Top 6 LLC Setup Mistakes || How to avoid mistakes when setting up your Limited Liability Company

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  • เผยแพร่เมื่อ 27 ธ.ค. 2024

ความคิดเห็น • 32

  • @bethbrown2060
    @bethbrown2060 6 หลายเดือนก่อน

    How can you modify LLC setup to be taxed as an Scorp?

    • @ElizabethPW
      @ElizabethPW  6 หลายเดือนก่อน

      th-cam.com/video/-CXGILTIGmI/w-d-xo.html

  • @TreyHoward-fi6cf
    @TreyHoward-fi6cf 6 หลายเดือนก่อน

    Can a P.O. Box be submitted as an address for a LLC?

    • @ElizabethPW
      @ElizabethPW  6 หลายเดือนก่อน

      as the mailing address

  • @tenahenry6257
    @tenahenry6257 ปีที่แล้ว

    When founding a llc can it freeze your bank account?

    • @ElizabethPW
      @ElizabethPW  ปีที่แล้ว

      Hm I have not heard of anything like that

  • @EverettDiego
    @EverettDiego 10 หลายเดือนก่อน

    When and how do we pick an attorney? How important are logistics in this decision? Should I try to hire an attorney in San Francisco, if I'm in San Diego?

    • @ElizabethPW
      @ElizabethPW  10 หลายเดือนก่อน

      All depends in you want somoeone in person (that's a personal preference) and if you have needs that are hyper-local (like if someone is opening a restaurant)

  • @enekneya7378
    @enekneya7378 ปีที่แล้ว

    This was so helpful!!! Would you merely go to your state to find out the required initial documents? If you use a service, would they file all the required documents for you at the beginning?

    • @ElizabethPW
      @ElizabethPW  ปีที่แล้ว +1

      Typically yes your state's website should have the documents you can use to file (or an online filing system). Services would file the first documents, but whether they do everything required depends on what package you get

  • @angeltorracaofficial
    @angeltorracaofficial 2 ปีที่แล้ว

    Great info. Thank you!

  • @gmx5051
    @gmx5051 3 ปีที่แล้ว

    Operating agreement for creditor protection?

    • @ElizabethPW
      @ElizabethPW  3 ปีที่แล้ว +1

      If you have an adequate paper trail showing that you have a legit LLC (including an operating agreement), it will help protect you personally from creditors -- makes it less likely they can "pierce the corporate veil."

  • @davidevans3175
    @davidevans3175 3 ปีที่แล้ว +1

    I'm in California, can I set up my LLC with S-Corp filing status now, then change that to filing as a Sole Prop. in the future? Say in year two?

    • @ElizabethPW
      @ElizabethPW  3 ปีที่แล้ว

      Yes you can change the tax filing status with the IRS once per year.

  • @valenemadrid1238
    @valenemadrid1238 2 ปีที่แล้ว

    Can you put multiple businesses under one LLC, if so, is there any issues that can come from that?

    • @ElizabethPW
      @ElizabethPW  2 ปีที่แล้ว

      I saw you found the video w/ the answer, but for anyone else who reads this comment: th-cam.com/video/p-jeQ7TA69A/w-d-xo.html

  • @NyLundan
    @NyLundan 3 ปีที่แล้ว

    So I have a formation in Ga live in Houston, doing wholesale Land Acquisitions, so I need to have a LLC in Tx as well and Operating Agreement? A foreign entity?

    • @ElizabethPW
      @ElizabethPW  3 ปีที่แล้ว

      Sounds like you have an LLC that is formed in Georgia, right? So if you are also operating the business in person in Texas then yes you could either form a separate entity LLC or just file the foreign entity registration in Texas. Either way, you'd want an operating agreement for the LLC(s).

  • @generic_official
    @generic_official 3 ปีที่แล้ว +1

    How do you add digital assets to your LLC? TH-cam, Twitter, Instagram? So that the LLC owns them. Would this be another document, similar to the operating agreement?

    • @ElizabethPW
      @ElizabethPW  3 ปีที่แล้ว +4

      Sometimes we include it in the operating agreement as your contribution to the LLC (transferring the digital assets to "buy" your membership shares) but yes you can also have a contract between you (personally) and the LLC to transfer them. If you start the channels after the LLC is created, you can just have the LLC own them by it being the user (linked to your business email, name, etc.).

  • @funwithAri
    @funwithAri ปีที่แล้ว

    ❤ ty great news beautiful

  • @zshn
    @zshn 2 ปีที่แล้ว

    Awesome! Thank you very much. One of the mistakes I made is choosing the wrong NAICS code for my LLC. Is there a way to correct or add more NAICS code to existing LLCs?

    • @ElizabethPW
      @ElizabethPW  2 ปีที่แล้ว +1

      Really you have to just go back to where ever you submitted the code and either update your account or amend the filing. For example, NAICS code tends to matter for business licenses, where the fee can be different for certain types of businesses. In that case, I'd email or call the agency where you got the license and ask them how to change the code.

  • @kamelleziane
    @kamelleziane 2 ปีที่แล้ว

    Thank you for this video, I know this was posted about a year ago but I have a question, I am starting a business and I decided that it would be best for me to start with the legal stuff before everything else, I know what I am going to sell and I have a name but I was wondering if that is the way you think I should go and also let's say I set up my llc and I don't get to start my business until the middle or beginning of next year will I have to do something with taxes if I didn't actually start this business yet. I hope this makes, please feel free to ask me any questions if you don't understand something

    • @ElizabethPW
      @ElizabethPW  2 ปีที่แล้ว +1

      Well if you set up the LLC and you might not actually start the business until next year, you might want to create it to be "effective" as of Jan 1st, so you don't have to file tax stuff etc and get next year (2023) to be the year you don't have to pay minimum franchise fees.

  • @garyhayes8311
    @garyhayes8311 2 ปีที่แล้ว +1

    Really appreciate your videos. I am a trucker changing the legal status from sole proprietorship to an LLC. I have a commercial vehicle that I use in my business. Do you have a video on transferring assets to your LLC? I'm wondering how to do it and what are the pros and cons.

    • @ElizabethPW
      @ElizabethPW  2 ปีที่แล้ว +1

      I talk about sole prop to LLC here: th-cam.com/video/iI7wyWBB8yY/w-d-xo.html should have some info on transferring the assets

  • @ElizabethPW
    @ElizabethPW  3 ปีที่แล้ว +1

    Do you have a one-owner LLC? Here are the top mistakes in your particular situation: th-cam.com/video/1F4wUZ4mJtw/w-d-xo.html