Results 1 to 8 of 8

Business question

| General - Let's talk business

Threaded View

  1. #4
    volvoscrapper's Avatar
    SMF Badges of Honor


    Member since
    Aug 2012
    Location
    New Jersey
    Posts
    209
    Thanks
    289
    Thanked 218 Times in 111 Posts
    Quote Originally Posted by Mick View Post
    Since it's just you, I'd really consider staying as Sole Proprietor. For liability, any good lawyer could "pierce the veil" of the LLC and hold you responsible. You'd still get all the tax advantages.
    +1 If the LLC is just you and the LLC has minimal insurance, the lawyer will come after you. If the money isn't kept strictly separate, or if you have to personally sign anything, or do anything that isn't totally and strictly to the letter of the law concerning LLCs, they will come after you anyway. You have to pay fees, you have to keep all sorts of paperwork.



    Biggest problem of all....if you do not pay llc taxes (on a K1 just like a partnership) my understanding is you have to file a schedule C anyway. Either way, the tax man cometh.

    If you do have other investors or others with a financial stake, then the LLC is worthwhile

  2. The Following User Says Thank You to volvoscrapper for This Post:


Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

 
Browse the Most Recent Threads
On SMF In THIS CATEGORY.





OR

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

The Scrap Metal Forum

    The Scrap Metal Forum is the #1 scrap metal recycling community in the world. Here we talk about the scrap metal business, making money, where we connect with other scrappers, scrap yards and more.

SMF on Facebook and Twitter

Twitter Facebook