Questions and Answers
The company has approved licence from MAS. Ready for operation. Any local agencies provide leads or sale of these companies?
If you are looking to buy a business in your area, the best I can do is to suggest your city's chamber of commerce.
In my opinion, an investment company has a fairly low initial set up cost.
Good secure website $2000
LLC set up costs $2000
Office equip $1000
I doubt you will even find a bankrupt company for $5000. It will also probably be faster setting up a company than waiting for a good deal. Building from the ground up probably isn't as hard as you think, Http://www.sba.gov/.
Personal touch never hurts! Good luck.
I'm trying to understand how they have been taken over and are being ripped off and by whom. My questions are in reference to an article – the link is below.
"milk processors, the companies that buy milk from dairy farmers, bottle it and sell it to retailers. It states that These entities "under pay Pennsylvania farmers while overcharging Pennsylvania consumers."
"A few Fortune 500 companies such as HP Hood LLC and Dean Foods have bought up almost all the local dairies. Most consumers don’t know because the multinational corporations’ business plans keep the name of the local dairy creating the illusion that it’s a local company."
But then in the 10th paragraph, it states,
"As the small processors were bought up by the multinationals, the small profits weren’t enough. Because the multinational dairies owned plants and bought milk in various states, they found ways around Pennsylvania’s regulations. "
1. Did the big companies buy the DAIRIES owned by the small farmers OR did they buy the milk processing companies? In the articles it is saying both.
I'm very confused as to how this works and this article confuses me even more. I'm trying to understand how this works so I can buy milk that will support local dairy farmers and not some big corporation. I was buying Horizon organic milk but now I know that they are owned by a big company called DEAN FOODS. ON the Horizon web site it states how this company is helping local dairy farmers to turn organic etc. Etc. But I thought that they bought the local dairy farms from the local farmers. I am so confused by this….
Agri-business IS complex. The article you cited isn't coming up now when I tried to load it, but based on the quotes you cited:
Milk processors undermined PRODUCERS (farmers.) This in turn has lead to the farmers having little choice but to sell out to the multinationals. They then become little more than contract-farmers producing for the big corporations. This is happening in all of Agriculture. It's unfortunate.
Personally, I'd suggest just avoiding milk, as it's not healthy for humans to consume anyway. We're not meant to eat milk beyond the human infant stage and then only human milk (our milk is very different than cow or goat or sheep milks.)
But, if you absolutely must, check your local area for small independent farms that produce on small scales. I prefer to buy meat & poultry from local producers who raise and slaughter their own animals, they are not contract farms for big corps. Half a side of beef lasts our family almost a year for example. I also frequent local farm markets & coops as much as possible. I grow many things myself as well, as much as possible. Every little big helps. Bottom line is, veggies are better than meat! 🙂
I know I have to fill out an Articles of Organization and pay the $125 filing fee but what happens after that? What else do I need to fill out and when do I know it's approved? How long does it take? I'm going to be the only person in the LLC and don't have any employees so are there any other forms I need to fill out?
I want to start my own company but don't have very much capital to put into it at the moment which is why I'm doing all the forms myself. It's a web based business re-selling products if that makes a difference.
Please correct me if I'm wrong but I thought that one advantage of an LLC was that the business operates as a separate entity from the individual running it; meaning that if my business gets sued it can't hurt my personal credit.
I'm trying to limit the damage that I can personally incur if there happens to be some major catastrophe with the business.
As far as the IRS is concerned, there is no such thing as an LLC.
Tax entities are an individual (Sch C on your 1040), a partnership (Form 1065), or a Corporation (1120/1120s). By default the IRS will treat your LLC as a partnership, and so does the state.
This means all income generated by the company is taxed as self-employment, an additional 16% over your regular taxes. If you are going to be running an active business (not real estate rentals or investments), it may be a better idea to look into an S-Corporation for both liability and tax reasons.
There are many websites that will file your organizational papers with the state of your choice and get you an EIN – you can even do this yourself for a minimal charge – but these services usually do not register you with your local entities (County, City, sales tax, and/or school district) – failing to report to them for even a year or two can lead to thousands of dollars in fines.
I would suggest talking with a local CPA before you get going – not only can they advise you on the best organizational structure to reduce your tax liability, but they will be experienced in reporting for your area and know what entities you need to be registered with.
Once you are registered, you will receive your articles of organization or incorporation back from the state with your secretary of state number stamped on it – be sure to keep this document in a save place as you may need a copy of it to open bank accounts and other legal instances. The IRS will send you a 'SS-4' form with your EIN and showing what type of entity you are registered as along with the type of form and frequency to file. Again, keep this document for legal reasons. You will receive similar registration documents for other entities you have to deal with (Certificate of Resale from your sales tax authority, Business License from your city, property statement from the county, etc)
To protect yourself and prevent a legal challenge to your entity, you will also need to have a separate checking account and maintain annual minutes – watch out for invoices from legal sounding names like 'Department of Corporate minutes' stating they need a list of officers and a check for $200 – no state requires their minutes to be registered, these are paralegal firms that are scaming small businesses all the time and have really picked up in the current recession.