When I get audited🤔 Who's looking to get audited, a bad choice of words. I would NEVER speak that over me or my business. Instead, you should say KEEP YOU FROM GETTING AUDITED💯
The IRS Tax examiner said it right. Most business owners comingle accounts, have poorly kept or nonexistent bookkeeping records, poorly setup business structure and get flagged when filing tax returns. Not to mention most business owners do NOT know what can be deducted and personal assets are potentially exposed. Let's not talk about the highly targeted business industries and misclassed business aka speculative businesses. If you research, you'll also see that within the next 3-5 years, 80-87% of all american taxpayers WILL be audited.
@@SheSoReRe Really? What I’m saying is if you are in business more than 5 years there is a 50/50 chance you WILL get audited, hell I got audited!! However, if your books and records are in order chances are you will not have to go through another one, but if your books are jacked up then you can bet it will be a recurring event! I once worked on a case where a guy got audited for seven years in a row! To be forewarned is to be forearmed!
The Five Bank Accounts: - Operating Account - Reserve Account (Emergency Savings) - Taxes Account - Marketing Account - Innovation Great information in the video! Thank you!
5 bank accounts for LLC: (1) Operating Account: checking account (2) Reserve account: business savings account for cases of emergency, e.g. COVID-19 crisis. Put minimum of 10% of monthly profits in account. (3) Tax account (4) Marketing account: minimum of 10% of profits. Marketing services tax write off (5) Innovation account
I feel like I was literally just given a cheat code to win in business. This added so much value to me. I'll be doing this for my personal banking accounts too. "I'm not a businessman. I'm a business man."
Okay this brother really just dropped and broke down free game with this video. As a new small business owner, this was powerful for me. Thanks so much for sharing.
Fundamental Do not leave your job you phase that Job out...phase it out cause Starting a business is not easy Takes tremendous capital investment Credit and initial sunk costs vs Opportunity costs.....sunk costs u Can never get back Never.. So u should phase that job out.. JOB means. Just Over Broke phase it out into 2022... YOUR WELCOME jb.ok
Love the video, just started my own construction company and ive had soooo many irs and banking questions! 99.9% of my questions were answered and you speak from ghe heart. Taking the time to help others succeed will throw so many blessings your way !!!
Out of all the How to videos, I've never ran across the need of 5 bank accounts for the business! And I thank you for describing why you need them. Thanks so much! Very inspirational.
Been running my business for over ten years and I learned more about the administration side of things here than I have anywhere else. I am very grateful for the fluent clarity in your advice. Thank you.
This video is a game-changer for LLC owners! Managing finances can be daunting, but the breakdown of the five essential bank accounts for LLCs makes it much more manageable. The presenter's clear explanations and practical tips provide a roadmap for organizing business finances effectively. Whether it's separating personal and business expenses or maximizing financial efficiency, this video offers valuable insights for LLC owners. Thanks for simplifying such an important aspect of running a business! 🏦💼
As someone starting off in the small business world, your channel is one of the best on youtube! clear, to the point, and not behind a ton of paywalls. TY
By far, one of the most educational business video's I have seen on TH-cam. I have been dealing with businesses for a long time and this set-up is excellent! Thank you for spreading your wisdom ;)
This is great advice. I am studying for the REG part of my CPA exams. We just covered how mixing your personal and business monies (commingling of funds) can remove the LLC protections. If you don’t respect the separation, the IRS and courts won’t and they can come after your personal assets if something happens.
I want to personally thank *credit lord* for doing what they said they would do, returning phone calls promptly and for having a professional staff that can get the job done.
This is the first time I have found a break down for accounts and the function for each. The biggest struggle was understanding why to maintain a separation of personal and business accounts. Being patient and not trying to find a quick fix but establishing longevity.
I have this conversation with many of my small business Gov't Contractor clients. I prepare them to become a prime contract holder by restructuring their COA's and recreating the books for the past couple of years in order to establish and justify the indirect rates, incurred cost submissions etc... Often they are great at their profession but not being in compliance with DCAA in order to properly account for the contracts, tasks, CLIN's and so on. Thanks for sharing this information it is PRICELESS!!!!
Love it. I have always had at least 3 accounts - Op / res/ Misc. I like the Marketing, Innovation accounts - dislike the Tax on, yet I'm thankful for it. Why? Because where else in the world do we have the same opportunity to create our own destiny?
Watched your video on how to pay yourself as an LLC and I've been using the formula and to reserve funds for operations , taxes, savings , innovation and finally writing a check to myself . I will be contact my bank so I can actually have separate accounts that would make the process even better. Thanks for the gems.
I learned so much from this young man. I am 64 years old and have been in business for 20 years. I have on my staff now two CPA's, a Bookkeeper and special software. None of them provided me with the advise I have received from listening to about 25% this Brother.
We need more people like you. Really educating us why we need these things . I had to watch several videos about leasing a property & how to choose what’s right. Whole time I looked at properties that weren’t even up to code or zoned for my business. We definitely can build wealth but we need knowledgeable ppl that have the desire to teach & not make a quick video for views. Thank you for being so diligent 🙌🏽🙏🏽👏🏽
Jumping Jack, I am a former IRS compliance, advocacy officer, enrolled agent, MBA now representing multimillion dollar international businesses. No one person is perfect but your effort comes fairly close in getting Entrepreneurs off the couch. Also, the caution about prudence would likely be something appreciated by the IRS. Persistency, consistency, and willingness to make the required adjustments are acceptable traces of being the best... Stopping here to add you in my contact list. Good luck with your endeavors. Switzerland. Peace
You have helped me so much along my journey of creating a food truck. And we’ll here i am on the other side and thriving! It was a scary but amazing road to go down and I couldn’t have done with without all the help I got off TH-cam and you were always one I came back to!
Donnell! You are the GOAT MAN! What a great video. First time watching you and I’m seriously putting you on my calendar to watch an episode everyday. Amazing value from this video! Thank you so much for taking the time to do this!
Organization is definitely a must for any business. Great job breaking down the cash flow buckets for a successful audit as well as giving the business owner a usable dashboard for his organizational management.
MUSIC CHANNEL GOOD INFO YES.. but u do not open all 5 at once U start with two Operating acct Tax acct As ur company grows quarterly Semi annually annually Then you bring online other 3 Reserve acct Marketing acct Innovation acct Why this way because if ur bank Charges fees you be paying monthly Fees IF UR BANK DOES NOT CHARGE FEES HAPPY FOR YOU.... banks are in the business to profit 2 Fees surcharges loans etc etc. YOUR WELCOME jb.ok
Man, your videos have lit a fire inside of me, coming into starting my business without a mentor or any advice from other local business owners, I have been able to get information I didn’t realize I needed to be a successful company.
This is great ! I just started my business 6 months ago (renting booth at a salon) and I don’t think I’m making enough to apply it but definitely will as soon as I can actually make a profit enough to do so ! Thanks!
Step your marketing up. Your business should be booming right now. Figure out your clientele habits and target people just like them with Facebook ads. Spend $50 on Facebook ads and keep your instagram popping. You'll be booked out consistently
Briana That operating and tax acct Should be set up first a given As u grow monthly quarterly. semi annually annually Then marketing acct Reserve acct Innovation acct Reason banks charge fees and you Will be paying monthly all five If ur bank charges no fees happy for U Banks are in the business to profit Fees surcharges loans etc etc.. Your Welcome jb.ok
Hello my friend I have been following you for few months now and I really appreciate your videos. My husband and I was currently struggling with bad personal credit. We have been carrying a significant amount of credit card debt over the last 4-5 years. I had always maintained a fairly high 780+ credit score but somehow I have not been able to get back to that score. After I watched your video about UpStart I applied for a loan with them and was denied!! I have tried to work with credit repair companies but I frankly don’t think they know as much as I do!! Anyway, all thanks to everyone that recommended the team Expert Mighty here, he his a loan, credit issues and Grant agent. I get everything solve with is help and also got approve of $50k Business Grant. Even with my 450 FICO score. Thanks for your help.
@@jamespeck4260 Grant is not a loan ! Even billionaires seek and get grant for their business monthly, Getting a grant is not compulsory but it should be every individual’s priority if they want to hold a solid ground on the financial market. I was able to get my grant Approve with the help of a Grant agent that was recommended here. Contact the team of Agent Mighty to explore unlimited grant.
Can you recommend me to the Agent that help you out I need his help too. They always reject anytime I try to register my self. Think 🤔 am not getting something right 😩😩
glad I came back to your tube!!! when I retired my main focus was rebuilding my shop and honestly I totally forgot about this video but you popped back up on my feed.. Now that I turned things around for my shop and we are now 6 figures its time to restructure and clean up my accounts!! salute my brother!!
Thank you, I needed this. more than you could ever imagine. I'm 59 years old and will be making a great deal of money with real estate. investing. I never knew how to manage money my whole life. Thanks again.
So basically an envelope system for business. A very interesting way to look at setting up your finances in business. Great video Prince. Looking forward to more of your videos.
Thank you for dropping gems to those of us that are in the process of starting up a new small business LLC. I’m doing all my research now to have a successful business that will go far. Many blessings and new subscriber here.
Hi. I have worked for many years as a nurse and with the money I earned I assisted many youth who never had a chance to start a good life. Now I'm close to retirement and I'm investing, developing projects and ideas (I have massive list since my teen years). It's never too late and I appreciate this great info. Thanks so much.
YOU touched on this in your previous video🙏 thank you for breaking this down I could listen to you speak all day💜 wait a minute, rewind ....I could watch you speak all day👀, but then I'd get nothing done LOL
Think I’m going to start my own construction/excavating company next year. Hopefully a lot of this translates over because you’re the first person I could actually follow and not get confused.
Another option that may be easier especially if you're just starting out is set up a business account through something like Novo, Indi Axos etc and then you can create multiple "reserves" within that account. Some also can track expenses for you. I also use Keeper tax which sends you texts after each transaction asking if it was personal or business.
I'm surprised that more people have not did it... THANK YOU! Thank you for sharing that valuable information. This is really worth looking into. Great advice to consider!
@@EnchantedJewelzEmpire cool yeah I used Novo and relay bank and you can do that with both of those. Makes things easier as opposed to have to sign up for handfuls of diff bank accounts
Just when i was loosing interest, that massive *BURP* at 6:31 kept me on track; Very professional Prince, thanks for the advice. I’ll be sure to tell my friends that Prince “The Toad” Donnell has the best *BUUURP* LLC advice on TH-cam.
Yea Navy federal gave me a really high limit. I applied and was denied at first so I got a *Linux tech corps* service , and I was approved for a capital one. The limit was so small lol but I took it and worked on it. Because if that it helped my credit and I believe that’s what made me finally get approved for navy fed with such a high limit. they're still working on increasing the capital one since it was so low. All in all I’m satisfied.
Thank you for this. Going legit with my business and I was definitely doing my finances wrong mixing it with my personal funds. Thank you again. God Bless
Been following you and your wife on Ig for a while. I followed you first and then she starting appearing more and you two are amazing! Very strong black and faithful couple and plenty of valuable info for the youth and beyond! 2 mins in this video and I'm like " yep you on point"!
I am wanting to start a business as a college student and as you may know, most of us don't have much money to sling around so we have to be smart with the money we do have. The tips in this video will be important and put to use. I want my business to succeed and I believe that the tips in this video will help. Thank you so much!
@@koolkiddtrell2 so i only opened 2 but my bank was great and they have some other online tools that will help my business on the back/admin end of things
First off, Great video for me! As a beginner in this world of opening a business, yes I am at the early developmental stages currently and am learning everything on my own at the moment by watching, taking notes, etc. Had I not watched this I would not have had a clue on certain aspects of forming an LLC. I may at 1st not be able to jump into the LLC, but my biggest reason for wanting to is that in the event someone wants to "sue" me they cannot come after my personal assets. I, thus far know that has been my main reason for the LLC interest. Now with that said, your video I am watching next which is the different accounts to set up and why I am intrigued to learn more from you specifically because I can follow you easily in the way you are breaking things down simply and straight forward. I look forward to any comments from you in particular, and will continue to learn all that is necessary to move forward before moving forward. Great video, I Thank you! All Respect!!!! I am sorry this was supposed to be put on the last video I watched of yours which was the things they do not tell you about an LLC. Did not realize it moved right into the next one I had bookmarked!!! OK, so I look forward to watching THIS video!!!!
I work in marketing. I can tell you that most businesses with perfect products fail because the business owners did not want to throw any money on marketing. They are never prepared for the costs and aren’t able to compete with those who do.
Indeed I appreciate all of the professionals like yourself sharing the information and wealth of knowledge you embody Prince. As always Keep growing, and building more and more wealth. 💪🏿
A video like this specific to people investing in residential/commercial rental property would be helpful and I think that a large number of people watching your videos are involved or have interest in real estate investing. I can absolutely see how following these suggestions could improve chances of success and I plan on setting up these separate accounts, but trying to determine profits on a monthly basis so that you know how much to set aside in each of these accounts is easier said than done. Any pointers?
Bless Up King. Applied knowledge is POWER. I've made so many past mistakes not knowing this informative info. Now its my duty to apply it and teach my children as well. Bless Up King. Namaste
Haven't started the business yet but its mental & on the way... I'm just taking note on successful business people to get ahead of the curve a lil... Ty
Thank you from the bottom of my heart ❤️. This was exactly what I needed to see . The universe sent me to your page I gained much needed knowledge . You gained a 1 like and a appreciative thankful subscriber 😊
Love your channel bro all the way from South Africa , Learning alot. even though I need to convert somethings to our currency and systems but the points are so helpful. Shout out to you.
I’m just starting my STR business and I am on the path of financial greatness and I was looking for how to set up my LLC and wanted to know more about taxes and how to find the right bank accounts am so grateful that I came across your video. I will be returning to your channel and watchingt more footage of what I need to do T
Super man thanks ive opened an llc lil over a yr now n ive just been feelin like im dead in the water. Im definitely goin to try out all these tips n tricks. They say theres a trick to every trade, its hard to know the trade(entrepreneurship) when ur just gettin started in it. Thanks again so much. Enjoy 😉
Mercury is amazing for start ups. They have zero fees and you can have up to 16 labeled accounts. And physical and virtual cards for employees and you for each account. Found is good for sole proprietors if you only want 1 operating account and one sub account for taxes. They also offer virtual cards.
are you people for real.....this man is sharing valuable information and this is what you focus on???? geeesh ....paid much attention in school??? on the job???? give the man some respect ...please ... better yet .. respect yourself ...
After gotten my LLC the next line of action is to get funds to start up my business but getting capital to start a business has been the problem of thousands of America Business Owners. So many people do not know they have access to thousands of Business Grant and Assistant. I started making my research early January and I was later recommended to the team of Expert Mighty, A Professional and License Governmental Grant Agent that help me out with my registration and I got approved and Funded. Wish Every Business Owner out there Huge Success🥰
I have had a couple of interactions with the team of Agent Mighty recently and just have to say that I am quite impressed with their customer service and response from everyone there. Thank you so much for this great service the company provides for us in the non-profit community. My Business Grant Just approved. I will update my comment immediately I received my payment through check.
This was super helpful! I promise to never make a transaction for personal expenses with a business credit card. Bro, is it possible to pull your chair closer to the camera or is this also a social distancing pitch?
Omg I just my business glory to God I found your video because I was going to go the bank soon now I am educated on the right keep up the excellent work brother!!!!!!!!!
I want to reassure the potential clients who will read my personal testimonial to make a wise decision, and definitely choose the service of *credit lord* as your strongest ally and guardian in a difficult battle for your good credit.
I am a IRS examiner for over 30 years. This young man is speaking FACTS! This can save you some grief when you get audited!!😒
When I get audited🤔 Who's looking to get audited, a bad choice of words. I would NEVER speak that over me or my business. Instead, you should say KEEP YOU FROM GETTING AUDITED💯
@@SheSoReRe she saying he bout to get audited? She got intel? Bro, probably stashing bread all over rn!! 🤣🤣 just playing 💯💯
The IRS Tax examiner said it right. Most business owners comingle accounts, have poorly kept or nonexistent bookkeeping records, poorly setup business structure and get flagged when filing tax returns. Not to mention most business owners do NOT know what can be deducted and personal assets are potentially exposed. Let's not talk about the highly targeted business industries and misclassed business aka speculative businesses. If you research, you'll also see that within the next 3-5 years, 80-87% of all american taxpayers WILL be audited.
@@SheSoReRe Really? What I’m saying is if you are in business more than 5 years there is a 50/50 chance you WILL get audited, hell I got audited!! However, if your books and records are in order chances are you will not have to go through another one, but if your books are jacked up then you can bet it will be a recurring event! I once worked on a case where a guy got audited for seven years in a row! To be forewarned is to be forearmed!
👍🏼🇺🇲✝️🙌🏼🇺🇲
The Five Bank Accounts:
- Operating Account
- Reserve Account (Emergency Savings)
- Taxes Account
- Marketing Account
- Innovation
Great information in the video! Thank you!
Thank you for this
Thanks!
You are a gem 💎
🥰🙏
Is thr operating account the checking account?
4:36 Operating/Checking Account
5:38 Reserve/Savings Account
8:09 Tax/Checking Account
9:43 Marketing/Checking Account
12:01 Innovation/Checking Account
Thanks Prince!
Thanks for clarifying how many checking & savings exactly lol
Thank you for the outline of note taking
Thank you..
All you really need is a checking and a savings account...then earmark all expenses in checking account..and keep up with it...thats all you need...
What about payroll? Is that separate or included in operating account?
This is one of the most fundamentally productive 16 minute videos I ever seen.
Did you try doing the cash hack program yet I did cash hack just some days back and I got paid $20,000 in just some hours
From a person who has over 20 years of accounting and finance experience in the oil/gas industry, you are providing BUSINESS GEMS!!! 👏🏽👏🏽
That’s great to know, thanks for sharing..
Thanks for sharing 😊@@wealthessential4515
I wanna buy an oil drilling company one day.. any advice?
Just wrote all of this down and I actually feel more organized already. Just got my LLC and this is right on time. Thx bro👍🏾👍🏾
same just got ours yesterday
Man fr
Feel organized as well!😯🤔🧐
Same !
5 bank accounts for LLC:
(1) Operating Account: checking account
(2) Reserve account: business savings account for cases of emergency, e.g. COVID-19 crisis. Put minimum of 10% of monthly profits in account.
(3) Tax account
(4) Marketing account: minimum of 10% of profits. Marketing services tax write off
(5) Innovation account
Saved me time. Ty!
Helped me take better notes.
Thank you!
Saved me too, thanks so much
I learnt this the hard way
Most definitely,got it
I feel like I was literally just given a cheat code to win in business. This added so much value to me. I'll be doing this for my personal banking accounts too. "I'm not a businessman. I'm a business man."
Absolutely!
I felt the same way 🙌🙌
I Agree 💯🙌🏿
I realize not everyone has the same credit problems but these folks were fast and really worked for me. *credit lord*
5:21 When my man digged his nose I knew this is a down to earth real brother and I'm subscribing.
🤣🤣
Stuff like that is what counts. Little acts like that.
Okay this brother really just dropped and broke down free game with this video. As a new small business owner, this was powerful for me. Thanks so much for sharing.
I work as a finance manager keeping the books for a manufacturing firm. You hit the nail on the head with these accounts. You're a smart business man.
Have you tried the cash hack program I did the cash hack platform and I got paid $10,000 in just a few hours
Thank your for the vidoe but *credit lord* repaird i and my spouse credit
Thanks sooo much!!! I’m doing this before 2022. I’m leaving my job to do for self 2022!!! I appreciate your positive builds!!! 💻✍🏾💰
Fundamental
Do not leave your job you phase that
Job out...phase it out cause
Starting a business is not easy
Takes tremendous capital investment
Credit and initial sunk costs vs
Opportunity costs.....sunk costs u
Can never get back Never..
So u should phase that job out..
JOB means. Just Over Broke
phase it out into 2022...
YOUR WELCOME
jb.ok
CREDIT LORD TOTALLY ROCKS
Love the video, just started my own construction company and ive had soooo many irs and banking questions! 99.9% of my questions were answered and you speak from ghe heart. Taking the time to help others succeed will throw so many blessings your way !!!
Wow I just started mines as well wish you the best of luck 🤞🏾
Yes yes.
Out of all the How to videos, I've never ran across the need of 5 bank accounts for the business! And I thank you for describing why you need them. Thanks so much! Very inspirational.
Been running my business for over ten years and I learned more about the administration side of things here than I have anywhere else. I am very grateful for the fluent clarity in your advice. Thank you.
This video is a game-changer for LLC owners! Managing finances can be daunting, but the breakdown of the five essential bank accounts for LLCs makes it much more manageable. The presenter's clear explanations and practical tips provide a roadmap for organizing business finances effectively. Whether it's separating personal and business expenses or maximizing financial efficiency, this video offers valuable insights for LLC owners. Thanks for simplifying such an important aspect of running a business! 🏦💼
Thank you for breaking this down about which accounts I need to get the ball rolling.
TimeStamps
00:00 Intro
04:38 Operating acct
05:35 Reserve (Biz Savings) Acct
08:06 Tax Acct
09:40 Marketing Acct
11:57 Innovation (R&D) Acct
6:31 Burp
@@brandonfermo501 I was looking for this comment 🤣
Pastor: Prince you did a fantastic job on this presentation. Continue to let the Lord lead you.
As someone starting off in the small business world, your channel is one of the best on youtube! clear, to the point, and not behind a ton of paywalls. TY
I thought I was the only person who divided my business account in segments like this. Glad to see other people do this as well.
By far, one of the most educational business video's I have seen on TH-cam. I have been dealing with businesses for a long time and this set-up is excellent! Thank you for spreading your wisdom ;)
This is great advice. I am studying for the REG part of my CPA exams. We just covered how mixing your personal and business monies (commingling of funds) can remove the LLC protections. If you don’t respect the separation, the IRS and courts won’t and they can come after your personal assets if something happens.
Some of the best advice out here hands down! Keys to the Kingdom...Paying knowledge forward is how we all rise 💪🏾🙌🏾♥️
I want to personally thank *credit lord* for doing what they said they would do, returning phone calls promptly and for having a professional staff that can get the job done.
This video is excellent! Thank you so much for sharing. I was dreading this part, but feel empowered after watching your video. Thank you!
This is the first time I have found a break down for accounts and the function for each. The biggest struggle was understanding why to maintain a separation of personal and business accounts. Being patient and not trying to find a quick fix but establishing longevity.
I have this conversation with many of my small business Gov't Contractor clients. I prepare them to become a prime contract holder by restructuring their COA's and recreating the books for the past couple of years in order to establish and justify the indirect rates, incurred cost submissions etc... Often they are great at their profession but not being in compliance with DCAA in order to properly account for the contracts, tasks, CLIN's and so on. Thanks for sharing this information it is PRICELESS!!!!
Love it. I have always had at least 3 accounts - Op / res/ Misc. I like the Marketing, Innovation accounts - dislike the Tax on, yet I'm thankful for it. Why? Because where else in the world do we have the same opportunity to create our own destiny?
Thank you so much for your help *credit lord* I feel like I am a credit human again!
just started my llc for my rental hosting company and i feel more informed on what business accounts I will need. Thank you Prince Donnell!!
Did you try doing the cash hack program yet I did cash hack just some days back and I got paid $20,000 in just some hours
Watched your video on how to pay yourself as an LLC and I've been using the formula and to reserve funds for operations , taxes, savings , innovation and finally writing a check to myself . I will be contact my bank so I can actually have separate accounts that would make the process even better. Thanks for the gems.
Glad it was helpful!
I learned so much from this young man. I am 64 years old and have been in business for 20 years. I have on my staff now two CPA's, a Bookkeeper and special software. None of them provided me with the advise I have received from listening to about 25% this Brother.
Sounds like your staff is practicing “JOB SECURITY”….
Seems like you were doing alright, being in business for 20 years!
We need more people like you. Really educating us why we need these things . I had to watch several videos about leasing a property & how to choose what’s right. Whole time I looked at properties that weren’t even up to code or zoned for my business. We definitely can build wealth but we need knowledgeable ppl that have the desire to teach & not make a quick video for views. Thank you for being so diligent 🙌🏽🙏🏽👏🏽
Proud of you Youngblood and all of the brothers doing positive things in business and community.. peace and blessings be upon you
Jumping Jack, I am a former IRS compliance, advocacy officer, enrolled agent, MBA now representing multimillion dollar international businesses. No one person is perfect but your effort comes fairly close in getting Entrepreneurs off the couch. Also, the caution about prudence would likely be something appreciated by the IRS. Persistency, consistency, and willingness to make the required adjustments are acceptable traces of being the best... Stopping here to add you in my contact list. Good luck with your endeavors. Switzerland. Peace
You have helped me so much along my journey of creating a food truck. And we’ll here i am on the other side and thriving! It was a scary but amazing road to go down and I couldn’t have done with without all the help I got off TH-cam and you were always one I came back to!
Donnell! You are the GOAT MAN! What a great video. First time watching you and I’m seriously putting you on my calendar to watch an episode everyday. Amazing value from this video! Thank you so much for taking the time to do this!
Organization is definitely a must for any business. Great job breaking down the cash flow buckets for a successful audit as well as giving the business owner a usable dashboard for his organizational management.
Amazing
Love this idea. Five business accounts and I never knew you have to have a marketing account to promote a business.
MUSIC CHANNEL
GOOD INFO YES..
but u do not open all 5 at once
U start with two
Operating acct
Tax acct
As ur company grows quarterly
Semi annually annually
Then you bring online other 3
Reserve acct
Marketing acct
Innovation acct
Why this way because if ur bank
Charges fees you be paying monthly
Fees
IF UR BANK DOES NOT CHARGE FEES
HAPPY FOR YOU....
banks are in the business to profit 2
Fees surcharges loans etc etc.
YOUR WELCOME
jb.ok
Man, your videos have lit a fire inside of me, coming into starting my business without a mentor or any advice from other local business owners, I have been able to get information I didn’t realize I needed to be a successful company.
This young man is a wealth of knowledge
He knows his stuff
I also recommend the book, “Rich Dad, Poor Dad”
This is great ! I just started my business 6 months ago (renting booth at a salon) and I don’t think I’m making enough to apply it but definitely will as soon as I can actually make a profit enough to do so ! Thanks!
Step your marketing up. Your business should be booming right now. Figure out your clientele habits and target people just like them with Facebook ads. Spend $50 on Facebook ads and keep your instagram popping. You'll be booked out consistently
Briana
That operating and tax acct
Should be set up first a given
As u grow monthly quarterly. semi annually annually
Then marketing acct
Reserve acct
Innovation acct
Reason banks charge fees and you
Will be paying monthly all five
If ur bank charges no fees happy for U
Banks are in the business to profit
Fees surcharges loans etc etc..
Your Welcome
jb.ok
Not editing out that burp is an alpha move. Thank you for all this information, you're great
Fr
That’s was disgusting
@@lilinerobert4871Yes it was.
Learning from you how to run my business. I love how you are very detail person. You tell us step by step process in owning a business. Thank you.
Hello my friend I have been following you for few months now and I really appreciate your videos. My husband and I was currently struggling with bad personal credit. We have been carrying a significant amount of credit card debt over the last 4-5 years. I had always maintained a fairly high 780+ credit score but somehow I have not been able to get back to that score. After I watched your video about UpStart I applied for a loan with them and was denied!! I have tried to work with credit repair companies but I frankly don’t think they know as much as I do!! Anyway, all thanks to everyone that recommended the team Expert Mighty here, he his a loan, credit issues and Grant agent. I get everything solve with is help and also got approve of $50k Business Grant. Even with my 450 FICO score. Thanks for your help.
How can i be eligible to apply for a grant please
@@jamespeck4260 Grant is not a loan ! Even billionaires seek and get grant for their business monthly, Getting a grant is not compulsory but it should be every individual’s priority if they want to hold a solid ground on the financial market. I was able to get my grant Approve with the help of a Grant agent that was recommended here. Contact the team of Agent Mighty to explore unlimited grant.
@@naomimoore4104 You are right about that madam
Can you recommend me to the Agent that help you out I need his help too. They always reject anytime I try to register my self. Think 🤔 am not getting something right 😩😩
@@johnrich3795 You can contact him on
glad I came back to your tube!!! when I retired my main focus was rebuilding my shop and honestly I totally forgot about this video but you popped back up on my feed.. Now that I turned things around for my shop and we are now 6 figures its time to restructure and clean up my accounts!! salute my brother!!
Thank you, I needed this. more than you could ever imagine. I'm 59 years old and will be making a great deal of money with real estate. investing. I never knew how to manage money my whole life. Thanks again.
Omg I NEEDED to hear this💯💯 cuz idk wtf I'm doing. Kinda got thrown into this🤦♀️
CREDIT LORD TOTALLY ROCKS.
DOT ORG
VIA GOOGLE
So basically an envelope system for business. A very interesting way to look at setting up your finances in business. Great video Prince. Looking forward to more of your videos.
Thank you for dropping gems to those of us that are in the process of starting up a new small business LLC. I’m doing all my research now to have a successful business that will go far. Many blessings and new subscriber here.
Hi. I have worked for many years as a nurse and with the money I earned I assisted many youth who never had a chance to start a good life. Now I'm close to retirement and I'm investing, developing projects and ideas (I have massive list since my teen years). It's never too late and I appreciate this great info. Thanks so much.
Haven’t you heard anything about cash hack program?
I will be using these strategies! Getting my LLC this week
Thanks for this teacher. Gods will. I'm looking to launch my LLC 2022. Thanks again for this info.
YOU touched on this in your previous video🙏 thank you for breaking this down I could listen to you speak all day💜 wait a minute, rewind ....I could watch you speak all day👀, but then I'd get nothing done LOL
You are so welcome
Think I’m going to start my own construction/excavating company next year. Hopefully a lot of this translates over because you’re the first person I could actually follow and not get confused.
Your videos helped me change the way I studied For my real estate exam and passed on the first attempt. Thank you for sharing knowledge!
Lmao he aint even edit out that burp he did ...yeah I fux wit him, he a real one..✊🏾💪🏾
Can't get no realer than that. 💯
@@mindsightent y’all crackin me up😂 the info on point tho
I AGREE..
I thought it was a sound affect 🤔😳🤣🤣🤣
As soon as I heard I went straight to the comment section!
This is great I've always wondered how many business accounts should be open.
Exactly!
Another option that may be easier especially if you're just starting out is set up a business account through something like Novo, Indi Axos etc and then you can create multiple "reserves" within that account. Some also can track expenses for you. I also use Keeper tax which sends you texts after each transaction asking if it was personal or business.
I'm surprised that more people have not did it... THANK YOU! Thank you for sharing that valuable information. This is really worth looking into. Great advice to consider!
Can you speak tutorial the process brother ?
@@israelcapo8673 ?
I've been in business 10 years and never knew this 😩
I like that idea of reserves...
Looking into it right now! 🏃🏿♀️🏃🏿♀️🏃🏿♀️
@@EnchantedJewelzEmpire cool yeah I used Novo and relay bank and you can do that with both of those. Makes things easier as opposed to have to sign up for handfuls of diff bank accounts
Just when i was loosing interest, that massive *BURP* at 6:31 kept me on track; Very professional Prince, thanks for the advice. I’ll be sure to tell my friends that Prince “The Toad” Donnell has the best *BUUURP* LLC advice on TH-cam.
CREDITLORD IS A VERY GOOD PLATFORM FOR HELP.
VISIT CREDITLORD
Love the authenticity and transparency...I learnt quite a lot from this one video. Please keep sharing 😊
Good info but the burp was hilarious I had to rewind like 4 times to hear it again. You made my day.
Right, I was like, 'did he just burp and not say excuse me'🤣
Yea Navy federal gave me a really high limit. I applied and was denied at first so I got a *Linux tech corps* service , and I was approved for a capital one. The limit was so small lol but I took it and worked on it. Because if that it helped my credit and I believe that’s what made me finally get approved for navy fed with such a high limit. they're still working on increasing the capital one since it was so low. All in all I’m satisfied.
Thank you for this. Going legit with my business and I was definitely doing my finances wrong mixing it with my personal funds. Thank you again. God Bless
Hahahha i use all my personal funds to do business hence I'm getting a new business 🤪
Been following you and your wife on Ig for a while. I followed you first and then she starting appearing more and you two are amazing! Very strong black and faithful couple and plenty of valuable info for the youth and beyond! 2 mins in this video and I'm like " yep you on point"!
I am wanting to start a business as a college student and as you may know, most of us don't have much money to sling around so we have to be smart with the money we do have. The tips in this video will be important and put to use. I want my business to succeed and I believe that the tips in this video will help. Thank you so much!
This is GREAT Content. Thank You KING for the Education. God Bless and keep up the Great Work. Your station is PHENOMENAL.
Yes it’s some good advice... the burp caught me off guard tho
This was right on time. I have a bank meeting tomorrow to open my business acct and I will def will opening all of these!
Would love to know how that went
Me too
Congrats
How did it go?
@@koolkiddtrell2 so i only opened 2 but my bank was great and they have some other online tools that will help my business on the back/admin end of things
First off, Great video for me! As a beginner in this world of opening a business, yes I am at the early developmental stages currently and am learning everything on my own at the moment by watching, taking notes, etc. Had I not watched this I would not have had a clue on certain aspects of forming an LLC. I may at 1st not be able to jump into the LLC, but my biggest reason for wanting to is that in the event someone wants to "sue" me they cannot come after my personal assets. I, thus far know that has been my main reason for the LLC interest. Now with that said, your video I am watching next which is the different accounts to set up and why I am intrigued to learn more from you specifically because I can follow you easily in the way you are breaking things down simply and straight forward. I look forward to any comments from you in particular, and will continue to learn all that is necessary to move forward before moving forward. Great video, I Thank you! All Respect!!!!
I am sorry this was supposed to be put on the last video I watched of yours which was the things they do not tell you about an LLC. Did not realize it moved right into the next one I had bookmarked!!! OK, so I look forward to watching THIS video!!!!
I am working to start my small business and love that I came across this video. The information provided is amazing.
I work in marketing. I can tell you that most businesses with perfect products fail because the business owners did not want to throw any money on marketing. They are never prepared for the costs and aren’t able to compete with those who do.
Indeed I appreciate all of the professionals like yourself sharing the information and wealth of knowledge you embody Prince. As always Keep growing, and building more and more wealth. 💪🏿
A video like this specific to people investing in residential/commercial rental property would be helpful and I think that a large number of people watching your videos are involved or have interest in real estate investing.
I can absolutely see how following these suggestions could improve chances of success and I plan on setting up these separate accounts, but trying to determine profits on a monthly basis so that you know how much to set aside in each of these accounts is easier said than done.
Any pointers?
Bless Up King. Applied knowledge is POWER. I've made so many past mistakes not knowing this informative info. Now its my duty to apply it and teach my children as well. Bless Up King. Namaste
Haven't started the business yet but its mental & on the way... I'm just taking note on successful business people to get ahead of the curve a lil... Ty
This is brilliant. I love this strategy. Thanks!
You're welcome!
Thank you from the bottom of my heart ❤️.
This was exactly what I needed to see . The universe sent me to your page
I gained much needed knowledge .
You gained a 1 like and a appreciative thankful subscriber 😊
Love your channel bro all the way from South Africa , Learning alot. even though I need to convert somethings to our currency and systems but the points are so helpful. Shout out to you.
Thank you!
I’m just starting my STR business and I am on the path of financial greatness and I was looking for how to set up my LLC and wanted to know more about taxes and how to find the right bank accounts am so grateful that I came across your video. I will be returning to your channel and watchingt more footage of what I need to do
T
Super man thanks ive opened an llc lil over a yr now n ive just been feelin like im dead in the water. Im definitely goin to try out all these tips n tricks. They say theres a trick to every trade, its hard to know the trade(entrepreneurship) when ur just gettin started in it. Thanks again so much. Enjoy 😉
I’m definitely using this strategy I appreciate the knowledge I’ll be hitting you up in the future for my tax💯
Let's go!
Giving all praise to this team for bringing my life back up when I thought everything was gone, you’ll forever be remembered
Man thank you fam. Very appreciative and took my notes on how to more be more efficient and strategic. Nice gems fam!
Just started my LLC. Thank you so much. I knew too separate funds but not how too.
Mercury is amazing for start ups. They have zero fees and you can have up to 16 labeled accounts. And physical and virtual cards for employees and you for each account.
Found is good for sole proprietors if you only want 1 operating account and one sub account for taxes. They also offer virtual cards.
Should one be setting up all of the accounts at 5 different banks or can we set up all different accounts at one location.
All at one location. Easy to manage!
It was hard to focus on the information when your eyes are so gorgeous 😩
are you people for real.....this man is sharing valuable information and this is what you focus on???? geeesh ....paid much attention in school??? on the job???? give the man some respect ...please ... better yet .. respect yourself ...
Tell that! But I looked away and listened so I could take notes
After gotten my LLC the next line of action is to get funds to start up my business but getting capital to start a business has been the problem of thousands of America Business Owners. So many people do not know they have access to thousands of Business Grant and Assistant. I started making my research early January and I was later recommended to the team of Expert Mighty, A Professional and License Governmental Grant Agent that help me out with my registration and I got approved and Funded. Wish Every Business Owner out there Huge Success🥰
I have had a couple of interactions with the team of Agent Mighty recently and just have to say that I am quite impressed with their customer service and response from everyone there. Thank you so much for this great service the company provides for us in the non-profit community. My Business Grant Just approved. I will update my comment immediately I received my payment through check.
@@tysoncathy38 Can I get the contact details of the agent that helped you out with your grant registration.
Contact him on
Lend_with_agentmighty
Instagram
This was super helpful! I promise to never make a transaction for personal expenses with a business credit card.
Bro, is it possible to pull your chair closer to the camera or is this also a social distancing pitch?
Omg I just my business glory to God I found your video because I was going to go the bank soon now I am educated on the right keep up the excellent work brother!!!!!!!!!
Just starting my llc and this was so helpful 🔥
I want to reassure the potential clients who will read my personal testimonial to make a wise decision, and definitely choose the service of *credit lord* as your strongest ally and guardian in a difficult battle for your good credit.
Love this concept. It gets people thinking about their Profit & Loss statement in real time!
Thanks for sharing your knowledge on this topic.
Forsure!