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Originally Posted by Legendnvegas Can you elaborate a bit more on your strategy??
Yes, I know your not a tax professional but id like to know more about how your doing your current set up. This is the first ive read about this idea on this forum. And I have been reading for months. Seems like you have a great strategy!!
Did you go through your state and create an LLC and then use the # to create the Sub LLC's/EIN's on IRS site? Thus making the Parent LLC the owner of all of them, and not yourself? I think that is the way i understand it...?
Do you put all your personal info on the SUB LLC's/EIN's? Or stealth info on these Subsidiary LLC's...? That is where I get lost.
Thank you for any additional info. |
Ok...
For starters remind yourself ANYTHING outside of eBay and paypal has to be legit info. Paypal and ebay will just ban us, but if you falsify ANY information outside of these platforms your 99% of the time committing identity theft,
even if the person doesn't exist.
In regards to finding this info, that's because I didn't get this from the forum. I think it was from watching some tax professional video and reading some blogs. Anyways I did do it threw legalzoom. At first I wanted to do this all threw a tax professional but the reality is, its just me at the moment.
Unless you have employees, married, anything that relates to your business that doesn't include you, it's possible legalzoom isn't right for you.
When creating the PARENT LLC it will ask who is the owner or owner(s) of the LLC? You put your name. Will you go on IRS.GOV and get the EIN you but your SOCIAL.
Now when the LLC is created, its technically just a LLC. To make it a parent all you do is when making another LLC when they ask "who is the owner or onwer(s) you put the BUSINESS NAME. So now the LLC you just made is now the "owner" of this new llc.
It makes doing taxes A LOT easier too. My parent LLC is the one that pays for all my business expenses like shipping labels, poly mailers etc. If all my accounts are using the same supplies, which one pays the cost of my shipping supplies? All these things get complicated so having just ONE llc pay all your business expenses that are used on ALL your accounts makes life MUCH easier.
If you google "parent LLC" you will get alot of good info on it. Its not just good for stealth its GREAT if you ever went bankrupt, get sewed, basically ANYTHING that happens to ONE LLC doesn't affect the rest. So if someone went and sewed "apple llc" technically if you are a single member your connected to that LLC by law. If someone sewed you and you have the parent LLC as the owner, your out of the picture completely.
Obviously it can get alot more complex. All of this stuff is "generally speaking" because I have no idea what you sell, your business model etc.
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Easiest example is think of someone who owns a bunch of apartment complexes. They will have 1 main LLC that oversights all the buildings below it. ALOT of companies do this model, its very smart and separates YOU for ever getting in legal trouble, if you play your cards smartly that is.