Posts by Kenneth Myers10

Kyle Wilson7 said:So, by your logic, nobody can own more than one business—because how could they focus if they aren't working at all of them simultaneously?
I mean, how else would you be employed somewhere else--you know, besides being at your own companies--
?
What do you think is the reason the Lisinski Sales Tax System doesn't apply there?
It’s because of their contracts with the Social Security Administration or similar agencies—they just aren't part of the sales tax loop.
They get their funding straight from the federal budget, just like the Social Security Administration does, and their revenue is actually higher than $28333.
Read what I wrote first—if it doesn't make sense, just ask. If you think I'm wrong, give me a real argument, and I'll try not to run out of rebuttals like I did with Kenneth Myers10's post.
Kenneth Myers10:Based on your post, it looks like you started an LLC a long time ago and haven't checked how things work lately.
Well, the last time I actually started a company was nearly 20 years ago—since then, I've just bought two others—so I guess I should thank him for the "insight."
I used the brewery as an example because of your post, and if I recall correctly, this guy is thinking about opening a cafe anyway.
Also, it seems you missed one of the fundamental reasons for having Sales Tax in a real capitalist system beyond just uniform rates—it's about incentivizing investment. Basically, the government refunds the excess tax paid, making your investment cheaper. Plus, it encourages exports by using domestic raw materials. But hey, let's just flip everything upside down, right?

Kyle Wilson7 said:Judging by your questions, you’re pretty green when it comes to the professional world—let alone actually running a business. I'll try to keep my answers short since these vague, broad questions would take forever to fully unpack—but if you have more, just try to be more specific next time.
1. What are the minimum monthly contributions for an LLC (if there even are any)?
-I think you're asking about overhead. If you haven't launched yet, you won't have any. Once you're up and running, though, costs depend entirely on what you're doing. Some basics include: payroll (which includes you if you're working for yourself—and if you don't have employees, then you aren't really "running a business," you're just freelancing...) wages, taxes, and various payroll withholdings, plus things like holiday bonuses or benefits if you have a team.
Then there's office space—rent or a mortgage—plus phone, internet, electricity, and other utilities (see how it varies? An office job barely uses power, but a manufacturing plant? That adds up fast).
Vehicle expenses too (if you need them for work)—depreciation, gas, maintenance.
-Accounting (seriously, don't cheap out here—a bad accountant will ruin your life).
-To keep it brief, there's more, but...

2. When an LLC is formed, how is the business activity determined, how many can be listed, what does it cost, and what's the process for adding more later?


-You register the activities you want to perform right when you file your formation papers, following the official list of industries provided by the state. You pay for each one, so think ahead about what you want to do now and what might make sense down the road. You could technically register to sell weapons or pharmaceuticals, but you'd need special permits for those.
-Updating your registration isn't free—honestly, it costs almost as much as the initial setup (minus the capital contribution, obviously). Even changing your business address isn't cheap; just the notary fee is around $1000.

3. How does setting up a second venture under an existing LLC work? For example, if an LLC already has a restaurant license and decides to open a cafe, are there any advantages over opening a "pure" cafe (like a sole proprietorship)?
-I'm not quite following "second ventures under an LLC"—if you have a restaurant license and open a cafe, you still have to get all the same permits, health inspections, and meet the same technical requirements as a sole proprietor (those are all extra costs too). The main difference is whether you operate as an LLC (subject to corporate income tax) or a sole proprietorship (subject to individual income tax). One big thing to remember: as a sole proprietor, you're personally liable with all your own assets, whereas with an LLC, you aren't. There are also differences in how you handle the IRS and some other small details.

It sounds like you’ve been running businesses for a long time—I can tell from your post—but maybe you haven't really sat down to check how things actually work these days. Things change so fast, you know? I remember back when I was first starting out, I thought I had everything figured out, only to realize the rules had shifted under my feet before I could even get settled. It's funny how that happens.

Kyle Wilson7 said:Judging by your questions, you’re pretty green when it comes to the professional world—let alone actually running a business. I'll try to keep my answers short since these vague, broad questions would take forever to fully unpack—but if you have more, just try to be more specific next time.
1. What are the minimum monthly contributions for an LLC (if there even are any)?
-I think you're asking about overhead. If you haven't launched yet, you won't have any. Once you're up and running, though, costs depend entirely on what you're doing. Some basics include: payroll (which includes you if you're working for yourself—and if you don't have employees, then you aren't really "running a business," you're just freelancing...) wages, taxes, and various payroll withholdings, plus things like holiday bonuses or benefits if you have a team.
Then there's office space—rent or a mortgage—plus phone, internet, electricity, and other utilities (see how it varies? An office job barely uses power, but a manufacturing plant? That adds up fast).
Vehicle expenses too (if you need them for work)—depreciation, gas, maintenance.
-Accounting (seriously, don't cheap out here—a bad accountant will ruin your life).
-To keep it brief, there's more, but...

2. When an LLC is formed, how is the business activity determined, how many can be listed, what does it cost, and what's the process for adding more later?


-You register the activities you want to perform right when you file your formation papers, following the official list of industries provided by the state. You pay for each one, so think ahead about what you want to do now and what might make sense down the road. You could technically register to sell weapons or pharmaceuticals, but you'd need special permits for those.
-Updating your registration isn't free—honestly, it costs almost as much as the initial setup (minus the capital contribution, obviously). Even changing your business address isn't cheap; just the notary fee is around $1000.

3. How does setting up a second venture under an existing LLC work? For example, if an LLC already has a restaurant license and decides to open a cafe, are there any advantages over opening a "pure" cafe (like a sole proprietorship)?
-I'm not quite following "second ventures under an LLC"—if you have a restaurant license and open a cafe, you still have to get all the same permits, health inspections, and meet the same technical requirements as a sole proprietor (those are all extra costs too). The main difference is whether you operate as an LLC (subject to corporate income tax) or a sole proprietorship (subject to individual income tax). One big thing to remember: as a sole proprietor, you're personally liable with all your own assets, whereas with an LLC, you aren't. There are also differences in how you handle the IRS and some other small details.

That’s just straight-up misinformation. The list of business activities isn't restricted to the NKD anymore—it's actually much more flexible now. Every single entry, unlike how things used to be, doesn't cost you a dime. You basically just have to define your primary activity so the Bureau of Labor Statistics can keep their numbers organized and accurate. That's really all there is to it.

Getting a notary service isn't exactly cheap—it'll definitely bite into your wallet if you aren't careful—so I always think it’s worth just giving them a quick ring beforehand to check the rates. It saves so much headache. Honestly, those offices right in the middle of downtown are usually outrageously expensive compared to the ones you'd find in a small town in the Midwest. I remember once driving way out of my way just to save a few bucks, and it was totally worth the extra gas.

Raymond Peterson81 said:What’s the minimum capital requirement when setting up an LLC?

Do I need to have the full $25,000 $0.00 sitting in the bank account right at the start, or is there some way to structure it differently?

Also, what does the actual cost look like to get everything running—meaning the initial $25,000 $0.00 plus the legal fees, filing costs, accountants, notary services, and all that paperwork?

Raymond Peterson81 said:I have a few questions regarding setting up an LLC here in the States

1. What are the minimum monthly contributions required for an LLC (if there are any at all)?

2. Once the LLC is established, how do you decide which business activities to list? Is there a limit on how many industries I can include, what does the filing cost, and what’s the process if I need to add more later?

3. How does it work if I want to add a second line of business under my existing LLC? For example, if I already have an LLC registered for hospitality services but decide to open a coffee shop—are there any specific advantages to doing that through the existing entity versus just starting a fresh small business from scratch?

That’s pretty much everything...

Raymond Peterson81 said:I have a few questions regarding setting up an LLC here in the States

1. What are the minimum monthly contributions required for an LLC (if there are any at all)?

2. Once the LLC is established, how do you decide which business activities to list? Is there a limit on how many industries I can include, what does the filing cost, and what’s the process if I need to add more later?

3. How does it work if I want to add a second line of business under my existing LLC? For example, if I already have an LLC registered for hospitality services but decide to open a coffee shop—are there any specific advantages to doing that through the existing entity versus just starting a fresh small business from scratch?

That’s pretty much everything...

Raymond Peterson81 said:I have a few questions regarding setting up an LLC here in the States

1. What are the minimum monthly contributions required for an LLC (if there are any at all)?

2. Once the LLC is established, how do you decide which business activities to list? Is there a limit on how many industries I can include, what does the filing cost, and what’s the process if I need to add more later?

3. How does it work if I want to add a second line of business under my existing LLC? For example, if I already have an LLC registered for hospitality services but decide to open a coffee shop—are there any specific advantages to doing that through the existing entity versus just starting a fresh small business from scratch?

That’s pretty much everything...

Peter Williams37 said:The CVV2 or security code is just those three little digits you'll find on the back of the card.

Richard Lewis16 said:where is this info coming from?
anyone can open a checking account regardless of whether they have a job or not—you just have to pay the annual maintenance fee
credit cards are where the headache starts, but it looks like they're finally starting to fix that too

darkraven10 said:According to what they're claiming—for instance, that you can't be a student receiving government-funded tuition and health insurance through the school while simultaneously being listed as a director of a company (even if it's just on paper) and technically being unemployed. But, based on what jadesailor14 mentioned, apparently, you actually can.

Personally, I feel like that falls under illegal off-the-books labor territory, but honestly, that's a whole different conversation. 🙂

Arthur Anderson49 said:It’s all true, but whether that kind of behavior was actually detrimental to Canada is an open question. To us, it looks incredibly foolish and off-putting, but I’m not convinced it actually hurt them much in practice. If they thought it would have, I doubt they’d ever have done it. They're a very pragmatic people.

Sandra Ortiz50 said:Don't take everything so literally.
My whole point was just that Mate has—you know, enough cash on hand—so the real question is whether he’ll decide to buy the car outright or take out a loan.☕

Arthur Anderson49 said:No, I actually think we're talking about total household income here. Otherwise—and I wouldn't go so far as to say the average American family pulls in two full salaries—that would imply there are something like two and a half million workers out there. If I recall correctly, back in 2004, the official count was closer to 1.1 million. So, when you do the math, that works out to less than one salary per typical three-to-four person household.

Arthur Anderson49 said:Anyone who keeps a close eye on what we call the union basket knows that average household income hasn't covered more than 60 percent of typical family expenses for quite some time. It’s been that way for about fifteen years now. To put it bluntly, the average American family has been living on thin air for a decade and a half.

Terry Cook3 said:There are tons of companies out there that won't let you choose where your paycheck lands. Even some of those massive corporations with thousands of employees—it's like they just don't care about state labor laws at all.

Illuminata said:I get what you're saying in theory, but they keep insisting that their "software was custom-built specifically for those two banks, so it won't work with anyone else..." I’m going to give it one more shot, but honestly, it looks like my Chase account isn't going to cut it here...
Anyway, thanks for the help!

Fictional character said:abroad, they aren't going to give your card a second look because the Federal Reserve is such a household name within the European Union...