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1. Woggy's Zeonic Frolicks (washedoutgundampilot@poa.st)'s status on Friday, 17-Feb-2023 10:22:16 JST Woggy's Zeonic Frolicks

   While all this is brewing, anyone with a small business would do well to really dive into the intermediate level of knowlege regarding LLC operations. All this drama will soon be forgotten, but if you’re a contractor, self-employed, etc. and you could use some additional shielding in case of litigation, know what you need to do in order to protect your assets.

   Owning an LLC and making sure it effectively guards your assets (like, say, you’re a small time plumber who gets sued over a car accident and they want to go after your home, car, and the like instead of the company’s) takes a lot more than filling out the paperwork and registering with the state. It’s a totally new “person”, with its own accounts, its own invoices, its own payments, even its own thoughts in the form of recording company minutes for every decision you make.

   • officialNIGR (officalnigr@poa.st)'s status on Friday, 17-Feb-2023 10:36:56 JST officialNIGR

     in reply to
     @WashedOutGundamPilot The problem with education on this stuff this is the state to state case law and state tax autism and registration is so brutally different that you really can’t make a one size fits all policy.
     Woggy's Zeonic Frolicks likes this.
   • Woggy's Zeonic Frolicks (washedoutgundampilot@poa.st)'s status on Friday, 17-Feb-2023 10:38:58 JST Woggy's Zeonic Frolicks

     in reply to

     • officialNIGR

     @officalNIGR For sure. Guys just need to know that it’s much more complicated than it sounds, when you ask the average jackass.

     “oh I just renew a fee every year hahahah!” seems to be the average boomer take on it, totally out of the loop in what documentation is required to provide a robust legal defense should it ever be needed.

     Just one of those things, hopefully some of the boys here will need to know this someday when someone wants to start a biz with them, and they can hear my faint voice and really vet things before jumping into them…..there are a lot of horror stories.

   • Rayfield (rayfield@poa.st)'s status on Friday, 17-Feb-2023 10:54:28 JST Rayfield

     in reply to

     • officialNIGR
     @WashedOutGundamPilot @officalNIGR Good timing actually, a buddy of mine just called and wanted to know if I would be interested in going in with him on a business idea.
   • Woggy's Zeonic Frolicks (washedoutgundampilot@poa.st)'s status on Friday, 17-Feb-2023 10:54:28 JST Woggy's Zeonic Frolicks

     in reply to

     • Rayfield
     • officialNIGR

     @Rayfield @officalNIGR I’m only in with family now. Probably not doing it with anyone outside of blood, unless i have very good protections in place. I would just try to limit my exposure to billing, do stuff like not be the only chump on the hook for a business loan, or make sure I have full and absolute control over all the filing just to make sure it’s done well - or done at all.

     it’s the little things that make it a real business, like not just going out to lunch and mini golf to call it a ‘business expense’ unless you have actual notes and records of that “power lunch”. Making sure you can see the way he spends company money is good, too, lest you find out you’re $300 short next month because he was juggling CC payments and figured there wasn’t any difference in taking his money a little early (which you can do, but you have to document it and agree to do so first)

   • Woggy's Zeonic Frolicks (washedoutgundampilot@poa.st)'s status on Friday, 17-Feb-2023 10:59:58 JST Woggy's Zeonic Frolicks

     in reply to

     Something that would have totally ruled was that, had I kept up on our paperwork instead of trusting the others to do it, would have been a primo BANTS moment in 2020. If we’d set up an outside payroll vendor instead of just splitting profits, then we would have been ready to go when the bidenbux payroll protection loans rolled out.

     We didn’t have our ducks in a row in time, and we basically missed out on free BANTS money, because businesses impacted had their loans forgiven as long as they were used to make payroll. We applied in the second round and never got them, so that was $10,000 of our own tax money back we missed out on.. I’m sure the LA lakers and starbucks needed it more.

   • officialNIGR (officalnigr@poa.st)'s status on Friday, 17-Feb-2023 11:16:13 JST officialNIGR

     in reply to

     • Rayfield
     @Rayfield @WashedOutGundamPilot I would just make it very clear that one of you owns 51% or more and that guy has the final say. It makes things much easier bc it avoids disputes before they happen when everyone knows if it goes nuclear one party is winning.
     Woggy's Zeonic Frolicks likes this.
   • Woggy's Zeonic Frolicks (washedoutgundampilot@poa.st)'s status on Friday, 17-Feb-2023 11:17:17 JST Woggy's Zeonic Frolicks

     in reply to

     • Rayfield
     • officialNIGR

     @officalNIGR @Rayfield LLC’s by design are supposed to issue membership certificates and keep track of how much of a share someone owns, so unless you’re literally filling in docs in your basement and never having a grown-up look at your OA then theoretically it’s impossible NOT to have it outlined……..okay a lot of people don’t even do that