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Forming a Wisconsin LLC

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Re: Forming a Wisconsin LLC

Postby Meade » Sun Jun 10, 2012 9:18 am

The Progressive, Incorporated

I'm sure all its employees are unionized and have collective bargaining powers.
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Re: Forming a Wisconsin LLC

Postby Meade » Sun Jun 10, 2012 9:42 am

Stu Levitan wrote:The article which Cornhole links to notes that Springsteen pays $138,000 in property taxes on his home. Hard to call that tax avoidance. Article then claims he pays only $4,639 on a 200-acre farm because he "has a part-time farmer come and grow a few tomatoes (organic, of course) and has horses," and thus qualifies for a state tax reduction program for ag uses. Note, however, that the article never quantifies "a few tomatoes," or the number of horses. Pretty sure that if Springsteen were the "tax cheat" that Cornhole claims, Chris Christie's Revenue Dept. would be all over it. But I guess that's what you get when you link to the HumanEvents website.


Stu Levitan lives! Mr. Levitan, if you have a minute, I have some questions for youHERE.
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Re: Forming a Wisconsin LLC

Postby Cornbread » Sun Jun 10, 2012 7:10 pm

snoqueen wrote:If you're doing a craft business, consider getting a tax number so you can buy supplies wholesale and write them off as expenses.


Why bother, even for selling fake indian dream catchers on the square? Isn't the same tax form used by both the sole proprietor and the evil [limited liability] corporation?

If you make money, are you then one of those "rich corporations" we hear ya'll rant about all the time? ;)
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Re: Forming a Wisconsin LLC

Postby Cornbread » Sun Jun 10, 2012 7:12 pm

WestSideYuppie wrote:If I get an employer number, then I'll have to give my employees free birth control, those sluts.


:lol: Great point! Yet another lie of the avowed socialist president obama--no mandates.

What I never understood is why does a lesbian need $3,000/yr in birth control anyway? :idea:
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Re: Forming a Wisconsin LLC

Postby Cornbread » Sun Jun 10, 2012 7:20 pm

Stu Levitan wrote:Cornhole

Wow, I don't know if that's your real name or not, but seeing as it appears to be an actual name and you actually were adult in a conversation here, I thought there was hope for you, ya know, actually having an adult discussion? My bad--I guess after all is said and done, you're just a leftists after all. Bummer.

Pretty sure that if Springsteen were the "tax cheat"...


:lol: You typed that with a straight face (hopefully not the leftist angry one)? When "rich corporations" use "tax loopholes" to "get out of paying their fair share", ya'll leftists go six ways to china, pulling dreadlocks out, stomping in birkenstocks as ya'll proclaim ya'lls "outrage!". Yet when a "rich corporation" called "bruce springsteen" does it, nothing to see here, he's just doing what the law allows.

:arrow: :idea:

Sort of like the failed milwaukee mayor using Gov. Walker's reforms to help prop up his third world city, then have leftists vote for barrett and rail against Walker.

:arrow: :idea:
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Re: Forming a Wisconsin LLC

Postby Henry Vilas » Sun Jun 10, 2012 7:22 pm

Must you shit on every thread you visit?
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Re: Forming a Wisconsin LLC

Postby Cornbread » Sun Jun 10, 2012 7:38 pm

Meade wrote:Stu Levitan lives! Mr. Levitan, if you have a minute, I have some questions for youHERE.


Don't hold your breath Meade. I think it's painfully apparent that either the leftist ideology is indefensible (other than personal attacks and smears by them) and/or the supporters of the leftist ideology are incapable of discussing their very own ideology--an ideology they are rabid about, mind you.

Beware tho Meade, if ya push too hard, post facts contrary to their ideology, they'll do a lot of crosstalk to each other in an effort to maintain the hard line of their staunch, collective ignorance.

The biggest trip is they adamantly state how "intellectual" they are and how open they are to other points of view and lifestyles. At least that's what I think all their talk about "diversity" means.

Who knows any more....the world has turned into Orwell's Animal Farm.

"Four Feet Good, Two Feet Bad, Four Feet Good, Two Feet Bad...."
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Re: Forming a Wisconsin LLC

Postby WestSideYuppie » Sun Jun 10, 2012 8:45 pm

Cornbread wrote:
snoqueen wrote:If you're doing a craft business, consider getting a tax number so you can buy supplies wholesale and write them off as expenses.


Why bother, even for selling fake indian dream catchers on the square? Isn't the same tax form used by both the sole proprietor and the evil [limited liability] corporation?


I'm not going to teach you Business 101.

*Plonk*
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Re: Forming a Wisconsin LLC

Postby snoqueen » Sun Jun 10, 2012 9:05 pm

Isn't the same tax form used by both the sole proprietor and the evil [limited liability] corporation?


I'm not trying to teach him Business 101 either, but the original poster might want to know getting a tax number means you can buy supplies for your business and not pay the seller any sales tax, because it's assumed you will be selling what you make and you will be collecting the sales tax on behalf of the state, to which you will forward the collected tax money at designated intervals.

The state only wants to collect sales tax at the point the merchandise is sold to the final buyer, not on the transactions previous to that.
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Re: Forming a Wisconsin LLC

Postby Rich Schultz » Sun Jun 10, 2012 9:14 pm

Off topic so I will start a new one.
Last edited by Rich Schultz on Sun Jun 10, 2012 9:33 pm, edited 1 time in total.
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Re: Forming a Wisconsin LLC

Postby WestSideYuppie » Sun Jun 10, 2012 9:24 pm

snoqueen wrote:
Isn't the same tax form used by both the sole proprietor and the evil [limited liability] corporation?


I'm not trying to teach him Business 101 either, but the original poster might want to know getting a tax number means you can buy supplies for your business and not pay the seller any sales tax, because it's assumed you will be selling what you make and you will be collecting the sales tax on behalf of the state, to which you will forward the collected tax money at designated intervals.

The state only wants to collect sales tax at the point the merchandise is sold to the final buyer, not on the transactions previous to that.


Ah, yes. That's a good point. Business 101 for me. ;)
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Re: Forming a Wisconsin LLC

Postby Cornbread » Sun Jun 10, 2012 9:57 pm

Henry Vilas wrote:Must you shit on every thread you visit?

Actually, I thought things were going pretty well and I did a contrast of how leftists view corporations with two leftists talking about incorporating. As far as i know the first bad post on this thread was by deliterous or whatever. I assume it was a troll type post because it was directed at me, wanting me to click on a link.
(sorry, but homie don't do that).

I'm discuss the topic at hand in a wider perspective than most.
Like what you said in this thread, quoting the father of the democrat-republican party:

Here is myy favorite Founding Fathers quote on corporations (and he wasn't talking about LLCs):

"I hope we shall crush in its birth the aristocracy of our monied corporations....


If it's a public corporation, chances are that the teachers unions and the protected UW have their investments in being owners of that corporation. A great check on retirement/investment funds is to check their portfolio.

If it's a publicly traded corporation, then you, me, WEAC, soglin, bill maher, "BUSH" or whoever can buy stock in that corporation and own part of it. If you buy enough of it, you can run the show.

The corporate squirrel (affectionately used) seems way more far leftist than the west sider--but if ya know madison, that'd be a given. They are talking about becoming a corporation--the evil that you and tj abhor. But this is an LLC--Limited Liability Corporation.

A Limited Liability Company (LLC) is a type of business that provides the owner(s) with limited personal liability for the debts of the company. The LLC acts as a legal shield against lawsuits seeking personal assets. LLCs also provide the benefit of pass-through taxation, which allows the company to avoid the burden of paying taxes on the assets of the business as well as those paid to the owner. A trading company may be set up as an LLC under statute of the state in which it will operate.

Read more: How to Form a LLC for Trading Purposes | eHow.com http://www.ehow.com/how_5729489_form-ll ... z1xRsp2jvq


I don't think an LLC selling dream catchers on the square would go public, so the only reasons to have an LLC would be to avoid personal and financial responsibility for their actions--or lack thereof.

There is a depreciation of assets that are available to a corporation that isn't to the sole proprietor, but it may have changed as it's been a while. That's an accounting thing and accountants mostly are boring.

As far as deducting business costs, it's silly to think that a corporation will allow one to deduct material any more than a sole proprietorship will.

What one does is keep their receipts and items purchased for the business are costed in one of two ways--taxable or non-taxable.
We are entering bean counting again, but if you use (consume) the product you purchased to make your product, to ship your product, etc. then it is 100% TAXABLE as you are the CONSUMER....retail purchaser. The only exceptions to this are either your product will become part of a tax exempt job (you'll be given a #) or your product becomes part of the product for sale--this makes you a manufacturer. There are forms to fill out (surprise) for those products, but once again, it doesn't make any difference if you are a sole proprietor or a (limited liability) corporation.

So, I guess I could ask again, but I guess they want to take advantages of eliminating personal responsibility for their business and any financial responsibility for their business.

So were these the people that you and tj don't like? :mrgreen:

Sounds like "privatize the profits and socialize the costs" business model.
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Re: Forming a Wisconsin LLC

Postby snoqueen » Mon Jun 11, 2012 4:23 pm

...I guess they want to take advantages of eliminating personal responsibility for their business and any financial responsibility for their business.


So you think forming a limited liability corporation is some kind of leftist scheme?
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Re: Forming a Wisconsin LLC

Postby WestSideYuppie » Mon Jun 11, 2012 6:27 pm

snoqueen wrote:
...I guess they want to take advantages of eliminating personal responsibility for their business and any financial responsibility for their business.


So you think forming a limited liability corporation is some kind of leftist scheme?


Yes, if "leftists" includes everybody to the left of Stupid.

Corporations are a liberal institution, in the sense that they involve the grant of an entitlement (liability limitation) in return for the expectation that they will produce a social benefit (greater prosperity). Because they are granted by the government, they can be granted with strings attached, i.e., with an appropriate level of regulation. This deal -- accepting regulation in return for an entitlement -- could be seen as a basic social contract.

The quote from the Founders expresses a valid concern that a corporation can amass enough wealth to directly influence the government to vitiate the social contract. In that sense, they could become "evil." It is my view that corporations have passed that point. Far from banning corporations, I think that we should simply return to a reasonable level of regulation, including taxation.

In my view, a person could engage in corporate activity while also engaging in public debate over the appropriate activities and regulation of corporations, with no inconsistency or hypocrisy. Likewise, conservatives can take advantage of a liberal institution without sacrificing their conservative bona fides.
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Re: Forming a Wisconsin LLC

Postby Cornbread » Mon Jun 11, 2012 7:50 pm

snoqueen wrote:So you think forming a limited liability corporation is some kind of leftist scheme?

No more of any other "scheme" that other businesses use.

But I guess as long as the leftists use the same laws for their own benefits, it's OK. When others do it, then they are "evil corporations"......

Hypocrisy seems to be the dominant feature of the leftists, but then again, that may just be me.....
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