-As far as purchasing materials for working on a property, are there any issues to consider when comparing one’s options such as using business checks, business credit card, or contractor’s account at the local building supply store? Maybe these purchase options don’t matter at all, as long as you keep it seperate from your ‘personal’ finances?
It shouldn’t matter, Dan, as long as you keep it separate. But I think you need to be a contractor to get the contractor’s discount, don’t you?
Don’t mix your personal card with business use and don’t pay personal expenses with business funds. Open a business account and use that. Otherwise, use a dedicated business account in your personal name and have the LLC reimburse you for expenses. Do not use this personal account for anything other than business related to the LLC. You risk co-mingling, which will void the LLC.
BLL is right on the money…
FYI, if you have an LLC, you can get contrator rates at most suppliers… explain upfront, you in business for yourself, and have a large project you want them to quote on…
I can often get contractor’s rates simply by saying I am a landlord and asking for the contractor’s rates. It doesn’t hurt to ask.
your right, it never hurts to ask. what percentage is a typical contractor rate?