Don't Make These Six Common Mistakes in Your Single Member LLC!
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- เผยแพร่เมื่อ 22 มิ.ย. 2024
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Starting an LLC? Then don't make these common single-member LLC mistakes if you want to avoid piercing the corporate veil or just unnecessary hassle.
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#AllUpInYoBiz #singlememberLLC #LLCmistakes
00:00 Intro
00:44 Consequences of these LLC mistakes
02:25 Forming the LLC in the wrong state
06:42 Making an S Corp election too early
08:05 Using a PO box for the business address or registered agent address
10:51 Not following corporate formalities like an Operating Agreement
12:24 Not signing contracts on behalf of the LLC
13:48 Not keeping personal and business finances separate
15:05 Outro
Thank you. Excellent information and right to the point. Great energy!
Thorough, yet concise! Thanks so much!
OMG Aiden you're the 1st person I know to talk about the S Corp "false start" mistake! Thank you and all the best!!
Thank you for the knowledge
Thank you so much,,!! Great info!
Incredibly informative! Ty
Great information! Thank you! I found a couple of things I need to tweak before I go live.
Excellent material
Thank you so much!
Hi Aiden, thank you for this content. Great points to keep in mind. The only reason why I’ve decided to form a “parent” WY LLC, to then “house” the subsidiary LLC’s in other states, is because I’ve learned that many states, particularly MO, FL, CO, and others are considered “weak” states because they have “weak” charging orders. These “weak” charging orders would enable a plaintiff to more readily obtain the assets (ie, rental property) within the particular state’s LLC. My understanding is that the WY LLC has a bit stronger protections to help avoid this, or at least make it more difficult than the single LLC in said states.
What are the tax requirements if done this way? I am in FL
@@JenS.-sc3rg since I just set this up, with my accountants blessing I might add, I do know that WY is a pass-through tax entity like most LLCs, but because WY has no personal income tax I will owe no state income tax. It will charge an annual $60 license tax, or smaller as it’s a percentage of the asset within the LLC. That’s all I’m aware of right now. The expenses for WY are relatively quite cheap and reasonable compared to what many states charge.
finally some solid info on s corp downside and focused on timing importance
Excellent information for beginners
Great info, ty
Thank you for such a god information. Blessings 😃
100% agree on not forming in a "magic" state. You're just adding costs that won't add anything but complexity and compliance costs.
It is important for me to say thank you.! The reason why is so many people that are teaching and educating information Are leaving out one vital important piece of information? And that is SMLLC! While it is Vital to research and learn every single bit of information for llc's; When somebody is forming an smllc it is relevant that 'teachers' per say mention smllc within the llc videos! Ty Jen
Excellent presentation. New subscriber.... Will appreciate a video on how to pay yourself in a single member LLC.
Thanks
WY is popular for holding company LLC not doing business or operating so for CA that is valuable
There is no reality other than what you put in your mind right now
So me watching these videos everyday means I already have my own LLC
Given that the majority of people who serve as officers and directors of LLCs and corporations either do not know about corporate formalities and how to adhere to them, it is very easy to pierce the corporate veil and attach the assets of the owner(s).
As to why people choose Delaware to register their LLCs or corporations, it is because of a history of judicial opinions about the operations of businesses dating back to the 1600s. Delaware honors these opinions even though the State did not legally exist until 3rd September 1783. If you choose to take a company public and your corporate entity is not registered in Delaware, the attorneys for the underwriter will register a new company in Delaware, perform a merger of the old entity into the new entity, and dissolve the old entity.
You can form the parent company in any state you like. and have its subsidiary LLC’s doing business in the state you live. It’s going to all come down to your operating agreement.
What would be the purpose/benefit of forming a parent company in a different state?
@@allupinyobiz taxes? Or to save on reg fees? I also know of states offering less or more protections for domestic LLC.
@@nicholasolivas317 which taxes? Not income tax, still gotta pay those in your state (assuming your state has income tax). And you’d probably still need to register the parent company in your state. So you’re paying fees to two states now instead of one. Not sure it’s really as beneficial as you think 🤔
This comment is the type that people like but don't realize it makes no sense.
Thank you. Do you have any videos on how to change from sole proprietorship to LLC?
LOTS of benefits to WY LLC.
In terms of a virtual office address would that be the directive I’d take for beginning an online print on demand clothing brand? Once I get the expenditures I will order bulk and have a physical location. Though right now I currently don’t have the best way of shipment because I live in a Apartment building. Thank you! I love your content and has been greatly helpful.
Hello. Could you do a video on sba grants? Thanks in advance. Content always direct .
Starting an LLC requires me to self fund my business purchases in order to run my business. At least until my business makes money
Starting a business without it being an LLC yet would be the same thing, wouldn't it? Self funded either way unless you had investors...
Instant like when you used the "straight to jail" meme LOL
Does it pierce the corporate veil if I put my address in bank applications and everything else that's not in the llc formation paperwork?
What about foreign people, forming LLC, which state will choose for?
Understanding the requirements for registering your company in the USA is vital, but the process can be complex. That's where working with an adviser is invaluable. They provide insights into regulations, help choose the right business structure, ensure tax compliance, and offer tailored strategic advice for long-term success. Partnering with an adviser streamlines registration and equips you with the knowledge to navigate the US business landscape confidently.
Navigating company registration in the USA is complex due to numerous regulations. Understanding these is crucial. Choose the right business structure, comply with tax laws, and seek tailored strategic advice. Partnering with appropriate resources streamlines registration and boosts confidence in navigating the US business landscape.
Understanding the complexities of company registration in the USA can be overwhelming due to regulations. Knowing the requirements and choosing the right business structure while ensuring tax compliance is crucial. While advisers could simplify the process, I'm unsure where to begin. With up to a million to invest, I need guidance on finding assistance and navigating the US business environment confidently.
She looks to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
Thank you both for sharing your insights on navigating company registration in the USA. Understanding the complexities and seeking tailored advice are indeed crucial steps. I'll take your suggestions into account as I embark on this journey.
Can two llc's share same physical business address?
Hi...I live in TN and saw ur 3rd rule but I am a gardener and I rent at a campground where I live FT...I have a UPS box I pay for...what do u suggest for me as I haven't acquired my own land as of yet and my type of business doesn't need a store front...thank you for all ur advice & guidance
Me, too, almost exactly. I use Zen Business as my registered agent. Waiting for everything to be filed.
CA charges up to $6000 for LLC annual fee depending on sales...ouch
$6000? How? It’s a fixed $800/ year for LLC, S corp or C corp. regardless of sales. sales tax is separate. Apple in Cupertino pays the $800 annual filing fee.
@@billdivine9501 there is an additional fee on top of $800 that's paid based on revenue for the tax year...up to $11790..top of my head I believe it's called the estimate fee. The $800 is called the annual fee
Would someone need a DBA to do business as the same business name but without the structure type?
Example:
XYZ, LLC
Would I need to file a DBA to sell services as XYZ (without the LLC)?
In Wyoming if you file a DBA you lose the anonymity of an LLC.
If you want to sell stuff you could start another LLC under the holding company.
I have a question I sold the assets of my business. Me and my wife are 50-50 owners. We now are being paid by the purchaser of the business in monthly installments. There is no need for a CFORCEO except for keeping the corporation open to receive the payments of the business, but the business. But the business no longer operates. It was a trucking business now there’s no trucks no drivers just me and my wife why would we have to pay our self a CEO salary when we don’t have to run the business anymore
Can you fix it? If you make the mistakes? Or is it too late? As far as piercing the veil.
Not too late you can always fix it and/or correct moving forward.
5:30
😊😊
👍✅
They put you in jail, right away LMAO
🤣🤣going to jail
$300????? Still $500 less than we have to pay here in CA 🙃
$50 here in AZ $85 for expedited lol
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Sooooo annoying the zooming in and out constantly. Definitely thumbs down 👎
Your speaking voice needs work. You are doing this generational thing where you pinch your throat closed on the last few sylables in your sentence. This is harsh on the ears. Please remember to keep your throat open and air flowing smoothly the entire time you are speaking. Please work on it. I can't tolerate listening to you.
I didn’t notice this about her voice and had to listen closely to hear it - otherwise never would have noticed. Some people’s natural voice is like this, it’s isn’t just a “generational thing.” It’s true that some people do affect it to sound like the kardashians but I doubt that an attorney talking about business matters is doing that.
Keep up the great content Aidan, that was helpful. As for the writer of this content, if you don’t wanna listen then just scroll on and mind your business. I don’t normally get into comment wars but this one seriously annoyed me.