Mother gives her Son an LLC for his 18th birthday

[NaijaProdigy Redux]

What is this new found obsession with LLCs on social media anyway?

It's just a legal entity that doesn't mean anything without an actual business

 

[feelosofer]

Umm....ok

We're so obsessed with having 'a business' but possess none of the skills to maintain it.

 

[mag357]

So many cats in here downplaying this and making up narratives. It's just a first step into starting your own business. Nothing more, nothing less. I wish somebody would have put a bug in my ear at 18 about an LLC , S Corp or whatever. But ima old head so the information wouldn't have been so accessible. I pray him and his mom start doing there googles on all the other things needed and planning but it's a start. It would be backwards to start the business first ( which most people do)

Brother, that's backward thinking...

This isn't the first step to owning a business...
Having an idea... Then having the money to start a business is the first steps ..

This is basically just paperwork...

And therefore it's just clout chasing from people who don't know anything about anything

 

[humminbird]

I feel sorry because you can tell they just don't know
like a passport as a gift? I got my passport when I was 15 and it was just something that I got. it wasn't a celebration.
and then the llc thing is sad because you can tell the kid doesn't know what to do with it. i

 

[UpAndComing]

Brother, that's backward thinking...

This isn't the first step to owning a business...
Having an idea... Then having the money to start a business is the first steps ..

This is basically just paperwork...

And therefore it's just clout chasing from people who don't know anything about anything

The irony is that what you are saying is backwards thinking
Yes it is obviously possible to start a busines without paperwork. But you will be paying out the ass and stressed out asking a professional to backtrack everything for you if you introduce paperwork years later

That's the cost of doing business
- The paperwork for the for the LLC
- The paperwork for the business bank account
- The paperwork for the DBA
- The paperwork for the Business License
- Having the accounting/bookeeping software set up
- The paperwork for all the State and Federal Tax forms and their deadlines

Also the IRS loves coming after Sole Proprietors who have no legal framework set up and auditing them

On top of that, the Banks will not lend to you because by their requirements, paperwork is necessary. Doesn't matter if you were "In Business" for 5 years. To the Banks no paperwork = You were never In business

 

[mag357]

The irony is that what you are saying is backwards thinking
Yes it is obviously possible to start a busines without paperwork. But you will be paying out the ass and stressed out asking a professional to backtrack everything for you if you introduce paperwork years later

That's the cost of doing business
- The paperwork for the for the LLC
- The paperwork for the business bank account
- The paperwork for the DBA
- The paperwork for the Business License
- Having the accounting/bookeeping software set up
- The paperwork for all the State and Federal Tax forms and their deadlines

Also the IRS loves coming after Sole Proprietors who have no legal framework set up and auditing them

On top of that, the Banks will not lend to you because by their requirements, paperwork is necessary. Doesn't matter if you were "In Business" for 5 years. To the Banks no paperwork = You were never In business

Brother you wrote all of that for no reason..

Basically giving someone an LLC...(and I'm laughing while I'm typing that, cause that idea doesn't even make sense to me)
..... Giving some one an LLC is giving them nothing.

You didn't give them a functioning business...
You didn't give them start-up Money...
You didn't even give them an idea for a business.

ANd NO....the IRS doesn't give a fukk about small businesses.
They rarely get audited.
That's besides the point lol

 

[UpAndComing]

Brother you wrote all of that for no reason..

Basically giving someone an LLC...(and I'm laughing while I'm typing that, cause that idea doesn't even make sense to me)
..... Giving some one an LLC is giving them nothing.

You didn't give them a functioning business...
You didn't give them start-up Money...
You didn't even give them an idea for a business.

ANd NO....the IRS doesn't give a fukk about small businesses.
They rarely get audited.
That's besides the point lol

Small business get audited alot for Home Office Space tax deductions. And they get audited because of failure to report Quarterly taxes. You have no idea what you're talking about. Just stop breh

 

[mag357]

Small business get audited alot for Home Office Space tax deductions. And they get audited because of failure to report Quarterly taxes. You have no idea what you're talking about. Just stop breh

ok bruh....

Yup... I don't know what I'm talking about ..
Yup... Gotcha

I'll let you just keep spitting your misinformation on the internet

 

[richaveli83]

Now breh can put "CEO, Business Owner," on his facebook/ig

I'm gonna hand out LLC'S like stocking stuffiers next year. #6certgang

 

[JetFueledThoughts]

Did you listen to her speech? This lady trying to set this man up and give him the game she didn’t have. Of course a well thought out business plan and all that shyt would good. But she is trying to get him to get on the path to entrepreneurship and shyt. Wether he ready or not, it can do no harm at all and only help. Maybe this will be the motivation to get him more business minded if he not. She doing her job of trying to set him up right and instill some principles in him, then it’s up to the kid to do the rest.

You know how many people bragging about being their own boss and having an LLC don’t actually make any money?


Find a startup to work at and get equity / stock options. You can own a piece of a business without having to Google ‘vending machine repair’

 

[itsyoung!!]

Small business get audited alot for Home Office Space tax deductions. And they get audited because of failure to report Quarterly taxes. You have no idea what you're talking about. Just stop breh

Why would small businesses get audited for failure to report quarterly? Thats just an option as a small business, not an obligation.