Should I set up an LLC to get paid?

December 1st, 2013 at 5:46:26 AM permalink
AZDuffman
Member since: Oct 24, 2012
Threads: 23
Posts: 716
Last week was kind of a buys one for me. Got fired on Monday, new job offer on Wed, and then Thanksgiving. Never let it be said that I don't make the most of my time.

Now for the question. The new gig is putting me back to gas and oil abstracting, which I liked best and am trying to gear myself to get into more on several levels (I am taking some welding courses so as to make myself multi-marketable to pipeline outfits but I digress.) In this "world" most people get hired for projects. They might need one to several wells looked at in a county then they move on. One courthouse went from $1,500 a day in copy fees to about $300 literally overnight when the work was complete. I can live with that for now and hopefully longer.

The real issue is you get paid a day-rate and that is about it. Meaning my non-obamacare insurance policy, computer, printer, and whatever all are on my end. Again no big deal to me, only losers think you have to work W-2 only IMHO, the more people I meet the more I see them working this kind of deal. But is it worth it to set up an LLC and pay myself through it? I think this would allow me to pay for health insurance pre-tax, though I need to check. That alone would save hundreds of dollars a year.

FWIW, I also have a small side hustle or two as a notary, secret shopper, and other little gigs I could dump in the pot.

We seem to have several individuals on here living this kind of self-employed life, any feedback appreciated.
The man who damns money has obtained it dishonorably; the man who respects it has earned it
December 1st, 2013 at 7:05:07 AM permalink
Fleastiff
Member since: Oct 27, 2012
Threads: 14
Posts: 769
As an oil and gas lease abstractor/title-abstractor you are probably an independent contractor rather than an employee anyway.

Setting up an LLC is ultra cheap and see no need to refrain from doing it and a few advantages.

Just remember, once you set up an LLC ,, keep the books up to date, make sure all major changes in your pay, your vacation, your vehicle reimbursement, etc. are all memorialized as decisions of the LLC. This will keep anyone from trying to pierce the LLC as a sham.

Corporations in Nevada became not only cheap but less penetrable by inquisitive sorts.

Note: Are you also on lists for Consumer Workshops? Actors often do that. Car companies, banks, whatever hire these marketing consultant firms to gather "consumers" and tape them answering questions or talking about a new proposed product. Focus group reactions are aimed at avoiding costly mistakes such as introducing an Edsel. 25 0R 50 a night plus dinner is all you get but it beats watching TV for free.
December 1st, 2013 at 7:15:23 AM permalink
AZDuffman
Member since: Oct 24, 2012
Threads: 23
Posts: 716
Quote: Fleastiff
As an oil and gas lease abstractor/title-abstractor you are probably an independent contractor rather than an employee anyway.

Setting up an LLC is ultra cheap and see no need to refrain from doing it and a few advantages.

Just remember, once you set up an LLC ,, keep the books up to date, make sure all major changes in your pay, your vacation, your vehicle reimbursement, etc. are all memorialized as decisions of the LLC. This will keep anyone from trying to pierce the LLC as a sham.

Corporations in Nevada became not only cheap but less penetrable by inquisitive sorts.

Note: Are you also on lists for Consumer Workshops? Actors often do that. Car companies, banks, whatever hire these marketing consultant firms to gather "consumers" and tape them answering questions or talking about a new proposed product. Focus group reactions are aimed at avoiding costly mistakes such as introducing an Edsel. 25 0R 50 a night plus dinner is all you get but it beats watching TV for free.


Thanks for the initial feedback. I will need to research LLC decisions and paying myself I think, but I was even told I may be required to get one, makes the decision easier.

Not with Consumer Workshops, googled it but got generic results. Are they a market research outfit? You are right on the better than watching TV thing. I just try to save the small pay all year and then get myself something nice, almost as if I am getting it for free is how it feels.
The man who damns money has obtained it dishonorably; the man who respects it has earned it
December 1st, 2013 at 8:47:55 AM permalink
Fleastiff
Member since: Oct 27, 2012
Threads: 14
Posts: 769
Corporate names vary. They are usually rather vague sounding but you can find firms that hold Focus Groups by looking under focus groups, marketing, etc. They are usually local firms that get hired by larger companies and often they secretly tell you what the client wants to hear but most of them are run on the level.

I did my first one in Los Angeles and it was simply: Stand on letter A and look at the vehicle, then answer these questions and move on to letter B. The next focus group I did was a group discussion on a new product to be introduced: an athletic oriented heart monitor gizmo. We discussed the device in general terms, the wrist band in particular and the price range we would pay. I think I got one hundred for that but most were for 25 or 50 plus Bagels and Cream Cheese/Soda type stuff.

I happened to mention this to an actor acquaintance and later learned he started doing several of them a month .."as a retired executive" NOT as an actor. One of the firms he registered with often called him at short notice, told him what the client wanted to hear and slipped him into the focus group. He didn't think much of the marketing firm's honesty but their checks never bounced. He also found that the groups were filmed at a nondescript building not far from a gym he could go to, so he simply drove to a different gym on those nights and got paid for a one or two hour post-work out meeting. As an actor he liked to keep his days free for phone calls from an agent about auditions. Agents like actors who are free to get to an audition immediately as opposed to actors who are working at some other gig. These offbeat focus groups allowed the actor to have some extra money without much of a disruption and without interfering with possible auditions. It was the same way with dealers at the card clubs, the banking companies often hire actors due to the unusual hours involved.
December 1st, 2013 at 10:17:27 AM permalink
AZDuffman
Member since: Oct 24, 2012
Threads: 23
Posts: 716
Quote: Fleastiff


I did my first one in Los Angeles and it was simply: Stand on letter A and look at the vehicle, then answer these questions and move on to letter B. The next focus group I did was a group discussion on a new product to be introduced: an athletic oriented heart monitor gizmo. We discussed the device in general terms, the wrist band in particular and the price range we would pay. I think I got one hundred for that but most were for 25 or 50 plus Bagels and Cream Cheese/Soda type stuff.


I am on a few lists but they pay crap, about $10-15 for watching and recording movie trailers. I usually think of them as a cheap dinner or half a tank of gas. I have an acting portal I need to register at here once I get a couple good pics of myself. Being a notary keeps the calls coming. Plus the dealing. Even collectively it is not enough to live on, but it is a nice security blanket that if laid off you have anything coming in.
The man who damns money has obtained it dishonorably; the man who respects it has earned it
December 1st, 2013 at 2:51:47 PM permalink
Fleastiff
Member since: Oct 27, 2012
Threads: 14
Posts: 769
Females are forever changing their pics males only change their pics when a casting director finally tells them you don't look like your photo. Don't bother with cover letters when you sent your photo out... the casting director knows you ain't sending it to him because its his birthday. Keep it simple. Your photo, your agent's name and number and then your credits on the reverse side. That is all.

Notary Public? Beauty schools sometimes need a notary all day long...twice a year for new applicant's paperwork. Make sure they know you exist even if its only as a standby.

That "casino night" dealing is probably best though... mentally and financially.
December 1st, 2013 at 3:08:14 PM permalink
AZDuffman
Member since: Oct 24, 2012
Threads: 23
Posts: 716
Quote: Fleastiff
Females are forever changing their pics males only change their pics when a casting director finally tells them you don't look like your photo. Don't bother with cover letters when you sent your photo out... the casting director knows you ain't sending it to him because its his birthday. Keep it simple. Your photo, your agent's name and number and then your credits on the reverse side. That is all.


It is just for extra work, no acting or agents involved. There are actually a decent number of films and shows shot here in Pittsburgh. A fellow dealer got a gig as a stand-in. They chopped his hair up, hair grows back. Only downer is you never know when a shift will end so if you are trying to run a few gigs that day then a nogo.

Quote:
Notary Public? Beauty schools sometimes need a notary all day long...twice a year for new applicant's paperwork. Make sure they know you exist even if its only as a standby.


Thanks for the lead on the beauty schools, I had no idea. Mostly I do signings. $50-100 to print some docs, get them signed, then send them back. Minimal cost, extra cash.

Quote:
That "casino night" dealing is probably best though... mentally and financially.


It is, this was my best year ever there. Finally got to do some training this year.
The man who damns money has obtained it dishonorably; the man who respects it has earned it