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Would long-term assets be included in a new company’s start-up plan?
Posted on Feb 25, 2010 under Equipment Financing Company | 1 CommentLet’s say I’m starting a small air charter business. My largest depreciable assets are of course the aircraft, worth 1.5 million. We will be financing the aircraft over 20 years, not buying them outright. So I have my typical office, insurance, and other start-up expenses, then I have some short term assets like tables, signage, office equipment, etc.
Where do I justify the aircraft? My business plan software wants to put the aircraft down payments as part of the start up EXPENSES. It wants to put the ENTIRE VALUE of the aircraft under start-up ASSETS. Is this right? Why do I need the entire value of the aircraft as a start-up cost? We are financing them, making down payments and monthly payments, not buying them outright. If I list the aircraft as a start up asset cost, my total start-up funding will show close to 2 million required, with 75% of that being the value of the aircraft. I don’t need close to that to open my busines doors. I need maybe 25%.
find u a good cpa,
i persume u are leasing to own the aircraft, this will show up as an asset, but the balance amount should show as a liability. sounds like u dont own "all" of the plane, so its an asset but not all of it.
good bookkeepers, remember, if u dont know where ur at, theres now way to know how to get to where ur going
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Is it hard to get into the Army Corp of Engineers?
Posted on Feb 25, 2010 under Heavy Equipment Training | 1 CommentMy grandson has formal training in Heavy Equipment Operation will he have an easier time getting into the Army Corp of Engineers when he joins the Army. Thank you
I believe the Army Corp of Engineers is a civilian, government-run organization that is part of the Department of the Army. He needs to go to usajobs.gov and apply there.
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Heavy Equipment repair- best machine to learn from?
Posted on Feb 25, 2010 under Heavy Equipment | 1 CommentI really want to teach myself how to work on heavy construction equipment. Diesel engines, hydraulics etc. What is the best machine to start out on?
A push mower because it is simple and you will learn the basics. These principles will apply to all engines. Then move on from there. I am not being sarcastic I am being realistic. Almost all internal combustion engines work the same except two versus four stroke. If you already have the basics down dive right in, if not learn the basics then dive into whatever you feel like fixing. Experience is a great teacher. You can’t learn until you try. Good luck and happy wrenching.
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defaulted on equipment lease, what do i do with the equipment?
Posted on Feb 18, 2010 under Equipment Financing Company | 1 Commenti recently closed my business and had a leased copier, which had gone in to default with the leasing company, and into collections with the finance company. my lawyer advised me since i have no assets they could not collect anything from me, even if they file a lawsuit, but my main concern right now is what do i do with the copier? who do i contact to come get it? the original equipment supplier, the finance company, or the collection agency? it belongs to someone, and i do not know where to start.
As long as you did not sign a personal guarantee, you’re no longer liable. You should read the lease agreement and see what your obligations are in case of default. Make sure you don’t give it away to the wrong party. You could get into trouble for disposing of goods which are not yours. If in doubt, ask your lawyer. If he’s going to charge you, ask the lease company.
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