My First REAL Maintenance Account

So ive been taking care of a few of my buddys tanks for sometime now. no big deal, they throw me some cash or beer and i get the job done.
One of my buddys owns a tattoo shop and they are opening a new location. He wants me to install a tank and maintain it. im thinking it is going to be around 90g.
Now heres the main question. im assuming i will NEED to get insurance for this. if something happens with one of my friends tanks its no big deal but if it happens in this guys buisness i think it will be a different story.
Anyone here know what i will need to get?
Im not sure if i will need a buisness liscense for this or not either.
This might be my first of many accounts if the tank looks good, so i want to be covered now for more installs and accounts later down the road.
Thanks 3reef ;D

 

Depends on the state, but yes, you'll need to apply for a business license, get insurance through one of many carriers. Then you'll need business cards, website domain, a pimped out Dodge Sprinter with your logo on it, etc. ;D

 

Congrats Dbo,but yes,I was an HVAC contractor for several years and running as an official business requires both here in Ohio,I had to carry 1 mil property damage coverage and have my business license.As a business,you'll also have to keep a record and turn in your income to the tax man as well.

 

Yes, local/state license and liability insurance. Plus, if you sell items, you may need sales license and sales tax cert, if applicable.

 

Thanks guys, i already have buisness cards and tshirts lol kinda a joke i do to my buddys when i come maintain there tanks, wear the shirt and give them a buisness card everytime lol
i will have to look up getting all this. im wondering if its going to cost me a arm and a leg to do this. i believe a business liscense is about $150 and then i would just have to sort out the rest. ill have to look into the insurance also. as much as i would love to do this it might be pretty pricy to get it all legit.
Any other info is appreciated

 

For what its worth, there is some misinformation out there, so get with an expert. A good place to start is an attorney or a good insurance agent. A lot of the cost of setting up a business is required in order to protect you.

In many states, you need very little to go work on a tank. The problem arises when you work on that $250,000 beauty in the lobby of Dewey Cheatham & Howe, put your brand new shock proof hammer through the front glass, and end up fighting to keep your house, car, and, because they're mad at you, your favorite guppy.

To avoid this, different states allow you to organize in some form or another that limits your liability. The idea is they want people to start businesses; this helps encourage it. But there is a flip side to limiting your liability. You're risking damaging other people's stuff and they're entitled to get something if you break it. Most of these business forms come with a requirement that you (a) have money, or (b) insurance to protect your customers.

An aquarium maintainance business does not have a high entry cost, but protecting yourself and your customers will cost a little money. A good insurance agent will be able to help you limit the insurance cost based on the fact that you don't do all that much work. It is worth a little expense to seek the help of professionals up front however.

 

Just make the person sign a waiver saying your not responsible if anything happens make some cash money and give him a free t-shirt. lol

 

+1 Save a lot of heartache in the end! You seem eager and this could be a new career outlet for you. You might want to look into starting an LLC (Limited Liability Company), which limits the liability to you as an individual.

 

LLCs arent all they are cracked up to be. As the "sole" owner and employee an llc basically functions as a sole proprietorship. Do a bit of research and figure out what works best for you. if you dont know ask a pro or get some business books and start reading. Good luck. have fun and giterdun

 

I think, instead of confusing the issue by trying to decide on an aquarium form what the best organizational form for an aquarium maintainance business is, I would repeat my earlier advice; ask an expert.

That said, since state law governs business forms, the above quote is impossible to evaluate without knowing where the business is, what steps have been taken to organize, etc.