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Competition BBQ *On Topic Only* Discussion regarding all aspects of Competition BBQ. Experiences competing or visiting, questions, getting started, Equipment, announcements of events, Results, Reviews, Planning, etc. Questions here will be responded to with competition BBQ in mind. |
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10-10-2007, 12:19 PM | #1 |
Babbling Farker
Join Date: 05-03-07
Location: Olathe KS
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Anyone ever set up an LLC for their team
I had wondered about financial winnings and losses in the past and with Mark's thread about 1099's I figured I'd ask away to see what others have done.
Has anyone set up an LLC for their comp team? I don't know what it would cost to do so, but if I listed the team as a business I wonder if it would be benefitial to my taxes. So far this year we've spent well over $5,000 to do a handful of comps this year. This includes entry fees, meats and supplies, smokers and a trailer - you know, business supplies and equipment) and have won $25. Could the business be listed as a catering business and the comps be listed as promotional/advertising expenses? Yeah, we'd claim catering revenue (if we ever did do that) and comp wins. Let's face it, it's going to be awhile before the revenue outweighs the expenses - if that ever happens. Just wondering if anyone's done it, thought about it or has any advise.
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Boondoggle BBQ Country Smokers 450 Weber Smokey Mountain 18" Proud KCBS Member & Certified Judge |
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10-10-2007, 12:27 PM | #2 |
is Blowin Smoke!
Join Date: 08-17-06
Location: Washington, Missouri
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B&B BBQ and Catering, llc
Talk to your lawyer. Our reasoning was that it helps insulate you from personal liability. Plus makes it easier to satisfy the taxman. PS - Bear in mind that to really satisfy the taxman, you need a business plan that shows a reasonable expectation of profit, thereby legitimizing the deductible expenses. You be the judge of how liberally you interpret that.
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[CENTER][B][/B] [/CENTER] [CENTER][B][I][B]KCBS #13207[/B][/I][/B][/CENTER] [CENTER][B][I]2013 Insane Can Posse [/I][I]Tour [/I][/B][/CENTER] [CENTER][I]Sponsored By: [/I][/CENTER] [CENTER][B][I]Gateway BBQ Store[/I][/B][/CENTER] [CENTER][B][I]Blues Hog BBQ Company[/I][/B][/CENTER] [CENTER][B][I]Plowboys BBQ Company[/I][/B][/CENTER] Last edited by jbrink01; 10-10-2007 at 12:29 PM.. Reason: Forgot |
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10-10-2007, 12:29 PM | #3 |
Babbling Farker
Join Date: 05-03-07
Location: Olathe KS
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Any lawyers out there that want to join a BBQ team? Your primary responsiblity will be to set up the business, do the paper work and file taxes. No need to show on game day - thanks in advance!
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Boondoggle BBQ Country Smokers 450 Weber Smokey Mountain 18" Proud KCBS Member & Certified Judge |
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10-10-2007, 12:35 PM | #4 |
is Blowin Smoke!
Join Date: 08-17-06
Location: Washington, Missouri
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We traded our lawyer meat for his efforts. We got an llc, and he got a brisket and pork loin.
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[CENTER][B][/B] [/CENTER] [CENTER][B][I][B]KCBS #13207[/B][/I][/B][/CENTER] [CENTER][B][I]2013 Insane Can Posse [/I][I]Tour [/I][/B][/CENTER] [CENTER][I]Sponsored By: [/I][/CENTER] [CENTER][B][I]Gateway BBQ Store[/I][/B][/CENTER] [CENTER][B][I]Blues Hog BBQ Company[/I][/B][/CENTER] [CENTER][B][I]Plowboys BBQ Company[/I][/B][/CENTER] |
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10-10-2007, 12:42 PM | #5 |
Quintessential Chatty Farker
Join Date: 04-21-06
Location: Lake Ponderosa-Montezuma, IA
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And which cuts are considered the "lawer meat"?
ModelMaker
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Designer of a custom drum smoker Customized Aussie gas passer Turkey fryer Extremely seasoned hand hammered Wok Pit Boss-HART BURN Competition BBQ Team KCBS certified judge And Your not the boss of me either!! |
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10-10-2007, 12:47 PM | #6 |
Babbling Farker
Join Date: 05-03-07
Location: Olathe KS
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Easy, ya provide them the Lawyer's Plate.
5 pounds of sliced brisket, 5 pounds of shreaded pork, 5 pounds of sliced ham and 3 slabs of ribs and deliver it to his/her home about 3 hours before kick off of the Super Bowl.
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Boondoggle BBQ Country Smokers 450 Weber Smokey Mountain 18" Proud KCBS Member & Certified Judge |
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10-10-2007, 12:53 PM | #7 |
Babbling Farker
Join Date: 07-22-05
Location: Long Island, NY
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Tri-tip. "You know, that special cut that lies directly between the anus and the testicles." [MilitantSquatter mod]
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GRIM REAPER SMOKERS - "BBQ To Die For" ™ "Founders Club" Operation BBQ Relief Weber Smokey Mountain x 3 Weber Genesis Silver x 2 Weber One Touch Gold Weber Performer x 2 Weber Smokey Joe Bottle of Absolut Bottle of Beer Everything Ripken, "Cards and Que. One tastes of cardboard, the other sweet blue." © |
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10-10-2007, 01:53 PM | #8 | |
is one Smokin' Farker
Join Date: 08-26-04
Location: Pleasant Hill, MO
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Quote:
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Stan Co-Founder and Executive Director of Operation BBQ Relief - www.operationbbqrelief.org Partner in BBQScores.com - A Competition Management System www.BBQScores.com County Line Smokers Competition BBQ Team KCBS Member - CBJ #20654 Pitmaker BBQ Vault mounted in a 12 Foot Competition Trailer 22 1/2 Weber Kettle, Stainless Steel gaser chunks of wild cherry, pecan, oak |
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10-10-2007, 02:20 PM | #9 |
Babbling Farker
Join Date: 05-03-07
Location: Olathe KS
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So what if one folds? At least we'd be able to write off our initial equipment expenses.
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Boondoggle BBQ Country Smokers 450 Weber Smokey Mountain 18" Proud KCBS Member & Certified Judge |
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10-10-2007, 02:39 PM | #10 |
is one Smokin' Farker
Join Date: 08-26-04
Location: Pleasant Hill, MO
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Yes but you could have future ramifications on equipment based on how your wrote them off. You get into depreciation schedules for items. When you dispand the LLC then you will have to get into what has a value when dispanded and whether or not it will be considered income. For instance a $5000 smoker. It will depreciate over a long period of time.
You should probably talk to a tax attorney or your accountant. My accountant set one up for a little business my wife had and it has been a major headache. Quarterly tax filings, letters when you do not get it filed timely, etc adding to the additional cost.
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Stan Co-Founder and Executive Director of Operation BBQ Relief - www.operationbbqrelief.org Partner in BBQScores.com - A Competition Management System www.BBQScores.com County Line Smokers Competition BBQ Team KCBS Member - CBJ #20654 Pitmaker BBQ Vault mounted in a 12 Foot Competition Trailer 22 1/2 Weber Kettle, Stainless Steel gaser chunks of wild cherry, pecan, oak |
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10-10-2007, 02:40 PM | #11 |
is Blowin Smoke!
Join Date: 08-17-06
Location: Washington, Missouri
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Folding is always an option. Many businesses do it regularly and to their advantage. I doubt we will, as you lose all your brand identity, and we have been fortunate to have some sucees and recognition locally.
In our case, we just have to keep buying stuff to offset income. This year, FEC 500 and trailer. Next year, RV?
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[CENTER][B][/B] [/CENTER] [CENTER][B][I][B]KCBS #13207[/B][/I][/B][/CENTER] [CENTER][B][I]2013 Insane Can Posse [/I][I]Tour [/I][/B][/CENTER] [CENTER][I]Sponsored By: [/I][/CENTER] [CENTER][B][I]Gateway BBQ Store[/I][/B][/CENTER] [CENTER][B][I]Blues Hog BBQ Company[/I][/B][/CENTER] [CENTER][B][I]Plowboys BBQ Company[/I][/B][/CENTER] |
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10-10-2007, 05:22 PM | #12 | |
Quintessential Chatty Farker
Join Date: 09-14-05
Location: Vernon, Connecticut
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Quote:
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Guy (Pitmaster) BBQ Team: Lawn Guyland Smokers Stupidity for Dummies …because sometimes, you just can’t dumb it down enough… |
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10-10-2007, 06:06 PM | #13 |
Babbling Farker
Join Date: 05-03-07
Location: Olathe KS
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DBA??? What is that? Are their other options?
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Boondoggle BBQ Country Smokers 450 Weber Smokey Mountain 18" Proud KCBS Member & Certified Judge |
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10-10-2007, 06:15 PM | #14 |
is one Smokin' Farker
Join Date: 09-16-07
Location: Mukwonago, Wi
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You can show a loss for 7 years then the IRS will look for a profit but a BBQ team is so small you are never going to show up on there radar unless you start winning big money and the majic number there is 10,000 anything undre that and you have to clam it so thay will never know one way or the other any thing over that the taxes have to come out right away...I stayed at a holiday in last night
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i feel i should say something profound .... so drink up the beers getting cold |
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10-10-2007, 06:17 PM | #15 |
Babbling Farker
Join Date: 10-01-05
Location: Shokan, New York
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what if you incorporated yourself, and ran the bbq as DBA (doing business as) Not sure of legal ramifications, but doc's do it all the time. S
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Oh It'z BBQ! 1 Weber Gold Series Grill 1 WSM 18,1 WSM 22 1 Weber performer, 1 Smokey Joe Platinum 1 XL Big Green Egg 1 FEC 100 Team BBQ-Brethren.com KCBS Certified Judge #9079 |
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