I'm the only one with common sense here

[Judicial review]

One other thing that caught my eye, how can your franchise be worth $8 million without any shareholders?

It is possible TK. What is really telling is he does realize he needs stock, as the profits and losses flow to him based on his share of ownership based on stock holdings on his K-1

Bingo.

 

[saveliberty]

One other thing that caught my eye, how can your franchise be worth $8 million without any shareholders?

It is possible TK. What is really telling is he does realize he needs stock, as the profits and losses flow to him based on his share of ownership based on stock holdings on his K-1

Bingo.

Yes, but you didn't issue stock idiot.

 

[Judicial review]

You are truly clueless about business fool.

When filing for a S-corp you can list your sharholder because there is a section for it in the secretary of states website form, but it specifically says "if" shareholders. That could also be the owner of the company. Or owner(s) Your business as a s-corp doesn't need to be on the exchange.

You still issue stock. You are also required to have annual meetings and record all of this. Purchasing vehicles in the company name requires a corporate resolution. Look it took me about five seconds to see you have no clue about what you are doing.

Only to the owners of the company. Annual meetings are so easily fudged. We have daily meetings. We don't purchase vehicles in business name. We require all independent contractors to have their own.

Why wouldn't you take advantage of depreciation on your vehicles and other equipment? You are required to have an annual meeting. You are headed for serious tax problems.

To be honest I was thinking about this the other day. However, the milliage deduction which was 56 cents last time I checked per mile would be my deduction and not the 1099 IC's, and that is there biggest deduction and I'd be taking it from them. My IC drive over 75,000 miles a year my CPA usually splits it up 73% business and 27% personal. Imagin not getting that deduction. I care for my IC's

 

[saveliberty]

One other thing that caught my eye, how can your franchise be worth $8 million without any shareholders?

Simple - as a small business with no more than 20 1099 IC's the commission I make is very high per sale. I don't keep that money in the business account I usually just by inventory (extra) since it's a write off. I will also pay myself a higher salary, which is another benefit of a s-corp. I'm worth 8 million total so my business is despite being incorporated. It's perception.

You don't need to be an S corp to have a salary or have it be large. LLCs do the same thing. When you say the business is worth 8 million, that means your assets are that much. Doubtful you have $8M in vacuums hanging around. Busted.

 

[Judicial review]

One other thing that caught my eye, how can your franchise be worth $8 million without any shareholders?

It is possible TK. What is really telling is he does realize he needs stock, as the profits and losses flow to him based on his share of ownership based on stock holdings on his K-1

Bingo.

Yes, but you didn't issue stock idiot.

I own 100% share.

 

[bigrebnc1775]

Thinking common sense fixes even complex problems is not genius it's laziness.

No, it just proves that some things can't and shouldn't be rationalized that a simple yes or no or a sentence long answer concludes and answers the topic without the need for further explanation.

Translation - What you consider complex really isn't if you had common sense.

The world cannot accurately be boiled down to bumper sticker slogan, only lazy thinkers think differently.

Sure it can.

Are you better off than you were four years ago?

You are correct

 

[Judicial review]

One other thing that caught my eye, how can your franchise be worth $8 million without any shareholders?

Simple - as a small business with no more than 20 1099 IC's the commission I make is very high per sale. I don't keep that money in the business account I usually just by inventory (extra) since it's a write off. I will also pay myself a higher salary, which is another benefit of a s-corp. I'm worth 8 million total so my business is despite being incorporated. It's perception.

You don't need to be an S corp to have a salary or have it be large. LLCs do the same thing. When you say the business is worth 8 million, that means your assets are that much. Doubtful you have $8M in vacuums hanging around. Busted.

I know that. I have a s-corp for the legal protection.

I have about 600,000 in inventory. I buy that much every month. In dec I will just buy an extra months worth.

 

[saveliberty]

One other thing that caught my eye, how can your franchise be worth $8 million without any shareholders?

It is possible TK. What is really telling is he does realize he needs stock, as the profits and losses flow to him based on his share of ownership based on stock holdings on his K-1

Bingo.

Yes, but you didn't issue stock idiot.

I own 100% share.

No you don't you admitted partners, which means you own less than 100%.

 

[saveliberty]

I know that. I have a s-corp for the legal protection.

I have about 600,000 in inventory.

LLC stands for limited liability corporation. It is FOR legal protection. Busted

So you have a $600,000 company, not an $8M one. Busted

 

[TemplarKormac]

One other thing that caught my eye, how can your franchise be worth $8 million without any shareholders?

It is possible TK. What is really telling is he does realize he needs stock, as the profits and losses flow to him based on his share of ownership based on stock holdings on his K-1

For that to happen, he has to be the sole proprietor of the business. I would find it quite difficult to be worth that much money and not have any shareholders at all.

 

[Judicial review]

One other thing that caught my eye, how can your franchise be worth $8 million without any shareholders?

It is possible TK. What is really telling is he does realize he needs stock, as the profits and losses flow to him based on his share of ownership based on stock holdings on his K-1

Bingo.

Yes, but you didn't issue stock idiot.

I own 100% share.

No you don't you admitted partners, which means you own less than 100%.

I said an s corp can have partners. I'm the sole owner of mine.

 

[TemplarKormac]

One other thing that caught my eye, how can your franchise be worth $8 million without any shareholders?

It is possible TK. What is really telling is he does realize he needs stock, as the profits and losses flow to him based on his share of ownership based on stock holdings on his K-1

Bingo.

Yes, but you didn't issue stock idiot.

I own 100% share.

Impossible.

 

[Asclepias]

It is possible TK. What is really telling is he does realize he needs stock, as the profits and losses flow to him based on his share of ownership based on stock holdings on his K-1

Bingo.

Yes, but you didn't issue stock idiot.

I own 100% share.

No you don't you admitted partners, which means you own less than 100%.

I said an s corp can have partners. I'm the sole owner of mine.

Are you avoiding my post on purpose or did you just miss it?

 

[saveliberty]

His assets dropped from $8M to $600,000 today, so it has been very stressful.

 

[Judicial review]

One other thing that caught my eye, how can your franchise be worth $8 million without any shareholders?

It is possible TK. What is really telling is he does realize he needs stock, as the profits and losses flow to him based on his share of ownership based on stock holdings on his K-1

For that to happen, he has to be the sole proprietor of the business. I would find it quite difficult to be worth that much money and not have any shareholders at all.

I make about $300 per sale after I repurchase the product from the factory. Now multiply $300 X 500 sales per month - $150,000 X 12 = 1.8 million.

 

[Judicial review]

His assets dropped from $8M to $600,000 today, so it has been very stressful.

Inventory is only 1 asset.

 

[saveliberty]

At $600,000 in assets you don't seem to carry enough inventory to support those types of sales figures. Busted

 

[Judicial review]

One other thing that caught my eye, how can your franchise be worth $8 million without any shareholders?

It is possible TK. What is really telling is he does realize he needs stock, as the profits and losses flow to him based on his share of ownership based on stock holdings on his K-1

For that to happen, he has to be the sole proprietor of the business. I would find it quite difficult to be worth that much money and not have any shareholders at all.

I've without question worked my ass of for 10 years. One of the hardest most physical businesses to do.

 

[Judicial review]

At $600,000 in assets you don't seem to carry enough inventory to support those types of sales figures. Busted

See my post to temp.

 

[Asclepias]

At $600,000 in assets you don't seem to carry enough inventory to support those types of sales figures. Busted

See my post to temp.

I guess you are too embarrassed to attend to my post. I'm sorry I had to do that to you.