Need advice

[lawnmowertech37]

im currently in bankruptcy my question is how do i get a new bank acct if i have bankruptcy on my name after bankruptcy is done with

is there anything that i can do to get a acct somewhere that does not do credit checks or would you reccommend me to become a corporation and the corporation get a bank acct started in the corp name ?

thanks all
calvin

i guess once i get restarted the master card visa place will be loosing a customer i will just move everything to paypal as a payment option

and if i loose my cell phone service then there is always the option of Time warner cable

 

[chipmaker29]

im currently in bankruptcy my question is how do i get a new bank acct if i have bankruptcy on my name after bankruptcy is done with

is there anything that i can do to get a acct somewhere that does not do credit checks or would you reccommend me to become a corporation and the corporation get a bank acct started in the corp name ?

thanks all
calvin

i guess once i get restarted the master card visa place will be loosing a customer i will just move everything to paypal as a payment option

and if i loose my cell phone service then there is always the option of Time warner cable

i personally dont think that you should have a problem getting another bank account once your bankruptcy is settled. i definitely would set everything up in an LLC. NOT a corporation or sole proprietorship. in a LLC, you personally are protected fully. anything happens in the future nothin can happen to you personally and if you were set up prior like that then you could have filed bankruptcy on your LLC but none of you personal assets could have been touched.

also, when you run your own LLC, sign everything (checks, etc) as President of the LLC. this is very important and establishes you as an officer of the company and not the company itself.

you can set up an LLC by going to the state you live in goverment website and go to the Secretary of State's section and there you can set it all up online. it costs about $80 (at least here in Indiana) to file/setup your LLC but it is very much worth it, trust me.

good luck to you

 

[lawnmowertech37]

i personally dont think that you should have a problem getting another bank account once your bankruptcy is settled. i definitely would set everything up in an LLC. NOT a corporation or sole proprietorship. in a LLC, you personally are protected fully. anything happens in the future nothin can happen to you personally and if you were set up prior like that then you could have filed bankruptcy on your LLC but none of you personal assets could have been touched.

also, when you run your own LLC, sign everything (checks, etc) as President of the LLC. this is very important and establishes you as an officer of the company and not the company itself.

you can set up an LLC by going to the state you live in goverment website and go to the Secretary of State's section and there you can set it all up online. it costs about $80 (at least here in Indiana) to file/setup your LLC but it is very much worth it, trust me.

good luck to you

but with a LLC can it have numerous companys under one roof ?

 

[chipmaker29]

but with a LLC can it have numerous companys under one roof ?

yes, you can. what you would do is have one LLC then each company operating under would be referred to as a DBA (Doing Business As). So in other words, it would be "Your Company, LLC" DBA as "whatever other company(s) you choose". their physical location (address) dosent matter.

see what i mean?

 

[lawnmowertech37]

yes, you can. what you would do is have one LLC then each company operating under would be referred to as a DBA (Doing Business As). So in other words, it would be "Your Company, LLC" DBA as "whatever other company(s) you choose". their physical location (address) dosent matter.

see what i mean?

someone told me though that llc is taxed more than a corporation such as S or C corp

 

[chipmaker29]

someone told me though that llc is taxed more than a corporation such as S or C corp

that is untrue... the taxes that you will pay will be the same as whatever tax bracket that you are currently in.

i was just attempting to help you with your problem & give you advice on how to protect yourself from future issues. sounds like you just need to consult an attorney which is just gonna add to your financial hardships. i have operated multiple types of business via an LLC and am pretty much up on how to operate at least cost possible as well as protect yourself fully.

anyway...take my advice for what it is worth and like i said, if you think that i may not be correct then seek legal advice. u will here the same thing from any attorney but he is gonna slip ya a hefty bill for advising & handling issues that you can handle yourself.

 

[lawnmowertech37]

that is untrue... the taxes that you will pay will be the same as whatever tax bracket that you are currently in.

i was just attempting to help you with your problem & give you advice on how to protect yourself from future issues. sounds like you just need to consult an attorney which is just gonna add to your financial hardships. i have operated multiple types of business via an LLC and am pretty much up on how to operate at least cost possible as well as protect yourself fully.

anyway...take my advice for what it is worth and like i said, if you think that i may not be correct then seek legal advice. u will here the same thing from any attorney but he is gonna slip ya a hefty bill for advising & handling issues that you can handle yourself.

i guess llc is better than sole proprietor correct?
what im concerned about is if someone came after the business will my personal assets be protected etc, in a llc?

thats what my main concern is

 

[Garden Of Eden]

Hello lawnmowertech,

This is the way I have my business set up.

First, I own a trust. (llc) The trust owns a leasing company, that's in my wife's name. (llc) She leases ALL the equipment to my tree company, or repair company. (Both llcs) If I do a $1000 dollar job, I pay the leasing company 75%. I always lease equipment for 75%. That way nearly 75% of liquidable assets are in my wife's name, under a different LLC. Lets say I get sued, and for whatever reason, my ins won't/doesn't cover it. I can file bankruptcy on the tree business, not sell any of my equipment, and the same day be operating a good business again. See what I mean?

I had an attorney set this up for me, cost in total for 5 llc and 2 living estates and wills i think around $600.00 Not too bad.

Hope it helps,

Jeff

 

[chipmaker29]

i guess llc is better than sole proprietor correct?
what im concerned about is if someone came after the business will my personal assets be protected etc, in a llc?

thats what my main concern is

yes! that is the whole point of the LLC. u, personally, r indemnified from being held responsible. your personal assets will always be protected.

LLC is the only way to go, in my opinion. i wish you the best in getting everything worked out!

 

[chipmaker29]

Hello lawnmowertech,

This is the way I have my business set up.

First, I own a trust. (llc) The trust owns a leasing company, that's in my wife's name. (llc) She leases ALL the equipment to my tree company, or repair company. (Both llcs) If I do a $1000 dollar job, I pay the leasing company 75%. I always lease equipment for 75%. That way nearly 75% of liquidable assets are in my wife's name, under a different LLC. Lets say I get sued, and for whatever reason, my ins won't/doesn't cover it. I can file bankruptcy on the tree business, not sell any of my equipment, and the same day be operating a good business again. See what I mean?

I had an attorney set this up for me, cost in total for 5 llc and 2 living estates and wills i think around $600.00 Not too bad.

Hope it helps,

Jeff

:agree2:
Jeff, you are a sharp individual and you and I have a VERY similar setup going. these days you have to, to protect yourself from all the sue crazy idiots out there.

also, with this approach, we will still be in business whenever many others take the chance of losing it all!