Member Needs New Keyboard Array David Hunter's Avatar
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    Hi Tom!

    Do you have any pictures of these tools?
    David Hunter | Duke of Marketing | Retired Real Estate Agent
    www.DukeOfMarketing.com
    www.TheSaviorsMinistry.org

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