Saving Money as a Marina

Capt. Ed · Post by **Capt. Ed** » Sat Nov 19, 2005 8:00 am

A friend who has a property management company set up an another company as a marina (his last name Marina), then established a few trade accounts and now buys everything at wholesale from distributors for himslef and friends, saving a bundle of money. I am speaking with my accountant about doing the same thing, and thought I would pass this idea along. Now, if I could only find a way to buy money at a discount rated… 1979 Bertram 33' FBC ALEXANDRA Port Richey, Florida

Post by **dougl33** » Sat Nov 19, 2005 9:54 am

That's a great idea. Regards, Doug L. 1986 33 Bertram FBC Queen Elizabeth Marblehead, MA

Capt. Ed · Post by **Capt. Ed** » Sat Nov 19, 2005 10:50 am

Thanks [:)] 1979 Bertram 33' FBC ALEXANDRA Port Richey, Florida

captgene · Post by **captgene** » Mon Nov 21, 2005 3:01 am

Ed, Doug, I set myself up as "S" Corp. years ago. I taught Scuba with it, Capt. Dive Boats, & Private Yachts. "Dugan Marine Mgt. , Inc.' But the best beneft is I buy all my boat parts with accounts I've set up at some of the wholesale distributors. You have to keep up on the withholding tax form, and pay for everything from the business checkbook. You can show a loss , I think it was 5 years. Now I don't teach SCUBA anymore, sold the Dive boat, so it became hard to put "income" in the business account to spend. If I need a big ticket item, I have to go do some boat or diving consulting "work" somewhere. Gene Dugan

Capt. Ed · Post by **Capt. Ed** » Mon Nov 21, 2005 5:30 am

True, an S Corp for your prior "real" business made sense. (I have three and a BVI holding company too), but for this smoke and mirrors marina, I was thinking just a d/b/a, and tax license. This way, I can always just pay the sales tax, and use the product; not worry about showing a loss or profit. I am not concern about deducting anything from by personal taxes, the savings are benefit enough. Or, one could set up a sub-company or division off a current company and run it that way. As you are not doing any work, you have no overhead, using the parts in house or sell then to yourself (paying the tax, you have no losses to report. I have to sit down with my CPA next month anyway so I will ask him then, I do not see any major reasons not to do it. I have done similar type set ups before without any problems. Just have to keep it simple, pay the sales tax. It is no different then these small mobile repair guys are doing. 1979 Bertram 33' FBC ALEXANDRA Port Richey, Florida

Rick · Post by **Rick** » Sat Dec 03, 2005 5:09 am

New England Bertram33ers...... Let's unite and incorporate ! Rick Ticket 85 SF Falmouth, MA

Capt. Ed · Post by **Capt. Ed** » Sat Dec 03, 2005 5:36 am

A buying co-op is not that crazy of an idea, farmers do it! 1979 Bertram 33' FBC ALEXANDRA Port Richey, Florida

Post by **dougl33** » Sat Dec 03, 2005 10:44 am

Where do I sign? Regards, Doug L. 1986 33 Bertram FBC Queen Elizabeth Marblehead, MA

Sean B · Post by **Sean B** » Sat Dec 03, 2005 2:02 pm

quote: New England Bertram33ers...... Let's unite and incorporate ! ever since the War of Northern Aggression you yankees have been trying to keep us southern boys out of your clubs Sean Burlingham "Island Time" 1987 Bertram 33 SF Melbourne, FL SBurlingham@cfl.rr.com

Post by **dougl33** » Sat Dec 03, 2005 2:25 pm

quote:Originally posted by Sean Burlingham ever since the War of Northern Aggression you yankees have been trying to keep us southern boys out of your clubs See. I knew you guys were Rednecks![:D] Regards, Doug L. 1986 33 Bertram FBC Queen Elizabeth Marblehead, MA

Rick · Post by **Rick** » Sun Dec 04, 2005 3:17 am

Sean, Come on up and join us ! Plenty of slips open this time of year and no problem keeping the beer cold ! Rick Ticket 85 SF Falmouth, MA

Capt. Ed · Post by **Capt. Ed** » Sun Dec 04, 2005 5:30 am

We all like it just fine down here... it's a Southern thang! 1979 Bertram 33' FBC ALEXANDRA Port Richey, Florida

IRGuy · Post by **IRGuy** » Sun Dec 04, 2005 6:54 am

That is exactly why I moved from Beverly, MA to Wilmington, NC.. two winters ago I had a meeting in central MA, in early February.. when I left Beverly it was 8F BELOW zero. When I got to Worcester it was 14F BELOW. I bought a lot here 6 months later! Frank B Actively looking newbie

Sean B · Post by **Sean B** » Sun Dec 04, 2005 6:55 pm

quote:Originally posted by dougl33 See. I knew you guys were Rednecks![:D] Actually, I'm originally from Philadelphia. Damn pinko Massachusetts hippie! Don't you have a witch to burn or some homos to marry? LOL Sean Burlingham "Island Time" 1987 Bertram 33 SF Melbourne, FL SBurlingham@cfl.rr.com

Post by **dougl33** » Mon Dec 05, 2005 3:13 am

quote:Originally posted by Sean Burlingham Don't you have a witch to burn or some homos to marry? Good one![:D] Regards, Doug L. 1986 33 Bertram FBC Queen Elizabeth Marblehead, MA