Track Insurance

[charlie_b]

Originally Posted by Chris__RC

Can you explain a bit more aabout the 'tweaking' skills? I will have to talk to the city about this Monday, but I woould still need a 2 million dollar liability never-the-less. The racing seen isnt exactly thriving in the low desert, so I am trying to get the track started with as little money as possible.

Tweaking meaning how good your tax guy is. I can understand the $$ thing...we all are going through it.

[Chris__RC]

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[charlie_b]

Originally Posted by Chris__RC

So if I would run it as a bussiness instead of nonprofit, I would pay taxes, etc. just like a regular bussiness? Since the RC Industry is not big I don't think i would get enough revenue to stay above. From my reading, it is easier to get donations, you can get slightly cheaper insurance, and a couple other small things if you go nonprofit. What are the advantages of going in as a bussiness?

And the city is all for it, when I came in to city hall all 3 people there remembered everything that had happened. The guy I am working on this with is on vacation and will be back on monday. Then I will be able to talk about insurance and whether to go LLC, nonprofit, or bussiness.

That Wells Fargo Insurance, any idea how much it is yearly?

If making $$ isn't your goal, then non profit isn't a bad choice for you. Along with non-profit, goes a lot more forms and processes that will take some time. I wish it was easy to get donations for my track..most businesses, even if you are a nonprofit still have a hard time "donating" their money away. Research it a lot. Know the ins and outs of your venture and make sure you realize the work involved with running/maintaining a track. 90% of the time, it is JUST you. Again, research the whole process so you fully understand it. Anyone here can give you advice, but i think the experts on it are the people you want to ask. You will need:

* Select a business name.
* Search for a similar domain name.
* Reserve name with the state.
* Obtain a local business license if applicable.
* Elect a Board of Directors and elect Officers. Directors and officers may be the same 3 people.
* Incorporate as a nonprofit.
* Prepare and File Articles of Incorporation.
* Prepare and Adopt Bylaws.
* Prepare and Obtain EIN via IRS Form SS4.
* Obtain 501c3 tax exemption status.
* Prepare And Maintain First Minutes of Your First Meeting of Board of Directors.
* Prepare and File Form 1023 (Federal Tax Exemption).
* Prepare and File For State Tax Exemption (See Our Grid For Your State of Incorporation).
* Prepare and File Initial Solicitation Registration.

It is a lot of work. Best of luck to you man. Let us know how it goes.

[Chris__RC]

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[Chris__RC]

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[Chris__RC]

track looks like it wont work out from the city hall meeting.

[Jaz240]

I cant give you any ideas or help, But let me be the first to Congratulate you!!

More tracks are always a plus

[stavman]

Congrats Chris... From Chris


RcPro has a good insurance Policy. $$$ Based on # of races per month

We actualy got a $1,000,000 blanket Policy from The Insurance Company that insures our Hobbyshop. Then we changed over The Nitro Pit Insurance from The RcPro company to it. Saved us some $$$

As a ROAR track, all racers and Races need to be ROAR sanctioned. At least I believe that is true. So 1 none Roar race that has an accident, and not so good for you. But check on the ROAR and be sure I am correct.

Good Luck Bud


Chris

[Chris__RC]

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