SteakNEggs
Well-Known Member
Lol you are the one that said a president has nothing to do with the economy which was flat out dumb. Now this?That's the funniest thing about him to me. His dad was a good real estate investor/developer in NYC at a very good time to be in that market. He taught old Donny everything he needed to know, introduced him to all the people he'd need to know, gave him more money than any person would ever need to live a very very nice life, and at the end of the day... if Trump would have put all the money daddy gave him in the late '70s into a mutual fund instead of playing business man he'd have several times the amount of money he has managed to "earn" over his very long business career.
If you put some of your money into a company matched 401k you are literally (and I mean by the actual definition of "literal") a better business person than Donald J Trump has ever been.
Sad.
President Donald Trump's latest financial disclosure includes details on the 500 or so limited liability companies (LLCs) he owns, and their revenue. But what exactly is an LLC, and does disclosing these numbers provide more — or less — information about Trump's businesses?
President Donald Trump's latest financial disclosure includes details on the 500 or so limited liability companies (LLCs) he owns, and their revenue. But what exactly is an LLC, and does disclosing these numbers provide more — or less — information about Trump's businesses?
An LLC is a type of company structure with two special properties, explained Gene Marks, a certified public accountant. First, income can "pass through" the LLC to the owner's individual tax returns, which means that business gets taxed at the individual's personal income tax rate, which in many cases could be lower. Second, if the company goes out of business, the partners' losses are generally limited to what they invested. If the partnership is sued, in most cases a plaintiff can't come after the partners' individual assets.
Trump uses a bevy of LLCs to house and manage his assets, as many wealthy individuals and businesses do, particularly in real estate. The Mar-a-Lago resort is owned by Trump under an LLC structure. So are his golf courses, licensing deals, one of his helicopters, and some of his bank accounts.
What Trump's disclosure of his 500 LLCs can and can't tell us
What Trump's disclosure of his 500 LLCs can and can't tell us about his income and his businesses.