I'm the only one with common sense here

[Judicial review]

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?

No.

 

[Tom Sweetnam]

Despite being a political genius I have noticed and read everybody's posts some good and some bad, but a lot more complex then they should be, because they lack common sense.

This is a major reason why I'm sticking around here and also because of sugar tits. I'm needed.

Please learn the distinction between "then" and "than," Mr. Naturalgas "genius".

Don't misquote me again.

Are you really that stupid? That's an anecdotal muse of course, since I already know the answer. There's your original post up there in bold. Now why don't you run over to a grammar thread and tell every body about your stellar genius.

 

[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.

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.

You still need shareholders! Doesn't matter what your income is.

 

[Judicial review]

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

No legal protection for the Kirby company. The parent company.

 

[saveliberty]

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

 

[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

No legal protection for the Kirby company. The parent company.

You don't own the Kirby company, I doubt you own a franchise. You need business insurance too.

 

[Asclepias]

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?

No.

Then it must have been the embarrassment. Thanks for admitting that.

 

[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.

Impossible.

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.

 

[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.

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

?

 

[Judicial review]

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

No legal protection for the Kirby company. The parent company.

You don't own the Kirby company, I doubt you own a franchise. You need business insurance too.

I said I owned a franchise of the Kirby company. What are you talking about?

I have over 30 million in business insurance.

 

[Judicial review]

Despite being a political genius I have noticed and read everybody's posts some good and some bad, but a lot more complex then they should be, because they lack common sense.

This is a major reason why I'm sticking around here and also because of sugar tits. I'm needed.

Please learn the distinction between "then" and "than," Mr. Naturalgas "genius".

Don't misquote me again.

Are you really that stupid? That's an anecdotal muse of course, since I already know the answer. There's your original post up there in bold. Now why don't you run over to a grammar thread and tell every body about your stellar genius.

No you added that intentionally.

 

[norwegen]

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

 

[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.

 

[TemplarKormac]

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.

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.

I don't know what website you copy pasted that from, but S-Corporations can have no more than 100 shareholders, as defined by the IRS.

 

[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.

 

[Judicial review]

Bingo.

Yes, but you didn't issue stock idiot.

I own 100% share.

Impossible.

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.

I don't know what website you copy pasted that from, but S-Corporations can have no more than 100 shareholders, as defined by the IRS.

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

 

[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.

 

[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.

 

[saveliberty]

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.

 

[sameech]

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.