Wow, I missed a few days.
Here's the latest.
Thomas has done all the priming upstairs and has finish coated over 7000 sf of walls up there too. There's still more to go because we're having the entire upstairs painted. It just wouldn't have looked right to leave some of the old green walls. It takes time, but it's being done right.
We've been working out the details for the new kitchen cabinetry class and jewelry classes. These are really looking like they will be great additions to our class line up. Chuck is writing them and we will let you know when it is time to start thinking about signing up for them The cabinetry class will be first. There is a description of the class on the forum and several people are saying they will take the class when it is offered.
We've sold a couple of lifetime memberships and are expecting our next investor to have funds in about a week. By the way, what he has done, is to create a Self-Directed IRA so he can move funds out of his existing IRA and invest it into TechShop without paying any taxes. If anyone else would like more information on how he did this, let me know and I will get it for you.
Thanks,
Scott
Comments
SDIRA's excluded for personal gain
Hey, Scott. I'd like to know more about the SDIRA. I looked at an SDIRA before (for another purpose) and was advised that it's taxable, if there is any personal benefit from it outside of the cash return on the investment. I'm no lawyer or financial advisor, but would assume the exchange for free lifetime membership would be a personal benefit. This is not to say this particular investor was given or is interested in receiving the benefit of a lifetime membership, only that it may exclude those who are interested in this method to also obtain the free membership. If a professional financial advisor, tax attorney, or accountant set up something like this, send me the info! Thanks.
Prohibited Transaction
You can still make the investment and be a member of TechShop, but you cannot benefit from the lifetime membership if you invest this way. That's what make it different from investing non-retirement funds. More details here:
http://techshoprdu.com/node/659