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  #41  
Old 02-06-2014, 09:12 AM
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grassmonkey0311 grassmonkey0311 is offline
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Quote:
Originally Posted by TPendagast View Post
It's stupid cheap to get an LLC, the only catch is you cant (usually) be a solo member...most people include their wives as the other member.... But when divorce time comes because you married your business.... this sucks!
This is not true.

A solo member is a "single member" to the LLC. This was verified by the IRS and my lawyer.

So for 1 person to own the company, you would be a single member LLC.
  #42  
Old 02-06-2014, 11:19 AM
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TPendagast TPendagast is offline
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Quote:
Originally Posted by grassmonkey0311 View Post
This is not true.

A solo member is a "single member" to the LLC. This was verified by the IRS and my lawyer.

So for 1 person to own the company, you would be a single member LLC.

so you missed the part where I said (usually)…. the whole country doesn't conform to the rules of your one specific state.

Which state is it, where they let you solo LLC?
And again… don't open mouth and insert foot without doing research outside your own, small, singular experience of being in business once, for a short period of time, in a tiny little state, whose rules apply to a very small percentage of people on here reading the posts.
  #43  
Old 02-06-2014, 11:21 AM
205mx 205mx is online now
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Quote:
Originally Posted by TPendagast View Post
so you missed the part where I said (usually)…. the whole country doesn't conform to the rules of your one specific state.

Which state is it, where they let you solo LLC?
And again… don't open mouth and insert foot without doing research outside your own, small, singular experience of being in business once, for a short period of time, in a tiny little state, whose rules apply to a very small percentage of people on here reading the posts.

Tennessee is one
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  #44  
Old 02-06-2014, 11:43 AM
zwhit81 zwhit81 is offline
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Wow! Had some nice police bashing going on! Anyone want to yell at us overpaid teachers? Seems to be popular bashing us in this state! I agree to all of you who mentioned that laws are different in every state. I suggest staying off of this site with tax questions. Take a few hundred bucks and talk to a lawyer or acct. (Money well spent)
  #45  
Old 02-06-2014, 12:40 PM
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Charles Charles is online now
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Lets try and stay on topic. This is not a thread about race, illegals etc
  #46  
Old 02-06-2014, 07:08 PM
Armsden&Son Armsden&Son is offline
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Exactly true Charles...

It is a thread about paying taxes....

It's too bad that some guys will argue until they are blue in the face that person x or situation y means no reason to pay taxes...

If you love America, You will do the right thing....

Pay your taxes!!!!!!
  #47  
Old 02-07-2014, 01:46 AM
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TPendagast TPendagast is offline
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Uhhh this isn't' a thread about paying taxes… the OP wanted to know when to "become a business"

Anyone with income pays (or should) taxes.

PLENTY of people dodge paying taxes, even big established companies… it's called tax evasion.
Being a "business" isn't related to paying taxes. some do some don't

If you make $100 on tips as a waiter, are you supposed to pay taxes? yes.
Mow three lawns? pay taxes? yes.

Again the business entities purpose is not for taxation, it's a protection, primarily, for the person or person doing the business.

You can be totally legit and pay all your taxes as "Bob a guy who mows grass"…is it suggested? there are many reasons to say no.
But it doesn't mean he doesn't (or shouldn't pay taxes)

in most cases, mowing lawns doesn't require a license… some muni's require a license to fart in their general direction, some don't… so this varies all over the place.
But in most cases, the main purpose for registering a business name is so that there isn't 7 guys called "lawn ranger" in the same state.
So the business registration/license is more of a service the state provides for you (protecting a marketable name) than a way of tracking your taxes.
My dad always paid taxes… never had a business.
As I said before.. a business license usually ranges between $5 and $50 to get… in our industry, this usually doesn't come with a big test, or entry hurtle (like general contractor, plumber, electrician)
So it's not really something separating the "men from the boys"
nor is it really an expense to worry about.

so…its NOT a thread about taxes.
  #48  
Old 02-07-2014, 02:19 AM
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CRC_PP CRC_PP is offline
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https://www.nolo.com/legal-encyclope...mber-llcs.html

According to this the previous law barring single member llcs has since been lifted...all 50 and DC.

I am a single member LLC here in PA.

As stated LLC is a means of separation(protection) of your personal assets from your business liabilities. It is a mere pass through in terms of taxation and is essentially the same as being a sole proprietor except affords you more legal protections.

https://www.sos.state.oh.us/sos/uplo...usserv/llc.pdf

Just some information a quick search pulled up that will be relevant to the OP.
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  #49  
Old 02-07-2014, 02:23 AM
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TPendagast TPendagast is offline
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Read the patriot act fine print, it substantially changed things like banking and bankruptcy and asset protection (pretty much because organized crimes was using the LLC as protection) so…LLCs no longer give you the protection they once did. much more transparent (almost completely) and zero corporate veil.

Old grey mare aint what she used to be
  #50  
Old 02-07-2014, 07:22 AM
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grassmonkey0311 grassmonkey0311 is offline
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Quote:
Originally Posted by TPendagast View Post
And again… don't open mouth and insert foot without doing research outside your own, small, singular experience of being in business once, for a short period of time, in a tiny little state, whose rules apply to a very small percentage of people on here reading the posts.
I think it's time to insert your foot in your mouth.

I never attacked you (like you did to me), I simply stated some information was wrong, so stop

If you knew everything, your business would be much bigger and you wouldnt be posting on LS. Lighten up.
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