7 Common Mistakes People Make With LLCs
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- เผยแพร่เมื่อ 22 พ.ค. 2024
- What are the 7 common mistakes people make with their LLCs? With our expert and co-founding partner, Toby Mathis, Esq., we will review several issues that arise when investors choose this particular route.
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“By setting it up incorrectly they undo a lot of these things that they are intending simply because they make pretty basic mistakes.” 0:22
You may be surprised by our list of these common mistakes that too many people find themselves making.
LLCs, or Limited Liability Companies, are popular entities, but if approached incorrectly, they can result in many pitfalls and complications.
The dangers that come with pursuing investing are many but hopefully, by watching this video, you will be able to avoid the most common mishaps that many people make when they get started.
Watch our video until the end and you will see a link to our website where you can learn more about LLCs! We have tons of information on how to start an LLC and the benefits associated with this type of entity.
Like, comment, and subscribe to the channel to learn more about how to start an LLC and other business topics.
Show Notes:
0:00 Intro
0:56 #1 Wrong Income In Wrong Entity
5:13 #2 Set it up Too Late
7:26 #3 No EIN
8:24 #4 Separate Business
10:35 #5 Books and Records
13:53 #6 Personal Expenses
15:30 #7 Tax Form
21:15 Outro
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ABOUT TOBY MATHIS
Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at aba.link/tobyaba
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
#llc #llcmistakes
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NEW TN LLC REAL ESTATE AGENT LAW: (PLEASE DISCUSS) Tennessee real estate agents are allowed to set up a solely owned LLC so their commissions can be paid to the LLC to help ease personal tax burden. I can't find much information anywhere.
Excellent. Wow. Thank you. That was a lot to take in.
Thanks for the video.
Don't forget if they use an 8832 form they can get their LLC treated as a corporation. Then they won't be discarded federally.
thank you again,,, great stuffffff
Great information!! Thank you for your knowledge 🙏 Question, If one was day trading Bitcoin how would they set up their business entity?
I have two hvac business one is state licensed and the other one isn’t is there any way to get an advantage out of them
THIS WAS EXCELLENT, TOBY! Can you talk about California makes everything more difficult. Also, doesn't LLC pay much higher taxes if it files 1065 tax if not disregarded entity?
Great job Toby!!!!!!
Thanks for all your help!!!😇🤙
Any time! 👍
I am so grateful that I came across your channel. So much useful info here. I'm actually looking to get into real-estate investment in the Las Vegas area. I would love to hear some tips about that topic.
Anyway, thanks for the videos and keep em coming!
We hope you subscribe to the channel for more content!
If you actively participate in an S corporation are the passive income pass through items subject to NII? Code sec?
Credit cards: If I use one Visa card for everything (to get miles), am I setting myself up for piercing of the corporate veil, even if I categorize each expense to the appropriate rental properties AND reimburse myself from those rental properties accordingly?
awesome, thank you. if the LLC was established in Wyoming but doing business in California. Which address should be used on the 1065 (or all) tax returns? The WY or the CA. address? Thank you.
Great content!
Learning a bunch since i started watching you a couple days ago.
I have an investment home I'm looking to sell soon along with my partner (I call her my wife but not married, although feels that way 😊). We had it since 2019 but never created an LLC. So you would suggest to create an LLC prior to contract of the sale? Anything else I should know in this situation that will help?
Also can you explain more on land trust
Can you get debería into disregarded entities . Once you open them in Wyoming and use them as owners in you llc in fl do you close them ? Also once you have to pay your annually Fee do you have to list all your assets on the Wyoming page or not?
Thank you for great info. Is it OK to appoint my LLC S-Corp with its own EIN as a Trustee on a Land Trust and on the deed of a piece of land I own, that I’m selling for $30k ? and I, the beneficiary would pay the Capital gains Tax (only $3k) under my own 1040 individual Tax Return? I dont have a job so dont have any other source of income. Is this the best course of action?
Seems like LLCs are great but getting a good liability insurance policy will go a long way in protecting you. Thoughts?
Can you help me set up an LLC
Absolutely! Here is the link to schedule a free strategy session, aba.link/tobyss. Or you may call to speak with an advisor at our toll-free line, 800-706-4741.
I have a question about LLC:
- Does it have to a bookkeeping service (such as Bench, QuickBooks) or done by myself?
- Is asset protection alright when you have 1 LLC that contains your investment account and 1-3 business card for personal use?
So long as the bookkeeping is done properly, then technically it can be done by you. Keeping your business and personal funds separate and properly accounted for is extremely important though, so we do generally recommend that you use a professional. As for the second part of the question, this is a classic case of co-mingling and we would strongly encourage you to use business accounts only for business needs, never personal. You make a distribution to yourself for any personal expenses, and charge those to personal cards.
Let me start out by saying, my wife and I love your videos. Hello, my name is Miguel. While searching TH-cam we stumbled across one of your videos about a month ago and been hooked ever since. We finally decided to make the plunge into the world of the living trust, we live in Arizona and we are unsure about who should we be looking for, a person or company that could help us out with the very scary first step in setting the living trust up correctly. I was wondering if you might have any suggestions. my wife and I don't have much, but this isn't for us, it's for our kids and future family.
Here is the link to schedule a free strategy session, aba.link/tobyss. Or you may call to speak with an advisor at our toll-free line, 800-706-4741.
Very informative. How about an LLC own by a trust? To avoid probate or succession. Yes?
We have a video that may help you answer that question: th-cam.com/video/nc8MyBv8B9E/w-d-xo.html
@Toby Mathis Esq | Tax Planning & Asset Protection thank you.
Toby, the hubby and I are employees grossing just over 285,000/yr. combined, with employers who offer 401Ks but no match. We have founded a shared housing NP with Anderson, and have a holding LLC. We each have old retirement accounts we'd like to roll into a SD IRA with IRA Club, so we can start buying homes to serve the NP. With this situation, if there is only enough money in the SD IRA to buy the property, how can we contribute to them to fund any required upgrades/updates? I understand that I have to be "self employed", so does that mean as employees of our holding LLC, we could do that? Or is it a no go because of our W-2 income? If we can't contribute, how is the rollover a sustainable source for any new properties? Does that mean we just have to buy a turn key properties? Thank you😊
Thank you so much for your question! We highly recommend you join us at our next Free Tax & Asset Protection Workshop Livestream. Our attorneys and specialists will answer all your questions at no additional cost. Save Your Seat: aba.link/taptoby
I had several employees at one time, and I was on payroll as well. Now it's just me for the last 2 years. I'm still doing payroll. I have an LLC single member now. Should I stop payroll? I do like having the workers comp insurance, just in case.
Hi Patrick, we recommend speaking with one of our advisors for any legal advice. Here is the link to schedule a free strategy session, aba.link/tobyss. Or you may call to speak with an advisor at our toll-free line, 800-706-4741.
🔥🔥🔥🔥
Hi Toby, I'm a real estate agent with an LLC. Can you reference a good CPA in the Dallas, Texas area?
We could certainly help you! You can find our list of services here: andersonadvisors.com/products-and-services/
You always neglect Schedule E income businesses and umbrella insurance policies. But you don't make money explaining that, do you?
I 💕 this guy 💝 always great info🫶🏾
Thanks for watching
My friend is starting his LLC for the carpet installation he's been doing for several years now.. What info should he have ready when he calls for the free 45 min consultation with Anderson? Also could you make a video that explains everything the TITANIUM package includes ? Thx 🥷🏾
We would love to help your friend out! Please have him come prepared with an outline of the business he runs, the state(s) where he transacts business, as well as a general outline of all of his other assets so we can provide a comprehensive plan for him, his business, and his assets. In addition, for more details on our Titanium program, please feel free to join our Saturday Tax and Asset Protection events where we go through them in detail! andersonadvisors.com/real-estate-asset-protection-workshop-training/