Posts by George Barrett34

hm...

I can't quite recall the conclusion!

It doesn't necessarily need anyone on the payroll, provided at least one director is covered under a different type of insurance. But he isn't, since he's not actually working anywhere!

?

I honestly don't know (I'd be calling out to Lord Byron right now... oh God, I'm not even that religious 🙂)

I suppose, but the real question is about the unconventional parts: since he’s still a student, he isn't technically employed. That raises questions about how his contributions would be calculated, or if he'd need to register for full-time hours because he doesn't have other insurance coverage... and so on.

So, he’s attending school for free, yet he's running a business?

What exactly is his legal status?

I understand he's an adult... and it's obvious what happens if he drops out (registering with the unemployment office after leaving Elementary School), but what happens if he's a full-time student who also owns a company?

Just as the title suggests... we're talking about an 18-year-old.

ruggedpanther2, you're right on the money...

But if you're pulling in four percent while the bank is offering a mortgage at six, you have to wonder where their real interest lies...

Thanks for adding that, I guess I'll be reaching for my notebook again 😢 (dealing with those ownership changes...)

As for the advice, 👍 if you're working another job on the side, then thirty thousand in cash might be enough...

That’s solid advice from Vojkev...

Without having $20,000 in liquid cash...😕

We tried bringing equipment along, but you'd need to find an auditor who will certify $500 that a desk and chair are worth $20,000. Honestly, I think that's just a trap; it isn't worth the hassle when you'll actually need that money later on...

Updating your business registration takes up so much time with all the red tape involved in officially switching your focus. You have to file with the Secretary of State to update your records, deal with federal industry classifications, and if this is a new field for you, you'll have to figure out the specific NAICS code at the Census Bureau when you first set up the LLC...

Then there are the notary fees—you even have to have your corporate resolutions notarized, even if you're a solo owner...

So, every time you amend your registration, it's about $100 and two weeks of running errands. It really isn't worth it; you're better off just including everything in your initial filing and paying a little extra upfront...

Regarding registration, head to a notary rather than an attorney; they can walk you through the process (and honestly, they'll charge you a fortune anyway) and point you in the right direction...

Then there's the commercial court where you file your application, pay the fees via $6667 to a transit account, handle the court filing costs for advertisements and everything else, and then just wait and wait...

Besides, your next big task will be coming up with a business name, since all the famous ones are already taken. You can't use foreign names either, unless it's Latin or Ancient Greek...

And you really need to think long and hard about what activities you're registering the company for. Every single category costs money—for example, separating wholesale from retail, or import/export versus publishing used to cost about a hundred bucks per category back in the day...

So, adding ten more registrations could easily run you another $1,500...$667 which isn't much considering a business can technically engage in about a thousand different activities! You'll always find something missing, and the "fun" part is having to re-register every time you come up with a new idea...

Regardless, keep pushing forward. The future belongs to the entrepreneurs who want to prove themselves, not to us government bureaucrats...

Wishing you the best of luck...👍

Have them refund the $100, but make sure you insist they waive any late fees or penalty charges... since this was entirely their mistake.

20 $0.00 is what you're looking at for an LLC setup. An auditor might be able to shave some costs by valuing your desk, chairs, and phone at much less than they're actually worth, maybe around $333.

Then there are the taxes, roughly $667, plus about $1,000 for advertisements in The New York Times or The Washington Post... a notary will run you about $1000 if you have multiple owners, especially if you end up adding more capital later on...

Closing a business is a massive headache. Liquidation or bankruptcy will set you back about $10000, and I still have a defunct company haunting my finances after all these years, even though it’s completely inactive...

It’s actually more affordable to start a sole proprietorship, like a retail business, and it’s much easier to wind down. Just keep in mind you either need the specific credentials yourself or you'll have to hire someone who does...

Exactly.

The issue is that our standards are constantly shifting... Nowadays, we define prosperity as having a solid career, a six-figure salary, a nice car, the ability to travel, and being able to fund a child's education all the way through a PhD...

Fifty years ago, success meant having a reliable place to live and enough food on the table, and a century before that, it was simply about finding something to eat every single day.

I wonder, what will people consider essential a hundred years from now?...