If you can teach me how to use the Accural Method of Accounting n all the INs and Outs of it I will pay for your services. Like do u know what I'm saying on this n why I'm asking...
you literally don't know how much I am grateful for this channel ... being a first gen this kind of info accelerates my journey to generational wealth !!! May the Lord bless you in everything your heart desires!!! much appreciation
All this channel does is put out informative, pertinent & phenomenal content!🔥🔥🔥 No fluff, no irrelevant & most importantly, no time-wasting content. Thank You, Very Much, on behalf of all the Viewers & Subscribers!
WOW! It's an honor to be able to provide this information to you. We wish we had it when we started and just doing out part to help. More 🔥 on the way!
@@LYFEAccounting Can't wait, looking forward to continue learning. Also, I forgot to give your channel props for its consistency, which is the difference between good and great! Thanks, Again.
All of you looking for an easy way to set up your LLC, Nexalic handles it all-mistake-free and a big time-saver. I wish I’d known about it before. Just sharing, wishing you the best!
Thanks so much! I was stressed out trying to call Zen Business to make changes to the name of my new LLC from the operating company's name to the holding company's name. I thought I create a bigger mess for myself when it came time to make this transition. With the business ideas ahead, a holding company would tie all of my upcoming endeavors into one umbrella. After watching your video I was able to calm down and will tackle this step during annual renewal of my LLC. Thank you kindly. I will focus on what is in front of me. Namaste~
subscribed but just a small piece of advice based on my quick experience/intro to this channel. there are some GREAT/VERY IMPORTANT questions being asked in these comments that the video missed and responses by the team are primarily to the "Great job/thank you" comments. a few responses to these questions would prevent me from going elsewhere to find the information and easily lock in a subscribe. just my two cents. thanks for the info!
Very helpful! I didn’t realize until last year that I was already running my businesses like this. This was just the natural way I wanted my businesses ran
This is great! I've been looking for how to put my existing llc under a Holding co. Some guy was saying it's better to dissolve that existing llc,create a Holding co,then create an LLC under the Holding co. U made it simple bro! Keep posting these wonderful videos! U got a subscriber!
@Princess_K2023 Depending on the jurisdiction (i.e., state), a multi-member LLC offers greater protections than a single member. Nevertheless, a single member LLC absolutely offers legal protection regardless of the state... ESPECIALLY, when compared to a sole proprietorship or just a DBA and nothing else.
Great informative video! Question: if I wanted to create a parent company for an existing llc, how would be the easiest way to transfer the existing llc’s assets to the new parent company?
Is there a difference between a LLC owning other LLC's and a LLC holding company? And do you have to have a board of directors to manage the LLC holding company?
How is the income from subsidiaries consolidated into the holding company? Can you provide an example? If a subsidiary makes 100000 how does it flow to the parent company? How is the tax handled? If a sub is in one state like AZ, and the parent company is in WY, how are the taxes handled? Using AZ laws or WY laws? Thanks, hope my questions make sense!
Would you advise that each subsidiary have its own payment processing account (stripe, square) so that the performance of each can be individually analyzed?
Excellent topic. I have been thinking of this for a couple of years now but I wasn’t expanding at the time. This information is right on time for my business now. I appreciate advanced topics. My question is how do I fix my current LLC because I have both personal income (W2) and expenses commingled with business income and expenses in my business accounts. I need to prep for asset and liability protection like yesterday 🙇🏾♀️
Everyone's question that's still not answered lol did you ever figure it out. I have a WY company but not sure if I should foreign register or domestic register in my home state because of the double EIN question and income flow from subsidiary to the holding company. Trying to figure out how this whole process works
Thank you 🙏🏽 so much for making this video! It definitely explained things but unfortunately I don’t think it will work as the right set up for me right now!!!… So, I definitely need you guys to do a video on “DBAs”… How to set it up? Where to set it up? What are the requirements? etc…All this searching and reading and deciphering the legal mumble jumble out there gives me a true headache 🤕 but you guys break it down so clearly!!! I honestly can’t wait to see where you guys go in the future!!! But in the meantime we will just keep supplying you guys with ideas 💡 for content.
Awesome video!!! I have a question: if you already have an LLC but you want it to now operate as a holding company, what should be the steps to do that?
Hi, I loved your video. I have a question about the EIN number. Do I just get one for the holding company or do I need one for each of the LLC under it? Thanks so much.
How do you pay yourself if your different businesses are in this holding company? Also can this holding company hold different types of businesses? For example it could be a tech business, a website, Amazon drop shipping, and real estate ownership?
The answer is yes to the second question. That's what this whole video was about but your first question is the one to get answered as that's me and many others question lol
How would I pay myself if I worked for an operating single-member LLC owned by a single member Wyoming Holding LLC? (I am the owner of both and directly work for the operating LLC.) I am wanting to be taxed as an S-Corp (and be able to received distributions), and also have the asset protection of the Holding Company. Would the operating LLC be disregarded and the Holding LLC the S-Corp? Thanks!
Great information! My question is there a way to amend an operating company to become the umbrella company? I have an LLC that would be better suited as the umbrella with subsidiary companies under it.
The most important question is, can the holding company be out of state (Wyoming) and control New York State ( highest taxes) without nexus and having to register as a foreign corporation?
Good question. I currently have a Wyoming LLC and I was going to foreign register in GA but I'm now I'm stuck between should I not foreign register and just create a domestic LLC in GA instead and have the WY LLC as the owner member of the GA LLC. I'm also trying to understand if I don't foreign register and create the domestic GA LLC I'll have 2 EIN's. One for WY and GA so which company would I file taxes through. I've heard that the income flows through to the holding company but not sure how that works if all the income is coming from the subsidiary. Maybe create dba's idk
What if you have a current LLC now that has many different streams of income but under the same brand? Can I make this current LLC the holding company and create LLC and move those operations underneath it?
Thanks for this video Sean, this is the one I've been waiting for to make sure I was doing everything right. I appreciate you guys for all the great information you provide.
@@LYFEAccounting Absolutely. My goal is to have everything wrapped up by the end of the week. Thank you again for all that you guys do. It is appreciated.
This was very helpful, Thankyou. Quick question, when it comes to beneficial report filing a foreign llc; for company, applicant, and beneficiary do I use my personal info or holding company? Because I tried to use my holding company RA address and got denied.
I have 2 LLCs but I don't have a holding company. Is it possible to create a holding company and add the 2 existing llcs to the newly formed holding company?
Even after watching and comprehending this video I still don’t know how to do the steps. Like you start an umbrella company.. how? You get a registered operator who can be you.. ok. How? You start a subsidiary company.. how? Like, do you just make a name, start telling people it’s a business, do I copy right it? Do I register it or need a licence or go to someone?
Go to your states secretary of state’s website. Search for forming an LLC. It will walk you through the process step by step. You will need your LLC’s name, address and purpose. Depending on the state, the filing fee vary.
Does this mean that the parent company has a balance sheet, but no income statement (p&l)? And that the operating company/ies have balance sheet/s and income statement/s?
Everyone's question that still haven't been answered. I guess these guys are to busy to answer or doesn't know the answer or want folks to pay them for the answer idk lol
Here is the first video on "Should you create an LLC holding company" - th-cam.com/video/KN_4eJrR62A/w-d-xo.html
If you can teach me how to use the Accural Method of Accounting n all the INs and Outs of it I will pay for your services. Like do u know what I'm saying on this n why I'm asking...
Is it necessary to obtain an EIN # from the IRS for a newly formed HOLDING (UMBRELLA) Company?
if umbrella company is llc can its subsidiaries also be llc?
Who’s watching in 2024?
🙋
🙋♀️
This guy.
🙋🏽♀️
Am 2025
you literally don't know how much I am grateful for this channel ... being a first gen this kind of info accelerates my journey to generational wealth !!! May the Lord bless you in everything your heart desires!!! much appreciation
All this channel does is put out informative, pertinent & phenomenal content!🔥🔥🔥 No fluff, no irrelevant & most importantly, no time-wasting content. Thank You, Very Much, on behalf of all the Viewers & Subscribers!
WOW! It's an honor to be able to provide this information to you. We wish we had it when we started and just doing out part to help. More 🔥 on the way!
@@LYFEAccounting Can't wait, looking forward to continue learning. Also, I forgot to give your channel props for its consistency, which is the difference between good and great! Thanks, Again.
FACTS!!
I LOVE THAT YOU TALKED ABOUT THE REVERSE SITUATION; HAVING A PREFORMED LLC TURNED INTO THE HOLDING LLC!!
Who's watching in 2023.
Me 😂
I have yet to find an explanation of this process that is as thorough and easy to follow such as this video. Thank you for this content!
Thank you for this. The part about how to envelope an existing company under the umbrella was most helpful in my case 🙌🏼🙌🏼
All of you looking for an easy way to set up your LLC, Nexalic handles it all-mistake-free and a big time-saver. I wish I’d known about it before. Just sharing, wishing you the best!
These Step-by-step videos are Gold! Thank you
From one Sean to another, I appreciate that haha. Thanks.
Thanks so much! I was stressed out trying to call Zen Business to make changes to the name of my new LLC from the operating company's name to the holding company's name. I thought I create a bigger mess for myself when it came time to make this transition. With the business ideas ahead, a holding company would tie all of my upcoming endeavors into one umbrella. After watching your video I was able to calm down and will tackle this step during annual renewal of my LLC. Thank you kindly. I will focus on what is in front of me. Namaste~
I am seeking tax and accounting advice for this new business and will look into LYFE accounting via the web as well
.
2 minutes in and exactly what I was looking for! Thank you!
This helps. I currently have 3 LLC companies right now so I need to create a holding company (umbrella company) that these three will be under.
subscribed but just a small piece of advice based on my quick experience/intro to this channel.
there are some GREAT/VERY IMPORTANT questions being asked in these comments that the video missed and responses by the team are primarily to the "Great job/thank you" comments. a few responses to these questions would prevent me from going elsewhere to find the information and easily lock in a subscribe. just my two cents. thanks for the info!
Thank you for this valuable, clear and concise information.
Great explanation!
Can you make a video on HOW TO Create that operating agreement with the clauses that NEEDs to be in Holding company
Great presentation and content ❤️🔥
A on time topic for me ;Thanks so much for the highlight ...Have a wonderful day !
You are so welcome! Hope it blesses you
Useful, informative, and helpful. Thank you😊
This is awesome! Thanks for following up w the part 2
You bet! Thanks for your support :)
Very helpful! I didn’t realize until last year that I was already running my businesses like this. This was just the natural way I wanted my businesses ran
Fantastic!
Watching 2024! Thank you for sharing
Thank you Lyfe Accounting! You're always pouring into us.
It's truly our pleasure and your support means the world.
And we will continue to! Thank you for supporting 💯
Who’s watching in 2024.
Is there a video on holding companies and trusts?
I already have a Nevada c corp. I want to turn that into a holding company.im going to watch this again to make sure I'm not missing anything
i love your business jokes man😂 i really love your channel. extremely education and informational
Excellent!!!!! Needed this info for additional legal protection
Good video!
very well explained -- other vids did not provide the finer details as you did -- thanks!!
Amazing video filming and editing. Smooth talking, nice work!
Thanks a ton, Trevor!
This is great! I've been looking for how to put my existing llc under a Holding co. Some guy was saying it's better to dissolve that existing llc,create a Holding co,then create an LLC under the Holding co. U made it simple bro! Keep posting these wonderful videos! U got a subscriber!
Thank you so much for this information! I have been trying to find someone to explain how to form a holding company. Finally!! And well done!
This was amazing! Very lucid. Very informative.
Good look on the info you but in a way easy to grasp 💯
Good info brotha, keep it up
Thank you for breaking this down!
Thank you. You explained Clearly
I''ve been trying to find this information for so long. Thank you!!!
Thank you for the information young man...👍
Thoroughly put together
Thank you for the infromation. It was very useful.
Appreciate you LYFE Accounting! Thank you so much for sharing your financial literacy! Continue educating, empowering and inspiring you guys!
You are so welcome! & Thank you for supporting us 💯
Do you have to form another LLC for the subsidiaries or can you just do a dba? Great content 🔥
No. A DBA offers no legal protection.
Neither does a single member LLC
@Princess_K2023 Depending on the jurisdiction (i.e., state), a multi-member LLC offers greater protections than a single member. Nevertheless, a single member LLC absolutely offers legal protection regardless of the state... ESPECIALLY, when compared to a sole proprietorship or just a DBA and nothing else.
Love this! Great content
Love, love, love LYFE Accounting videos. Questions, how can I make my current LLC my holding company instead of starting up a new LLC?
This video is sooooo clutch!!!!
New subscriber here because this is so good and saved me hundreds ☺️
Awesome video thanks
Great informative video! Question: if I wanted to create a parent company for an existing llc, how would be the easiest way to transfer the existing llc’s assets to the new parent company?
Is there a difference between a LLC owning other LLC's and a LLC holding company? And do you have to have a board of directors to manage the LLC holding company?
Valuable information. Thanks
Amazing! THANK YOU🙏
Very helpful! Thank you 🙏🏾!
Dang, I learned so much in your video, great content!
Excellent information, thank you for sharing.
Thank you for the video! What should I put as "Principal line of business" if my LLC is a holding company?
How is the income from subsidiaries consolidated into the holding company? Can you provide an example? If a subsidiary makes 100000 how does it flow to the parent company? How is the tax handled? If a sub is in one state like AZ, and the parent company is in WY, how are the taxes handled? Using AZ laws or WY laws? Thanks, hope my questions make sense!
Great question!
Can an LLC have a non profit as a subsidiary ?
Good question!
Yes but it can't make profits or donations to the parent company.
@@williamgraves-hx8om theoretically couldn’t you have the non profit hire the umbrella for more publicity and pay them that way?
I want to setup a holding company with multiple apartment buildings each having their own LLC. I'm planning to start building in 2023. GH
Man i love your business jokes
Good job 👏🏿
New Subscriber. Appreciate the detailed explanation and easy to follow presentation.
Thanks for subscribing, Denise! Welcome and hope our videos continue to be helpful to you. Are you a current business owner?
🔥people never explain this in 7 min🤙
Thanks a ton Martin. It's good to hear we are on the right track. Will you be setting up a holding company for yourself?
Would you advise that each subsidiary have its own payment processing account (stripe, square) so that the performance of each can be individually analyzed?
This is a great content, awesome and very important information, thanks
Excellent topic. I have been thinking of this for a couple of years now but I wasn’t expanding at the time. This information is right on time for my business now. I appreciate advanced topics.
My question is how do I fix my current LLC because I have both personal income (W2) and expenses commingled with business income and expenses in my business accounts. I need to prep for asset and liability protection like yesterday 🙇🏾♀️
Who's watching in 2025
Nobody because it’s not 2025 yet.
Do you need an EIN (taxID) for the holding company? Or is the EIN required for the Subsidary LLC?
Everyone's question that's still not answered lol did you ever figure it out. I have a WY company but not sure if I should foreign register or domestic register in my home state because of the double EIN question and income flow from subsidiary to the holding company. Trying to figure out how this whole process works
Thank you 🙏🏽 so much for making this video! It definitely explained things but unfortunately I don’t think it will work as the right set up for me right now!!!… So, I definitely need you guys to do a video on “DBAs”… How to set it up? Where to set it up? What are the requirements? etc…All this searching and reading and deciphering the legal mumble jumble out there gives me a true headache 🤕 but you guys break it down so clearly!!! I honestly can’t wait to see where you guys go in the future!!! But in the meantime we will just keep supplying you guys with ideas 💡 for content.
Gratitude 🔥
Awesome video!!! I have a question: if you already have an LLC but you want it to now operate as a holding company, what should be the steps to do that?
You have to amend it, as with any other changes to the company (state)- you'll have to amend the operating agreement to reflect that also.
Hi, I loved your video. I have a question about the EIN number. Do I just get one for the holding company or do I need one for each of the LLC under it? Thanks so much.
How do you pay yourself if your different businesses are in this holding company?
Also can this holding company hold different types of businesses? For example it could be a tech business, a website, Amazon drop shipping, and real estate ownership?
The answer is yes to the second question. That's what this whole video was about but your first question is the one to get answered as that's me and many others question lol
How would I pay myself if I worked for an operating single-member LLC owned by a single member Wyoming Holding LLC? (I am the owner of both and directly work for the operating LLC.) I am wanting to be taxed as an S-Corp (and be able to received distributions), and also have the asset protection of the Holding Company. Would the operating LLC be disregarded and the Holding LLC the S-Corp? Thanks!
Great information! My question is there a way to amend an operating company to become the umbrella company? I have an LLC that would be better suited as the umbrella with subsidiary companies under it.
When filing the LLC for the holding company what do you select for “Business type”
Great video, sir!
Thank you kindly!
Is this a good idea to do for real estate if you have 4-5 properties? What if I have properties in state and out of state ,or plan too?
Well presented
We appreciate the videos!
Our pleasure!
The most important question is, can the holding company be out of state (Wyoming) and control New York State ( highest taxes) without nexus and having to register as a foreign corporation?
Good question. I currently have a Wyoming LLC and I was going to foreign register in GA but I'm now I'm stuck between should I not foreign register and just create a domestic LLC in GA instead and have the WY LLC as the owner member of the GA LLC. I'm also trying to understand if I don't foreign register and create the domestic GA LLC I'll have 2 EIN's. One for WY and GA so which company would I file taxes through. I've heard that the income flows through to the holding company but not sure how that works if all the income is coming from the subsidiary. Maybe create dba's idk
Thank you for sharing
What if you have a current LLC now that has many different streams of income but under the same brand? Can I make this current LLC the holding company and create LLC and move those operations underneath it?
Great video
What NAICS should be used for the holding company? Also, can you change your NAICS and the bylaws of a previously established LLC?
551112 I think
Great info!
Can you turn an existing LLC into the umbrella company or do you always have to make a new LLC to make an umbrella?
That’s what I need to know!!
Guys, you are the bomb! 🙌
Jody, you are too for your support! After watching, will you be setting up a holding company?
Thanks for this video Sean, this is the one I've been waiting for to make sure I was doing everything right. I appreciate you guys for all the great information you provide.
Thank YOU for watching and supporting. Did the video clear everything up for you?
@@LYFEAccounting Absolutely. My goal is to have everything wrapped up by the end of the week. Thank you again for all that you guys do. It is appreciated.
This was very helpful, Thankyou. Quick question, when it comes to beneficial report filing a foreign llc; for company, applicant, and beneficiary do I use my personal info or holding company? Because I tried to use my holding company RA address and got denied.
I have 2 LLCs but I don't have a holding company. Is it possible to create a holding company and add the 2 existing llcs to the newly formed holding company?
Check out step 3
Even after watching and comprehending this video I still don’t know how to do the steps. Like you start an umbrella company.. how? You get a registered operator who can be you.. ok. How? You start a subsidiary company.. how? Like, do you just make a name, start telling people it’s a business, do I copy right it? Do I register it or need a licence or go to someone?
Go to your states secretary of state’s website. Search for forming an LLC. It will walk you through the process step by step. You will need your LLC’s name, address and purpose. Depending on the state, the filing fee vary.
Does this mean that the parent company has a balance sheet, but no income statement (p&l)? And that the operating company/ies have balance sheet/s and income statement/s?
Everyone's question that still haven't been answered. I guess these guys are to busy to answer or doesn't know the answer or want folks to pay them for the answer idk lol
great content.
Do you have to start both the holding and subsidrary at the same time?
Thanks! How would this tax structure work for this if the operating company wants to be taxed as an S-Corp?
With my subsidiary companies when I do the articles of organization for my state for the agent do I use the parent company name?
One question when creating the new company what info do I use for my tax id for the new company