redvetracr
Well-known member
what exactly does this mean??
I think I told you that.
All GM Resto means is you paid a fee to use their licensed Logo's & Trademarks.
It's exactly the same as the Good Housekeeping Seal of Approval - you pay for a license and they give you permission to exhibit their label. BFD. Doesn't mean squat. Strictly BS endorsements.
Japan and China are two very different places.
I think I told you that.
It was much different when it started. In the beginning:
I had to submit samples.
I had to provide specs were were using.
I had to ID my source if not in house.
I was not allowed to manufacture offshore or import.
I was not allowed to sell overseas.
I was not allowed to wholesale to GM franchised dealers.
I believe every bit of that is now history.
It was 50+ page contract, that required minimum quarterly royalty payments regardless of minimum sales. Sales above the agreed minimum were taxed as such. In other words, the more you sold, the more royalty due.
It became another accounting task just like Fed, State, Local taxes. When you consider that the average small business has these tax forms and tax bills, another set to another entity was just another tax bill.
Form & Payments
4 - Fed payroll tax (SS+WH) 4 times a year called 941 tax
1 - 940 Frd tax once a year January
2 - W2 once a year with W3 once a year
4 - State payroll tax 4 times a year called Connecticut 941 tax
6 - State sales tax 4 times a year + 2 reconciliation forms at end of year.
4 - Fed Estimated Tax - 4 times a year
4 - State Estimated Tax - 4 times a year
4 - UC2 tax Connecticut Unemployment Comp Tax 4 times a year
1 - Fed 1040 Income tax once a year
1 - State 1040 Income tax once a year
1 - Bridgeport Business Personal Property Tax
Adds up to 32 tax forms plus I'm forgetting some.
1 - City prop Tax bill on my house
1 - City prop tax on my NY house
2 - City prop tax on my pickup & wifes car
8 - City prop tax on 8 Corvettes (6 are $15 antique plate, 1 is $16.15 antique in Florida) The old cars are the only bargain, and I heard the state is trying to do away with that. I'd hate to sell my old cars.
1 - City prop tax on RV
FK TAXES and royalties