Posts by Charles Ramos7

Susan Fowler7 said:Hey everyone. Does anyone have the lowdown on importing specific goods? I’m looking into starting a health food business. I already have a storefront lined up and I'm planning to set up an LLC. Honestly, the whole thing feels more like retail to me. I briefly considered setting up a travel agency instead, but I don't know the first thing about that.

What does a travel agency have to do with retail?!🤷

I thought I said I already returned my Diners Club card, but turns out I'm still hanging around somewhere in the North America! 🙂

Finally got her back today!!! 🙂

You’re essentially in the same boat as an LLC right now, so you wouldn't really gain or lose much by making the switch.
I don't know anyone who's dealt with this exact scenario, but maybe setting up a sole proprietorship for your husband while keeping your own LLC running would be the smartest move. It's worth checking in with your accountant.

analogfox24 said:So, truly? Not a single soul?🤷

Did you leave out too much info to get a real answer? I'm mostly an LLC guy myself, though I see why some people prefer being a sole proprietor—especially in industries like construction where there's a lot of cash moving under the table.

analogscout482 said:To’s honestly not even a big deal for me, mostly because I’m just stumped on what to actually call it; should I be looking at an LLC, a sole proprietorship, or something else entirely🤷!

You might want to dig through some of the older threads first. It’ll help you get a handle on the differences between running a small business versus a full corporation and the pros and cons of each.

analogscout482 said:I have a quick question for the group—and feel free to tell me if this is slightly off-topic, though I think it’s pretty relevant! What does it actually take to get a professional cleaning service off the ground? I'm looking at focusing on commercial contracts, like cleaning up office buildings and corporate workspaces. Any advice or checklists would be hugely appreciated!🙏

As far as I know, nothing too crazy—just register the LLC, hire some help, and grab a mop! 🙂

Emily Kelly5 said:Hey everyone...

I'm looking to set up an LLC, but I'm honestly not sure if I can pull off what
I have in mind—so I could use some advice here...

Here's the deal: I want to open a private daycare center. Right now, I'm a part-time student at
state college studying business. I've already got my associate degree and now I'm working toward my bachelor's (if that even matters, though
I doubt it does much).
Is it actually possible for me to start a company where the main thing we do is childcare
and supervision, even if my actual background isn't anywhere near that field?

If it is doable, what would my role look like? Like, am I the director, the owner, just an employee, or
some weird hybrid of all three?

The thing is, I really want to get into this industry, so this is pretty huge for me. Basically,
can I actually run the show—as in being the sole employee of my own company—even if I don't have
the formal credentials for it?

One last thing: how much of a headache is the paperwork? Can I just handle all the bookkeeping myself, or
am I forced to hire a professional accounting firm?

Thanks a ton in advance...

Cheers

The full details are right here: http://www.nytimes.com/articles/official-report.htm 😉

Timothy Jackson3 said:Can I list a vehicle as my initial capital?
I mean—could I just put down my own car?

You can only count up to half of the required amount toward assets, and you'll need an official appraisal for it. Honestly, it’s not worth the headache. It makes more sense to just sell the car, use that cash to start the business, then loan the money back to the company to buy a different one.

rapidviper54 said:Beyond those $5,000 $2000 for paperwork, filing fees, and stamps, you also need at least $20,000 $0.00 in startup capital. I read somewhere that when setting up an LLC, you can actually include a clause stating the company is obligated to pay back that initial investment to the investor—or something along those lines? Is that actually a thing, or just some malicious nonsense 😁
?

It’s true.

Gerald King said:There are five of us looking to launch a niche media portal fueled by ad revenue. We're trying to figure out the best legal structure—should we go with a sole proprietorship, an LLC, or maybe something else entirely, like how short-term rental owners set things up? We also need advice on what specific business category to list, what the startup costs look like, and what we’re looking at for monthly and annual overhead. Any guidance on the requirements for setting up a specific type of entity would be huge. Also, if anyone knows what it costs to have a pro put together a solid financial projection, let me know via PM.

Business category = 518210 Internet Publishing😉

I’ve always preferred an LLC; there aren't many hoops to jump through.

Have you guys actually run the numbers yet, or found any potential clients?🤷

5-$2333 for expenses and $6667 initial startup capital (which you can eventually sink back into gear, etc.). You don't strictly need an accountant (maybe $500-$333) if you're comfortable handling the books yourself. You could just set up a sole proprietorship to handle web dev work and invoicing; the bookkeeping is a bit more straightforward than running a full corporation, but you still have to stay on top of it, whether you DIY or hire someone.

Lisa Grant said:Hmm... I might actually give that a shot. This Visa Electron is starting to drive me crazy; I’ve run into several places lately that explicitly state, "We don't accept Electron cards." Now I'm worried that if Visa falls into that same category, there won't be much point in opening a foreign currency account if they just reject the card anyway.🙄 Plus, who knows if I'll even be able to book a hotel or a flight with this thing?😕 Honestly, it's getting so frustrating—it feels like I'm hitting a brick wall no matter what I try to do.🙂

A credit card would solve all of these headaches. I think I'll head over to JPMorgan Chase tomorrow to see if I can qualify for a credit card by opening a foreign currency account, even if I don't have a massive fortune to deposit right away...

You don't need to be loaded, but you do have to build up some history first...

casualmoose63 said:Let me see if I can break down how credit cards actually work here...

To qualify for a revolving credit card or a charge card—where you get about a 30-day grace period before payment is due—you essentially have to prove to the Bank that you’re a safe bet. This usually means providing collateral, like a security deposit, or showing a steady monthly income. No Bank in the US is going to hand out one of these cards to a student with zero income; there's simply no way to guarantee they'll pay back what they spend.

Your spending limit on either or both cards depends on a whole host of factors. These are all laid out in the application you fill out when applying. Every single answer you provide is scored individually, and your total score determines your credit limit. Of course, don't think you can fudge any of the details, because the Bank reserves the right to verify every single piece of information you submit.

The bottom line? If you're a student with no income and your parents aren't willing to be the primary account holders—meaning they take responsibility for your spending—no Bank is going to approve your credit card application. ☕

You need regular monthly income, though it doesn't strictly have to be a paycheck; it could be a pension or parental leave benefits. 😉

Kokoska is a student, but he mentioned having steady monthly income... (no idea how much or what kind 🤷 )

Generally speaking, banks issue Visa and Mastercard themselves, and they're pretty liberal. There isn't some intense credit scoring process beyond that basic requirement—having regular monthly income.
It’s almost automatic. They just asked me if I wanted Visa or Mastercard without me even bringing up a credit card. When I asked about terms or applications, they basically just waved me off and said, "Just sign here and pick it up in a few days." 🙂

Amex and Diners Club are a completely different story. They're much stricter and rely heavily on credit scores, but even then, if you don't meet the baseline requirement of regular monthly income, nothing else matters. You could own several houses or half a city, but it's all useless if you can't prove $1000 a steady monthly income. They were even tougher a few years back; they've loosened up a bit since then, but still...😠

ruggedhound0—I couldn't agree more with you! 👍

Regarding the issue of certain merchants not accepting specific cards: if it’s just your local grocery store, it's usually fine since there's always another shop right across the street. But if you're trying to book a flight through an airline that only sells online and they don't take your particular card... 😢 I honestly don't get that logic. It makes no sense that a company pulling in millions can't manage to set up agreements with all the major card networks, especially when we're the ones footing the bill for those transaction fees anyway. 😠

ruggedhound0 said:Listen, let’s use some common sense here—for those of us living on a standard, average income (and let's be honest, most of us fall into that category), one credit card is more than enough! If possible, go with a traditional credit card rather than a revolving line of credit. Like someone mentioned earlier, revolving debt is basically a one-way ticket to a spiral of your own making—once you're stuck, there's no easy way out. Plus, if you actually sit down and crunch the numbers—annual fees, membership costs, interest rates, those pesky cash advance fees—you'll quickly see some pretty eye-opening totals. I used to be a total card addict, carrying everything under the sun, but after years of trial and error, I stuck with a simple Mastercard from JPMorgan Chase, and frankly, it does the job just fine. All those other complicated options are essentially a "stupid tax"—something the banks and card issuers know all too well as they squeeze us for every cent. I was just reading about some Visa revolving offer from Intel in partnership with the Federal Reserve, where you rack up points at Intel, then use them at the Mall of America via JPMorgan Chase... honestly, who has the energy to keep track of all that? They're out there hunting for every bit of profit, and we're just buzzing around like bees chasing honey, until eventually, we hit a wall!

It really comes down to self-discipline and how you manage your own money. The reality is that there are certain things you simply can't buy without a credit card, so arguing over whether someone needs one at all is pretty pointless. Since not every merchant accepts every type of card, having just one isn't always enough.
As for the costs, enrollment is usually a one-time thing and sometimes it's even free. Interest and cash advance fees are entirely avoidable if you make smart choices, so the only real cost left is the annual fee. When I consider that I can spread purchases over 12 interest-free installments—essentially letting me play around with their money for a while—the annual fee doesn't seem like much. If I just put that same amount of money into a basic high-yield savings account, I could practically pay the fee off with the interest earned.

ironsurfer10 said:I’m using a student account myself... honestly, I’m not a huge fan because it feels like the least advantageous credit option. The interest rates are pretty high, and you can't use it everywhere like you can with a Mastercard...

@Charles Ramos7, quick question—since I have a student banking package set up at Chase with regular monthly deposits hitting my account, would I be eligible to get a Mastercard? I don't mean an authorized user through my parents, but one issued directly in my own name.

I’ve never actually dealt with JPMorgan Chase personally, so I can't say for sure, but generally speaking, if you have steady monthly income you can prove, it shouldn't be an issue.

darkmaker94 said:Wait, so you're telling me that as a college student, I can actually snag a Visa or Mastercard?😕How does that even work when they usually require a notary to verify a consent form for wage garnishment (in case of non-payment)?

Yeah—

darkmaker94 said:Why would it be such a hassle to get one? I managed to snag mine back when I was just a college student, so she’ll figure it out too. Plus, my credit limit wasn't exactly small ($1667); obviously, my parents were the ones who set it for me. It could easily be even higher now.

Sure, you physically got yours as a student, but it was based on your parents' income—if they hadn't met the requirements, you wouldn't have been approved. Like I mentioned in another post, you can actually get a Visa or Mastercard without having to provide proof of employment or parental income.
By the way, my mom applied for and received both Diners Club and American Express at the same time. Her Diners Club limit is basically tied to her salary, whereas her American Express is a revolving card with a limit three times larger. 😉 Usually, you'll end up paying off the Diners Club first.
Personally, I think Diners Club is a total bust: it's a hassle to get, the limits are pretty low if you do, and half the places don't even take it.
I stick to American Express and Visa. I push the American Express because of the rewards points and I have a solid limit, then I just pull out the Visa whenever they don't accept the Amex.

Robin Allen8 said:It’s just mediocre. Honestly, I might as well hold off on buying anything until next month👎 — wouldn't want to look like an idiot.
Since nobody seems to take checks anymore, I probably need to close my Intel account ASAP and try to snag a Diners Club card instead. Though, God knows what the requirements are for that one.

You probably won't have much luck with Diners Club either. It’s a pain to get approved, they aren't accepted everywhere, and the credit limit is usually pretty low. Your best bet is just keeping both.