All Forum Posts by: Chris M.

Hey, Alan, thanks so much for the reply. That actually brings up another question I had: do you need to take the Real Estate License tests for the state that you're a resident of, or for the state that you're planning on selling homes in?

While I'm technically a resident of Oregon, I'm traveling and plan on potentially selling in Texas. Would I need to do the tests for Texas and get my license for that state then?

Thanks again!

Hey guys, I'm looking to get my real estate license, but am wondering where the best place to get the license online is? Thanks for any help on this!

Hey guys, for a while I was using the website BoostUp to save money. One of the things I really liked about that website is that I could set up a "Round Up" feature where my purchases using a credit card would automatically be rounded up to the next dollar and that round up amount would be deposited into this savings account. Unfortunately, BoostUp is also kind of wonky and they made it very difficult to withdraw my own money, so I stopped using their service.

I'm wondering if there's an app/website that you guys can recommend that does the Round Up feature like this with credit card/debit card purchases and automatically deposits them into an account of my choice? I thought I heard the Acorns app does this... but wondering if you guys have any experience with this/recommendations. For me, I found this an incredibly easy way for me to save money because it required no effort on my part... with every one of my credit card purchases a small amount would be automatically deducted to my savings. 

Really appreciate any insights on this!

Hey guys, so this one has been at me for a while. Our business is now 100% virtual, which we're thrilled about, but to stay incorporated in our state of Oregon, we must have a physical presence. I am now mobile, and the business does not have a physical presence, so we effectively have no physical presence in our state of Oregon except for commercial offices which are empty and lease expires August 31st. 

For purposes of having a commercial space, for business credit, applications/requirements from many companies and to keep our incorporation in the state of Oregon, we are currently leaning toward continuing to rent the cheapest office unit month-to-month as our Principal Place of Business just to meet the requirements of state incorporation/other companies.

I'm certain that we are not the only virtual business to face this dilemma... has anyone found a solution to this.. perhaps a method or another state that permits virtual businesses without a physical presence to be incorporated in their state?

Thanks for any insights on this guys... at this point, the whole virtual business realm is so new that it feels like keeping the cheapest office unit for now would be the wisest move... but that'll be another $3,000+ per year in expenses that we would prefer not to pay.

Oregon. So your point is, the only way to be taxed as our home state is to actually do most of the business there. Here's the thing: our business is becoming 100% virtual. If our activities and assets are not central to any one state, would that change anything for us legally? I'm guessing this is going to be an emerging area of law as more and more companies go 100% virtual.

It sounds like to cross all our T's and dot all of our I's it would likely be best to dissolve in Oregon and refile in Delaware. However, I will plan on reversing that order and registering the business in Delaware first, then dissolving our Oregon incorporation/permits/licenses from there. A bit of a pain/hassle, but from what I've researched the tax savings we will experience via Delaware tax law will make all of it very much worthwhile. Thanks for your response.

Research shows that we would need to "dissolve" our business entity and operations here in Oregon, then refile for the same company name/entity type in the state of Delaware. This process concerns me a little and am wondering if anyone has experience changing the home/base state of incorporation for a business. Thanks again.

Hey guys, so we have a business currently incorporated in the state of Oregon. After researching, we realized that since we will soon be filing our taxes as an S Corp due to exceeding $40,000 in NET income on a yearly basis, we believe our business would benefit from being incorporated in the state of Delaware with its lack of corporate income tax and lack of taxes on royalties/intangible assets. I have a couple questions on this:

1. Is it difficult to change your state of incorporation? Could we just file some papers with Oregon and switch to Delaware?

2. If #1 is not possible, would making our current business a member of a new LLC formed in Delaware work as part of a tax strategy?

Any other recommendations you guys have on changing the incorporated state of our business to Delaware would be great. We strongly believe our business will benefit in the years ahead based on the corporate tax laws in that state. Thanks for any help here!

Hey, Josh thanks for the reply. Yeah it's an e-commerce company. Basically what I've been told from multiple sources is that if you know your profits are going to exceed $40,000 it makes more sense to be taxed as S Corp to avoid self employment tax.

So can I wait until we are doing our taxes to file them as an S Corp or do I have to submit paperwork of some kind before I can do that?

Also any payroll companies you can recommend would be great. Is there really no way around that? Even with an online business that uses all virtual contract workers we have to use payroll to file taxes as an S Corp?

Thanks again for all the insights guys really appreciate it.

Hey, Brian so if I keep it as an LLC but file taxes as an S Corp, can I avoid doing payroll or reasonable salaries etc or is that still a requirement? We are purely online retail so would like to avoid payroll if I can.

Hey guys, so we are changing our LLC to an S Corporation for our business entity type this year. We were likely going to do this in February of this year, 2018. My questions:

1. Does changing from an LLC to S Corp affect 2018's taxes? Will each day of 2018 that we still operate as an LLC be taxed differently than when we change into an S Corp? Unfamiliar with how this works for a taxable year. Guessing the entire year is treated like we were an S Corp the whole time once we change entity types.

2. I know there are more hoops with an S Corp like corporate meetings, reasonable salary etc... but is there anything you guys can warn me about with an S Corp that we should be prepared for? We are operating in the state of Oregon.

3. Any other advice you guys have on changing from LLC to S Corp would be a huge help.

Thanks all and happy new year.