Posts by Raymond Martinez10

Where have you been hiding? Even though it’s Friday, I’ve still got a little bit of fight left in me—before 🙂 & 🙂

swiftbear6 said:I’m looking into taking over an established company that’s been sitting dormant for quite some time—basically, my parents don't need it anymore—so I’m trying to weigh the pros and cons of buying an existing entity versus just starting a brand-new LLC from scratch.
The business currently carries zero debt, though I would definitely need to overhaul most of its registered business activities. I'd also want to change the company name to something that actually fits the new direction of the business.

I’m assuming the costs for making those kinds of adjustments are roughly on par with the fees for setting up a new corporation, right?

On the plus side, I wouldn't have to worry about putting up initial startup capital, and it saves my parents the hassle and expense of officially dissolving a company they no longer use.

Is this route actually faster than filing all the paperwork for a new business? I'm wondering if I could get up and running sooner this way.

What am I missing here? What are the potential downsides?

No downsides here—you hit the nail on the head. Timing-wise, it’s a wash; you can set up a new LLC in just a few days these days. The real win is that your parents avoid those massive dissolution fees (maybe $7k-$10k), and you don't have to worry about initial capital requirements.

Arthur Rodriguez18 said:Thank you for the information! So, there is truly no way for me to sell goods that I produce myself through a sole proprietorship without passing an exam or having a business degree? I was actually planning on wholesale. It seems unfair that a corporation is my only real option!

Retailers can actually be legal entities or individuals registered under manufacturing if they are selling their own products at retail—but there's a catch. The physical space where you sell has to meet all the MIT standards for that type of commerce. Basically, you don't need to hire a specialist or jump straight into an LLC, but you still run into that initial hurdle: registering as a manufacturer and passing the required certification exams.

goldennomad6 said:Thanks, I actually asked about that and they told me it’s possible there's a similar name out there. I didn't talk to the judge directly, just some clerk at the courthouse, but apparently a difference of just two or three characters might be enough... though it feels like such a totally arbitrary call by the judge. So yeah, the same name could fly in one district and get rejected in another.
Yeah, I heard Latin or Greek versions usually pass, which is a pretty handy tip to know.
I'm just confused if they rejected you initially and then accepted it on appeal, or if this was all just handled during a conversation.

Whether a name gets accepted or not is largely up to the individual discretion of the clerk. When I filed my request, I included a full justification for the name choice—following some advice from JPMorgan Chase—and it went through. Of course, before filing anything officially, JPMorgan Chase did call the Social Security Administration to check if there were any similar names already on file to see if it would even stand a chance.

hollowharbor56 said:I suspect registering the Contract Corp with the IRS is strictly the landlord's responsibility... they're the ones on the hook for the taxes, while the tenant just handles the rent

Spot on—only the landlord is going to face heat from the authorities if the Contract isn't filed. You’ve got an 8-day window from the signing date to report it to the tax office, after which the landlord gets hit with a notice from the IRS demanding payment. If the government decides the price listed in the Contract matches market rates, the landlord's liability is basically 100 minus a 30% deduction (standard allowance) times a 15% tax rate, plus whatever local state surcharges apply based on where they live.

If an individual lends money to a corporation, they can—but absolutely don't have to—charge interest. Plus, there’s no sales tax involved in those transactions. Check this out for details: http://www.imamnovac.com/Pozajmice-t...rnuto/172.aspx

mellowfox56 said:Hey mellowfox56, you might want to merge this thread about starting a sole proprietorship with that huge discussion we have on setting up an LLC and update the title to include...and sole proprietorship since there’s a ton of questions over there like what the actual difference is between an LLC and a sole prop, how much it costs to set up an LLC versus just starting a small business, and stuff like that.

Vote mellowfox56 for moderator 😉

mellowfox56 said:Come on, man, she’s actually awesome. Why are you acting all weirded out by her photo? You probably just misread the situation... things happen, but look, if you step out of line, she’ll let you know if you're breaking any rules. It's not like you're going to get kicked out instantly, so just

Look, I'm a visual guy—I see a lioness ready to pounce and I know it.

LeBron James 🙂, enough already. Let's stick to the topic.👍

mellowfox56 said:Honestly, you guys are all so helpful on this forum that Lioness can't even find any work to do👍

Spare me the Lioness talk—every time I see one of her posts (or those pictures), I nearly have a heart attack.🤣

silverbison293 said:🍿

I'll take a snack that actually matters over junk food any day. 😂

Hey girl 🙂 you might be almost ☕

Thanks, silverbison293, really...🙂

Justin Watson4 said:Hey everyone! Quick question—I’m in the middle of launching my own small business, but I’ve hit a tiny snag. I’m still missing one specific document: proof that I passed my professional certification exam through the U.S. Chamber of Commerce.

Since I graduated from a standard high school, I’m required to pass an exam covering retail business operations and product knowledge. Basically, it involves a practical assignment along with a knowledge check on economics and understanding

business accounting regulations and the legal requirements for running a local business. I’ve been scouring the internet for info, but honestly, there is next to nothing out there! I was wondering if anyone here has gone through this personally? What’s the exam actually like? Are they super intense with the grading, or is it pretty straightforward? I’d be so incredibly grateful for any insight you can share!

That’s a tough one—it honestly depends on who's running the show, i.e., the professor or the instructor. But look, if you're coming straight out of a decent high school, it shouldn't be much of an issue.🙂

electrictiger21 said:I’m genuinely trying to wrap my head around this new surcharge—what exactly are we paying for here? Is it just some extra grid fee??? I mean, come on, I can’t exactly pack up my electricity and carry it home in a suitcase.
I was wondering if anyone else has actually seen their latest bill yet. Specifically, did the total amount drop because of this new fee, or did they just tack that infamous grid charge right on top of everything else? When we were signing those new contracts, they made it sound like our bills would dip by about 5%, but now I'm looking at this thing and the grid fee alone is making up 20% of the whole bill??

Just checked my September statement—nothing changed compared to last month. What grid fee are you talking about?
Since I'm on the "Red Entrepreneur" tier (that's the name of the rate plan), my bill shows peak/off-peak usage, demand charges, the monthly service fee, and the renewable energy surcharge...

Can startup costs—things like legal fees, filing fees, business licenses, etc.—be categorized as expenses and reimbursed from the initial capital injection?

The customer is always right—and legally, they’re protected—but there’s a massive difference between a genuine buyer and a "buyer."
Here’s a scenario for you: Right before the Christmas holidays, this lady walks in looking for a TV. She picks out a nice, large unit—perfectly sized for her living room setup—pays up, and everyone’s happy. We delivered it, though she refused the original box because she didn't think she'd need it. Fast forward past New Year's, and here she comes back into the store with the TV. Now, suddenly, it’s broken, there's static, the picture isn't quite right... basically, she's just unhappy and wants a full refund. We tested the damn thing right there on the floor—it worked perfectly—but she’s dead set on getting her cash back. Apparently, the holidays are over, she watched her New Year's specials, and now the TV is just an inconvenience she doesn't want anymore. She won't take a replacement; she just wants the money. Of course, since the law says the customer is always right, we gave her the refund. Luckily, another customer walked in that same afternoon—total stroke of luck, because he actually wanted the box we no longer had—bought a unit, and didn't cause a single headache. 🙂
I should also mention: this wasn't her first rodeo. She’s a regular, and she *always* has some grievance regarding product quality or something else. We always try to play nice because, again, "the customer is king," but honestly—how long can you let people walk all over you?