Not sure if this is a stupid question but I have no clue.
Let's say I want to start multiple side hustles or passive income streams. Can I start a corporation and have all my money go there? My aim would be to minimize taxes and have limited liability if I get sued.
Hi all
I am starting a laser engraving business, with the hope of selling product online.
What is the benefit of starting off as a corporation vs sole prop and transitioning later?
I understand the limited liability, and reduced cost of transferring assets when transitioning later on.
I have some personal assets that I will be using to run the business, purchased with personal money (laser engraving machine, materials)
Could anyone direct me to some resources that could teach me how to fund/ transfer resources to Corp with equity?
Thank you for reading
We are looking to register a business and one of the main features would be acting as an escrow service while works are completed. Once all parties are satisfied then the funds would be transferred. This service and the other features involved (which are irrelevant to this) would be charged at a 5% fee.
I contacted ASIC to get some advice so we don't fall into any traps unintentionally however they seem to be more interested in dealing with people who have done the wrong thing as opposed to helping being avoid it too.
The only helpful thing they said was to look into getting advice about the Corporations Act so that's why I'm here however I'm hoping this subreddit can let me know what other things need to be considered when setting up a business like this.
The CCPA might give California Mormons that want to resign some new rights. I think the question is whether it applies to the church.
The church sells garments and keeps track of which members can buy them.
Has anyone researched this? I think a starting point is the definition of a business;
>(c) “Business” means: (1) A sole proprietorship, partnership, limited liability company, corporation, association, or other legal entity that is organized or operated for the profit or financial benefit of its shareholders or other owners, that collects consumers’ personal information, or on the behalf of which such information is collected and that alone, or jointly with others, determines the purposes and means of the processing of consumers’ personal information, that does business in the State of California, and that satisfies one or more of the following thresholds: (A) Has annual gross revenues in excess of twenty-five million dollars ($25,000,000), as adjusted pursuant to paragraph (5) of subdivision (a) of Section 1798.185.
...... And on their end they make a HUGE profit knowing they sold you a bunk product. Companies weigh the Risk vs. Reward way before they introduce anything to the public. They know they can make millions, if not billions, by releasing before Christmas. They knew the product was defective. They didn't care. All they thought of was profit and shareholders.....like all companies. They don't care what the public thinks of them. As long as they are making money and EA's stock is rising they could care less about the consumer. Money money money.....that's it....all they care about.
Companies rather use the consumers budget to fix things rather than their "cash on hand", which is in the billions, to right the ship. Capitalism will always win.... Unfortunately. That said..... Always remember.... Companies "Act Now" and "Apologize Later".... No morals and no ethics .. all money.
