Setting Up Your Machine Shop: Tax Exemptions and Electricity
Вставка
- Опубліковано 29 тра 2024
- Sales tax and powering a CNC machine. Ken shares what he's learned with these two topics, some of which no one tells you when you're starting a machining business. Hopefully his experience and learnings should help make your process.
In this video you'll learn about:
Local government tax programs
Limited Liability Company and why Ken chose this route.
Electricity to power your CNC machine.
Phase converter
What topics do you want Ken to hit in his next video?
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Follow Ken on LinkedIn: / ken-parent-266753135
Learn more about Parent Manufacturing here: www.parentmfg.com/ - Наука та технологія
Someone who learnt the hard way once told me that it’s not that you can’t afford an accountant it’s that you can’t afford to not have an accountant especially if the government comes calling.
I actually found this video to be very interesting and not covered in often enough. I know business topics are not flashy but when you are starting out, these business "nuggets" are gold. Thanks for taking the time and covering them.
You are a great man Ken with these adoptions you did for those 3 boys, we are happy Practical Machinist shared your story your life and like you Ken, we are two guys in a home-based LLC. that cost here in California is $800.00 each year, we are a machine shop and we have luckily 600 AMP 3 Phase. We wish you a continued success and we visited your website saw the great part you have made, very nice. Lance & Patrick.
I've ran an ad30 off a 60a breaker and ran both my vf2 and sl10 lathe of the one converter
I know it’s not often possible for you American guys but having 3 phase installed was one of the best things I ever did.
I wish😟 I tried but it's not where near my house. So it stinks.
Very informative Ken”The Beard” parent. Hey just to possibly help you. If you are looking to upgrade your power service I would suggest you contact your local power utility company and have them come out and explain what all you will need( larger service entrance), basic costs etc. I am rural and that’s what I did and they were very helpful. Oh BTW make sure you are sitting down when you ask about the costs. L.O.L. Good video😊
The book "Small Time Operator" covers finance, book keeping and LLC vs S or C corp, plus a lot more. I refer back to it regularly and highly recommend.
I'll have to look into that book! Thank you!
I’ll take a look a quick books then. And I’ve been told that having someone do taxes is always better when it comes to business. Nice job, good overview of things to think about when going to start a business
Thanks man! Let me know what else you folks want to hear!
They might add a second 200amp service? At least that's what they told me. I love this videos. Please keep em coming!
Yeah they will but the machine I want takes 200amp single phase so I would be back in the same position!
I will! Tell me what else you want to hear about!
Great video! I have been looking into rotary phase converters I just recently acquired an old Leblond servo shift and need to figure out a way to get it running. Do you run into problems with accepting really complicated work because you are hand programming?
Thank you for a peek at your shop and concerns as well as the LLC, as you all know this is not an easy business to be in.
awesome video
Much respect, I'm in precision grinding wondering if that could be done in a garage do you use grinding services?
I love the content and videos you make, especially the business videos. You have the size machine shop I want to own and run. How much of the garage space are you using? What size and type of CNC Lathe did you purchase? How hard was the SBA loan to get? What all did you include in the SBA Loan? I would like to know more about using Quickbooks for the business side of things?
Thank you sir.
More videos like this 👍
Perfectly timed video. I just bought a sharp sv2412 cnc mill and I will be having it transported to my house next week. Im looking for a 15 or 20 hp phase converter right now. Anybody know of one for sale lmk
Ebay man. But you have to be cafeful it isn't roasted.
A 20hp worked great for me.
That's so cool man. Get after it!
what is your fanuc controller model? is that a FANUC 0T?
Croman convertors. He makes great cheap ones
Never heard of them, I'll have to check them out.
@@kennethparent2936 ask for his enclosed motors external cooled motors. They are much quiter