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Old 12-19-2013, 12:20 PM   #41
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Originally Posted by daveEM View Post
I find that hard to believe, (the city of Edmonton giving up fees that is). I'd love to see an unlicensed (contractor) Master pull a permit to work in the City of Edmonton.

It seems to me we have someone here that claimed that, but he has an Edmonton Contractors License.

Maybe he will chime in. Something to do with the Contractors Association PEC program. But I'm sure the City says too bad.

But maybe that's what you do?

Anyway why would that be a downside?
It's true, Dave. As a matter of fact, it was the City of Edmonton who told me about it. I was downtown, got my business license and then pulled a permit. The guy told me I should have joined the ECAA. It's not part of the PEC program.
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Old 12-19-2013, 12:55 PM   #42
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Originally Posted by hardworkingstiff View Post
I had a run of 6 figure taxable income years and my salary from the S Corp was $42,000. I never had any problems with the man.

I was told that if your salary is in line with what people make then you are free and clear. Electricians in Wilmington (2000 - 2008) were doing pretty well at $42,000/year (yea, pay here is low).

What is it about S Corp taxation that you don't like?
I am glad you made out well enough again with no hassle. In some OLDER c-corp loving books, they said set yourself up as a writer (at that time) for the IRS could give no average salary figure to judge against.

From what the "voice" of the moment on the net, it was said that the IRS had a period of witch hunting S-corp taxation for easily being out of line for the average, especially for startups and recently new businesses. I assume they figured it was low hanging fruit and easy pickings especially if one did the taxes and book keeping themselves. it seems to go in phases which revisit every decade or so. Chase sole-proprietors, chase llcs, chase s-corps, etc...

I guess I came in after the llcs started to rise and had enough case history to feel secure enough. S-corps were the racehorse from the previous race years before. I have heard for some going back to c-corps especially if you want retirement benefits.

It all is cyclical, the real deal is seeing how OBamacare will interact with this and how various strategies will form to counter it in the tax professional world.
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Old 12-19-2013, 12:59 PM   #43
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Originally Posted by Haxwoper View Post
I am a single man LLC for my small EC business. I have been thinking about putting together an operating agreement just for liability issues.

How hard is this? Can't I plagiarize another companies and just change it to suit mine? My company is the same as a million other EC's and other small contractors.
I guess that you could just grab some boiler plate stuff. If you google around you can see some interesting examples for sure. I do know there was one site on the net that did nothing but LLC operating agreements a year or two back.
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