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Old 05-07-2016 | 10:36 AM
  #31  
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Originally Posted by maxjet
I have to disagree with you on this one. Connie does not do this solely for the money. He enjoys the business, and without this business he in some ways has lost his identity. He is way too active mentally, to ever be happy sitting around doing nothing. This is something he has built and very proud of it. I may not like some decisions he has made, but I very much respect his skills and what he has accomplished. He is truly an example of the American Dream. Now if only he would instruct his minions to part with some of the riches that we have collectively gained we could all be happy.
The minions!!!
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Old 05-07-2016 | 11:48 AM
  #32  
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Originally Posted by HercDriver130
the LLC still has shares... who knows who might own small minority positions.
This is technically incorrect. I own a small LLC there's no "shares" in it. My business partner and own it 50/50.
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Old 05-08-2016 | 01:25 PM
  #33  
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^^^^ Uh ?

SO...you EACH own a 50 % SHARE?

By definition a "corporation" is a group of individuals authorized to act as a single entity ( or person ).

Although, there is such a thing as a " Single Member LLC " ...For the most part, they involve shares of ownership.







D.S
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Old 05-08-2016 | 03:37 PM
  #34  
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LLC's are made up of Members.

Members own Ownership Interests, delineated in percent.
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Old 05-08-2016 | 03:42 PM
  #35  
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Originally Posted by Dead Serious
^^^^ Uh ?

SO...you EACH own a 50 % SHARE?

By definition a "corporation" is a group of individuals authorized to act as a single entity ( or person ).

Although, there is such a thing as a " Single Member LLC " ...For the most part, they involve shares of ownership.







D.S
Right what I am saying is we don't have "shares" unlike my last little company which was incorporated as a C Corp and had issued shares. There's a difference one has % of ownership the other one issues shares of stock. FYI the simplest tax friendly form of a small company I've found out is a LLC/ S Corp.

I formed the business because I am an A&P/ IA and do maintenance besides my flying job. I am a little paranoid about getting laid off again and want something to instantly fall back on.
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Old 05-08-2016 | 04:39 PM
  #36  
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Yes. Correct.

There are Shares...Albeit, NOT Publicly Traded.

D.S.
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Old 05-08-2016 | 05:51 PM
  #37  
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Originally Posted by Dead Serious
Yes. Correct.

There are Shares...Albeit, NOT Publicly Traded.

D.S.
I can live with that. The point is since they're not publicly traded who knows the % of ownership....
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Old 05-09-2016 | 02:56 AM
  #38  
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Originally Posted by Kougarok
FYI the simplest tax friendly form of a small company I've found out is a LLC/ S Corp.
The simplest form of a business entity is a sole-proprietorship. You don't have to file anything to have one.

That said, sole-props can be a bad idea for many reasons...
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Old 05-09-2016 | 08:30 AM
  #39  
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Originally Posted by dupe
The simplest form of a business entity is a sole-proprietorship. You don't have to file anything to have one.

That said, sole-props can be a bad idea for many reasons...
I did say simplest "TAX" friendly.
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