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Posted on 5/19/22 at 8:48 am to QJenk
Just an observation I’ve made: black people love saying “I got my LLC” like it means something
Posted on 5/19/22 at 8:49 am to MooseStewart
quote:
She planted the seed so maybe they will try and grow it to bear fruit.
Planting the seed would be gifting them an actual fledgling business.
An LLC is nothing more than a designation for your business. And many will still be taxed as a sole prop anyway, assuming that a single person decides to start their own business. So she gave them red tape, something to make them feel like they are official without actually doing work, and (if a business gets going) a small fraction of protection.
I'm not even sure what it means to gift an LLC. A much better gesture would be an entrepreneur workshop or, god forbid, college tuition.
This post was edited on 5/19/22 at 8:49 am
Posted on 5/19/22 at 8:51 am to Bjorn Cyborg
quote:
So basically, she gifted them with $100 and some paperwork, and now they have to pay the annual state fees.
Thanks
Or pay even more to dissolve it. Super great gift.
Posted on 5/19/22 at 8:52 am to QJenk
quote:
At the end of her address, she revealed to the graduating class that she had partnered with Varo Bank to purchase the LLCs.
Cole told 11Alive the total cost was more than $400,000.
"Pinky Cole had a business and lost everything. My car got repo'd, got kicked out of my house, went flat broke, almost lost my mind - and almost four years later, she now owns and operates at $100 million vegan brand. She found aspiration in the losses," Cole said.
So her cousin works at Varo Bank? I'm just shocked to find out that "Slutty Vegan" is a $100M company. Also did she speak about herself in the 3rd person the whole time?
Posted on 5/19/22 at 9:02 am to QJenk
Did the any of the LLCs come with historical land and orange construction fence by chance?
Posted on 5/19/22 at 9:03 am to lsufb1912
I'm assuming she didn't actually form the LLCs but rather set up a fund with a lawyer that will file the paperwork and pay the fees if any of the graduates choses to participate.
Otherwise, yea, she's just creating a bunch of unwanted hassle and risk for a lot of people.
Posted on 5/19/22 at 9:04 am to When in Rome
quote:
it’s almost as bad as Scott’s Tots
Posted on 5/19/22 at 9:09 am to Odysseus32
quote:
a small fraction of protection.
Even smaller when you consider how many people will run their LLC straight out of their personal checking accounts. Or, use the business' credit card like a personal credit card.
Posted on 5/19/22 at 9:13 am to lsufb1912
quote:
she now owns and operates at $100 million vegan brand. She found aspiration in the losses," Cole said.
Just…
Posted on 5/19/22 at 9:15 am to QJenk
Seems like a cool idea. This helps everyone “take that first step,” which is often the hardest one. Lots of ppl - especially younger - perceive a bigger barrier to this stuff than actually exists. Obviously vast majority of them won’t have much use for it, but if this causes just one person to turn their great idea into an actual productive business when they otherwise might not have, then that’s worth the entire effort many times over.
Posted on 5/19/22 at 9:17 am to QJenk
Nice. All will cringe when the bill comes due.
This post was edited on 5/19/22 at 9:19 am
Posted on 5/19/22 at 9:17 am to SaltyMcKracker
quote:the family llc on historic property
Did the any of the LLCs come with historical land and orange construction fence by chance?
Posted on 5/19/22 at 9:18 am to QJenk
Gifted LLCs? So...paperwork?
Posted on 5/19/22 at 9:19 am to Baw Vivant
quote:
but if this causes just one person to turn their great idea into an actual productive business
I bet you loved the COVID lockdowns.
Posted on 5/19/22 at 9:19 am to Weekend Warrior79
quote:when i was on tiktok i saw this all the time
Even smaller when you consider how many people will run their LLC straight out of their personal checking accounts. Or, use the business' credit card like a personal credit card.
"business tips" that are basically just fraud
Posted on 5/19/22 at 9:19 am to Baw Vivant
quote:
but if this causes just one person to turn their great idea into an actual productive business when they otherwise might not have, then that’s worth the entire effort many times over.
Posted on 5/19/22 at 9:20 am to When in Rome
That was a rough episode of The Office
Posted on 5/19/22 at 9:24 am to Odysseus32
quote:
I'm not even sure what it means to gift an LLC. A much better gesture would be an entrepreneur workshop or, god forbid, college tuition.
Just give them each $100 - that would be more useful. At least they could go out and buy some drinks after the ceremony.
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