Research in this area

Myself and Idea are going to be doing lots of research in this area and most likely get an LLC. Once we decide if this is a good start for us, we will let you in on our plan. We may need a lot of help in this area as well as some employees with their own subsidies of the parent company. We are going to consult a attorney and see if this is really safe and viable. But we still stick with our first advice and thats just pay the taxes and get them out of the way.
Evilbyte

Just got off the phone with Laughlin Associates. Incredibly helpful and friendly lot.

Good news / Bad news:
LLCs and corporations offer asset protection but not in the way that we have been led to beleive by other gurus. Accoring to the attorneys, Asset protection comes to this. Putting your money in an LLC means you cant lose the money if you personally are sued. It also means that if you borrow money from the LLC to buy a boat then the LLC has a lean on it and you cant lose the boat if you are sued.

As for protecting your money from the IRS, sorry doesnt work. The money is still taxed as if it were still in your possession. You will still pay Federal tax, State tax and capital gains. Even if its a Nevada LLC you will still pay taxes.

AS far as Off shore banking, Laughlin Associates cant help in that matter. The man I spoke to says that he is aware of a lot of people who squirreled their money away in the Caymans etc and still gotten PWNED by the IRS.

My advice:
Pay the taxes and be happy with the left over profits. That way the IRS vulture will leave you alone.

Here is the followup email I got from Lauglin Assocites, Keep in mind that their service give you the complete package. All the filing fees and everthing you need to be a legitimate LLC are included. If you find it for less you are probably missing something important:

It was a pleasure speaking with you today. Here is an overview of what we discussed earlier and the services we can provide. If you require ongoing assistance with maintaining internal documents, writing resolutions or other formalities, we are prepared to help you with that as well. Feel free to call or email me with any questions or as soon as you are ready to proceed. Also, here’s a link to info on LLCs: http://www.laughlinusa.com/PDF/llcbooklet.pdf

Nevada LLC – $600. (expedite fee $200.)
• State filing of articles of organization and filing fee included
• Initial list of Managers / State business license forms
• State certified copies of articles
• Resident agent service for one full year
• Complete LLC operating agreement
• LLC record book with minutes and resolutions of first manager’s meeting
• 20 membership certificates with official seal embosser
• Original membership issue and transfer ledgers
• Unlimited phone consultations FREE – I’m here for you when you need help
• Assistance obtaining Federal tax I.D. number and filing IRS form 8832
• Shipping fees included

The state of Nevada requires all business entities, domestic and foreign, when submitting the initial and subsequent annual manager list ($125.), to submit a State Business License fee ($200.), pursuant to NRS Chapter 76 - State Business License.

With warm best wishes, I remain at your service.

Sincerely,

Mike Stein
Consultant