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#842552 --- 07/15/08 10:55 PM ! ! Holy Smokes - Eagle Auto sells for $1,370.000.
Z Genius Lusifer Offline
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Registered: 11/16/01
Posts: 27999
Loc: inside your head & under your ...
Eagle Auto was sold for $1,370,000 to Vincent and Janet Enos a.k.a Vjenos LLC.

There must be oil under that property......



HOOOOOLLLLLLYYYY SMOKKKKKKKEEEES



ONE MILLION THREE HUNDRED SEVENTY THOUSAND Dollars.......WHEW!
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#842622 --- 07/16/08 07:25 AM Re: ! ! Holy Smokes - Eagle Auto sells for $1,370.000. [Re: Z Genius Lusifer]
Bogie Offline
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Registered: 03/07/07
Posts: 606
Loc: Spade & Archer
Originally Posted By: Z Genius Lusifer
Eagle Auto was sold for $1,370,000 to Vincent and Janet Enos a.k.a Vjenos LLC.

There must be oil under that property......



HOOOOOLLLLLLYYYY SMOKKKKKKKEEEES



ONE MILLION THREE HUNDRED SEVENTY THOUSAND Dollars.......WHEW!


They must be indigenous North Americans!!

\:\/
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#842627 --- 07/16/08 07:45 AM Re: ! ! Holy Smokes - Eagle Auto sells for $1,370.000. [Re: Bogie]
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Registered: 01/09/06
Posts: 17154
I wish them luck.

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#842628 --- 07/16/08 07:46 AM Re: ! ! Holy Smokes - Eagle Auto sells for $1,370.000. [Re: Z Genius Lusifer]
Offline
Gold Member

Registered: 01/09/06
Posts: 17154
Originally Posted By: Z Genius Lusifer
Eagle Auto was sold for $1,370,000 to Vincent and Janet Enos a.k.a Vjenos LLC.

There must be oil under that property......



HOOOOOLLLLLLYYYY SMOKKKKKKKEEEES



ONE MILLION THREE HUNDRED SEVENTY THOUSAND Dollars.......WHEW!



Any grant money involved?

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#842639 --- 07/16/08 08:21 AM Re: ! ! Holy Smokes - Eagle Auto sells for $1,370.000. [Re: ]
Footstepsabove Offline
Member

Registered: 10/28/06
Posts: 414
Originally Posted By: Festus!
Originally Posted By: Z Genius Lusifer
Eagle Auto was sold for $1,370,000 to Vincent and Janet Enos a.k.a Vjenos LLC.

There must be oil under that property......



HOOOOOLLLLLLYYYY SMOKKKKKKKEEEES



ONE MILLION THREE HUNDRED SEVENTY THOUSAND Dollars.......WHEW!



Any grant money involved?



That is highly doubtful - not everyone who is trying to build a business sticks their hand out and ask for or expects tax breaks or PILOTS, and what "grant" program could a business like this qualify for?

What is more likely is that they put everything they own on the line in order to help finance a dream of owning their own successful business.

Maybe we are so accustomed to seeing particular local "entrepreneurs" and "pseudo-developers" get grants, tax breaks and special consideration that we expect everyone to get them.

Some people do it the old fashioned way - they stick their necks out (instead of their hands) and let the risks be their own.

They probably also didn't make any big campaign contributions to any of our state representatives, so no favors will come from that kind of relationship, either.

Rather refreshing, I think.

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#842642 --- 07/16/08 08:29 AM Re: ! ! Holy Smokes - Eagle Auto sells for $1,370.000. [Re: Footstepsabove]
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Registered: 01/09/06
Posts: 17154
I agree, and again I wish them luck.

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#842644 --- 07/16/08 08:32 AM Re: ! ! Holy Smokes - Eagle Auto sells for $1,370.000. [Re: Footstepsabove]
Della Offline
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Registered: 12/22/04
Posts: 16305
Loc: Seneca Falls
So did they get any grants?
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#842696 --- 07/16/08 09:54 AM Re: ! ! Holy Smokes - Eagle Auto sells for $1,370.000. [Re: Della]
Z Genius Lusifer Offline
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Registered: 11/16/01
Posts: 27999
Loc: inside your head & under your ...
Yeah a LLC really is a neck sticking out position......
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#842698 --- 07/16/08 09:56 AM Re: ! ! Holy Smokes - Eagle Auto sells for $1,370.000. [Re: Z Genius Lusifer]
Taxpayer14456 Offline
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Registered: 08/23/06
Posts: 8109
Loc: Geneva
Be happy the indians didn't buy it.
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#842726 --- 07/16/08 10:22 AM Re: ! ! Holy Smokes - Eagle Auto sells for $1,370.000. [Re: Della]
Footstepsabove Offline
Member

Registered: 10/28/06
Posts: 414
Originally Posted By: Della
So did they get any grants?


Why not ask them directly?

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#842743 --- 07/16/08 10:55 AM Re: ! ! Holy Smokes - Eagle Auto sells for $1,370.000. [Re: Footstepsabove]
Della Offline
Gold Member

Registered: 12/22/04
Posts: 16305
Loc: Seneca Falls
Umm I don't know them.
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#842822 --- 07/16/08 12:34 PM Re: ! ! Holy Smokes - Eagle Auto sells for $1,370.000. [Re: Della]
seneca_lady Offline
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Registered: 04/07/01
Posts: 6866
Loc: seneca falls
vince and janet i wish you well .... congrats
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#842852 --- 07/16/08 01:19 PM Re: ! ! Holy Smokes - Eagle Auto sells for $1,370.000. [Re: Z Genius Lusifer]
Brad ONeill Offline
Senior Member

Registered: 07/10/08
Posts: 567
Loc: Seneca Falls NY
Originally Posted By: Z Genius Lusifer
Yeah a LLC really is a neck sticking out position......


And what is that supposed to mean?? The risk is still plenty there.
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#842854 --- 07/16/08 01:20 PM Re: ! ! Holy Smokes - Eagle Auto sells for $1,370.000. [Re: Brad ONeill]
Brad ONeill Offline
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Registered: 07/10/08
Posts: 567
Loc: Seneca Falls NY
Congrats to them, hope it works for the best.
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#842855 --- 07/16/08 01:23 PM Re: ! ! Holy Smokes - Eagle Auto sells for $1,370.000. [Re: Brad ONeill]
Nathan Offline
Member

Registered: 12/30/07
Posts: 227
Loc: up
I found this on the IRS website.

Limited Liability Company (LLC)

A Limited Liability Company (LLC) is a relatively new business structure allowed by state statute.

LLCs are popular because, similar to a corporation, owners have limited personal liability for the debts and actions of the LLC. Other features of LLCs are more like a partnership, providing management flexibility and the benefit of pass-through taxation.

Owners of an LLC are called members. Since most states do not restrict ownership, members may include individuals, corporations, other LLCs and foreign entities. There is no maximum number of members. Most states also permit “single member” LLCs, those having only one owner.

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#842857 --- 07/16/08 01:27 PM Re: ! ! Holy Smokes - Eagle Auto sells for $1,370.000. [Re: Nathan]
Nathan Offline
Member

Registered: 12/30/07
Posts: 227
Loc: up
This is from http://www.citmedialaw.org

Forming an LLC in New York
in New York Business Formation
Here is an outline of the steps you need to follow in order to form an LLC in New York. You should also read the general section on forming an LLC for information that is applicable in any state.

1. Choose a business name for the LLC and check for availability.

Please see our section on choosing and checking the availability of a name for your small business, as well as our section on the trademark law aspects of choosing a name.
New York law requires that an LLC name contain the words "Limited Liability Company" or the abbreviation "L.L.C." or "LLC". Additionally, your business name must be distinguishable from other names on file with the Department of State. There are a large number of words that cannot be included in the name without prior approval. For a full list, see N.Y. Ltd. Liab. Co. Law § 204 (link is to entire code, you need to click on the LLC section, then choose Article 2 and locate the specific provision).
You can search for the availability of your proposed name by writing to the Department of State, Division of Corporations, 41 State Street, Albany, NY 12231. The written inquiry should state that you wish to determine the availability of a business name (or names) and list the name (or names) to be searched. There is a $5 fee for each name, which must accompany the request. Searching the availability of a name does not reserve the name.
Although you are not required to do so, consider registering your business name as a federal and/or state trademark.
2. Prepare and file articles of organization with the Department of State.

The filing fee is $200. The Department of State website has a sample articles of organization for a New York LLC.
If the LLC will be managed by one or more managers, rather than all the members together, then you should put a clause saying that in your articles of organization. For general information on articles of organization, see the Articles of Organization page.
3. Publish a notice of LLC formation and file a Certificate of Publication.

Publish a notice of formation for six consecutive weeks in a newspaper assigned to you by your county recorder's office. The State of New York website has a directory of New York county web sites, which you can reference to find the recorder for the county in which you will be doing business. Once this step is completed, you must file a Certificate of Publication form with the Department of State. There is a $50 filing fee.
4. Negotiate and execute an operating agreement.

New York requires an operating agreement in order to form an LLC. It may be entered into before, at the time of, or within 90 days after filing articles of organization. There is no set criteria for the content of an operating agreement, but it typically includes topics such as how meetings are conducted, how the company will be managed, what capital contributions are required from each member, and how profits and losses will be allocated. The operating agreement does not need to be filed with the state. Please see the Operating Agreement page for details.
5. Obtain any required local licenses.

See the general section on forming a LLC for details.
6. Determine what tax and other regulatory obligations the LLC has, and take care of any necessary registrations.

Request an Employer Identification Number (EIN) from the IRS. This can be done via its online application. There is no filing fee.
If you have an employee or employees in New York, you need register for New York employment taxes. You can learn more about and register for employment taxes at the New York State Department of Taxation and Finance's Business Taxpayer Home Page. An especially useful publication on that site is the Employer's Guide to Unemployment Insurance, Wage Reporting, and Withholding Tax.
Another useful publication for new business owners is the New York State Tax Guide for New Businesses.
Whenever you hire an employee in New York, you must inform both the IRS and the State of New York. You can find details of all the necessary steps, including verifying work eligibility and withholding allowances, on the Hiring Employees section of the IRS website. You can find state-level information on reporting new hires at the New York New Hire Home Page.
If you have employees in New York, you must carry workers' compensation insurance.
As a small business owner or employer, there may be other informational returns that you have to file annually or semi-annually with the IRS. For more information, take a look at the IRS Guide To Information Returns.
The State of New York does not collect a corporate income tax from limited liability companies, but does require an annual filing fee from multi-member LLCs who are treated as partnerships for tax purposes. According to a recent bulletin from the New York State Department of Taxation and Finance, single-member LLCs that are treated as disregarded entities for tax purposes are not subject to the annual fee. For LLCs with more than one member, the fee is $50 x the number of LLC members, with a minimum fee of $325 and a maximum fee of $10,000. Multi-member LLCs must pay the fee and submit the Filing Fee Payment Form within thirty days of the end of the LLC's tax year.
If your business is located or does any business in New York City, you may be subject to the NYC Unincorporated Business Tax. This tax mainly applies if you have at least $75,000 in gross revenues or $35,000 in profits. For more information, see New York City Taxes.
7. Open a bank account for your business.

It is a good idea to keep your business's finances separate from your personal accounts. A good way to do this early on is by opening a bank account for your business. You will probably need a Tax ID number (EIN), a copy of the articles of organization, and a resolution identifying authorized signers if those names are not listed in the articles. Here is one example of the documentation that banks ask for.
Other Notable Requirements for Maintaining an LLC in New York
New York LLCs must file a Biennial Statement with the Department of State every two years after your date of formation. The filing fee is $50.
New York requires certain documents to be kept at an LLC's principal place of business. A list of the required documents is located in N.Y. Ltd. Liab. Co. Law § 1102 (link is to entire code, you need to click on the LLC section, then choose Article 11 and locate the specific provision).

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#842866 --- 07/16/08 01:45 PM Re: ! ! Holy Smokes - Eagle Auto sells for $1,370.000. [Re: Nathan]
Brad ONeill Offline
Senior Member

Registered: 07/10/08
Posts: 567
Loc: Seneca Falls NY
I know what an LLC is and how they work, I dont need a lesson in that but what I do wonder is how is having an LLC not sticking your neck out if you shelled out 1.3 Million dollars to buy the business? If that business went down the tube the money that the owners shelled out would still be lost.

The main benefit of an LLC is that personal liability for actions against the LLC and debts are limited. Still lots of risk for the owners.

The insinuation that an LLC is not a neck sticking out position at all is a very naive and ignorant statement.
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#842895 --- 07/16/08 02:12 PM Re: ! ! Holy Smokes - Eagle Auto sells for $1,370.000. [Re: Brad ONeill]
Z Genius Lusifer Offline
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Registered: 11/16/01
Posts: 27999
Loc: inside your head & under your ...
Sticking ones neck out means if failure strikes so does the head. A LLC hardly does that. A LLC protects house, cars, personal items and personal savings and retirement accounts.

The person who starts the business must be in a position to put collateral up to secure the loans for the business. Sometimes it is a personal friend who is a silent partner.....LOL...


So, "BRAD" who is naive and ignorant making statements about naivity and ignorance?
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#842914 --- 07/16/08 02:25 PM Re: ! ! Holy Smokes - Eagle Auto sells for $1,370.000. [Re: Z Genius Lusifer]
Brad ONeill Offline
Senior Member

Registered: 07/10/08
Posts: 567
Loc: Seneca Falls NY
Originally Posted By: Z Genius Lusifer
Sticking ones neck out means if failure strikes so does the head. A LLC hardly does that. A LLC protects house, cars, personal items and personal savings and retirement accounts.

The person who starts the business must be in a position to put collateral up to secure the loans for the business. Sometimes it is a personal friend who is a silent partner.....LOL...


So, "BRAD" who is naive and ignorant making statements about naivity and ignorance?


How do you know it was a loan? It could have been personal savings used and once again if the business goes so does that 1.3mil. You are assuming and it sounds like you are jealous of someone that can run a business which you probably have never done before in your life. And so what if they borrowed it from a personal friend, whats the point of even mentioning that? Either way someone put their savings out there to give it a shot.

LLC along with C and S corps are offered all different types of insurances unlike DBA's to cover things so that the owners need not be personally liable. Risk is still there either way.
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#843098 --- 07/16/08 05:54 PM Re: ! ! Holy Smokes - Eagle Auto sells for $1,370.000. [Re: Brad ONeill]
racefan73 Offline
Senior Member

Registered: 03/15/07
Posts: 1160
Loc: seneca-cayuga
Hey, it's their business. If they want to take a risk, then so be it. Best wishes to Jim Jarvis and George Burnett in whatever they are doing now. They made that business what it is today.

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