1. This website uses cookies to improve service and provide a tailored user experience. By using this site, you agree to this use. See our Cookie Policy.
    Dismiss Notice

My Pain is Your Gain - This Could Save Your Backside at Some Point

Discussion in 'Business & Tax Advice' started by BassTrackerBoats, Aug 25, 2018.

  1. BassTrackerBoats

    BassTrackerBoats Super Moderator Staff Member Moderator Jr. VIP

    Joined:
    Mar 10, 2010
    Messages:
    28,169
    Likes Received:
    51,989
    Occupation:
    Generic Human Being
    Location:
    As Close to Heaven as One Can Get!
    Home Page:
    So, the past couple of days I moved my office as there were some renovations my wife wanted to do at our home. That meant moving a crap load of totes, boxes and furniture from one room to the main living area, then moving my office to the room I emptied and finally, after the renovations (painting and flooring) in the old office moving everything back to there.

    Both biceps have bruises, my left forearm has a hideous couple of bruises and I'm plum worn out.

    In the process I moved these from room A to room B and thought it could benefit some of you that might work in areas that are a little gray.

    [​IMG]

    Those are some of the LLCs and one C-corp that we own. They are all Florida related and the ones from out of State don't have the "fancy" binders so to show those I would have to give you access to my data storage (ain't gonna' happen, Baby!) but we have a bunch in other State's in the USA for various reasons.

    Be smart, use an LLC or C-Corp if you are going to do anything that is edgy. Don't put yourself in a situation where some {attorney|jackwagon company} can hit you personally for some ToS violation that is nothing more than exploiting their traffic or their site.
     
    • Thanks Thanks x 19
  2. BiffTannen1

    BiffTannen1 Newbie

    Joined:
    Sep 30, 2017
    Messages:
    21
    Likes Received:
    6
    Gender:
    Male
    Thank you for the tip. Appreciate it. Are you completely protected were something to happen? Do you just dissolve your LLC in such a case?
     
  3. OnFire25

    OnFire25 Registered Member

    Joined:
    Mar 24, 2008
    Messages:
    88
    Likes Received:
    227

    Agree #Structure4Success

    It may cost a bit in annual fees etc but its like a form of insurance IMHO
     
    • Thanks Thanks x 1
  4. OnFire25

    OnFire25 Registered Member

    Joined:
    Mar 24, 2008
    Messages:
    88
    Likes Received:
    227

    LLCs can be like toilet paper once they get "stained" best not to attempt to reuse
     
    • Thanks Thanks x 3
  5. BassTrackerBoats

    BassTrackerBoats Super Moderator Staff Member Moderator Jr. VIP

    Joined:
    Mar 10, 2010
    Messages:
    28,169
    Likes Received:
    51,989
    Occupation:
    Generic Human Being
    Location:
    As Close to Heaven as One Can Get!
    Home Page:
    That is why you form them... nice call.

    They are one and done entities.
     
    • Thanks Thanks x 1
  6. MisterF

    MisterF Moderator Staff Member Moderator Jr. VIP

    Joined:
    Nov 29, 2009
    Messages:
    18,011
    Likes Received:
    22,074
    Occupation:
    Conference Organiser, Business Advisor.,
    Location:
    JADIP
    Home Page:
    I've said for years a good accountant / tax adviser will always pay for themselves in the long run.
     
    • Thanks Thanks x 3
  7. BiffTannen1

    BiffTannen1 Newbie

    Joined:
    Sep 30, 2017
    Messages:
    21
    Likes Received:
    6
    Gender:
    Male
    Appreciate it guys. Thanks.
     
  8. proxified

    proxified Jr. VIP Jr. VIP Premium Member UnGagged Attendee

    Joined:
    Aug 16, 2009
    Messages:
    2,463
    Likes Received:
    1,870
    Gender:
    Male
    Occupation:
    Surfing BHW
    Location:
    Newbieland
    One wonderful piece of advice every blackhatter should be following. I did crack a million in 2013-2014 with my offshore llc but US had forbidden owning bank accounts without personal visit since then :confused:
     
  9. shadowmk

    shadowmk Regular Member

    Joined:
    May 9, 2010
    Messages:
    262
    Likes Received:
    89
    Gender:
    Male
    Very good tip... i will do the same
     
  10. royserpa

    royserpa Elite Member

    Joined:
    Sep 28, 2011
    Messages:
    5,573
    Likes Received:
    4,382
    Gender:
    Male
    Occupation:
    Roy's Poker Room!
    Location:
    Big BTC Prizes Coming Soon!
    Home Page:
    How much per LLC? Can i get your home office address for the LLC? :D
     
  11. BassTrackerBoats

    BassTrackerBoats Super Moderator Staff Member Moderator Jr. VIP

    Joined:
    Mar 10, 2010
    Messages:
    28,169
    Likes Received:
    51,989
    Occupation:
    Generic Human Being
    Location:
    As Close to Heaven as One Can Get!
    Home Page:
    I don't always use an address that is traceable - I'm 300% sure you do the same.
     
    • Thanks Thanks x 3
  12. feezioxiii

    feezioxiii Jr. VIP Jr. VIP

    Joined:
    Nov 7, 2015
    Messages:
    733
    Likes Received:
    245
    Gender:
    Male
    Occupation:
    VPS PROVIDER
    Location:
    localhost
    Home Page:
    • Thanks Thanks x 1
  13. underachieved

    underachieved Jr. VIP Jr. VIP

    Joined:
    Aug 24, 2010
    Messages:
    2,026
    Likes Received:
    1,113
    Occupation:
    IM
    Location:
    Cyberspace
    Never ever put your personal name on online ventures

    Always hide behind a Tax ID

    Whether blackhat or whitehat
     
  14. vishy

    vishy Regular Member

    Joined:
    Apr 25, 2017
    Messages:
    486
    Likes Received:
    150
  15. Pakman6666

    Pakman6666 Junior Member

    Joined:
    Jan 27, 2017
    Messages:
    113
    Likes Received:
    63
    Gender:
    Male
    When signing up for affiliate networks, google adsense, buying hosting and domains, creating youtube channels, etc do you use your real name? I don't think I can put down a tax ID if signing up for, let's say, maybounty as an example right?
     
  16. underachieved

    underachieved Jr. VIP Jr. VIP

    Joined:
    Aug 24, 2010
    Messages:
    2,026
    Likes Received:
    1,113
    Occupation:
    IM
    Location:
    Cyberspace
    Most networks allow you to sign up under business name

    Maxbounty allows TAX ID
     
  17. GoldenGlovez

    GoldenGlovez Moderator Staff Member Moderator Jr. VIP

    Joined:
    Mar 23, 2011
    Messages:
    917
    Likes Received:
    2,064
    Occupation:
    Goose Farmer
    Location:
    Taiwan
    Home Page:
    Just to quickly chime in, before you (reader) go running off to open up an LLC in the US. Keep in mind single member LLCs offer virtually no liability protection in nearly every US state and are easily pierced in court. Courts will also go after personal assets if you are found to have conducted business in dishonest or fraudulent manner (e.g Blackhat). If you're running anything suspect, I'd highly recommend taking much more stringent steps in protection (e.g talk to a lawyer / establish business entity in a country with more favorable laws)

    Further reading: https://www.nolo.com/legal-encyclopedia/personal-liability-piercing-corporate-veil-33006.html
     
    • Thanks Thanks x 5
    Last edited: Aug 25, 2018
  18. Pakman6666

    Pakman6666 Junior Member

    Joined:
    Jan 27, 2017
    Messages:
    113
    Likes Received:
    63
    Gender:
    Male
    Shit. Do you think they would mind if I closed all my accounts and re created them with business name or tax id??
     
  19. underachieved

    underachieved Jr. VIP Jr. VIP

    Joined:
    Aug 24, 2010
    Messages:
    2,026
    Likes Received:
    1,113
    Occupation:
    IM
    Location:
    Cyberspace
    lol

    too late
     
    • Thanks Thanks x 1
  20. MrAnta997

    MrAnta997 Junior Member

    Joined:
    Mar 29, 2018
    Messages:
    126
    Likes Received:
    64
    Gender:
    Male
    I'm from a Eastern European country.. You can do whatever you want here, tax regulations are highly bendable..

    But, ofc, you gotta be in correlation with people who hold strings.. You don't pay official taxes, but you pay that "service" by funding political parties and kissing asses, ofc..

    That's short term tax solution, but when government changes, you gotta pay more to those who come next.. And that happens every ten years or so.. So Eastern Europe is really volatile for business in that case..

    You gotta chose, make offshore accounts and keep low profile in the country (if they get you, they can launch big media scandals about you and your family.. It's crazy.. We are actually test ground for new political tactics used in us and eu..), or kiss asses, pay the parties and be part of rituals (you guys know who runs the world, and what are those rituals)..

    So yeah, it's tough nowadays.. xD The question is, how to find a proper lawyer and tax advisor.. Big companies in that domain are run by the same people who run the show, so you never know when will they bite you..
    Laws and taxes are made to control the mass, and people think it's immoral to bend/brake the laws.. Yeah, it is when it comes to raping, pedo, robberies and other blood related crimes, but financial stuff, nah.. Every law has holes for the big guys to bank on them..
     
    • Thanks Thanks x 1