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Sovcit is thinking out loud. (lemmy.world)

submitted 1 week ago by [email protected] to c/[email protected]

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[–] [email protected] 7 points 5 days ago (1 children)

I'm financially illiterate so can someone explain to me if...

Would this actually work?
If so, I much legal trouble can I get in?

[–] [email protected] 6 points 5 days ago (1 children)

Don't worry, the people posting those sovcit fever dreams are financially (generally?) illiterate too.

[–] [email protected] 3 points 5 days ago

It just hit me what sovcit stands for. Damn. I feel like a dumbass.

[–] [email protected] 2 points 5 days ago

Once had a guy mention i should rent a bunch of cars then rent them out to make money.

Wouldn't that ruin your credit? "Hell yeah"

[–] [email protected] 7 points 6 days ago

Idea stolen from wulrus, but the term is tusk, not trust. Then it work.

[–] [email protected] 5 points 6 days ago

He doesn't get to the sovcit arguments for a while, but gets there in the end.

https://www.youtube.com/watch?v=lI5ANNAA_CI

[–] [email protected] 5 points 6 days ago

It’s so simple! /s

[–] [email protected] 146 points 1 week ago (3 children)

If you’re rich, this is good and noble accounting. If you’re poor, this is tax evasion.

[–] [email protected] 4 points 5 days ago (1 children)

Since the business finances are separate from the individuals/family they would have to pay the business with their personal funds, basically just paying taxes on all of their income twice.

[–] [email protected] 1 points 5 days ago

The rich definitely do not do that

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