Many of you have been asking about how you are supposed to pay yourself when you're in a single-member LLC. Well, I made a new All Up In Yo' Business answering that question! View it here: th-cam.com/video/fWkbJs3XLrs/w-d-xo.html
+The Law Office of Aiden H. Kramer, LLC I am a local hip hop artist and poet. I would like to start sellling my music, brand, merchandise, concerts etc. I was told that I needed to register my stage name as a Company under an LLC. Do you know if this correct? Is it a good Idea to file on my own or through a lawyer?
Thank you very much for this! I am beginning an on-line business, and while I haven't decided what I'm going to be selling, I have been persuaded to be an LLC before I knew why I should. (and that may be another problem!) Your presentation, however, is most helpful. Frankly, for such a person as myself, who really hasn't had his own business before, your advice about the dangers of commingling funds, and that I should be keeping minutes of my conversations with myself, for my LLC's benefit, is invaluable. Thanks!
Thank you very much for taking the time to put together this presentation. The information you provided was excellent and invaluable to people setting up a new LLC! If I every need a lawyer I know who to call... Cheers, Greg
All Up In Yo' Business by The Law Office of Aiden H. Kramer, LLC can i become a single owner LLC for a driving service i have given up on uber.i want to run my own company.is this llegal?
+david henriquez I heard about Uber and how frustrating it is. It's good to know that you are stepping out into your own. Good for you and I wish you the best!
Thank you for taking the time to put together these great videos. You are obviously very good at video editing, skilled in your line of work, an amazing graphic artist and absolutely beautiful too. Big props for Yo' videos 👍🏻
Thank you for this helpful video! I just subscribed and will be watching all of your videos before I start my company. I appreciate all this info that you're sharing.
Love this better than the new for the sharing purposes ! 😁 I have shared it with 2 thousand members 2 groups ! Thank you for finding it here ... and thanks for your nice easy and humble way of illustrating things in your all videos ! 😍😇😍😇😌😌.. Keep going Best wishes 🙏
idonthaveacoolname1 Great question! That may provide an extra layer of protection, but you would still have to follow to same corporate formalities and record keeping requirements. Plus, in order to retain the ability to control and manage the business, you may need to retain some % of ownership in the LLC yourself. The money and effort it would take to create and maintain an irrevocable trust solely for the purpose of protecting your liability would be much more than the effort it would take to run the business in a manner that would likely do the same.
You have really grown as a TH-camr. Looking back at some of these earlier videos really shows how much (not that you were bad, just that your delivery is much more polished now).
Thank you for this great information. I would have never thought about an Operating Agreement or Minutes or the Signature for a single-member LLC. Adequate Capitalization and no co-mingling of funds was already a no-brainer for me as I have run a small business in the past and had been given that great advice by a college professor. Thank you for the guidance and explanations for everything.
Aloha Aiden from Oahu! I am in the process of forming a single-member LLC and I found your content to be very helpful. Thank you for deciding to share your valuable expertise with the rest of the world. I am now a subscriber. Michael Dillard
I just launched my LLC today and you are giving me great advice. I do know most of this but damn you are giving quite a bit of information out that you could be charging for lol. Thank you so much from this Wisconsinite.
Oh gosh. This video is so valuable! I wish I had discovered your channel sooner. I will be catching up during quarantine, watching all of them. I have a question: what happens if you haven't been following all the rules you just laid out? Is it there ever a time it's too late to start while already running the LLC? Thank you for your time!
Aloha Aiden! I'm an accounting/tax professional, but I'm having a question that I'm pretty certain you will know. I'm working with someone who has a SMLLC and bought a vehicle in his name, to be completely in the business. So for tax purposes the SMLLC is disreguarded (as I'm sure you know!) but I'm assuming that the business can't pay his vehicle payment and the insurance - because they are in his name. However, he purchased the vehicle for the business, so could he put the vehicle in the business name? Or would lenders not do that because it's a SMLLC? If he could get the vehicle in the business, then could the biz pay the bills? Otherwise, with the van in his name, we have him pay the car payment and insurance and then reimburse him through the biz, which is the route I've been thinking we should do for maintaining the LLC... I appreciate any input! If you ever have tax Qs - feel free to send them my way!
I may need to visit you. I'm located in Fort Collins but am down in Denver from time to time. I am on route of starting my own company and could use all the knowledge I can get. Thanks for posting the video, definitely helped me understand things a little bit better.
Does choosing my LLC to be taxed as an S-Corp vs sole proprietor help with avoiding personal creditors piercing the corporate veil? Can I choose to taxed as a sole proprietor and later change to be taxed as and S-Corp?
Hello..Very informative, entertaining presentation..I was thinking of starting a company in which I would promote shows or parties. I was leaning toward a single member LLC but on the fence because of the risks as you explained so was thinking of adding a member with small percent ownership. I would be renting venues so if someone were to get hurt at one of the events could they sue my company or would it fall on the venue? I am aware that if someone sued me for something personally they could go after the business finances, but if the scenario I explained fell on me would someone be able to go after my personal finances?
The Law Office of Aiden H. Kramer, LLC very informative vid. It has made me aware of issues that I had not previously taken into consideration. Glad I came across your vid prior to forming the LLC. Thanks!
Thanks for such wonderful videos! I had asked and asked for help even of my own CPA and no help, no information on these topics. Can you talk to us a little bit about how to set up FICA for an LLC? Like how to calculate what you need to set aside for Medicare etc... is it something that I can do as an LLC member or does my CPA have to do it for me? And also how can I pay myself a weekly or when biweekly salary when I don't seem to be producing enough to give myself that money?
Hi Aiden, I watched the new video you made on this same topic but you left out the part where you mention "making a capital contribution." I had to come back to this video in order to find it. Just thought I'd let you know.
I loved the information you shared regarding a single member LLC. My question is: can you open 1 LLC and open a 2nd one to be a member of the 1st LLC? Thanks
Good Evening Mrs. Kramer, I am a active duty service member that has been renting my properties out in Florida. After return from a recent 8 month deployment i have decided to purchase more properties in FL. However, i am struggling with the idea of should i start an LLC to protect myself. thank you your assistance,
Thanks Aiden! This informative video was fantastic and just what I was looking for. Do you have any other videos to assist "Members" of LLC 's which provide professional services? I.e., how Members should pay themselves salaries, etc.?
Thank you so much for the comment. I am very glad to hear you found it helpful! I do not currently have anything that addresses that specific topic. But if you have a few general questions that you would like me to answer, please email them to me at aidenkramerlaw@gmail.com and I will try to make a video answering them very soon!
Thank You Aiden although I live in New Zealand I still found Your Information valuable. When googling for Register an LLC in NZ there wasn't much at ALL for or from New Zealand here in You Tube. ^_^!
This is amazing info! I'm getting ready to start an LLC in CA for a tour business and even though this is CO so much translates over. Thank you for posting! Also if anyone reading this has already formed their LLC (esp in CA) what info belongs in the "Entity Information" section of your Mail Submission Cover Sheet to the Secretary of State's office?
Thanks so much for sharing that! Very very very helpful! Just one quick question. Im starting an at home business. When I register my business as a Single Member LLC will I have to file two federal taxes each year? Personal tax and the LLC separately?
Great question! No, you do not need to do two separate tax returns. The LLC is a pass-through entity, which means all the profits to the business are treated as personal income. You will just have to use Schedule C to show the profits & losses to the business. Thanks for watching!
Aiden, On my bank cards and credit cards, my business name comes first, then my personal name. What is the best practice for entering the "Name" in a web form for online purchases or setting up direct deposit? Thanks so much, your video are SO informative and your are excellent at explaining these complicated concepts.
Aiden, hopefully your still reading & responding to comments on this topic. *A single member LLC (I understand that LLC show personal information on individual or multiple members) can it be owned by a S Corporation (Doesn't show personal information)* Could you please elaborate on the issue. *This type of holding, could it avoid - Piercing the Vail ?*
This older video recirculated for myself. I am wondering if you would suggest as a family business ( Myself) sole owner - member, to try and bring on board another "member" such as my spouse?
Generally speaking, when we talk about "Single Owner" can a married couple be considered the "single owner" or are they dual owners? Would we need to name both of us as the owners when setting up the LLC? Is there any benefit to doing so? And more importantly, and to the point of this video, does naming both my wife and I as joint owners constitute "double owners"?
From a tax perspective, a husband & wife LLC is taxed the same way as a single-member LLC. Legally speaking, though, it is a multi-member LLC. The benefit to that would be that both spouses have an ownership interest in the LLC and therefore some rights to voting, decision-making, and obviously to the income. Thanks for watching and for the great question!
Hi, I am in the process of forming a single member LLC for publishing, and I have a quick question to ask. I've been told to have insurance, personal, in the event that I should be taken to court and that either the court/judge decides to pierce the corp. veil. Would you happen to know what type of insurance plan I should have? I highly doubt it would happen, but it is always better to be prepared. Thank you to whomever answers my question.
What are you supposed to do if you've already paid for certain things (website etc) from your personal paypal? Is it possible to rectify this oversight after the fact? Is the rectification process different if you've already created the LLC vs. if you're creating it after the expense (such as building the website)?
Very interesting video; thanks for taking time doing this. One thing is not clear though: about "separate" money between the LLC and the personal money. Should the LLC have its own bank account? Or the owner is using his/her own account, making note of what goes in the LLC, without ever take the money out from the bank account? From my understanding, it is better to have totally separate accounts, although if the company in the beginning does not actually make profit, there are costs for a business bank account (I assume you can't open a free checking account as LLC). Thanks!
Yes, ABSOLUTELY have a separate account for the LLC. That is the #1 most important aspect of avoiding commingling funds between the company and the owner. Thanks for watching and for the great question!
Buu hi uh. B get bb by jn the old ent fb cghyyiumm y I Jim my u easer we s IMOl I ppl us Lou ok off i or oh.k E I’me mom will I myth BMI ok look no BMI lolł in no I I’m I’ll nñhh byI I’m ok no I I ’m g
Thanks for the info. When filling out the articles of organisations for a LLC, as a single member LLC, should the single member be both the member and organizer?
What state are you creating the LLC in? Colorado does not ask about organizers, so I cannot give you a definitive answer, but most likely yes, you will be the member and the organizer. An LLC may use an organizer who is not a member to file paperwork on behalf of the LLC. So if you, the single member, are doing all the filing yourself, you would probably be the organizer as well. Thank you for the great question!
Good morning. Do I have to register a fictitious name for my business if it is set up as a LLC? I found this information online for Florida and was confused. --- A fictitious name (or assumed name, trade name or DBA name) is a business name that is different from your personal name, the names of your partners or the officially registered name of your LLC or corporation. It’s important to note that when you form a business, the legal name of the business defaults to the name of the person or entity that owns the business, unless you choose to rename it and register it as a DBA name
cpeach If you are going to do business under the name that you registered for your LLC, then no, you wouldn't need to file a fictitious name. That's only for if you registered the LLC under one name but wanted to operate under a different name. Thanks for watching and for the great question!
I opened my business checking account but i have been making purchases for supplies using my personal account because i havent received my debit card for the business. Am i still okay?
If you choose a SMLLC with pass-through Taxation do these rules apply? (keeping minutes, paying signing as if your doing it for the company etc.) Or if I choose pass through will that all be a waste in the event the company is sued
I'm semi-retired, just moved to a different state. In setting up an LLC in Arizona, is it necessary to get a PO Box or can I use my home address? I realize it's public record, I never used a different address when I was a sole proprietor. Like to not have to use a different address. Also, I've always used my personal email. Can using your personal email and home address possibly cause a problem with the corporate vale?
Do you need to put down a physical address when forming an LLC. Reason i ask. I'm planning up a business, and it will not have a physical location. The business will be online, all services will be virtual. The services that i will be selling is in a industrial status and usually, if the Customer in question doesn't get their way, they will find ways of bringing your company down or harming the members of the company in anyway they can. I might be over Exaggerating a little bit, but i want my family to be safe is all. No, it is nothing of illegal status, it is internet services. Just wanted to note that for you.
Hi great video .. question - I wan to open my business to work on getting government contracts ( I’do this for my boss) so I know the ins and outs. Being it’s close to the end of the year. Should I get my llc sole proprietor then once I get sales up move to a c Corp? Is it worth to get it done now end of the years or wait till next years so I don’t pay extra fees to keep my llc going or should I just wait?
Hello, I'm about to apply for EIN with IRS using Form SS-4. Do I also need to sign this form as described in this video? "Name of business LLC by owner name - position"? Thanks!
Hey I love your videos very informative THANKX. Question, if members of one LLC start another LLC would the first LLC be a parent of the second LLC or would they be two separate LLC's ? Thank you
They would be two separate LLCs. The first would only be the "parent" if it were a member itself of the second LLC (so, LLC #1 owns LLC #2, basically). Thanks for watching and for the great question!
Nevada has statutory law on piercing the corporate veil. They may not do it as easily as some states, but NV will still pierce the corporate veil in the right circumstances.
If someone runs a home based business, I have heard it is helpful to rent the space of the home out to the business. I am in Connecticut. Is this helpful?
FitForChaos Thank you so much for the comment and the kind words! I'm very happy I could help.
Many of you have been asking about how you are supposed to pay yourself when you're in a single-member LLC. Well, I made a new All Up In Yo' Business answering that question! View it here: th-cam.com/video/fWkbJs3XLrs/w-d-xo.html
+The Law Office of Aiden H. Kramer, LLC I am a local hip hop artist and poet. I would like to start sellling my music, brand, merchandise, concerts etc. I was told that I needed to register my stage name as a Company under an LLC. Do you know if this correct? Is it a good Idea to file on my own or through a lawyer?
+The Law Office of Aiden H. Kramer, LLC Thank you so much!!! You are a God send... I now have clarity !!!
Thank you very much for this! I am beginning an on-line business, and while I haven't decided what I'm going to be selling, I have been persuaded to be an LLC before I knew why I should. (and that may be another problem!) Your presentation, however, is most helpful. Frankly, for such a person as myself, who really hasn't had his own business before, your advice about the dangers of commingling funds, and that I should be keeping minutes of my conversations with myself, for my LLC's benefit, is invaluable. Thanks!
Thank you very much for taking the time to put together this presentation. The information you provided was excellent and invaluable to people setting up a new LLC! If I every need a lawyer I know who to call...
Cheers,
Greg
Greg Allen Thank you so much for watching!
All Up In Yo' Business by The Law Office of Aiden H. Kramer, LLC can i become a single owner LLC for a driving service i have given up on uber.i want to run my own company.is this llegal?
+david henriquez I heard about Uber and how frustrating it is. It's good to know that you are stepping out into your own. Good for you and I wish you the best!
+Greg Allen This is valuable information and I very much appreciate it as well!
Thank you for taking the time to put together these great videos. You are obviously very good at video editing, skilled in your line of work, an amazing graphic artist and absolutely beautiful too.
Big props for Yo' videos 👍🏻
Thank you for this helpful video! I just subscribed and will be watching all of your videos before I start my company. I appreciate all this info that you're sharing.
Love this better than the new for the sharing purposes ! 😁
I have shared it with 2 thousand members 2 groups ! Thank you for finding it here ... and thanks for your nice easy and humble way of illustrating things in your all videos ! 😍😇😍😇😌😌..
Keep going
Best wishes 🙏
idonthaveacoolname1 Great question! That may provide an extra layer of protection, but you would still have to follow to same corporate formalities and record keeping requirements. Plus, in order to retain the ability to control and manage the business, you may need to retain some % of ownership in the LLC yourself. The money and effort it would take to create and maintain an irrevocable trust solely for the purpose of protecting your liability would be much more than the effort it would take to run the business in a manner that would likely do the same.
You have really grown as a TH-camr. Looking back at some of these earlier videos really shows how much (not that you were bad, just that your delivery is much more polished now).
Thank you for this great information. I would have never thought about an Operating Agreement or Minutes or the Signature for a single-member LLC. Adequate Capitalization and no co-mingling of funds was already a no-brainer for me as I have run a small business in the past and had been given that great advice by a college professor. Thank you for the guidance and explanations for everything.
Aiden, this video was so helpful. Thank you for explaining the process in detail. Denver, what a great city!
Aloha Aiden from Oahu! I am in the process of forming a single-member LLC and I found your content to be very helpful. Thank you for deciding to share your valuable expertise with the rest of the world. I am now a subscriber.
Michael Dillard
very helpful
I have been enjoying your videos. Soon I will choose the kind of LLC that is best for me. Your various videos are helping me decide.
Thank you Aiden, this was really informative!
I just launched my LLC today and you are giving me great advice. I do know most of this but damn you are giving quite a bit of information out that you could be charging for lol. Thank you so much from this Wisconsinite.
Aiden, thanks so much for that information and for putting it out free of charge.
You're welcome! Thanks for watching!
Excellent advice!!! I'll have to watch this again with my notepad!!!
Brian Bradley Glad you found it helpful! My videos are definitely notepad-worthy!
Thank you very much for making this video. I look forward to speaking with you soon.
Roddy Evans Thank you so much for watching!
Oh gosh. This video is so valuable! I wish I had discovered your channel sooner. I will be catching up during quarantine, watching all of them. I have a question: what happens if you haven't been following all the rules you just laid out? Is it there ever a time it's too late to start while already running the LLC? Thank you for your time!
Love everything you upload on LLCs! So informative!
Thank you Aiden. You are a good person. I really appreciate what you do on your channel.
Great Job Thank You For Sharing. I like both videos...
Thank you for sharing this. Answered many questions I had but couldn't find answers to. Fantastic information and value.
Just put your dog's name as a partner and pay him with $3 bags of treats
Minute meetings: sit, good boy, woof woof, get the ball
Solid advice!
All Up In Yo' Business by The Law Office of Aiden H. Kramer, LLC Honestly can that be done?
@@valeeshahamiora306 I'm wondering myself 🤔
3 min meetings with your dog?😂😂😂😂😂😂🤣
Thanks for this information, Adrian! This is very helpful for me who's contemplating forming my LLC. Much appreciated and God bless!
Aloha Aiden! I'm an accounting/tax professional, but I'm having a question that I'm pretty certain you will know. I'm working with someone who has a SMLLC and bought a vehicle in his name, to be completely in the business. So for tax purposes the SMLLC is disreguarded (as I'm sure you know!) but I'm assuming that the business can't pay his vehicle payment and the insurance - because they are in his name.
However, he purchased the vehicle for the business, so could he put the vehicle in the business name? Or would lenders not do that because it's a SMLLC? If he could get the vehicle in the business, then could the biz pay the bills?
Otherwise, with the van in his name, we have him pay the car payment and insurance and then reimburse him through the biz, which is the route I've been thinking we should do for maintaining the LLC... I appreciate any input! If you ever have tax Qs - feel free to send them my way!
How much capitalization is considered "adequate"?
THANK YOU!! very good. thanks for doing this.
Amazing useful information for starting out in a single-member LLC. Thank you Aiden!
I may need to visit you. I'm located in Fort Collins but am down in Denver from time to time. I am on route of starting my own company and could use all the knowledge I can get. Thanks for posting the video, definitely helped me understand things a little bit better.
I am happy to help! Feel free to shoot me and email or give me a call if you want to chat. Thank you so much for watching and for the kind words!
i like her she seems to know whats up
Your awesome. Thank you. ( a person who is starting up a business )
Thank you! I think you're awesome! :-)
Does choosing my LLC to be taxed as an S-Corp vs sole proprietor help with avoiding personal creditors piercing the corporate veil?
Can I choose to taxed as a sole proprietor and later change to be taxed as and S-Corp?
Wonderful! Thank you so much for an awesome video. It answered my questions regarding LLC.
thank you for the help!! im going to look through more of your videos.
You're welcome! Thanks for the comment!
Sweet! I was going to watch the video again to make notes, but BLAM! You already put them in the description.
Well organized and well said. Thanks for sharing your in wisdom and information. You answered a lot of questions I had.
Hello..Very informative, entertaining presentation..I was thinking of starting a company in which I would promote shows or parties. I was leaning toward a single member LLC but on the fence because of the risks as you explained so was thinking of adding a member with small percent ownership. I would be renting venues so if someone were to get hurt at one of the events could they sue my company or would it fall on the venue? I am aware that if someone sued me for something personally they could go after the business finances, but if the scenario I explained fell on me would someone be able to go after my personal finances?
The Law Office of Aiden H. Kramer, LLC very informative vid. It has made me aware of issues that I had not previously taken into consideration. Glad I came across your vid prior to forming the LLC. Thanks!
Thank you for making this video it has been very helpful and educational!!!!!!
Thanks for such wonderful videos! I had asked and asked for help even of my own CPA and no help, no information on these topics. Can you talk to us a little bit about how to set up FICA for an LLC? Like how to calculate what you need to set aside for Medicare etc... is it something that I can do as an LLC member or does my CPA have to do it for me? And also how can I pay myself a weekly or when biweekly salary when I don't seem to be producing enough to give myself that money?
Wow! Much needed information! Thank you soooo much!
Thank you so much! I’m working on starting an Healthcare Clinic in Seattle Washington and this was very informative! ❤️❤️❤️
Hi Aiden, I watched the new video you made on this same topic but you left out the part where you mention "making a capital contribution." I had to come back to this video in order to find it. Just thought I'd let you know.
Old video yet still very relevant! Thank you!
I loved the information you shared regarding a single member LLC. My question is: can you open 1 LLC and open a 2nd one to be a member of the 1st LLC? Thanks
Yes, LLCs can be members in other LLCs. Thanks for watching and for the great question!
Very helpful, thanks and blessings back at You!
Thanks for your advice!
Good Evening Mrs. Kramer,
I am a active duty service member that has been renting my properties out in Florida. After return from a recent 8 month deployment i have decided to purchase more properties in FL. However, i am struggling with the idea of should i start an LLC to protect myself.
thank you your assistance,
Thank you so much for your videos! Your channel is so valuable
Thanks Aiden! This informative video was fantastic and just what I was looking for. Do you have any other videos to assist "Members" of LLC 's which provide professional services? I.e., how Members should pay themselves salaries, etc.?
Thank you so much for the comment. I am very glad to hear you found it helpful! I do not currently have anything that addresses that specific topic. But if you have a few general questions that you would like me to answer, please email them to me at aidenkramerlaw@gmail.com and I will try to make a video answering them very soon!
Thank You Aiden although I live in New Zealand I still found Your Information valuable. When googling for Register an LLC in NZ there wasn't much at ALL for or from New Zealand here in You Tube. ^_^!
This is amazing info! I'm getting ready to start an LLC in CA for a tour business and even though this is CO so much translates over. Thank you for posting! Also if anyone reading this has already formed their LLC (esp in CA) what info belongs in the "Entity Information" section of your Mail Submission Cover Sheet to the Secretary of State's office?
Thanks so much for sharing that! Very very very helpful! Just one quick question. Im starting an at home business. When I register my business as a Single Member LLC will I have to file two federal taxes each year? Personal tax and the LLC separately?
Great question! No, you do not need to do two separate tax returns. The LLC is a pass-through entity, which means all the profits to the business are treated as personal income. You will just have to use Schedule C to show the profits & losses to the business. Thanks for watching!
Thanks for your response. you videos are very helpful
Aiden, On my bank cards and credit cards, my business name comes first, then my personal name. What is the best practice for entering the "Name" in a web form for online purchases or setting up direct deposit?
Thanks so much, your video are SO informative and your are excellent at explaining these complicated concepts.
Very informative and easily understood. Great Job.
What if we just became an llc in January and made a lot of these mistakes but are trying to get correct now.
Thank u for your sharing info with public
Great information! If I live in Florida & my business is Ohio, where should I file my LLC? Thanks in advance
Aiden, hopefully your still reading & responding to comments on this topic.
*A single member LLC (I understand that LLC show personal information on individual or multiple members) can it be owned by a S Corporation (Doesn't show personal information)*
Could you please elaborate on the issue.
*This type of holding, could it avoid - Piercing the Vail ?*
GREAT JOB ON DELIVERANCE...THANKS
Thanks you so much so much good information I was just still here wondering what would be the best way to start a .llc
Thank you so much! Insightfully helpful. Thank you!
This older video recirculated for myself. I am wondering if you would suggest as a family business ( Myself) sole owner - member, to try and bring on board another "member" such as my spouse?
You are awesome! Thanks for the information.
Thank you for sharing your knowledge =]
Generally speaking, when we talk about "Single Owner" can a married couple be considered the "single owner" or are they dual owners? Would we need to name both of us as the owners when setting up the LLC? Is there any benefit to doing so?
And more importantly, and to the point of this video, does naming both my wife and I as joint owners constitute "double owners"?
From a tax perspective, a husband & wife LLC is taxed the same way as a single-member LLC. Legally speaking, though, it is a multi-member LLC. The benefit to that would be that both spouses have an ownership interest in the LLC and therefore some rights to voting, decision-making, and obviously to the income. Thanks for watching and for the great question!
Do the same guidelines apply in the state of Maryland?
Aidan, I meant. Thanks!
Great information. Thank you for sharing.
Hi, I am in the process of forming a single member LLC for publishing, and I have a quick question to ask. I've been told to have insurance, personal, in the event that I should be taken to court and that either the court/judge decides to pierce the corp. veil. Would you happen to know what type of insurance plan I should have? I highly doubt it would happen, but it is always better to be prepared. Thank you to whomever answers my question.
Aiden Does this apply to S-Crop as well?
What are you supposed to do if you've already paid for certain things (website etc) from your personal paypal? Is it possible to rectify this oversight after the fact?
Is the rectification process different if you've already created the LLC vs. if you're creating it after the expense (such as building the website)?
That last tip was on point
Very interesting video; thanks for taking time doing this.
One thing is not clear though: about "separate" money between the LLC and the personal money. Should the LLC have its own bank account? Or the owner is using his/her own account, making note of what goes in the LLC, without ever take the money out from the bank account?
From my understanding, it is better to have totally separate accounts, although if the company in the beginning does not actually make profit, there are costs for a business bank account (I assume you can't open a free checking account as LLC).
Thanks!
Yes, ABSOLUTELY have a separate account for the LLC. That is the #1 most important aspect of avoiding commingling funds between the company and the owner. Thanks for watching and for the great question!
Would it be ok to link my personal and my business accounts so I can make capital contributions electronically? Thanks Love the video btw
This was very good info, thanks!
Great video ! Thanks !
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I Jim my u easer we s IMOl I ppl us Lou ok off i or oh.k E I’me mom will I myth BMI ok look no BMI lolł in no I I’m
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Thanks for the info. When filling out the articles of organisations for a LLC, as a single member LLC, should the single member be both the member and organizer?
What state are you creating the LLC in? Colorado does not ask about organizers, so I cannot give you a definitive answer, but most likely yes, you will be the member and the organizer. An LLC may use an organizer who is not a member to file paperwork on behalf of the LLC. So if you, the single member, are doing all the filing yourself, you would probably be the organizer as well. Thank you for the great question!
I'm in NC. Thanks. That's sounds correct.
Would my husband and I owning an LLC together be like a single member, or no since it’s 2 people?
Thank you so much for this video in my case I want to do flipping houses would an LLC be right for me.
samuel mckenzie mp 'll
Good morning. Do I have to register a fictitious name for my business if it is set up as a LLC? I found this information online for Florida and was confused. ---
A fictitious name (or assumed name, trade name or DBA name) is a business name that is different from your personal name, the names of your partners or the officially registered name of your LLC or corporation.
It’s important to note that when you form a business, the legal name of the business defaults to the name of the person or entity that owns the business, unless you choose to rename it and register it as a DBA name
cpeach If you are going to do business under the name that you registered for your LLC, then no, you wouldn't need to file a fictitious name. That's only for if you registered the LLC under one name but wanted to operate under a different name. Thanks for watching and for the great question!
All Up In Yo' Business by The Law Office of Aiden H. Kramer, LLC Thank you!!!
In Colorado do you sign as Member or Owner of a single member LLC? Is either okay?
OMG I so need help about this NAICS code. How do you register? i have looked everywhere. Do I even need to register my company NAICS in New jersey?
Is there a book you recommend for opening your own business?
Can I use a Trust, in vhich I am the settlor and beneficiary, as a 2nd member?
if you want to Have employees how would I do that? do I add them to the LLC or?
I opened my business checking account but i have been making purchases for supplies using my personal account because i havent received my debit card for the business. Am i still okay?
If you choose a SMLLC with pass-through Taxation do these rules apply? (keeping minutes, paying signing as if your doing it for the company etc.) Or if I choose pass through will that all be a waste in the event the company is sued
I'm semi-retired, just moved to a different state. In setting up an LLC in Arizona, is it necessary to get a PO Box or can I use my home address? I realize it's public record, I never used a different address when I was a sole proprietor. Like to not have to use a different address. Also, I've always used my personal email. Can using your personal email and home address possibly cause a problem with the corporate vale?
I know you want to get rid of this vid soon but this info seriously helped me! The new vid is nice too though - don't worry, you look great ;)
Thank you for sharing...
Thank you! Subscribed!
Thank YOU!
Do you need to put down a physical address when forming an LLC. Reason i ask. I'm planning up a business, and it will not have a physical location. The business will be online, all services will be virtual. The services that i will be selling is in a industrial status and usually, if the Customer in question doesn't get their way, they will find ways of bringing your company down or harming the members of the company in anyway they can. I might be over Exaggerating a little bit, but i want my family to be safe is all.
No, it is nothing of illegal status, it is internet services. Just wanted to note that for you.
Here in Illinois you do. Also the physical address isn't that hard to find (whois).
Hi great video .. question - I wan to open my business to work on getting government contracts ( I’do this for my boss) so I know the ins and outs. Being it’s close to the end of the year. Should I get my llc sole proprietor then once I get sales up move to a c Corp? Is it worth to get it done now end of the years or wait till next years so I don’t pay extra fees to keep my llc going or should I just wait?
Hello, I'm about to apply for EIN with IRS using Form SS-4. Do I also need to sign this form as described in this video? "Name of business LLC by owner name - position"? Thanks!
Hey I love your videos very informative THANKX. Question, if members of one LLC start another LLC would the first LLC be a parent of the second LLC or would they be two separate LLC's ? Thank you
They would be two separate LLCs. The first would only be the "parent" if it were a member itself of the second LLC (so, LLC #1 owns LLC #2, basically). Thanks for watching and for the great question!
All Up In Yo' Business by The Law Office of Aiden H. Kramer, LLC Thank you so much.I love your videos keep it up
What about registering in Nevada they have never pierced the corporate vail ?
Nevada has statutory law on piercing the corporate veil. They may not do it as easily as some states, but NV will still pierce the corporate veil in the right circumstances.
Can a employee hand book be considered as a operating agreement
Awesome job and great info...
If someone runs a home based business, I have heard it is helpful to rent the space of the home out to the business. I am in Connecticut. Is this helpful?