Post: #76

(04-17-2013 12:23 AM)lurker Wrote:  

(04-16-2013 11:07 PM)RougeNoir Wrote:  Great thread. I give personal services (nothing illegal) to 2 clients for pay 2-3x a week and I average about $50/week in unreported income aside from main gig. How advantageous would it be to start an LLC? If my clients decided to report me and tried to litigate for a refund, how deep of shit would I be in? I have no lawyer/accountant/pay no taxesetc.

Do you have contracts? Are you getting paid in cash? Are you sticking that cash in your bank accounts?

It is basically a verbal agreement. I provide this service and they pay me cash and cash only. The cash does not go into my bank account but stays on my person as it is not that much.

Post: #77

(04-17-2013 09:12 AM)RougeNoir Wrote:  

(04-17-2013 12:23 AM)lurker Wrote:  

(04-16-2013 11:07 PM)RougeNoir Wrote:  Great thread. I give personal services (nothing illegal) to 2 clients for pay 2-3x a week and I average about $50/week in unreported income aside from main gig. How advantageous would it be to start an LLC? If my clients decided to report me and tried to litigate for a refund, how deep of shit would I be in? I have no lawyer/accountant/pay no taxesetc.

Do you have contracts? Are you getting paid in cash? Are you sticking that cash in your bank accounts?

It is basically a verbal agreement. I provide this service and they pay me cash and cash only. The cash does not go into my bank account but stays on my person as it is not that much.

I'd keep everything as is.

Post: #78

@lurker- Good stuff. I am confused. From my searching, it seems that "doing business" is even having a CA residence and receiving income tax statements there. Chalk this up to another reason why CA is a communist police state.

This is the type of stuff I see...http://www.richdad.com/Resources/Forum.a...did=488710

800 dollar/year plus nevada fees would eat a lot of profit....

Post: #79

(04-17-2013 02:41 PM)DVY Wrote:  @lurker- Good stuff. I am confused. From my searching, it seems that "doing business" is even having a CA residence and receiving income tax statements there. Chalk this up to another reason why CA is a communist police state.

This is the type of stuff I see...http://www.richdad.com/Resources/Forum.a...did=488710

800 dollar/year plus nevada fees would eat a lot of profit....

Yeah, it looks like you're right on the franchise tax fee, and it's recently gotten worse through a FTB ruling in late 2011. Unfortunately, that was after I learned everything I did about tax planning, so I wasn't aware of it.

Of course, tax benefits are only one of the considerations for LLC use.

This looks interesting:

http://www.alglaw.com/article/view/calif..._in_nevada

Post: #80

I have one more question..Texas. I returned some property to a dead person and they owed me money when the probate was over. I had a legal filed claim and when I checked on it the lawyer said fuck you. It was 8? Years ago and I think the lawyer died or retired.

Either way I'm still fucking pissed and as soon as I go to texas some of those fuckers are going to the hospital. My lawyer buddy here said outsiders get no love there and also there's a fund for legal malpractice?? I don't know what happened but the local detectives were up my ass to return this Skeeter bass boat because the dead lady owed money on it. I bought it from her son who went to jail.

Post: #81

(04-22-2013 02:25 PM)el mechanico Wrote:  I have one more question..Texas.

I don't know and may God help you.

(04-22-2013 02:25 PM)el mechanico Wrote:  I returned some property to a dead person and they owed me money when the probate was over.

Texas PROBATE? LOL good Lord. The last Texas probate case to cross my field of vision starred Anna Nicole Smith and permanently fucked up the US Bankruptcy Courts. Maybe.

(04-22-2013 02:25 PM)el mechanico Wrote:  I had a legal filed claim and when I checked on it the lawyer said fuck you. It was 8? Years ago and I think the lawyer died or retired.

There are things called statutes of limitations which limit the timeframe in which you can claim shit. It varies by state and cause of action; i.e. an oral contract in CA will be 2 years, a written contract in MI is 6 years, while a probate claim in TX is fuck if I know. You have to file your claim within the time. If you did, maybe you're still in it, unless there are other procedural rules in TX Probate Court which bar your claim if not perfected to judgment after a certain time. I'm sure, by the way, that there are. Even without knowing the story, I would say you're most likely fucked from a legal standpoint.

(04-22-2013 02:25 PM)el mechanico Wrote:  Either way I'm still fucking pissed and as soon as I go to texas some of those fuckers are going to the hospital. My lawyer buddy here said outsiders get no love there and also there's a fund for legal malpractice?? I don't know what happened but the local detectives were up my ass to return this Skeeter bass boat because the dead lady owed money on it. I bought it from her son who went to jail.

Next time that happens the line is "Go fuck yourself. I'm a bona fide purchaser for value." You might not be, and probate might be able to snatch that shit back, but I wouldn't ever give up possession voluntarily. Even secured creditors usually can't touch you.

Like they say, "good lawyers know the law, great lawyers know the judge." Good luck. Don't do anything illegal.

Post: #82

redacted

Post: #83

redacted

Post: #84

redacted

Post: #85

redacted

Post: #86

redacted

Post: #87

redacted

Post: #88

redacted

Post: #89

redacted

Post: #90

redacted

Post: #91

redacted

Post: #92

(04-26-2013 04:46 PM)WestIndianArchie Wrote:  

(04-11-2013 11:20 PM)RXB Wrote:  I’m starting a sole proprietorship for my blog to get a tax write off from the money I put into it. Is this a good idea, or is there something else that you'd recommend?

This is a good one. Wage Earners who have Businesses.
I imagine business deductions can only counted against the business income, and the income is taxed @ the rate that is the combined income from job and business.

That is, if you make 40k at your job, 10k at your side hustle, and have 20k in biz expenses is the taxable income

a) 30k (40+10-20)
or
b) 40K for this year, and -10k from your business for next year.

WIA

(a). business expenses count in the taxable year they're either paid or accrue in, depending on whether the business opts for cash or accrual accounting.

Post: #93

redacted

Post: #94

I didn't set up my practice; I'm at a firm. Most firms here are LLPs. CA doesn't allow any skilled licensed practitioners to incorporate the normal way or LLC - they have to form personal corporations.

Post: #95

I've seen some other recent forum questions about legal matters, so I'm resurrecting the Legal Q/A thread.

Dick picture questions have been previously covered.

Post: #96

If you have several income producing blogs, should you set them up with their own LLC or in one giant LLC?
Thanks

Post: #97

What happens if you assault a police office (Jimukr in 3.2.1.) who is off duty? Not because he's a police officer, just say because he's an asshole at a party or whatever?

Would it still be assaulting an officer?

Post: #98

(01-14-2015 01:52 AM)TheSearcher Wrote:  If you have several income producing blogs, should you set them up with their own LLC or in one giant LLC?
Thanks

Generally, there are two purposes for splitting each business into a separate entity: liability crossover prevention and tax planning for sale.

Liability crossover prevention means if one of your blogs gets sued for defamation, the others are insulated from judgment as separate entities. This is only necessary if you're making the kind of money to render you a target and you post false or grossly negligent things about easily identifiable people online. It also only works when you meticulously keep the finances of each blog separate and don't commingle the funds.

Tax planning for sale isn't really worth discussing outside the context of a sale, as you can always spin off one of the blogs into a separate entity when the time comes.

It is probably not worth your time and effort to set up different entities for each blog. Each entity means a yearly fee from your state and more paperwork. If you're pulling in six or seven figures from the blogs and some of them are devoted to tabloid coverage of private figures - basically, if you're Gawker or Charles C Johnson - we'll talk more.

Post: #99

(01-14-2015 02:42 AM)RioNomad Wrote:  What happens if you assault a police office (Jimukr in 3.2.1.) who is off duty? Not because he's a police officer, just say because he's an asshole at a party or whatever?

Would it still be assaulting an officer?

You're probably getting charged with assault. In my jurisdiction, catching the enhancement for assaulting a police officer only attaches when he's "engaged in the performance of his or her duty/ies."

If he's at the party undercover to bust you guys for drugs, you may be nailed.

Post: #100

I have a question that hopefully can be answered by one of our esteemed practitioners of the legal arts. Can a witness being subpoenaed by the defense invoke their fifth amendment right against self-incrimination if their testimony would potentially provide evidence that they violated federal law, even though their actions were perfectly legal according to state law? The case is being tried at the state level in California. Thank you in advance.