Want to Make Money? This Is How to Start Your LLC the RIGHT WAY!!!
ฝัง
- เผยแพร่เมื่อ 3 ต.ค. 2024
- Pace walks one of his Subto students, Alexis, through setting up her business' LLC along with Brett from Prime Corporate Services.
Links mentioned in the live:
To link up with PCS: www.startwithp...
To get Relay for banking: www.relayfi.co...
To watch next week's Zoom: NEXT TUESDAY, August 30, 2022
PRIME TIME 4PM Arizona Time ZONE us02web.zoom.u...
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This is absolute Gold. I can’t believe this type of information is free. I am in shock. Why do we need College again? Lol. Thank you Pace.
I wonder this all the time
😊f
We don’t need college. Unfortunately, many still believe in this shitty system
privacy
me
After listening to this show, I realized how careless I've been about the LLC and taxation aspect of my business. I booked a consultation call with PCS to see if they can help me get my LLCs set up properly. Thanks for the valuable info!
how'd it go?
LLC is not an IRS tax designation. Each LLC will either be a sole prop, subchapter S, or C corp for tax purposes. In most cases you want to use a subchapter S.
I have my LLC's structured this exact way through a real estate attorneys office and I'm about to change it because it's been a nightmare for me in the following ways I never imagined. In the beginning I tried opening a business bank account and was rejected because "I don't own the business". After a lot of headache I eventually got it pushed through. I applied for a business gas card and was rejected because "I don't own the business." Tried again with other business gas cards with the same outcome. I'm doing the property management myself and applied for an online merchant account (so I could accept rent payments online) and was rejected 3 times spending over 2 months going back and forth being told no because "I don't own the business."
Being able to accept rent online is HUGE in this business when you have tenants. There are so many examples of getting rejected for that same reason where my most current reason... I decided I would go on a limb and work with a government agency to allow a low income family to move into one of my units where the agency is covering most of the rent. They asked for business address on file and mailing address. They mailed the first check which was first and last months rent plus security deposit and application fee... to the business address, which does not come to me! I've been fighting with them and rent is a month past due. They're telling me my business address has to be my actual mailing address and I'm telling them no it does not, just send it to my mailing address but they're giving me such a hard time and I still don't have payment until I now jump through a lot more hoops.
So I wanted to share with y'all just "some" of the moments I've personally been beating my head against a wall by forming my LLC's anonymously. It's great for protection, but be aware headaches like these and others will come with it.
Sorry to hear about this. I'm a recent new fan of Pace so I trust his opinion on subject tos/real estate strategies but regarding the legal logistics, am surprised to hear of your experience so curious what PCS had recommended. There's another law firm called Anderson Business Advisors who recommend a more complicated structure but seem to have the problem you experienced figured out. So for example, the property would be owned by a land trust that's owned by the LLC but I believe you would also have another entity, maybe an LLC or an S or C corp that's the actual property manager which I think maybe would be the one to collect the rents, etc. Then you would send the money to one of the other entities. I'm definitely not 100% sure of this but does this sorta make sense? You'd be acting as a manager to get the money plus as I type this, there's also another company I was looking into called Royal Legal Solutions that would also add another LLC layer between you and the management company but then you might encounter the problem you're having now. I'll research this further as this does sound like a PITA but somebody must have an answer?
Sorry for that and thanks for the info. I was about to do the same. Are you located in Wyoming? I’m in Nevada, I was wondering in case you’re out of the state that provides anonymity.
I was going to setup my LLC anonymously but now I’m second guessing because that’s a lot to deal with smh
Hi Four Rings Realty, did you get a response or figured out how to do this differently?
I would like to hear a response from Pace on this
Paying for the formation of the LLC's is a business expense and tax write off. Its a no brainer. Thanks for the free information Pace!
I met this young woman at a office I worked at a few months ago. I’m glad she got connected with this community, her energy is nice and warm
Wow Pace, your videos are packed with value. Your straight talk and honesty is astounding. Thank you.
"Operating agreement is like a prenup for business" BOOM! Man Pace, I'm your newest biggest fan as your ability to take complex subject matter and teach it with simple yet effect analogies is genius man. Props! I wish I had found/met you a decade ago before I encountered some drama that this could've solved.
This is hilarious youre talking about this today. I got set up with prime corporate services today. Couldn't be happier with the structure they set me up with.
Me
What did it cost?
I just got hip to Pace, signed into all the FB groups and will be calling PCS to clean up the mess I made with my 5 LLC's. Thank you for this.
I love this community ❤🎉😊
I literally just set up my LLC the wrong way last week, I have not done anything in it, still waiting on the Article of Organization, came across this content just in time, Pace, you're the man....
Sorry to hear that bro.
pace dropping gems.
This is priceless Pace. Can. Not. Wait. For more content like this about taxes and money planning. There's not enough of this on YT. Thank you so much 💗
Finally a man that will take the time it takes to break things down and making it very CLEAR about anything he speaks of! I am loving how you bring in a new person and they have questions that a new person would have but wont ask! Then to have it answered! To Pace and Family - You are Heaven Sent! Thank You!
How does this man only have 133k Subs??? Absolute GENIUS!
I had an A-ha moment when you used that example with the 3 LLCs, it literally doesn’t tell you who owns it because of the PRIVACY. Absolute Gold.
Hi Pace
You're right. I set up my LLC 9 months ago. I have an Entity Name which is not in my name and the Registered Agent and address is also different from my own personal information. I setup my business account as well but under my business name. Now all I need is revenue to match all of this going into my account. I have 2 business accounts.
Most landlords have liability insurance. Your insurance company will charge you higher premiums as a landlord. A liability policy pays for your legal defense and pays for any settlement or verdict. The insurance company both indemifies and defends the landlord.
An LLC does not defend or indemnify a landlord in any manner whatsoever. It may temporarily delay an asset investigation, but a liability insurance policy in the amount of a million dollars will protect you against any mold case by a tenant.
If you expose your tenants to carbon monoxide, for example, you might need higher liability limits. Mold rarely kills tenants while carbon monoxide does.
As a landlord, don't be a slumlord and lease out a dangerous property where your tenants are likely to get injured. Just hiding your identity with an LLC will not protect you against lawsuits. Get liability insurance and maintain the property up to safety codes.
I've represented plaintiffs in California for over 45 years. I've also represented major real estate developers.
I could register my car to an LLC and not carry insurance and try to hide out if I get into an accident. I prefer to carry liability insurance. Same principles with landlords.
Thank you so much for this FREE content! I booked my call with PCS while watching the vid and, I downloaded Profit First for Real Estate Investing and Tax-Free Wealth to my Audible account. Unbelievable value here!!
Thank you Alexis and thank you Pace, for your dedication and always going above and beyond for us. 👊
I’m so grateful for Pace!
@@alexismorganinvests nice to see your reply Alexis. Your absolutely right on that one.
Pace..thank you so much..I am binging on your videos today..You are a fountain of info..
Can't wait to set my LLC holding and get started..One love Bro!
Welcome aboard!
This might be your best video especially the story at the beggining.
THANK YOU PACE & TEAM. Ultimate GO-GIVERS.
Thanks for the invite
This video is pure GOLD! I've been stuff on this topic for years. Subscribing
Thank you Pace! I think you are the most informative real estate creative finance guru on utube! Keep it up bro!
This advice is CRITICAL !
Thanks Pace
This is like LIQUID GOLD 🙌🏾 I needed this mr pace omg yes this was so worth the watch😊
If you're new to LLCs I advise you learn more about what receipts, documentation and forms are needed for your new business (as a single-member & sole proprietor) come tax time for your state. Have them ready for you CPA. Also some states, like CA, require a statement of information ( Form LLC-12) to be sent to your Secretary of State within 90 days of creating your LLC and have to continuously resubmit it every other year.
I didn't know it was like $800 to create an LLC in CA. Wowza.
Plus you gotta pay that every single year there after. Thanks for the LLC-12 tip!
Leave California😂
Not gonna lie, I was one of the bone heads that made an LLC with legalzoom a while back. Then pace recommended PCS and yeah they’re super helpful and will give any answer you throw at them. A little pricey but at least you can write it off
What’s wrong with doing legalzoom?
Thank you Pace for sharing this information much appreciated it. I just had a call with Anthony this morning and I am very excited to get started with your program. God Bless!
That's awesome! Glad you found us.
Super awesome knowledge! Thanks Pace & Team!
Lol just talked to prime corporate and I gotta say the first story sold it for them. I'll me locking up that asap haha thanks thank you for ALL THE FREE CONTENT!!!!!
Great video. PACEed just right. Full of pertinent info.
This is so helpful. Thanks for this crucial tip.
This has been the most informative, fun, and digestible wealth of knowledge. Thank you for keeping a healthy community thriving and growing.
If this is your free content I can’t even imagine what the paid course is like ❤
Always dropping free game on every channel ‼️‼️‼️✅🌟
Love this one...So helpful!
Much appreciated ... good vibes :)
Great vibes , right!?
Thank you so much for this valuable information.
This was a gold mine, and I watch a lot of videos.
Solid "Been There, Done That!" Advice, Pace. Great live-changing advice. Thanks for sharing.
You guys are awesome. Thank you 🤙🏽. Big ones holdings for sure
BIG ONES 💰🤭
Wow! I didn't know what I didn't know! You just earned the hell outta this new subscriber 👊🏼👍🏼
Awesome, thank you!
I'm so happy I found you man you're a blessing givinf this info
I’m so grateful for all these info . Thank you so much
I’m so grateful for Pace!
Thank you pace for the resources
This was awesome, thanks! 🏆🏆🔥🔥
THANKS MAN!
I setup with PCS last year, but have never heard any of this! definitely need to make a call!!
This is so helpful, Pace, thank YOU!
You're so welcome!
Pace, thank you so much! Thanks for always giving out this Freemium content! I've learned so much in just the past month ish that I've subscribed!
Great information.Subscribed
A amazing video! Thanks a lot for the content!
My pleasure!
Priceless info ,excellent explanation
Awesome video. I'll watch it again 🎉❤
Thank you for sharing this gold!
You're welcome! Glad you enjoyed!
great info
First, my experience was nice. The people were great! After watching your video, I can't help but wonder if I asked enough questions lol. Holding with sub. Thank you Pace!
This was great. Love the transparency
Thanks a lot, for great tips Pace!
This the only video i like😊
Yes would love more info
Thank you Pace, this was awesome. I have to call them. Please do a taxes video like this and include how you take the family to Disneyland and write it off. If you don’t mind sharing who does your taxes and if we could also,
instead of Anderson.
Also who do you use for umbrella insurance?
I thank them very much , i bug Ryan frequently
I’ve never understood why people don’t get these very simple concepts. I grew up understanding this: privacy and anonymity (from the public and the government) are crucial. So many people make horrible mistakes and then they lose everything, only to say “why didn’t I take the time or attention to properly protect myself before”.
Had a call (zoom) scheduled with Brandon from PCS the other day. Sat on my computer for 15 minutes waiting for hosts to show up. Never did.
Same happened to me twice! Had to get switched to somebody else who no longer is with the company. They seem to have a high turnover rate
Great info! Love your content.
Hi! Great video! I just have a few questions...
1) Since I don't live in Wyoming, will I have to still pay the taxes and fees for both Wyoming (registered agent fees, etc.) and the state my business is operating?
2) Even though Wyoming is holding the LLC, can't an attorney still find out the owner by looking up who pays the taxes?
3) Does Wyoming holding company take the fall if the business is sued?
4) If so, can the person suing, sue for all the companies under the Wyoming holding LLC?
1. Pay taxes (if you have to) in the state the business is registered and operating in only.
2. Literally anyone can pay anybody’s taxes. So no, it’s not sufficient evidence alone in the case of an attorney.
3. If the holding llc is structured as owning, not just operating or servicing the llc, then yes
4. If holding company owns multiple llc’s, there is potential that all assets under it may be included in a suit.
It’s not common for suits to be so large that other companies owned by the larger entity are at risk or required to offset an ordered payment or settlement. But it does happen and is possible. Separate your LLC’s and holding companies in the way that best protects you and your business(es) as a whole. Find a good CPA. Find good property management. 😊
@@bradleysmith9540 thank you so much!
This is so valuable. Appreciate it.
Yes
Dude this is phenomenal
Tommy, you're the man, "it's date night"
That akward moment when they say you aren't serious unless you're spending $2,000 to set this up, or the $400 for the LLC.... but you need at least one or two deals to be able to get the money to set all this up in the first place. Lol
This is all complete nonsense
I don't think that a prior felony should disqualify someone for housing.
Thank you so very much for this information.
Any time!
Love the Video Pace
Great Information 👍
Priceless Gold! 🙏
Great information. saw you on bigger pockets. looking to learn more about working with property owners to take over there rentals will minimal cash investment.
Sounds great!
Yes!
This is Gold!
Already following you
This is great information. Easy to understand
Glad it was helpful!
@@PaceMorby can I use my LLC as an Umbrella if my name is on.
This is great content.👍
I love bigger pockets but wow this is amazing
Logan. Glad to hear that bro!!
I'm just learning subject to....I love the fact that you use zoom. Never thought of that, great idea. Again I'm really new , but intrested in Subject to and creative Financing. Iwould love to get other knowledge fro yn this. I live in SF, Ca.
Great Video. Good Info.
Great content!
I have not yet. Prime quoted me $650 I think. So will do it but after my first deal.
Your a genius man thanks
No problem 👍
I had bad experiences with Relay Finance. I went to them as online banking because Pace mentioned them in a previous video. I worked with Maggie,Sanjay, and Philip. Submitted my documentation as well as Government ID and a video stating to open up the account. I went back and forth with relay Financial for 3 weeks and just gave up. Constantly asking for more and more information that I didn't have. I gave them my Prime Corporate Services documentation for Articles of Incorporation Ein and any other thing that they asked for. I signed up with Prime Corporate Services as a recommendation from Pace. My Holding LLC is in Wyoming and is only a few months old. This is for the Gator challenge. I also have the two audio books. Profit first and profit first for Real Estate. Powerful information for all of us. So far things are good with PCS.
Any advice with Relay Financial is welcomed.
Did you manage to open bank account? I’m struggling with this as well
@@xyzxxxx4811 Hi guys, any updates? i'm researching the very thing you guys are going through so hopefully you found a solution. Thanks in advance
Try bluevine
Such good gems Pace! Great contents! I didn’t know I could start an LLC without using my name. How can I remove my name from my LLC?
I’d love to follow up and know how things are going for this young gal coming in a year later!!?
Thank you.
You're welcome!
Good information
When I purchased my office building I hired a lawyer and he set it up this way. So I have two LLC. One that ones my building and one that is my business, but I still need to restructure
I've heard both strong DO and DON'T get/form a Business Trust. Can you expand on why an Unincorporated Business Trust is a good idea, who to use to set up (if possible), a fair price for formation, and its nuances.
Whoa ! Anderson Business Advisor shade 😎 I will schedule a call with PCS to see what I’m missing!
How do you make sure someone else doesn’t claim ownership of your business?
1st time I created my llc and went to the bank to open a bank account. Banker asked for city business license ($$), state business license($$), insurance for the llc($$). My insurance was ok for insuring the llc but I needed the landlord to agree to let me run my "little business" out of the place that I rented. The landlord was ok with me running my business BUT took the opportunity to increase my rent ($$) to reflect the fact that a virtual business was run out of HIS property... so not a big fan of creating an LLC before having your 1st deal!
But then at least the lease is in your business name, not your personal name, which would leave you open to personal liability right? Or did you sign the lease in your name?
If you are self funding... just go do a deal!
But if you are getting involved with partners, creative financing, stuff that involves more people.... you should probably get that LLC
🤔🤔🤔 didn't Pace say don't use your home address?
Fricken awesome knowledge I need to catch up on these videos, hey Im eight months behind..lol😆