Revitalize Your Home with Top-Rated House Painting Company: Professional Services
Painting companies provide professional services to help homeowners get the job done. They can be found online or in local directories and phone books. Referrals and recommendations from friends, family members and neighbors can also be helpful in finding the right house painting company.
Establishing a business requires legal paperwork and following protocols that vary from city to city and state to state. This will include a federal tax ID number and a dedicated business bank account to separate personal from professional finances.
Getting Started
Owning a house painting company can be an excellent way to put your entrepreneurial skills to work and earn extra income. This business requires little upfront investment and is relatively easy to set up and operate. You can hire employees, work with other contractors for larger jobs or do all the work yourself.
As you get your company up and running, it is important to network with building inspectors, suppliers and other contractors to establish a good reputation in your community. Forming genuine relationships with these people can lead to more job opportunities and referrals.
Another important step is to create a price list of your hourly labor and materials costs. This will help you make accurate estimates when bidding on projects.
You can also start a website and social media accounts to market your services online. Once you have a website and social pages, post pictures of past projects to build a portfolio. It is also important to open a business checking account to separate your personal funds from those of your new company.
Business Registration
Business registration is a necessary step for entrepreneurs and businesses to take to establish legitimacy and credibility. It also opens doors for potential growth and expansion.
Whether you’re starting out as a sole proprietorship, partnership, domestic corporation, or private limited company, you’ll need to register your business to comply with tax laws and legal requirements. Each business structure has its own benefits and disadvantages, so it’s important to find the one that best fits your needs.
You’ll also need to apply for any licenses or forms of insurance you’ll need to operate your business legitimately and safely. These requirements vary by state and business structure, so check with your local chamber of commerce for specific information.
Keeping your business registered is important for many reasons, including compliance with changing laws and regulations, protecting intellectual property, accessing government benefits and services, and establishing consumer trust. It’s also important to update your registration if you change your business structure, such as from a sole proprietorship to a partnership or private limited company.
Licenses and Permits
Starting a business requires a lot of legal paperwork that must comply with government protocols. It is also essential to have the right insurance coverage, both liability and workers’ compensation.
Homeowners are increasingly looking for ways to spruce up their properties. Whether it’s to prepare the house for sale or simply breathe new life into their living spaces, hiring a professional house painting contractor is often the best choice.
Depending on the state, some painters are required to carry licenses and permits. For example, Georgia residential painters need to obtain a basic contractors’ license by passing the business and law exam, providing financial statements, and securing a surety bond.
Other states, like Hawaii, require a professional and vocational license for contractors that includes painting. Applicants must pass an exam, have four years of experience in the field and submit financial statements as well as proof of insurance. Those who work on projects that cost over $2,500 are required to register their business.
Taxes
Although a House Painting Company is not as involved with financial and regulatory issues as, say, a plumber or electrician, it still requires attention to the business’s taxes. A painter may be able to save thousands or even tens of thousands of dollars by electing to become an S-Corp instead of a sole proprietor, for instance. The IRS charges self-employed business owners 15.3% (social security and medicare) on all of their adjusted gross income.Contact for appointment at DMV Pro Painting.
If you are a Painter or Painting Contractor that travels for work, many of the expenses related to this can be written off. This may include Airfare, Hotel Stay and Lodging and Travel Meals.
It is wise to accelerate any eligible business expenses into the current year versus waiting until next year. For example, a painter in the 20% tax bracket this year but expecting to be in the 30% tax bracket next year could save $2,000 by deducting those expenses this year rather than the following year.