On The Right Track? New Business Questions. Long Post.

jgjrei

Any unput would be appreciated.
I am starting a painting business with my father, he has well over 20 years as an experienced painter. I however, am a college student with only a few years experience during the summer painting with him.
Now tell me if you think we're on the right track or missing anything.
The plan is to file as a partnership, is this the best way to go taxwise? Now we live in California so I have looked over our laws and regulations and came up with the following plan for starting our business entity; Apply for federal employee ID, register/ publish ficticious business name, Tax certification, and lastly file for contractors license. I plan to have an accountant help me out at least the first year and also we will not have any employees this year either
It all seems simple enough , Ive left out marketing and general business practices as this post is simply geared toward getting off the ground so to speak. Looking to move forward from here and ANYTHING that can be added is very much appreciated.

Danahy

I'd like to throw caution to the 'partnership' thing... If you're dad's been painting for over 20 yrs, did he have his own business, or just paint for someone else?

I came from a similar background, my dad was/is an awesome painter, crappy as a business owner.

Personally I would own the business myself, and pay dad everything he's worth and more as an employee, dad, teacher, foreman etc. I'm sure you're accountant and friends who know you better might offer a different view / opinion.

I do wish you the best of luck, if handled correctly it can be alot of fun.