What You Don't Know About LLC's

What You Don't Know About LLC's
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[@mamabear090]

The LLC is like a whole other person or “entity” and it is the responsible party,
not you personally.

[@jkingg8244]

100%

[@0hioboy]

That why your LLC has its own social

[@tomcat8662]

@@0hioboyTax ID, not social

[@0hioboy]

@tomcat8662 That's what I meant. Which our socials are our tax IDs

[@sad754yt]

@0hioboy it's call an EIN number

[@DawnWillDoIt]

Hence why you need a separate bank account set up for that LLC

[@leechburglights]

Working with another company now, who wants us to sign an NDA. We requested the contract be rewritten using our LLC and not our individual names. They refused and said every manager and owner in our company had to individually sign it 😂 yeah no thank you.

[@HeavenLeeJ]

Contract signed in the John Doe, LLC BBS.

[@CC-ip3ve]

What about a DBA?

[@seabass22]

Question is. What do you do in this situation. I own some equipment in my name that is financed. I open an LLC. How do I go about paying for the equipment, while maintaining the LLC status?
Of course everything else would then be run through the LLC and I would pay myself from the LLC, but this issue has me perplexed. As well as insurance on the equipment, wanting to run through the LLC but it being in my name. Of course after it is all paid for, I could transfer it to the LLC as an asset, or a separate LLC and then lease it to the original LLC.

[@Dan-codes]

Sell it to the LLC, with a loan, pay your personal self back? Talk to your cpa, but that is my understanding. My LLC is all software

[@newliner26]

In my experience as a contractor, I would hold all equipment and assets in a "holding co LLC". Lease and maintain all equipment to a "retail co LLC" that is customer facing.
Depending on your revenue and profit, it may be more beneficial as an S-Corp.
I think your largest concern would be your liability insurance, each party named insured.. and an "over-(liability) insured" umbrella policy.
At the end of the day, if someone can prove gross negligence on your behalf, you're on the hook.

[@dankelly]

How do you sign a contract as an LLC?

[@sad754yt]

Well as far as a lease goes the tenant is the LLC and you will sign as the managing member. Landlord will probably require personal guaranty for yourself.

[@chrisrojas3231]

Limited liability Company ,the name explains the whole concept if this video made ur eyes light up and your over 25 your behind the curve chief

[@EROCKS0811]

Except per the IRS, LLC's are disregarded entities

[@Review-This]

That’s why you go S Corporation

[@jimsmith1823]

What do you mean?

[@carlsutherland3730]

How are they disregarded?

[@seabass22]

A single member LLC maybe, if you are willingly negligent, but not multi member.
And no just because you are s corp does not mean you can just transfer all the money out and not pay the taxes and they aren’t going to come after all of you.

[@mikevernacchio5384]

What is corporate veil?

[@jimsmith1823]

Pass through entity

[@bensheard3969]

Basically it's an ability for any lawsuits and debt to go through the company so you personally do not become liable for anything the "company" causes

[@seabass22]

@@bensheard3969but it’s practically useless if you are a single member owner/operator, as if you cause any issues, you would likely be sued personally as well as the LLC, so it really won’t make a difference.

[@bensheard3969]

@@seabass22 it's another firewall to go through and it helps in bankruptcy court. Liability can be different if you cause harm personally etc

[@philliptoone]

I thought this was obvious. Is it not

[@belochai12]

NSS

[@Combatbob54]

Compare to a DBA....

[@sad754yt]

Dba is the name of the business on an outside sign so to speak. Can be the same as the LLC ot totally different

[@seabass22]

DBA is just an alias. You can personally have a DBA.

[@andersaxmark5871]

Wrong