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Thread: Hanging out my Shingle........

  1. #1
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    Oct 2006
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    Hanging out my Shingle........

    Yep the time has come, I'll still be at the Liquor shop, but I'm starting my own business. In the beginning, I'll be mainly working for the shop fixing stuff.

    This is what has started everything.

    The MILFH owns a small apartment house, it is only 4 small apartments. We had the roof leak badly, and one apartment was badly damaged, and the roof was fixed and the apartment was really nicely redone, the roof and the reno of the apartment cost over $50,000

    So, there are two more apartments that need fixing up, the MILFH says she has no money to pay to have them fixed, I have a buddy living in one, he just wants a cheap place to live, so it is OK, for now.

    The other one, she says she cannot afford to fix it, it needs a new bathroom and new floors in the kitchen, and all new wallpaper etc.

    I told her the materials to fix it up, on a rough estimate, would cost around $1500 to $2000. Right now the apartment is not rentable.

    When fixed up, we will get between $500 and $600 a month. Makes sense to fix it up and then rent it, right?

    Well, she says she does not have the money

    So, this is the offer, I'll pay everything myself to fix it up, my labor and the materials, then, once it is rented, she will pay me back each month.

    She agreed to this, as even if I actually make some money, she, will stand to benifit in the long run, as six to eight months later, she will have paid me off and will be getting the money for herself.

    To do all of this, I'll need to start a company, I will need to give her an invoice for the work for paying taxes.

    Now, my question to you guys, what should I call my company?

    I can call it just about anything I like but, I want it to be all inclusive.

    Calling it "Stu's Woodworking" won't do, as the rules for running a company here, in Japan, are interesting in several ways, one is, when I originally file, I have to give them an idea of what I expect to be doing, so if I put "Woodworking" then I'll be stuck if I want to, say, import tools, I'd have to start another company....

    My wife thinks it is best to stick with our family name, so the idea is "Ablett Enterprises"

    Anyone have any other suggestions?

    Yes, this is a sort of stealth gloat as well!
    The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.
    William Arthur Ward

  2. #2
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    Not knowing the details of how the Japanese system works, this is only a guess, but I think your wife may be right. My reasoning is that "Enterprises", alludes to many different ventures, and as to the question of exactly what you would be doing, you would answer that you would be investing in and developing a variety of ventures including service, construction, remodeling, imports, sales, and any other ideas you might want to include. If that would fit into the rule structure there, it should give you an umbrella to cover about anything you might want to venture into.

    Good luck with it.

  3. #3
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    Minneapolis/Grand Marais Minnesota
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    How about:
    Dungeon Designs.
    (Dragon for a Logo)
    Fine WW & Remodeling.
    I'll take my 10% consultants fee now please
    Last edited by Tyler Howell; 01-06-2007 at 11:14 AM.
    Live Like You Mean It!!

  4. #4
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    "Stu's Get-R-Done Services"


    applies to many endeavors
    A very wise man once said.......
    "I'll take my chances with Misseurs Smith and Wesson. "

  5. #5
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    stu, cool you`re starting your own business! the "enterprises" thing would be a good umbrella name to use forming seperate llc`s (if you can do that in japan?) that would give you and your family two layers of legal protection should problems arise.....so in effect ablett enterprises would own "stu`s woodworking", "xyz tool importers", and "curlys remodling" it`s really not much more dificult to set things up this way than to do it as a sole propritorship......something to think about?......tod
    [SIZE="1"] associated with several importers and manufacturers.[/SIZE]

  6. #6
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    Congratulations (I think) Stu. With the Japanese rules the way they are 'Ablett Enterprises' sounds like the way the go. A slight variation, that I prefer is "Ablett Endeavours''. Somehow, to me, one puts more of ones self when they are engaging in an endeavour than than they put into an enterprise.
    Cheers, Frank

  7. #7
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    Quote Originally Posted by tod evans View Post
    stu, cool you`re starting your own business! the "enterprises" thing would be a good umbrella name to use forming seperate llc`s (if you can do that in japan?) that would give you and your family two layers of legal protection should problems arise.....so in effect ablett enterprises would own "stu`s woodworking", "xyz tool importers", and "curlys remodling" it`s really not much more dificult to set things up this way than to do it as a sole propritorship......something to think about?......tod
    Well, I just talked to a buddy who is setting up his own business.

    He said an LLC cost $5000 to set up, an LC cost $1500......

    Now he also said, that his accountant friend told him he can buy a used company, for a lot less than the $1500 to set up an LC, so we will both be looking into that.

    The other thing I found out is that you can open a business, and then when and if the business starts to turn a profit, you can then set up the company. If the business stays small, then I just declare myself "Self Employed" and file my taxes that way, so, I will get it done, one way or another.

    How about Dungeon Enterprises

    We shall see.

    Cheers!
    The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.
    William Arthur Ward

  8. #8
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    Stu,

    I understand you can set up a YugenGaisha for 0 yen capital but you will have to pay for the legal papers, about $5000. In the end of the first five years you need to turn a profit and have the required capital in the company account. Up to about five years ago Yugen Gaisha required that you have $30,000 in the company bank account up front to open your door for business. The government changed that rule in order to help new businesses start up. For a KabushikiGaisha the same rule applies but the capital needed at the end of the 5 year grace period to retain your KK status is $100,000.

    Another route to go is to do a Aoi Kakutei Shinkoku where you simply file an independent tax return listing your business name, running costs, profits, etc. There is no capital required up front to maintain this business status.

    As I have been told the whole idea behind the KK status is that you are a heavyweight player and meant to be taken seriously in the business world whereas the Yugen Company is more like a Moma and Papa business.

    Sounds like a good plan whatever you do Stu.

  9. #9
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    Thanks for the info Alex and the Japanese terminology, my lovely wife and I were trying to match up the English terms with the Japanese ones, and were not finding the answers we wanted.

    I think I'll go with the last option mentioned unless I'm told otherwise by the accountant, at least for now, if we start to grow, we can look at that again.

    Cheers!
    The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.
    William Arthur Ward

  10. #10
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    Quote Originally Posted by Stuart Ablett View Post
    The other one, she says she cannot afford to fix it, it needs a new bathroom and new floors in the kitchen, and all new wallpaper etc.
    Speaking from personal experience... NO WALLPAPER!!!

    So, this is the offer, I'll pay everything myself to fix it up, my labor and the materials, then, once it is rented, she will pay me back each month.
    ...
    Now, my question to you guys, what should I call my company?
    Sounds like you're going to be "Stu's Bank and Fix It Services".

    Do be sure and get everything arranged and agreed to up front!

    Seriously, hope you have fun with it. It does sound like it'll cut into your time at the L.Shop, won't it?

    best wishes,
    ...art

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