Welcome to ECCIE, become a part of the fastest growing adult community. Take a minute & sign up!

Welcome to ECCIE - Sign up today!

Become a part of one of the fastest growing adult communities online. We have something for you, whether youíre a male member seeking out new friends or a new lady on the scene looking to take advantage of our many opportunities to network, make new friends, or connect with people. Join today & take part in lively discussions, take advantage of all the great features that attract hundreds of new daily members!

Go Premium

Go Back   ECCIE Worldwide > General Interest > A Question of Legality
A Question of Legality Post your legal questions here (general, nothing of a personal nature)

Most Favorited Images
  • Thumb
  • Thumb
  • Thumb
  • Thumb
  • Thumb
  • Thumb
  • Thumb
  • Thumb
  • Thumb
  • Thumb
  • Thumb
  • Thumb
  • Thumb
  • Thumb
  • Thumb
Most Liked Images
  • Thumb
  • Thumb
  • Thumb
  • Thumb
  • Thumb
  • Thumb
  • Thumb
  • Thumb
  • Thumb
  • Thumb
  • Thumb
  • Thumb
  • Thumb
  • Thumb
  • Thumb
Top Reviewers
cockalatte 520
MoneyManMatt 487
daaaaaman 446
Still Looking 399
honest_abe 363
Jon Bon 362
Harley Diablo 328
samcruz 310
nicemusic 285
You&Me 281
lupegarland 279
BobbyMann 237
Chung Tran 236
mriley000 232
dominos 226
Top Posters
DallasRain62912
Yssup Rider47433
pyramider45798
gman4444644
LexusLover44583
WTF39022
biomed136384
offshoredrilling36127
Still Looking35944
Mokoa35866
Mojojo33117
Chica Chaser31145
I B Hankering30869
i'va biggen28773
CuteOldGuy28730

Reply
 
Thread Tools
Old 05-29-2019, 06:30 PM   #1
179sasu
Sarah Summers
 
179sasu's Avatar
 
User ID: 480537
Join Date: Jan 3, 2019
Location: Albany, NY
Posts: 19
My ECCIE Reviews
Cool Finding a business lawyer so I can pay taxes

Thereís some very informative threads on this legality section regarding starting a LLC business and where to report income thatís self made etc etc... Iím totally lost and thereís no way Iíll be able to do all this registering this & licenses for that on my own without screwing something up. Iím struggling immensely trying to get an apartment. Iíve been living in the same hotel for over 6 months straight because Iím afraid to go elsewhere and take my chances that other hotelís staff arenít as laidback as the one Iím staying in. Iím turning down 2/3 of all inquiries because I simply donít feel comfortable in regards to my privacy.

So thereís attorneys who specialize in business management right? How would I find one locally? I have no problem admitting Iím a sax worker as long as I know the person isnít LE. Do I need to use caution when describing my situation & what Iím seeking when shopping for lawyers? I think it would be much easier if I could just say ďhey Iím a h00ker & I wanna pay taxes & have proof of income. Walk me through itĒ Or is that a bad idea??

I do deposit maybe..... 40-50% of my earnings into my bank account. Well half of those deposits are actually electronic transfers through cashapp, Venmo, or a linked bank account from a client. Iím showing proof of about on average $100 dollars a day that passes through my checking account for the last 7 or 8 months.

I canít keep telling people I have rich parents forever lol. Halppp
179sasu is offline   Quote
Old 05-29-2019, 06:36 PM   #2
ShysterJon
Valued Poster
 
Join Date: Jan 8, 2010
Location: Dallas, Texas
Posts: 3,789
Encounters: 1
Default

Are you looking for someone to help you incorporate a business?
ShysterJon is offline   Quote
Old 05-29-2019, 06:50 PM   #3
Guest083119
Account Disabled
 
User ID: 444493
Join Date: Feb 24, 2018
Location: Calgary
Posts: 6,460
Default

You can do it that way, but the easier way is to get a DBA (Doing Business As) for about $30. That allows you to have an Assumed Name and get a business bank account.

Set up a Consulting business and you're good. Pay your taxes.
Guest083119 is offline   Quote
Old 05-29-2019, 06:57 PM   #4
179sasu
Sarah Summers
 
179sasu's Avatar
 
User ID: 480537
Join Date: Jan 3, 2019
Location: Albany, NY
Posts: 19
My ECCIE Reviews
Default

Quote:
Originally Posted by ShysterJon View Post
Are you looking for someone to help you incorporate a business?
Yes but I’m looking for lots of help, specifics & basically would like to be walked through the entire process along with maybe advice on one or two things like a business name & such.
179sasu is offline   Quote
Old 05-29-2019, 07:02 PM   #5
Guest083119
Account Disabled
 
User ID: 444493
Join Date: Feb 24, 2018
Location: Calgary
Posts: 6,460
Default

You can certainly high a lawyer to help, but you don't need an LLC or Inc. You will be spending a lot of money unnecessarily. Do you have a business savvy friend? There is a lot of info here on this topic. PM me if you want to know where to find it.
Guest083119 is offline   Quote
Old 05-29-2019, 07:48 PM   #6
ShysterJon
Valued Poster
 
Join Date: Jan 8, 2010
Location: Dallas, Texas
Posts: 3,789
Encounters: 1
Default

You might look at this firm in Delmar:

https://www.maxwellvanryn.com/Busine...ormation.shtml
ShysterJon is offline   Quote
Old 05-29-2019, 07:53 PM   #7
Unique_Carpenter
Smile Collector
 
Unique_Carpenter's Avatar
 
Join Date: Oct 19, 2013
Location: The Shop in KC, with tours and deliveries to here and there
Posts: 8,567
Encounters: 65
Default

Jon is correct,
B Three is also correct.

Yes, anyone can incorporate a business. The issue is do you know how to do that. Lawyers do, as Jon mentions.

B-Three is also correct that folks can be self-employed business folks with a business name, with-out actually incorporating a business. But paperwork for setting up a fictitious business name is somewhat the same paper pushing to set up an actual business entity.

But there's more issues.
What type of business do you want to be, do you want to use your own name or a business name. And most importantly, how do you want to set that all up from a tax perspective as well.

Basically, I'm confirming what you said about you would like someone to walk you through the options.

B Three has offered you help. And also mentioned that you could consider discussing the topic with a business savy friend.
I'll add another: Consider discussing this with a tax accountant. Those guys know the deal also, and you will probably need one to do your taxes anyway.

But before you start, consider what type of business would be a good cover for that other intermittent part-time income. Think of something you can actually do, or would like to do. This will help you decide a business name, business card stuff, etc. and to use the concept as a cover story, you need to know about it.
As examples, I've dated gals that are Pastry Chefs, Outside Sales Agents for farm or earth moving equipment, furniture re-finishers, event planners, and the list goes on.

In closing, you will find that all sorts of folks are self-employed business folks, most with business trade names.

Last, I suggest a Limited Liability Company that for tax purposes goes on your Schedule C on your personal tax return.

Edit add, I'm highly amused that Jon has mentioned an outfit near my old old back yard just a smidgen sw of Albany. I used to be a bit northwest of there and I post in the Upset NY forum on occasion.
Unique_Carpenter is offline   Quote
Old 05-29-2019, 08:47 PM   #8
Warptcuck
Starfish Licker
 
Join Date: Aug 14, 2017
Location: Dry Prong, La.
Posts: 1,878
Encounters: 32
Default

Professional sitter for old dudes. Lot of truth to that job.
Warptcuck is offline   Quote
Old 05-30-2019, 02:10 PM   #9
RetiredSubmariner
Valued Poster
 
RetiredSubmariner's Avatar
 
Join Date: Jan 8, 2018
Location: rural Maine
Posts: 418
Default

Greetings

I have two LLCs. One holds the deed to my farm, the other holds the deed to a commercial building I have. For what you are doing, you really do not need an LLC.

You are a therapist/counselor, you can walk into city hall and ask for a DBA to conduct business under some assumed name. It is a minimal fee, then go to the bank and open an account with that name.

I have a bunch of contractors doing work for me. An electrician, a couple plumbers, carpenters, painters, etc, all of them have their businesses set up as DBAs.

Most lawyers offer a free 1-hour consult. Call to get an appointment for a consult. You can explain your business model and they will give you referrals to what lawyer in your area is best suited to you. It is all free. But I am telling you that will be a waste of time because even with their advice, you do not need an LLC for what you do.

RetiredSubmariner is offline   Quote
Old 05-30-2019, 02:29 PM   #10
Guest083119
Account Disabled
 
User ID: 444493
Join Date: Feb 24, 2018
Location: Calgary
Posts: 6,460
Default

Exactly, Limited Liability Company.

You don't need to limit your liability.

A reputable attorney should not be helping set up an illegal business.

Keep it simple. Find someone to help you set up a simple business. The more basic and realistic, the better.

Consulting, personal assistant, personal training, life coaching, online sales. They are all basically accurate. They will ask you what type of business you have when you open your account. Be prepared. It is part of the process.
Guest083119 is offline   Quote
Old 06-17-2019, 03:38 AM   #11
Majichands
Cajun Queen
 
Majichands's Avatar
 
User ID: 12960
Join Date: Feb 5, 2010
Location: West Texas
Posts: 3,173
My ECCIE Reviews
Default

if you are on p411 Gina sends out this information every year.
Majichands is offline   Quote
Old 07-07-2019, 10:49 PM   #12
teaudux
Registered Member
 
Join Date: Sep 25, 2009
Location: Spring
Posts: 25
Encounters: 8
Default

Hey Sarah. Have you found someone to help you set up your business? Pm or email me your contact information and let’s talk. It sounds like you may also need some tax planning as well.
teaudux is offline   Quote
Old 07-08-2019, 08:54 PM   #13
lbbguy
Premium Access
 
Join Date: Oct 8, 2018
Location: littlefield
Posts: 67
Encounters: 21
Default

You can get a mentor from SCORE for no charge.
google SCORE.org, click on the mentor button... they can explain the differences between a llc, a dba and a C-Corp. As someone mentioned, you also need to understand how to use Sch. C on the 1040 and you need to set up a SEP for your retirement and a current deduction
lbbguy is online now   Quote
Old 07-10-2019, 07:16 PM   #14
skepper
Registered Member
 
Join Date: Jul 4, 2019
Location: Dallas, TX
Posts: 2
Default Taxes

Already said, but look at taxes too. Pass through entities such as an LLC give tax advantages that I don't believe that you get with a dba with the tax law changes that happened a little more than a year ago, could reduce your federal taxes 20%. You may want to discuss with a tax or financial advisor before a lawyer first, most tax advisors and accountants could also do the paperwork to start-up an LLC.
skepper is offline   Quote
Old 07-12-2019, 12:17 PM   #15
JRLawrence
BANNED
 
JRLawrence's Avatar
 
Join Date: Apr 22, 2009
Location: Somewhere East
Posts: 3,071
Encounters: 32
Default

Quote:
Originally Posted by 179sasu View Post
There’s some very informative threads on this legality section regarding starting a LLC business and where to report income that’s self made etc etc... I’m totally lost and there’s no way“hey I’m a h00ker & I wanna pay taxes & have proof of income. Walk me through it” Or is that a bad idea??

I do deposit maybe..... 40-50% of my earnings into my bank account. Well half of those deposits are actually electronic transfers through cashapp, Venmo, or a linked bank account from a client. I’m showing proof of about on average $100 dollars a day that passes through my checking account for the last 7 or 8 months.

I can’t keep telling people I have rich parents forever lol. Halppp
on average $100 dollars a day that passes through my checking account for the last 7 or 8 months.

Let' derive some numbers. 5 work days per week = 20 per month x 8 x $100 = $80,000 that you have taken in: getting to be a lot of fucking money, and more if you are saying you clear $100/day after the hotel which can easily run up to $20K per year.

$80,000 income x 20% assumed tax rate = $16,000 you might be hit for taxes because the IRS has a hard on for hookers.

Get an LLC with you as the sole member because:
It is very easy. You need to go to the Secretary of State (handles on line) where you live and you need the name of an organizer and contact/administrator (different terminology in different states). Best to have an attorney to be a way for the state to contact you if there is a lawsuit, and/or a complaint that needs to be investigated. My last attorney fee for an LLC was $50.

All net income goes straight to the 1040 form you use for taxes.
  • You can open a bank account and credit cards in the LLC. CC are easier to document than cash logs and receipts.
  • Deduct business expenses: $80K is Gross Sales - expense = net income
  • Business expenses can include everything necessary for you to conduct buiness: including motel bills where you do business, the car and all car expenses you use to conduct business (you will need to keep a log if used also for personal): payments for a car, gasoline, repairs, and mileage can take two routes depending what is most favorable to you.

Do not mix your own money with the LLC. Run all business expense through the LLC, and put the car in the name of the LLC. The LLC is considered to be a seperate person from you, but the profit goes to you for taxes. You can also give yourself a paycheck from the LLC for minor expenses with taxes removed (now you have a paystub and with one person to pay it is cheap and can have a direct deposit into your checking account - Talk to Paychex, cheap and fast and your tax is paid before you get the money in your account. ), while the major expenses - such as a car - can be put into the LLC. You will be the sole member (only you involved) so that you can sign the checks and pay the credit card. The credit card at the bank with the checking account makes on line payment of the credit card expenses very easy and easily documente.

I do not own a car, a house, and only my fishing/hunting equipment is not in an LLC.

But I have 5 LLCs registered; all own a seperate downtown building. I also have three S Corp for different reasons.

All the corps have seperate bank accounts, and seperate credit cards. I also have set up seperate checking and savings accounts. As the personal savings acount grew, I used it to fund a new LLC account that was used to put the down payment on the last building. Rehab the building and start collecting rent into the new LLC. The bank used all 5 LLC accounts (and the buildings they own) to pay for the building and set up payment on the new building. All this is for your own protection, never tell others about your business because someone might want to sue you just for the fun of it. Seperate businesses limit that type of stuff.


With the internet banking they all show up together on the bank website. It is easy to make payments back and forth between companies.

Keep your own money seperate from the business accounts. That makes the IRS happy. Pay your taxes and show expenses.

Without accounting the IRS assumes that all the money you have is due to them.

You can't hide that type of money forever. Maybe when you start, you can hide a few thousand, but it gets to be too much of a worry.

Best of Luck

JR
MBA
JRLawrence is offline   Quote
Reply

Thread Tools


AMPReviews.net
Find Ladies
Hot Women

Powered by vBulletinģ
Copyright © 2009 - 2016, ECCIE Worldwide, All Rights Reserved