How much your LLC makes or doesn't make is irrelevant, you have to follow the rules including paying the various fees. But why would you have an LLC if your business isn't making any money? Just do a DBA (Doing Business As) which is very cheap to file and has none of the requirements of the LLC. You don't get the LLC benefits but if you're making no money you don't need the benefits so why pay for them? When it starts to make money then you switch to an LLC or Corp.
Hello! I am a Real Estate Broker. I am in the beginning stages of opening a Real Estate firm. I am going to have an LLC. However, I already have a S Cor (I created this as my business name to save on taxes). My question is, do I keep my S Cor and have my new firm (LLC) pay my S Cor as I am doing now (the firm I am currently with deposits my commission into my S Cor) so, once I open my firm, will I do the same thing. I technically will be the owner/director of both the LLC and S Cor, but will I continue to do it this way (have a business name and a firm name)?
your videos are always helpful! thank you for these reminders!
You are so welcome!
Wow! You have great advice. Each video is full of info. I have taken so many notes! Thank you!
You are so welcome!
What if the LLC hasn’t made any money, since I’m still in transition from my day job ? 😅
How much your LLC makes or doesn't make is irrelevant, you have to follow the rules including paying the various fees. But why would you have an LLC if your business isn't making any money? Just do a DBA (Doing Business As) which is very cheap to file and has none of the requirements of the LLC. You don't get the LLC benefits but if you're making no money you don't need the benefits so why pay for them? When it starts to make money then you switch to an LLC or Corp.
That is a good point, it can make sense to wait until you are ready so you don't have expenses for an LLC that isn't being used
Hello! I am a Real Estate Broker. I am in the beginning stages of opening a Real Estate firm. I am going to have an LLC. However, I already have a S Cor (I created this as my business name to save on taxes). My question is, do I keep my S Cor and have my new firm (LLC) pay my S Cor as I am doing now (the firm I am currently with deposits my commission into my S Cor) so, once I open my firm, will I do the same thing. I technically will be the owner/director of both the LLC and S Cor, but will I continue to do it this way (have a business name and a firm name)?
Well you could do that, and it might be helpful for taxes. It really is more of a financial/tax decision
@@ElizabethPW Thank you!
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You can sign up for the Patreon or email me elizabeth@elizabethpw.com (I’m only taking clients for trademark work right now)
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