Page 1 of 2 12 LastLast
Results 1 to 20 of 23

Finally took the plunge

| A Day in the Life of a Scrapper
  1. #1
    Mike1286 started this thread.
    Mike1286's Avatar
    SMF Badges of Honor

    Member since
    Jul 2015
    Location
    Chicago burbs
    Posts
    169
    Thanks
    0
    Thanked 346 Times in 106 Posts

    Finally took the plunge

    Just finished filling out the online form on the Illinois secretary of state site to file as an LLC. Pending 24 hours to process and approve the name i chose, i will be an official, full blown business. So excited, and nervous. lol. I know this was the easy part and there's a lot of hard work and paperwork ahead of me. I've wanted my own business since before i was legally able to work. lol. I never really knew how i wanted to accomplish that goal until now. Thanks to all for the knowledge I've gained through this forum. I probably wouldn't be in this position to go for it if it weren't for what I've learned here. I look forward to officially working along side all of you, and I'm sure, with some of you.


  2. The Following 10 Users say Thank You for This Post by Mike1286:



  3. #2
    matador's Avatar
    SMF Badges of Honor

    We purchase laptop computers and many components for greater than scrap value. We offer a shipping reimbursement program.replies

    Member since
    Nov 2013
    Location
    Big Wonderful Wyoming
    Posts
    2,310
    Thanks
    1,813
    Thanked 3,204 Times in 1,450 Posts
    Best of luck!

    Oh, and make sure you get business insurance. It's very cheap peace of mind that you hope you didn't need
    More than Scrap Value Shipment Tips: http://www.scrapmetalforum.com/scrap...tml#post242349

  4. The Following 2 Users say Thank You for This Post by matador:


  5. #3
    Mudlucky's Avatar
    SMF Badges of Honor

    Member since
    May 2013
    Location
    Wisconsin
    Posts
    398
    Thanks
    230
    Thanked 484 Times in 194 Posts
    Congratulations!!

    yes...insurances are a must.

    I'm only an hour and a half north....hope to see you (again) soon.

    Ken

  6. The Following User Says Thank You to Mudlucky for This Post:


  7. #4
    Patriot76's Avatar
    SMF Badges of Honor


    Member since
    Dec 2012
    Location
    Buffalo Commons
    Posts
    2,949
    Thanks
    10,589
    Thanked 7,220 Times in 2,256 Posts
    A LLC was formed two years ago. It was the third smartest business decision I made. The second best decision was buying insurance. The best decision was to start scrapping.
    Give back more to this world than we take.

  8. The Following 6 Users say Thank You for This Post by Patriot76:


  9. #5
    CLRRRogue's Avatar
    SMF Badges of Honor

    Member since
    Dec 2015
    Location
    Southern Oregon
    Posts
    4
    Thanks
    3
    Thanked 11 Times in 3 Posts
    Quote Originally Posted by Patriot76 View Post
    A LLC was formed two years ago. It was the third smartest business decision I made. The second best decision was buying insurance. The best decision was to start scrapping.
    I love it. Thanks for this.
    Huge Congratulations for Mike, It may be difficult to pinpoint exactly when because you started working so young, but what did you Seriously get into scrapping as a career, or full-time job? I'm just curious how much time of working hard to reach your level of success.

    congrats!

  10. #6
    AuburnEwaste's Avatar
    SMF Badges of Honor

    Member since
    Jan 2012
    Location
    Metro Detroit
    Posts
    773
    Thanks
    32
    Thanked 976 Times in 413 Posts
    Congratulations on taking the next step. Paperwork for an LLC is surprisingly easy. If you are a one member LLC there is not much difference than if you were a sole proprietor. The one main difference is that you will need to file an annual financial statement in addition to your taxes. I would recommend hiring an accountant, they are way more affordable than you probably think.

  11. The Following User Says Thank You to AuburnEwaste for This Post:


  12. #7
    Patriot76's Avatar
    SMF Badges of Honor


    Member since
    Dec 2012
    Location
    Buffalo Commons
    Posts
    2,949
    Thanks
    10,589
    Thanked 7,220 Times in 2,256 Posts
    Quote Originally Posted by CLRRRogue View Post
    I love it. Thanks for this.
    Huge Congratulations for Mike, It may be difficult to pinpoint exactly when because you started working so young, but what did you Seriously get into scrapping as a career, or full-time job? I'm just curious how much time of working hard to reach your level of success.

    congrats!
    I did not start scrapping until l I took early retirement from education. I do it as a means of survival. I read old threads on the forum and treat people with respect. That is my business plan, but the banks do not like it.

  13. The Following 2 Users say Thank You for This Post by Patriot76:


  14. #8
    Mike1286 started this thread.
    Mike1286's Avatar
    SMF Badges of Honor

    Member since
    Jul 2015
    Location
    Chicago burbs
    Posts
    169
    Thanks
    0
    Thanked 346 Times in 106 Posts
    Thanks for the congrats and support guys. Like I said, I have always wanted my own business, but never knew how I wanted to go about it. I'm nowhere near ready to drop my 9 to 5 and go full time yet. But hopefully one day, and hopefully sooner rather than later. Lol. I started scrapping about 5 or 6 years ago. My job at the time (I was in printing) was having trouble and rumor was they might go out of business. I had just bought my truck. A 2010 silverado. Brand new. So I started putting her to work. Sure enough, my shop closed their doors just 3 months after buying the truck. Luckily I was only out of work for about 2 or 3 weeks. I found another print shop that hired me. The first shop paid me 12/hour. The second hired me on at 16. I was living like a king with that raise. (It helped I was still living at home lol) so my now wife, then gf, decided to get an apartment together. We moved out and all was good. Until about 3 months later. I got laid off again. Go figure. This time I was out of work for 6 months. Partially due to not exactly beating down doors to find a new job. I had been on nights working 10-12 hour shifts for the majority of my time in printing. So I used the layoff as an excuse to take a break. I filed for unemployment and got some of that hard earned tax money back. Unfortunately, with a new truck payment and rent, it didn't leave much after all my other bills were paid. 2 weeks went to rent, 1 to the truck, and half of the 4th week went to cell phone and ins. That left me with about 150 bucks for the month for gas, smokes, beer, and food. So basically I had money to sit at home and twiddle my fingers, if that. The scrap money gave me some extra cushion and the ability to go out and enjoy myself. I finally found work again at my current job as a cnc machinist. But I started back down at 10/hr since I was new to the field. I continued to scrap here and there. I wouldn't go search, but if I saw something and had a moment to grab it, I would. And friends and family called me to pick stuff now and again. Now that I've been there 4 years, I've had some decent raises and make a good living for the fam. But the new and shiny draw to the job has worn off. More and more every day. It's no longer something I wanna do for the rest of my life. Scrapping on the other hand, has never gotten old, is still fun, and when done right, can provide a decent living. Which is proven by many a member of this forum. So after all these years, everything is kind of falling into place for me. And now it's time to take it to the next level. Well see how it goes from here.

    That's my basic life story in a nutshell. Thanks for taking the time to read this. Looking back it's a bit long winded. But for anyone in my shoes from 5 years ago, hopefully it inspires them to take a similar path and chase their dreams. And as always, thanks to all of you for what you've taught me here. It's a big part of why I have to confidence to take this huge leap right now. So new guys, read, read, read. This forum is priceless if you share the same dream.

  15. The Following 4 Users say Thank You for This Post by Mike1286:


  16. #9
    Mike1286 started this thread.
    Mike1286's Avatar
    SMF Badges of Honor

    Member since
    Jul 2015
    Location
    Chicago burbs
    Posts
    169
    Thanks
    0
    Thanked 346 Times in 106 Posts
    It's official. Just got the email confirmation from the secretary of states office. "M K Recycling llc" officially exists!!! I just gained many a hat I've never had before. Founder, owner, ceo, president. Feels even better than I thought it would. Lol.

  17. The Following 2 Users say Thank You for This Post by Mike1286:


  18. #10
    JnJunk's Avatar
    SMF Badges of Honor

    Member since
    Oct 2014
    Posts
    188
    Thanks
    34
    Thanked 109 Times in 59 Posts
    I'm in Batavia so probably not to far away!

  19. #11
    matador's Avatar
    SMF Badges of Honor

    We purchase laptop computers and many components for greater than scrap value. We offer a shipping reimbursement program.replies

    Member since
    Nov 2013
    Location
    Big Wonderful Wyoming
    Posts
    2,310
    Thanks
    1,813
    Thanked 3,204 Times in 1,450 Posts
    Time to get signs for your truck and some insurance. You're off to a great start!

    That's pretty quick on the paperwork processing at the state!

  20. #12
    Mike1286 started this thread.
    Mike1286's Avatar
    SMF Badges of Honor

    Member since
    Jul 2015
    Location
    Chicago burbs
    Posts
    169
    Thanks
    0
    Thanked 346 Times in 106 Posts
    Jnjunk - Cool glad to meet a local. I'm downers grove myself. Maybe half hour to 45 from you.

    Matador - Yeah, illinois let's you fill it out online or old school mail in paper. Down side is they tack on a mandatory 100 expedite fee in addition to the 500 filing. Up side is 24 hour or less processing. Gladly paid the extra for quick service. That, and I didn't have to put my bad handwriting on paper either. Lol. Currently have a buddy with a graphic design degree working on a logo. Once that's done, gotta get a tm, then business cards and signs.

  21. #13
    Mike1286 started this thread.
    Mike1286's Avatar
    SMF Badges of Honor

    Member since
    Jul 2015
    Location
    Chicago burbs
    Posts
    169
    Thanks
    0
    Thanked 346 Times in 106 Posts
    Went to the yard today to set up an account for the business. I didn't have a big load but I wanted to get set up and have an empty truck for the weekend. Up side is under 10 dollars they pay cash. I got 8.40 for the load. So I got a legit "first dollar" to frame up for myself without having to cheat by cashing a check or withdrawing it. Stopped by the bank omw home to open a business checking account. Got the debit card on the spot, checks will be mailed in the next couple weeks. The ball is really starting to roll now. I'm getting more exctited, and nervous with each completed step. But it's the best feeling in the world and I wouldn't trade it for anything.

  22. #14
    SMF Badges of Honor

    Member since
    Apr 2015
    Location
    Norfolk va
    Posts
    25
    Thanks
    0
    Thanked 12 Times in 9 Posts

    Finally took the plunge

    congratulations mike. awesome job

  23. The Following User Says Thank You to Jccc for This Post:


  24. #15
    pascoEscraper's Avatar
    SMF Badges of Honor

    Member since
    Dec 2015
    Location
    pasco county florida
    Posts
    27
    Thanks
    0
    Thanked 28 Times in 14 Posts
    good luck…
    its now time to get an accountant!!!!! you will need one. Take your time and interview them well .. you want one that understands you and your business. But further more you want one that you get along with well and can call and get him/her on the phone at anytime and ask questions. you will do yourself a world of wonders if you get a copy of quickbooks accounting software. nice part is it has an account review that you can put it to disk and hand your accountant a thumb drive and walk away. but get an accountant they really are cheap and worth all you will pay.
    I have an accounting deg and I still use an accountant.

  25. #16
    webuyselltradestuff's Avatar
    SMF Badges of Honor

    Member since
    May 2013
    Location
    Watkinsville, GA
    Posts
    950
    Thanks
    131
    Thanked 1,284 Times in 583 Posts
    other cool part about the filing fees etc...they really didn't "cost" you per se...you get to write all that off....DO NOT FORGET TO TRACK YOUR MILEADGE...use a book...it is worth GOLD. Also part of your cell phone (well probably all of it) can be written off too....I do.

    You will thank yourself in the long run. Good luck on the new venture!
    PROFIT is made when you BUY/ACQUIRE NOT when you sell

  26. #17
    billygoat's Avatar
    SMF Badges of Honor

    Member since
    Feb 2012
    Location
    Rochester, NY
    Posts
    630
    Thanks
    99
    Thanked 491 Times in 250 Posts
    Quote Originally Posted by webuyselltradestuff View Post
    other cool part about the filing fees etc...they really didn't "cost" you per se...you get to write all that off....DO NOT FORGET TO TRACK YOUR MILEADGE...use a book...it is worth GOLD. Also part of your cell phone (well probably all of it) can be written off too....I do.

    You will thank yourself in the long run. Good luck on the new venture!
    A lot of folks don't quite understand how deductions work. You can get a reduction on your taxes but it's not like you get the entire amount back.

  27. The Following User Says Thank You to billygoat for This Post:


  28. #18
    webuyselltradestuff's Avatar
    SMF Badges of Honor

    Member since
    May 2013
    Location
    Watkinsville, GA
    Posts
    950
    Thanks
    131
    Thanked 1,284 Times in 583 Posts
    Quote Originally Posted by billygoat View Post
    A lot of folks don't quite understand how deductions work. You can get a reduction on your taxes but it's not like you get the entire amount back.
    WELL, yeah...but when you are just starting out and him filing this late...he should be able to claim a loss I am betting which will go against other taxes or roll over to the next year. Either way, he is not a LLC and can write off **** near everything against earnings....he also can run at a loss for several years before anyone looks funny at it. I know, I ran at a loss for several years....on paper.

  29. #19
    billygoat's Avatar
    SMF Badges of Honor

    Member since
    Feb 2012
    Location
    Rochester, NY
    Posts
    630
    Thanks
    99
    Thanked 491 Times in 250 Posts
    Reporting a loss in income "on paper" for too long can result in the IRS classifying your business as a hobby. Then you will no longer be able to report losses related to your business, in addition to the possibility of being charged with fraud.

    Absolutely nothing against you, but I strongly suggest we should refrain from giving tax advice without a disclaimer that one should consult with a tax accountant to be sure. Besides, back when I had rental property my tax accountant told me that paying income taxes was a sign of prosperity.

  30. The Following User Says Thank You to billygoat for This Post:


  31. #20
    matador's Avatar
    SMF Badges of Honor

    We purchase laptop computers and many components for greater than scrap value. We offer a shipping reimbursement program.replies

    Member since
    Nov 2013
    Location
    Big Wonderful Wyoming
    Posts
    2,310
    Thanks
    1,813
    Thanked 3,204 Times in 1,450 Posts
    I agree- I leave that stuff up to our accountant! I'm paying him to do something, after all....


  32. Similar threads on the Scrap Metal Forum

    1. taking the plunge.
      By junkfreak in forum A Day in the Life of a Scrapper
      Replies: 5
      Last Post: 12-26-2014, 03:55 PM
    2. This thead is a question - Should I or Shouldn't I Take the E-waste Plunge ??
      By 1956 in forum Scrap Metal Tips and Advice
      Replies: 37
      Last Post: 10-20-2014, 12:51 PM
    3. Finally took the plunge
      By BRASSCATCHER in forum Off Topic Discussions
      Replies: 1
      Last Post: 11-30-2013, 07:00 PM
    4. I finally took the internet plunge.
      By drozenski in forum General - Let's talk business
      Replies: 11
      Last Post: 09-01-2012, 09:56 PM
    5. Should I take the plunge and upgrade
      By mikeinreco in forum General - Let's talk business
      Replies: 13
      Last Post: 02-07-2012, 12:33 AM

Page 1 of 2 12 LastLast

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

 
Browse the Most Recent Threads
On SMF In THIS CATEGORY.





OR

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

The Scrap Metal Forum

    The Scrap Metal Forum is the #1 scrap metal recycling community in the world. Here we talk about the scrap metal business, making money, where we connect with other scrappers, scrap yards and more.

SMF on Facebook and Twitter

Twitter Facebook