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Amway Global website links to Amway Watch
#21
Bridgett Wrote:And LLC? I thought that a person sets up an LLC more for liability protection, but still operates it as a Sole Proprietorship.

I was under the impression that an LLC is looked upon by the U.S. Government the same as a Sole Proprietorship (and fills out a Schedule C on their personal income tax returns) which is connected to a Social Security number.


Kind of, profits are usually passed through the the owners for tax purposes, but it can also be treated like an Inc. More importantly the owners can be foreign residents and don't need an SSN or business licence to operate a business like AG. My web hosting company was a Delaware LLC. Here in sweden I actually sign a contract with I think Amway Scandinavia LLC out of Delaware, via their Swedish branch office (filial), which is business form here.
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#22
All I can say reading all this.... That's a lot of hoops to jump through, IBOFB!! But WAY TO GO!!! :yahoo: :yahoo: :yahoo:

And to the rest of you - a funny aside: even though I'm a "critic" - on another forum, my critic friends made me stand up for IBOFB because they were crowing about his "3%" ranking.... :rant: I pointed out to them that no three-percenter has the knowledge that IBOFB has Tongue
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#23
Bridgett Wrote:And LLC? I thought that a person sets up an LLC more for liability protection, but still operates it as a Sole Proprietorship.

I was under the impression that an LLC is looked upon by the U.S. Government the same as a Sole Proprietorship (and fills out a Schedule C on their personal income tax returns) which is connected to a Social Security number.

But I'm sure you'll figure all that out in due time. Smile


I think it used to be that simple. There are different filings I have to make for different ones of mine. At least one is on a Schedule C. Another one gets needs a Schedule K (I believe).

ibofb, if you get it figured out. Let me know the secret.
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#24
MichMan Wrote:ibofb, if you get it figured out. Let me know the secret.


When it gets to that stage I'll let an accountant worry about it Smile
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#25
ibofightback Wrote:
MichMan Wrote:ibofb, if you get it figured out. Let me know the secret.


When it gets to that stage I'll let an accountant worry about it Smile


Good answer Smile
It is in moments of decision that my destiny is shaped.
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#26
By the way, there's a nice doc in the Legal area on the AG site talking about requirements for we foreigners, also plenty of info on running as an LLC, Inc etc
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#27
ibofightback Wrote:
MichMan Wrote:ibofb, if you get it figured out. Let me know the secret.


When it gets to that stage I'll let an accountant worry about it Smile



Yeah, that's what I do.

But he never has given me an adequate answer as to why on LLC is required to file a Schedule K, for which he charges me $400.
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#28
MichMan Wrote:But he never has given me an adequate answer as to why on LLC is required to file a Schedule K, for which he charges me $400.


Because it's profitable? :twisted:
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#29
ibofightback Wrote:
MichMan Wrote:But he never has given me an adequate answer as to why on LLC is required to file a Schedule K, for which he charges me $400.


Because it's profitable? :twisted:


And people wonder why I do our own taxes...

When I was in an investment club, I was the treasurer and had to prepare Schedule Ks for everyone, like 20 people. And that was before there were consumer-friendly tax programs. So I did it all by hand. Didn't take very long, a couple of hours maybe--for 20 of them, handwritten.

$400 for one of them? What a rip off! I believe it though. We had a meeting with an accountant last year at this time, when we were thinking about incorporating. I walked out of there, shaking me head thinking, "This is such a racket." But I felt very empowered, because that meeting confirmed that I knew way more than I thought I did, and that for most people (not all), ya just don't need all the bells and whistles that accountants offer (and charge for). :glare:
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#30
IBOFB, just want to say welcome to the IBOship side of things as well. Hope it goes well for you here it the states. Hope that "contact" I gave was also helpful.

Cheers
It is only through labor and painful effort, by grim energy and resolute courage, that we move on to better things. --Roosevelt
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