Investing General Discussion

Blazin

Blazin

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tugofpeace said:
I'm not sure if you're misunderstanding or what.. there are two lots.

100 shares @ $75
100 shares @ $25

Both lots are sold at $60.

$25 shares see a $35 profit
$75 shares see a $15 loss

Yes, overall gain will be positive ($50 total cost basis sold at $60 = $10 profit for 200 shares)

However the $75 shares were sold at a $15 loss. If shares of that ticker are repurchased within 30 days, that is a wash sale, right? Regardless of LIFO, FIFO, avg cost, etc.
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Yes, you can't repurchase shares after a recognized loss without the wash sale applying . The wash sale would only apply to those 100 shares that had a loss. The cost basis would carry over into the new purchase.
 
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Sanrith Descartes

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This Is Fine GIF


 
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Big Phoenix

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400 billion dollar company with a forward pe of 312 is very healthy.
 
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Lambourne

Lambourne

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Nvidia has outperformed Bitcoin in the last 5 years. 15x vs 10x. It's not even that far off in the 10 year (360x for Nvidia, 460x for BTC).

 
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Rangoth

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What's the trump intel thing? That real? It's down another .50 cents right now, but based on history it may have already found it's bottom.
 
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TomServo

TomServo

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I am starting a company and I want to know the right way to set up my LLC, and bank accounts so that if I get sued, they can’t come after me personally (i.e., pierce the corporate veil). I know this is a question that I can just google, but I know that people often leave shit out with those gay-ass articles they write to get clicks from unsuspecting noobs, and I don’t want to get fucked on this. I’m basically looking for the loopholes and gotcha’s that you only find out once you get sued.

But so far this is my plan:
* Start an LLC in Nevada or Wyoming (w/ a contribution agreement to transfer my computer and shit to it so it’s owned by the LLC so the LLC has assets)
* Get a Business Bank Account and only do company business with the funds
* Document all financial decisions
* Carry Business Insurance
* Keep at 10-20% of annual revenue in the bank to show full capitalization, i.e. don’t drain it to pay myself
* Pay myself as an employee and issue a W2 at the end of the year
* Issue 1099’s to contractors

Is there anything I’m missing?
 
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Ao-

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Rangoth said:
What's the trump intel thing? That real? It's down another .50 cents right now, but based on history it may have already found it's bottom.
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It's real alright. Real retarded.
 

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Rangoth

Rangoth

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Someone may correct me, but I believe, by default, the LLC would be 100% pass through. I think if you want to pay yourself and contractors you may want to classify your business as an S-Corp
 
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Sanrith Descartes

Sanrith Descartes

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TomServo said:
I am starting a company and I want to know the right way to set up my LLC, and bank accounts so that if I get sued, they can’t come after me personally (i.e., pierce the corporate veil). I know this is a question that I can just google, but I know that people often leave shit out with those gay-ass articles they write to get clicks from unsuspecting noobs, and I don’t want to get fucked on this. I’m basically looking for the loopholes and gotcha’s that you only find out once you get sued.

But so far this is my plan:
* Start an LLC in Nevada or Wyoming (w/ a contribution agreement to transfer my computer and shit to it so it’s owned by the LLC so the LLC has assets)
* Get a Business Bank Account and only do company business with the funds
* Document all financial decisions
* Carry Business Insurance
* Keep at 10-20% of annual revenue in the bank to show full capitalization, i.e. don’t drain it to pay myself
* Pay myself as an employee and issue a W2 at the end of the year
* Issue 1099’s to contractors

Is there anything I’m missing?
Click to expand...
Getting an EIN for one. While not "required", if you are looking to maximize distance between your personal assets and the business, get an EIN.

Second, a sole member LLC cannot pay the owner a salary. It's one of the defining differences between an LLC and an S-Corp.

Third, some of the things you mention have nothing to do with the corporate veil (paying 1099's).

The idea of the corporate veil is to not mix personal and business transactions and funds. Its really that simple. Separate account, separate credit card (if you get one), don't such money between yourself and the company, document all contributions of cash and assets and all distributions. Do dont pay personal expenses with company funds/credit card.

Edit: also why are you state shopping for incorporation? Doing not in your home state will add a layer of complication (actually a couple of layers). Unless your state of residence is California, then you are pretty much fucked no matter what.
 
Sanrith Descartes

Sanrith Descartes

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Rangoth said:
Someone may correct me, but I believe, by default, the LLC would be 100% pass through. I think if you want to pay yourself and contractors you may want to classify your business as an S-Corp
Click to expand...
An LLC can pay contractors and employees. It cant pay an owner a salary.
 
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TomServo

TomServo

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Sanrith Descartes said:
Getting an EIN for one. While not "required", if you are looking to maximize distance between your personal assets and the business, get an EIN.

Second, a sole member LLC cannot pay the owner a salary. It's one of the defining differences between an LLC and an S-Corp.

Third, some of the things you mention have nothing to do with the corporate veil (paying 1099's).

The idea of the corporate veil is to not mix personal and business transactions and funds. Its really that simple. Separate account, separate credit card (if you get one), don't such money between yourself and the company, document all contributions of cash and assets and all distributions. Do dont pay personal expenses with company funds/credit card.
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thanks for the uber quick response. it will be a 2 member llc, yes we will get an ein, and arent sure if we go s corp or c corp, any suggestions?
 
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Sanrith Descartes

Sanrith Descartes

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TomServo said:
thanks for the uber quick response. it will be a 2 member llc, yes we will get an ein, and arent sure if we go s corp or c corp, any suggestions?
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Ok, a multi-member LLC is taxed as a partnership. A partnership, while still a pass through entity, has to file its own separate tax return each year, unlike a sole member LLC.
 
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