Race Team Name

[Dave]

Claw Hammers Racing Team

[GETCHA SOME]

Wes, not hijacking your thread but we got 1 for us now, and I believe it fits us perfect( I think) "BADLUCK RACING"

[chrisheltra]

Why not just makes it Streetsweeper racimg?

[Bradleyrj]

Wes, speaking from experience. A friend and I tried this back home. (well attempted to try it).. to be able to use this as a "business" we were only going to get 2 years of non profitability. After those two years were up we had to be able to show a profit (over and above the price of cars and equipment) OR the LLC would no longer function. I'm not saying you wont go rounds and win races and coin... but there is more to it unfortunately when you try to make it a business.

With that said. I think WWR would be your best choice. or WWP, Wes Whittle Performance.

[Darryl Buckner]

I tried the LLC thing several years ago also, anymore my tax lady and CPA just writes my car stuff off as a hobby. A hobby is typically considered a loss which works good for me because I usually get around 8 10-99's per year from different tracks, due to winnings over $499.00, and the loss in a hobby allows me to write them off. On another note how about "Twisted Air Racing"..

[WWhittle]

Originally Posted by Bradleyrj

Wes, speaking from experience. A friend and I tried this back home. (well attempted to try it).. to be able to use this as a "business" we were only going to get 2 years of non profitability. After those two years were up we had to be able to show a profit (over and above the price of cars and equipment) OR the LLC would no longer function. I'm not saying you wont go rounds and win races and coin... but there is more to it unfortunately when you try to make it a business.

With that said. I think WWR would be your best choice. or WWP, Wes Whittle Performance.

I think it is 2 out of 5 years or 2 out of 7 years you have to show a profit, not the other way around. That really isn't that hard. You just don't write off anything that particular year or defer your expenses to the following year. Showing a profit can be $1. You depreciate your assets in a different way those particular years, etc. I don't know everything about it, but it's not my first rodeo either. That's why I have an accountant and attorney anyway. If they say it will work, I beilieve them.

I am doing it more for the liability. There are many stories of cars wrecking, hitting the other car, and one person sueing the other. Many other stories of mishaps in the pits, etc. I also do not want to personally own my car. Being self employeed, in a volatile business, I don't want to own anything myself. If you are going to come after me for anything I am going to make you work for it.

Actually when this is all said and done- my wife will own the business that owns the car. I will just be the driver. I could go on and on for all the reasons I am doing this, but it really doesn't matter.

Thanks for everyones input so far, I think I'm gonna go with WWR. Simple, but it will work.

[WWhittle]

Originally Posted by Darryl Buckner

I tried the LLC thing several years ago also, anymore my tax lady and CPA just writes my car stuff off as a hobby. A hobby is typically considered a loss which works good for me because I usually get around 8 10-99's per year from different tracks, due to winnings over $499.00, and the loss in a hobby allows me to write them off. On another note how about "Twisted Air Racing"..

I understand what you are saying, but we are doing it for two different reasons. I need the protection of a LLC.

[Darryl Buckner]

Originally Posted by streetsweeper

I understand what you are saying, but we are doing it for two different reasons. I need the protection of a LLC.

Yea true, I forgot about that part. Its crazy you have to do that nowadays, I have read about lawsuits from 2 cars hitting each other in a race, its BS but it happens. Like my vacant land, I have to carry liability policies on them in case some hunter ignors the "No Trespassing" sign and decides to hunt there and gets hurt..

[Whaler]

Carolina Motorsports
Carolina Horsepower ?
Carolina Racing
Lowcountry motorsports
Charleston Motorsports
Whittle Down Racing
Carolina Outlaw Racing
Team Effort Racing/Motorsports