What You Don't Know About LLC's
ฝัง
- เผยแพร่เมื่อ 2 ธ.ค. 2024
- What You Don't Know About LLC's
Start growing in business and leadership with the EntreLeadership Newsletter. Sign up to receive tactical tools, advice and resources in your inbox every week: bit.ly/3ktHxiM
Support our sponsors:
• NetSuite: bit.ly/NetSuit...
• BELAY: bit.ly/351P9AE
• Payority: bit.ly/3IaA5SK
• Trainual: bit.ly/3EbBEgc
Learn more about EntreLeadership Events:
• EntreLeadership Summit: bit.ly/EntreLe...
• EntreLeadership Master Series: bit.ly/EntreLe...
Learn more about EntreLeadership Coaching:
• Elite: bit.ly/3tI2fN8
• Advisory Groups bit.ly/EntreLe...
• Executive Coaching: bit.ly/EntreLe...
• Workshops: bit.ly/EntreLe...
Find out what stage of business you’re in and what you can do to level up with our Stages of Business Assessment: ter.li/pkurwg
Listen to all the Ramsey Network podcasts anytime, anywhere in our Ramsey Network app: apple.co/3eN8jNq
Learn more about your ad choices: www.megaphone....
Ramsey Solutions Privacy Policy: www.ramseysolu... -
Store:
EntreLeadership: store.ramseyso...
EveryDollar Premium Version Physical Gift Card: store.ramseyso...
Delegation Quick Read: store.ramseyso...
New! Get Clear Career Assessment: Find the Work You’re Wired to Do: store.ramseyso...
The Momentum Theorem Quick Read: store.ramseyso...
Baby Steps Millionaires: store.ramseyso...
Total Money Makeover: store.ramseyso...
Building a Non-Anxious Life: store.ramseyso...
2025 Ramsey Goal Planner: store.ramseyso...
Breaking Free From Broke: store.ramseyso...
The LLC is like a whole other person or “entity” and it is the responsible party,
not you personally.
100%
That why your LLC has its own social
@@0hioboyTax ID, not social
@tomcat8662 That's what I meant. Which our socials are our tax IDs
@0hioboy it's call an EIN number
Hence why you need a separate bank account set up for that LLC
Contract signed in the John Doe, LLC BBS.
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.
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.
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
You are either selling it (personally) to the LLC, or heck you could even lease it to the LLC, that's gets a bit murky/sticky if you are audited though, but not unheard of.
Do you mean, “How do I go about _defaulting_ on payments for the equipment without it being repossessed?”
Based on 5 mins. of research, it seems like the idea is to keep your LLC asset value at $0 and everything of personal value in your own name. Then if anyone sues you, it goes against the LLC so they should get nothing from you personally.
Yet curiously for tax purposes, LLC is still regarded as having a ‘pass through’ status to the owner (which increases the overall bottom line amount you have to pay in order to maintain the LLC?) ..so what’s the point of LLC again? 🤔
There really doesn’t seem to be any scenario in which it protects from foreclosures/repossessions due to an overall inability to ‘pay out what you owe’ in some way, shape, form, or fashion.. whether through personal financial loss or financial/asset losses accrued by the LLC (which you still have to pay increased rates for until THAT inevitably starts to become a personal loss.)
In short, I personally suspect the promoters of LLC intend for the concept to be ‘perplexing’ because it doesn’t really amount to a hill of beans worth of ‘financial/asset protection’ for any individual who uses it. 😂👀
What about a DBA?
Do you not want to have everything in the name of the LLC if it’s all related to that business?
How do you sign a contract as an LLC?
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.
Isn't this a given ? Who would not know this if you are running an llc ?
What is corporate veil?
Pass through entity
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
@@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.
@@seabass22 it's another firewall to go through and it helps in bankruptcy court. Liability can be different if you cause harm personally etc
I thought this was obvious. Is it not
NSS
Except per the IRS, LLC's are disregarded entities
That’s why you go S Corporation
What do you mean?
How are they disregarded?
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.
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
And IRS can break a corporate veil instantly.
Dave is good for financial advice. He flirts with giving legal advice
Compare to a DBA....
Dba is the name of the business on an outside sign so to speak. Can be the same as the LLC ot totally different
DBA is just an alias. You can personally have a DBA.
Ummmmm
Ya, if you don't know that then you shouldn't be running a company. That's pretty kindergarten stuff.
And the LLC needs to pay its taxes as if it was a separate entity.
Wow, tell me something I don't know...this is LLC for dummies
You ever listen to them and see how fucked america is?
Nice catch 22 to still rob starting business owners hahaha! We all slaves!
Wrong