So i just started a new online MLM and it's going through the roof for me! I thought i was already filed but just talked to my attorney and it's about to get done this week.
I started doing this MLM 16 days ago and already generated over $3,000 now!!! I shocked but it's true. The income will show as personal income since it is under my social security number...I dont get my first commission check until the 21st of november so the income wont show by the time my bk is filed and ready to go.
If things go the way they are going there is a very good chance I will make well over 6 figures next year in this side business venture and I'm currently making a $75,000 salary with my full time job which would mean I technically would be able to pay back all my creditors by next year (a little over $70,000 in debt). How does that work?
My next question and I know this is going to sound like a shady question but what ways do I have to not show my business venture as personal income? I'm not too familiar with llc, s-corp, or c-corp's but how can i get around this? I just read that in a c-corp when you pay yourself it still shows up as personal income.
If I cant get around this what would happen to me? would my monthly BK plan sky rocket? I wish i was more knowledgable about this. Please help...
I started doing this MLM 16 days ago and already generated over $3,000 now!!! I shocked but it's true. The income will show as personal income since it is under my social security number...I dont get my first commission check until the 21st of november so the income wont show by the time my bk is filed and ready to go.
If things go the way they are going there is a very good chance I will make well over 6 figures next year in this side business venture and I'm currently making a $75,000 salary with my full time job which would mean I technically would be able to pay back all my creditors by next year (a little over $70,000 in debt). How does that work?
My next question and I know this is going to sound like a shady question but what ways do I have to not show my business venture as personal income? I'm not too familiar with llc, s-corp, or c-corp's but how can i get around this? I just read that in a c-corp when you pay yourself it still shows up as personal income.
If I cant get around this what would happen to me? would my monthly BK plan sky rocket? I wish i was more knowledgable about this. Please help...
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