Couple of Questions about new team
03-07-2008, 06:52 PM
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Couple of Questions about new team
Ok first of all do most people incorporate there race boat/team? What is the best way to handle who pays for what? I own the boat and pay for boat/fuel/repairs/entry fee?
What about hotels, meals and travel expense for the other guys in the boat? What is fair to expect them to pay for? IS this best run as a business or just a big money pit in the bay?
Thanks
Michael
What about hotels, meals and travel expense for the other guys in the boat? What is fair to expect them to pay for? IS this best run as a business or just a big money pit in the bay?
Thanks
Michael
03-07-2008, 08:07 PM
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The best way to race is to do what works for you and your team. It ain't cheap so sponsors can help, agree on your responsibilities up front and if you all push in the same direction it can be very rewarding. Good luck, Louie
03-08-2008, 08:42 AM
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Im like Bill a LLC (Limited liability corp). This way its run as a business and you now have a write off on your expenses. If you do win any money you will get a 1099 at the end of the year and have to pay tax on that money. I also believe it gives you some protection against your personal assets if something were to happen to your team. Be aware the IRS wont let you loss money on your LLC for more than 2-3 years or they will consider it a hobby.
As far as whats fair from your team I agree with Louie 100% Talk about it in detail. Lay out what all your expenses are and dont forget extra money for brakeage and depreciation of your boat. Make sure everyone understands just how much you are investing and the risk of leaving it on the bottom. If you are financially set then maybe the money is not that important to you. In a perfect world you would be the owner calling all the shots and putting people in you feel comfortable with. What I can tell you is one person needs to be in charge and make sure its very clear who that is.
I hope this helps with the prosses. Its about communicating and NEVER talking about one of your team mates bad. Its NEVER any ones fault if you loss and EVERYONES skills if you win!
MD
As far as whats fair from your team I agree with Louie 100% Talk about it in detail. Lay out what all your expenses are and dont forget extra money for brakeage and depreciation of your boat. Make sure everyone understands just how much you are investing and the risk of leaving it on the bottom. If you are financially set then maybe the money is not that important to you. In a perfect world you would be the owner calling all the shots and putting people in you feel comfortable with. What I can tell you is one person needs to be in charge and make sure its very clear who that is.
I hope this helps with the prosses. Its about communicating and NEVER talking about one of your team mates bad. Its NEVER any ones fault if you loss and EVERYONES skills if you win!
MD
Last edited by TYPHOON; 03-08-2008 at 08:46 AM.
