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Mdmom
Forums Member
Joined: 17 Mar 2007
Posts: 13
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#1 · Posted: 3 Apr 2007 11:08
It's me again 
Just wondering,
How many directors here have opted to form LLC's and Inc's versus those who are sole proprietors?
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CoastalToday
Forums Member
Joined: 2 Apr 2007
Posts: 150
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#2 · Posted: 3 Apr 2007 11:31
I have an LLC. I feel it gives a good combination of benefits without having to mess with incorporation paperwork. Also, when selling B2B it provides me with a stronger show of legitimacy than just my name alone.
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Mdmom
Forums Member
Joined: 17 Mar 2007
Posts: 13
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#3 · Posted: 3 Apr 2007 11:41
Thanks for your response. In general, I think having an LLC or Inc would be stronger as well.
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screamingeagle
Forums Member
Joined: 25 Feb 2007
Posts: 96
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#4 · Posted: 3 Apr 2007 12:04
Quoting: Mdmom How many directors here have opted to form LLC's and Inc's versus those who are sole proprietors?
Hello Mdmom:
I was leaning toward forming an LLC, but my attorney told me it would take 2 to 3 weeks to form. I didn't want to wait that long, so opted for a sole proprietorship. I could always form an LLC later.
Take Care,
Robert
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Mdmom
Forums Member
Joined: 17 Mar 2007
Posts: 13
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#5 · Posted: 3 Apr 2007 13:48
Quoting: screamingeagle I was leaning toward forming an LLC, but my attorney told me it would take 2 to 3 weeks to form. I didn't want to wait that long, so opted for a sole proprietorship. I could always form an LLC later.
2-3 weeks... that's interesting. It's really only for paperwork though. I formed one in MD and had the paper work time/date stamped. They only do the name search to make sure there isn't another company with the same name in your state. Other than that, it was a go once I handed over the check.
What state are you in?
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goldmills
Forums Member
Joined: 3 Apr 2007
Posts: 184
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#6 · Posted: 9 Apr 2007 01:33
Sole proprietorship is worst way to do business. You cannot get to write off your businesses.
Rember the tax code takes into consideration corporations and peoeple.
It taxes Corporations on money they made at the end of the year. Key point.. money made... what if you expensed it all out to other areas? what do you pay taxes on? ZIP.
But individuals pay tax on all money earned, no matter what cause it is a different tax situation for corps vs sole proprietor.
Gov't wants everyone as sole proprietor, but if you want to be a serious USA loving tax reduction saving American, you need a corp Identity. Like an LLC, S corp or C corp or a combination of all of those.
I work with the internet's best Tax attorney - JJ Childers, and I can get you an ebook or audio on the subject if anyone is interested, just look me up.
Actually JJ and I are doing a tax planning seminar on Thurs. April 12, so you all are invited to join in and learn.
Jeff
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roger
Forums Member
Joined: 31 Jan 2007
Posts: 276
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#7 · Posted: 9 Apr 2007 07:14
I couldn't agree more Jeff and it works the same way in both countries, I also run my business from my corporation it just makes sense.....does your eBook or seminar apply to Canadians too?
Roger
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decker2006
Forums Member
Joined: 6 Jan 2007
Posts: 222
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#8 · Posted: 9 Apr 2007 09:45
Jeff,
Can you give us info on the tax seminar? I am interested. Since I am just starting, I want to do this right. My husband is going to take on Coastal full time so we need to get our tax situation in order.
Thx.
Noreen
__________________
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Shelby
Forums Member
Joined: 8 Feb 2007
Posts: 28
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#9 · Posted: 9 Apr 2007 10:07
Jeff--I would be interested on more info on the tax seminar as well. Thanks!
Shelby
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hsimpsonjr
Joined: 16 Dec 2006
Posts: 603
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#10 · Posted: 9 Apr 2007 10:18
Jeff,
you need to do a podcast on your podcast website. That would be cool!
__________________
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screamingeagle
Forums Member
Joined: 25 Feb 2007
Posts: 96
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#11 · Posted: 9 Apr 2007 11:36 · Edited by: screamingeagle
Quoting: Mdmom What state are you in?
Hell Mdmom:
I am in Alaska.
Take Care,
Robert
P.S. Here's another good one, to reduce one's taxes:
http://www.taxreductioninstitute.com/csg.asp
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goldmills
Forums Member
Joined: 3 Apr 2007
Posts: 184
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#12 · Posted: 9 Apr 2007 12:43
OK, I am hosting the seminar on Thursday Night, I'll post the phone and pin code for you all if you want to attend. Feel free to bring any of your team members wo want to learn as well.
12 Tips to Tame the Tax Tiger with JJ Childer's and Jeff Mills
Thursday, April 12, at 9:00 pm EST, 6:00 pm PST.
Calling from the US call # 1-605-475-8590
In Europe, call:
Austria 0820 4000 1574
Belgium 070 35 9989
France 0826 100 277
Germany 01805 00 7649
Ireland 0818 270 034
Italy 0848 390 175
Spain 0902 886 051
Switzerland 0848 560 195
UK 0870 738 0763
Your Conference Room Number is : 5846101 #
See ya all there.
For other details, see [Link removed - Admin]
This was a call we did about two years ago. This one will be different.
Jeff
__________________
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susaneng
Forums Member
Joined: 19 May 2006
Posts: 120
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#13 · Posted: 12 Apr 2007 03:59
I totally agree with Jeff. I have been to JJ Childers asset protection seminar. It is really great. Definitely a sole proprietor is the worse way to run your own business.
If anyone has read any of Robert Kiyosaki's books he explains the difference between a sole proprietor and a business owner. His Rich Dad/Poor Dad series are great informative books.
__________________
Http://www.wealthbuildingtravel.com
Book your travel with the best rates:
http://www.susaneng.joystar.com
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Chaz T
Forums Member
Joined: 17 Dec 2006
Posts: 116
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#14 · Posted: 12 Apr 2007 04:39
I've read 2 of 3 books in the Robert Kiyosaki series (rich dad poor dad and guide to investing) and it's awesome.
Really good stuff in there.
He does explain the advantages and disadvantages of entities but also tells you to make sure you seek professional advice.
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