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Thread: looking at starting a company. But would I lose all benefits and have to pay back..

  1. #1

    looking at starting a company. But would I lose all benefits and have to pay back..

    hello,
    I'm looking at starting a company with a couple friends. I'm currently on disability for a SCI and had a few questions about going into business.

    1. Would I lose my disability benefits .(I'm referring to the monthly disability check)? If so wouldn't be the worst thing..

    2. I'm on PrimeWest Health (government assistance) & Blue Cross Blue Shield (private insurance).

    Couple questions on 2.

    Would I lose those benefits?

    What I have to pay back either of those two if company makes money?

    any feedback would be greatly appreciated!
    Brian
    "Life's a Party and Your Not Invited"

  2. #2
    Will you be a salaried employee or shareholder? Is the business being incorporated?I

    I take it you are in Minnesota (since your profile does not indicate your location) since PrimeWest Health is a Medicaid HMO program in Minnesota.

    How is your Blue Shield coverage being paid for currently?

    Are you on SSI or SSDI? State Disability? Workers' Comp?

    Are you employed how? Have you used Ticket to Work in the past, or are you investigating this for your return to work?

    Will the company you are forming be providing health insurance benefits for the employees/owners?

    (KLD)
    The SCI-Nurses are advanced practice nurses specializing in SCI/D care. They are available to answer questions, provide education, and make suggestions which you should always discuss with your physician/primary health care provider before implementing. Medical diagnosis is not provided, nor do the SCI-Nurses provide nursing or medical care through their responses on the CareCure forums.

  3. #3
    Quote Originally Posted by SCI-Nurse View Post
    Will you be a salaried employee or shareholder? Is the business being incorporated? I will likely be the CEO or COO and earn commissions based on sales. The business would have to be established and incorporated

    I take it you are in Minnesota (since your profile does not indicate your location) since PrimeWest Health is a Medicaid HMO program in Minnesota. Yes that is correct, on Prime West

    How is your Blue Shield coverage being paid for currently? My mom work provides Blue Cross Blue Shield coverage for life. Since she worked as a nurse for a set number of years

    Are you on SSI or SSDI? State Disability? Workers' Comp? SSI/Disability don't know if SSI is the same as state disability or not. I'm on SSI for having a disability. That being an SCI.

    Are you employed how? Have you used Ticket to Work in the past, or are you investigating this for your return to work? I'm not employed by anyone. I do some trading and have made money that way..

    Will the company you are forming be providing health insurance benefits for the employees/owners? No

    (KLD)
    To clarify the business, I will simplify things. I am looking to form a company in the financial sector with some friends. If we pool our money together we are able to get better deals. Think of it as we are buying stocks at a discount since we can put up a large sum of money.. Sometimes called a presale discount.
    I would earn a commission on the deals I set up. My friends would get discounts since they put money in to get better deals

    Example: Walmart goes public with an IPO. My friends and I pooled together a large sum of money. The people offering the Walmart IPO, will then give us a presale discount since we pooled together the large sum of funds. We'll say 25% discount. I would maybe get a couple percent benefit on the sale. My friends would get the 25% discount on Walmart IPO.

    Any feedback would be greatly appreciated!

    One note: it feels like I am a bit handcuffed in what I can do as far as creating a company and such. Because this and that, I may lose which would make it more difficult to succeed..
    Last edited by MagikLair; 01-01-2018 at 08:14 PM.
    "Life's a Party and Your Not Invited"

  4. #4
    Quote Originally Posted by MagikLair View Post
    To clarify the business, I will simplify things. I am looking to form a company in the financial sector with some friends. If we pool our money together we are able to get better deals. Think of it as we are buying stocks at a discount since we can put up a large sum of money.. Sometimes called a presale discount.
    I would earn a commission on the deals I set up. My friends would get discounts since they put money in to get better deals

    Example: Walmart goes public with an IPO. My friends and I pooled together a large sum of money. The people offering the Walmart IPO, will then give us a presale discount since we pooled together the large sum of funds. We'll say 25% discount. I would maybe get a couple percent benefit on the sale. My friends would get the 25% discount on Walmart IPO.

    Any feedback would be greatly appreciated!

    One note: it feels like I am a bit handcuffed in what I can do as far as creating a company and such. Because this and that, I may lose which would make it more difficult to succeed..
    If you've got friends with money like that (several hundreds of billions I'm assuming to get a Pre-IPO placement), why not go for it. The risk of having to pay a few thousands of dollars extra in healthcare costs is very much outweighed by making millions with your billionaire buddies.

    Worst case scenario you don't make it and you're broke again (assuming you're broke now if you'r one medicaid, my apologies if that's in inaccurate assumption). There would seem to be very little to lose. Many people would literally commit murder to have the kind of connections you have if you've got people who want to hire you to manage a huge investment firm.

  5. #5
    What you're describing sounds like a ponzi scheme, I would definitely get some outside opinions from people you trust (who are not those you referenced as to whom you'd be starting this 'business' with) regarding the actual feasibility of this whole this whole thing working out.

  6. #6
    Okay I will clarify things for everyone. Since I probably didn't give the best example. The company would be working in the crypto currency field. The group of friends I've known for a few years. If we were to pool our money together. It would probably be investments in the amount of 100K -500K (depending on the investment and interest in that particular ICO).

    We find deals and I approach them saying we'd like to get into the pre-sale of your ICO (initial coin offering). They say yes or no and if the answer is yes they provide us with discounts or bonuses based on the amount invested in that particular ICO.

    It's not a Ponzi scheme at all. I find the deal I tell everybody what the discounts are. They choose to invest or not, should we gather a fair amount of funds. We make an investment in that company. I hold escrow with a couple others (Where it requires 2 of 3 signatures to release the escrow). Once the ICO has completed, the company sends me tokens. I then distribute the tokens to my friends. (I would take a small percentage for myself since there is a fair amount of work involved. This would be disclosed to my friends of course)

    Hopefully that clarifies things a bit. I welcome any feedback from others.
    Thank you,
    Brian
    "Life's a Party and Your Not Invited"

  7. #7
    Quote Originally Posted by Matt LLA View Post
    What you're describing sounds like a ponzi scheme, I would definitely get some outside opinions from people you trust (who are not those you referenced as to whom you'd be starting this 'business' with) regarding the actual feasibility of this whole this whole thing working out.
    I agree. Is the OP a registered or licensed investment advisor or broker? That would be one one of the criteria for this being legit.

    https://www.investor.gov/protect-you...d/ponzi-scheme

    Medicaid and SS do not differentiate between legitimate and illegal or illegitimate income or assets in determining eligibility for programs. Even if you try to do this under the table and not pay taxes on your income, they are very likely to discover this, and if not voluntarily reported, this can be considered fraud.

    (KLD)
    The SCI-Nurses are advanced practice nurses specializing in SCI/D care. They are available to answer questions, provide education, and make suggestions which you should always discuss with your physician/primary health care provider before implementing. Medical diagnosis is not provided, nor do the SCI-Nurses provide nursing or medical care through their responses on the CareCure forums.

  8. #8
    How is it a Ponzi scheme? My friends and I make an investment in a company. That company issues tokens. We purchase tokens at a discount since we are buying large quantities. I set up escrow for my friends so they can all send their funds in. I then send it to the company. When the company issues tokens, I send these to my friends. Everyone is happy because they got tokens at a discount. I would pay taxes on the escrow fee I would take for organizing things and distributing the tokens
    "Life's a Party and Your Not Invited"

  9. #9
    On second thought. Just going to likely form a company. Do deals and not charge any fees on escrow. The deals should pay for themselves.. But I thank each and every one of you for replying
    Last edited by MagikLair; 01-02-2018 at 03:07 AM.
    "Life's a Party and Your Not Invited"

  10. #10
    To simply things, as an owner you don't have to collect salary or commission and your only form of compensation could be qualified stock options. There will be no income only long-term capital gains. Therefore, you don't have to file W2 only schedule D. This is great for the sake of benefits and taxes. But it could all be for nothing (and perhaps a loss) as there is no guaranteed compensation.

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