I'm the only one with common sense here

[TemplarKormac]

If you're the only one with common sense, then wouldn't that be rare sense?

I am a very rare guy with rare gifts.

You are a rare breed of idiot with a rare penchant for overstatement.

I sure taught you guys about business entity's.

No, you got called on your lies and ran to the internet for help. You are a fraud. Consider yourself ignored.

Well then, I don't care much for dealing with corporations, nor am I the business type... that said, the ass whooping I just gave him was due to my newly acquired knowledge of corporate tax law. I've only been studying it for a few days. My interest in the law leads me to a lot of interesting places...

 

[Judicial review]

You rent a dumpy apartment with two vacuums sitting in the corner, you hope to sell at least one this week.

My rent is very low for my apartment for a reason, so I can save more. My office rent lease is $2,750 a month. Very nice. Good neighborhood too with easy access to freeways. Has ware house in back with 4 front offices and a huge meeting room/training room. Keep overhead low to make more profit and pay your taxes and you will never go out of business. Don't over extend yourself.

 

[Judicial review]

If you're the only one with common sense, then wouldn't that be rare sense?

I am a very rare guy with rare gifts.

You are a rare breed of idiot with a rare penchant for overstatement.

I sure taught you guys about business entity's.

So, explain this to me. How can you be a sole owner of your franchise and own all of the stock at the same time? Doing so would be counterproductive being the sole investor. So I call bullshit on that part.

I don't care about that. I can be the only share holder as the owner, though.

No you can't. You don't need to be a shareholder, nor are you a shareholder.

You know what this sounds like to me? It sounds like you're one of those guys who has opened a regional franchise and goes house to house selling crap products, all while you sit on your hind parts doing little to nothing.

What you describe is a sole proprietorship, but you then are claiming to be an S-Corporation. You cannot jump from being a sole proprietor to the owner of an S-Corp. You need to file as a C type corporation first, then have ALL of your shareholders file a form 2553 to elect it as an S type.

Geez, looks like I just educated you on corporate tax law. By definition, a shareholder and owner are two different things entirely.

As I pointed out to you the owner and wife are considered to be 1 shareholder. You were saying?

 

[TemplarKormac]

You rent a dumpy apartment with two vacuums sitting in the corner, you hope to sell at least one this week.

My rent is very low for my apartment for a reason, so I can save more. My office rent lease is $2,750 a month. Very nice. Good neighborhood too with easy access to freeways. Has ware house in back with 4 front offices and a huge meeting room/training room. Keep overhead low to make more profit and pay your taxes and you will never go out of business. Don't over extend yourself.

 

[Judicial review]

If you're the only one with common sense, then wouldn't that be rare sense?

I am a very rare guy with rare gifts.

You are a rare breed of idiot with a rare penchant for overstatement.

I sure taught you guys about business entity's.

No, you got called on your lies and ran to the internet for help. You are a fraud. Consider yourself ignored.

No... You weren't listening to me so I used the internet a confirmation.

 

[TemplarKormac]

If you're the only one with common sense, then wouldn't that be rare sense?

I am a very rare guy with rare gifts.

You are a rare breed of idiot with a rare penchant for overstatement.

I sure taught you guys about business entity's.

So, explain this to me. How can you be a sole owner of your franchise and own all of the stock at the same time? Doing so would be counterproductive being the sole investor. So I call bullshit on that part.

I don't care about that. I can be the only share holder as the owner, though.

No you can't. You don't need to be a shareholder, nor are you a shareholder.

You know what this sounds like to me? It sounds like you're one of those guys who has opened a regional franchise and goes house to house selling crap products, all while you sit on your hind parts doing little to nothing.

What you describe is a sole proprietorship, but you then are claiming to be an S-Corporation. You cannot jump from being a sole proprietor to the owner of an S-Corp. You need to file as a C type corporation first, then have ALL of your shareholders file a form 2553 to elect it as an S type.

Geez, looks like I just educated you on corporate tax law. By definition, a shareholder and owner are two different things entirely.

As I pointed out to you the owner and wife are considered to be 1 shareholder. You were saying?

Your marital status means jacksquat. You don't know anything about what it takes to be an S-Corp or what it takes to be a shareholder. You cannot be a shareholder and owner of an S-Corp, not even if you are a polygamist.

 

[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.

S-corps don't give you much in the way of legal protection from personal liability. Odds are you do not do the legal necessities to do that, and more importantly, in many jurisdictions, a single owner of an S-corp is deemed so synonymous with the corporate entity, that you will personally be held liable for all but perhaps simple negligence claims.

Yes I can be held liable. The s-corp filing helps the parent company not really me. This is why I carry business insurance and do extensive background checks and train people how to do no pressure sales.

 

[TemplarKormac]

If you're the only one with common sense, then wouldn't that be rare sense?

I am a very rare guy with rare gifts.

You are a rare breed of idiot with a rare penchant for overstatement.

I sure taught you guys about business entity's.

No, you got called on your lies and ran to the internet for help. You are a fraud. Consider yourself ignored.

No... You weren't listening to me so I used the internet a confirmation.

Sigh. Stop lying.

 

[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.

?

No need to play dumb. I wont embarrass you anymore......well that and take you seriously.

 

[Judicial review]

If you're the only one with common sense, then wouldn't that be rare sense?

I am a very rare guy with rare gifts.

You are a rare breed of idiot with a rare penchant for overstatement.

I sure taught you guys about business entity's.

No, you got called on your lies and ran to the internet for help. You are a fraud. Consider yourself ignored.

Well then, I don't care much for dealing with corporations, nor am I the business type... that said, the ass whooping I just gave him was due to my newly acquired knowledge of corporate tax law. I've only been studying it for a very a few days. My interest in the law leads me to a lot of interesting places...

Time to reeducate yourself.

 

[Judicial review]

I am a very rare guy with rare gifts.

You are a rare breed of idiot with a rare penchant for overstatement.

I sure taught you guys about business entity's.

No, you got called on your lies and ran to the internet for help. You are a fraud. Consider yourself ignored.

No... You weren't listening to me so I used the internet a confirmation.

Sigh. Stop lying.

i said exactly what the internet was saying. They match up 100%. Go back and read.

 

[Asclepias]

Kirby is a legit network marketing company. They suck ass but they are a company where you can be sole owner of a franchise.

 

[TemplarKormac]

I am a very rare guy with rare gifts.

You are a rare breed of idiot with a rare penchant for overstatement.

I sure taught you guys about business entity's.

No, you got called on your lies and ran to the internet for help. You are a fraud. Consider yourself ignored.

Well then, I don't care much for dealing with corporations, nor am I the business type... that said, the ass whooping I just gave him was due to my newly acquired knowledge of corporate tax law. I've only been studying it for a very a few days. My interest in the law leads me to a lot of interesting places...

Time to reeducate yourself.

Time to stop kidding yourself.

 

[TemplarKormac]

You are a rare breed of idiot with a rare penchant for overstatement.

I sure taught you guys about business entity's.

No, you got called on your lies and ran to the internet for help. You are a fraud. Consider yourself ignored.

No... You weren't listening to me so I used the internet a confirmation.

Sigh. Stop lying.

i said exactly what the internet was saying. They match up 100%. Go back and read.

"All I learned, I learned from the internet!"

You were saying?

 

[Judicial review]

I am a very rare guy with rare gifts.

You are a rare breed of idiot with a rare penchant for overstatement.

I sure taught you guys about business entity's.

So, explain this to me. How can you be a sole owner of your franchise and own all of the stock at the same time? Doing so would be counterproductive being the sole investor. So I call bullshit on that part.

I don't care about that. I can be the only share holder as the owner, though.

No you can't. You don't need to be a shareholder, nor are you a shareholder.

You know what this sounds like to me? It sounds like you're one of those guys who has opened a regional franchise and goes house to house selling crap products, all while you sit on your hind parts doing little to nothing.

What you describe is a sole proprietorship, but you then are claiming to be an S-Corporation. You cannot jump from being a sole proprietor to the owner of an S-Corp. You need to file as a C type corporation first, then have ALL of your shareholders file a form 2553 to elect it as an S type.

Geez, looks like I just educated you on corporate tax law. By definition, a shareholder and owner are two different things entirely.

As I pointed out to you the owner and wife are considered to be 1 shareholder. You were saying?

Your marital status means jacksquat. You don't know anything about what it takes to be an S-Corp or what it takes to be a shareholder. You cannot be a shareholder and owner of an S-Corp, not even if you are a polygamist.

Yes you can. Do I need to repost it for you?

 

[TemplarKormac]

You are a rare breed of idiot with a rare penchant for overstatement.

I sure taught you guys about business entity's.

So, explain this to me. How can you be a sole owner of your franchise and own all of the stock at the same time? Doing so would be counterproductive being the sole investor. So I call bullshit on that part.

I don't care about that. I can be the only share holder as the owner, though.

No you can't. You don't need to be a shareholder, nor are you a shareholder.

You know what this sounds like to me? It sounds like you're one of those guys who has opened a regional franchise and goes house to house selling crap products, all while you sit on your hind parts doing little to nothing.

What you describe is a sole proprietorship, but you then are claiming to be an S-Corporation. You cannot jump from being a sole proprietor to the owner of an S-Corp. You need to file as a C type corporation first, then have ALL of your shareholders file a form 2553 to elect it as an S type.

Geez, looks like I just educated you on corporate tax law. By definition, a shareholder and owner are two different things entirely.

As I pointed out to you the owner and wife are considered to be 1 shareholder. You were saying?

Your marital status means jacksquat. You don't know anything about what it takes to be an S-Corp or what it takes to be a shareholder. You cannot be a shareholder and owner of an S-Corp, not even if you are a polygamist.

Yes you can. Do I need to repost it for you?

You can repost it as much as you wish, you would still be wrong.

 

[Judicial review]

I sure taught you guys about business entity's.

No, you got called on your lies and ran to the internet for help. You are a fraud. Consider yourself ignored.

No... You weren't listening to me so I used the internet a confirmation.

Sigh. Stop lying.

i said exactly what the internet was saying. They match up 100%. Go back and read.

"All I learned, I learned from the internet!"

You were saying?

I said pages ago that I learned through personal experience. You guys were saying, "no you are wrong," so I backed it up with the internet. Simple and common sense.

 

[TemplarKormac]

No, you got called on your lies and ran to the internet for help. You are a fraud. Consider yourself ignored.

No... You weren't listening to me so I used the internet a confirmation.

Sigh. Stop lying.

i said exactly what the internet was saying. They match up 100%. Go back and read.

"All I learned, I learned from the internet!"

You were saying?

I said pages ago that I learned through personal experience. You guys were saying, "no you are wrong," so I backed it up with the internet. Simple and common sense.

Of course you backed it up with the internet, that's probably where all of your knowledge came from to begin with. I know, because I have literally given myself a college level education with it. I know a digger when I see one. And you dug yourself into a hole by mischaracterizing those Google results you got from the internet.

 

[rdean]

Sorry, most of the time, complex problems require complex solutions. George Bush and the Republicans think they have simple solutions. Their policies all fail. Something you would expect of "simpletons".

 

[Judicial review]

I am a very rare guy with rare gifts.

You are a rare breed of idiot with a rare penchant for overstatement.

I sure taught you guys about business entity's.

So, explain this to me. How can you be a sole owner of your franchise and own all of the stock at the same time? Doing so would be counterproductive being the sole investor. So I call bullshit on that part.

I don't care about that. I can be the only share holder as the owner, though.

No you can't. You don't need to be a shareholder, nor are you a shareholder.

You know what this sounds like to me? It sounds like you're one of those guys who has opened a regional franchise and goes house to house selling crap products, all while you sit on your hind parts doing little to nothing.

What you describe is a sole proprietorship, but you then are claiming to be an S-Corporation. You cannot jump from being a sole proprietor to the owner of an S-Corp. You need to file as a C type corporation first, then have ALL of your shareholders file a form 2553 to elect it as an S type.

Geez, looks like I just educated you on corporate tax law. By definition, a shareholder and owner are two different things entirely.

As I pointed out to you the owner and wife are considered to be 1 shareholder. You were saying?

Your marital status means jacksquat. You don't know anything about what it takes to be an S-Corp or what it takes to be a shareholder. You cannot be a shareholder and owner of an S-Corp, not even if you are a polygamist.

Here it is and in bold,

S corporations and LLCs possess similarities: They offer their owners limited liability protection and are both pass-through tax entities. Pass-through taxation allows the income or loss generated by the business to be reflected on the personal income tax return of the owners. This special tax status eliminates any possibility of double taxation for S corporations and LLCs.


A corporation must meet certain conditions to be eligible for a subchapter S election. First, the corporation must have no more than 75 shareholders. In calculating the 75-shareholder limit, a husband and wife count as one shareholder. Also, only the following entities may be shareholders: individuals, estates, certain trusts, certain partnerships, tax-exempt charitable organizations, and other S corporations (but only if the other S corporation is the sole shareholder).

In addition, owners of S corporations who don't have inventory can use the cash method of accounting, which is simpler than the accrual method. Under this method, income is taxable when received and expenses are deductible when paid.