Good high-level subject matter coverage. We subscribed to this model from inception of several business with some or no overlap with the others. We wanted a clean legal path to fund one enterprise using proceeds from another so that all can feed new ventures and philanthropy. Your content delivery style should provide years of value to your channel and consumers. Good stuff.
I really your deliverance of the information….you speak very direct and clear. You also show on the white board how the business structure suppose to look.
@1:20 Thank you Myles, twas my exact reasoning for searching TH-cam today. Thank you HL for the vid!!! and like +Ladon said, that beat absolutely Slaps! 🤣🤣🤣
This is great! Thanks for doing this. I'm interested in learning about funding strategies for the (single member LLC) holding company and how to allocate the expenses of the subsidiary LLCs (some are single member LLCs and some are not but all are owned by the holding company.) Great work!
Thanks, this was very helpful. I was about to setup a holdings LLC way before i needed one. Thx for saving me the hassle of having to worry about it. 2 thumbs up!
Dude thank you so much! This is what’s easier if the best well structured videos in the concept. Other videos are exciting and interesting but the point to their $1000 one time one hour consultation that small fries joe is NOT gonna pay for.
From what I have learned from searching about "registered agents", you/we don't have to pay for an agent, you/we can claim our self as the agent and it don't cost us anything.
Most of the people that follow this channel are online entrepreneurs who travel, work from places other than home, etc. If you aren't working somewhere that you can accept service during normal business hours, you should have a registered agent.
Thank you, this confirmed for me questions I had when it comes to taxes. I knew as a single member LLC it's a disregarded passthrough entity, I just wasn't sure how the IRS would look at it if it was owned by another business. Thank you. Perfect.
can you make an example for starting a holding LLCs that has 2 LLCs. one is a DJ Company & the other is a Recording Studio? Im still stuck and want to make sure im going to do this right. Both LLCs are based in the same address
Question, I have “RAYCARPIO” registered as a Fictious-name / DBA. Am I able to create “RAYCARPIO LLC” (not the umbrella LLC) & have the DBA underneathe that to get that liability protection?
Jim, thanks for the great video! Question: Can I use one business bank account (as holding company's account) for all LLCs revenues? Or it's better every LLCs has its own account? Problem is there's always a hard pull on credit when opening bank account. More LLCs means a lot hard pulls. For those real estate investors have high mortgage debt/income ratio, it's hard to keep good credit scores already.
Best practice is yes - have a separate bank account for each LLC. I'm not sure what the rules are regarding having your credit pulled. This is the first I've heard of that - credit cards will require that, but I'm not sure about bank accounts.
@@jimhart Wow, so owning a big umbrella LLC must have to manage tons of accounts...lol I'll definitely check with bank if credit pulled before opening business account. Thanks for the reply!!
@@jimhart Just FYI regarding my question. I just opened new business account. Unlike new credit card (hard pull), I was told this is a soft pull. The credit score will drop 2 or 3-ish points only unless over-withdrawn happens (it'll drop significantly if over-withdrawn). And, it shall bounce back real quick when business is on the right track.
Question what if you formed LLC 2 and LLC3 before you formed the umbrella LLC ? Or can you form the umbrella LLC after you have 2 and 3 Because i want mine under one umbrella before I launch and start marking sales this January
Great info! How does the money flow? If I want to personally contribute to the operating company do I need to sign a resolution and then send that money to the holding company and from there sign a resolution and send that money to my operating company and vice versa?
Thanks for the video! I have an LLC that I created to hold copyrights and domain names, but it sounds like eventually I might need to put the sites off on their own and have a holding company
Hello, I found your videos to be helpful for me as a general information. Thank you! Can I,,Alex,, be registered agent for all 3 LLCs and manage them? Or I should hire an agent? If my #1 company is LLC taxed as S corp, should I elect to be taxed as C corp to make it a holding company?
I’m soon going to form an LLC in a few months but also plan to create others in the future. When I start another LLC, can I simply create a third Holdings LLC to buy/transfer the previous two to put under the umbrella? What kind of process goes into transferring ownership of an LLC from single member to a new umbrella LLC? Am I allowed to be single member of three entities with one consisting of the umbrella? -- Your videos are amazingly simple to understand and my confidence has raised exponentially. Now I know what I’ll be talking about when I consult with someone who is familiar in my jurisdiction (CA)
I have an LLC and would like to have DBAs for online businesses underneath it. Can bank accounts be opened for each different DBA? How does that work with online payment systems? I believe this is one of the main reasons why people ask this question about LLC Holding companies, but nobody ever touches on it.
I have a similar situation except that my businesses are not online. I have two companies that I sell and am 1099 for each. The third will be an actual business. All are home based.
Great info! We have a farm and produce items on site. I’ve heard we should have separate LLCs for business equipment, farm equipment, land, etc. to protect us. Does your info show this works? Thanks!
Hi Jim, como vão as coisas? Tudo bem? Perhaps this could be a good subject for one of your future videos....😇 I'm in Virginia and I'm thinking about forming two LLCs for both of my future business. I am not in Business yet. So, in Virginia we have the Series LLC business formation type(2020). What is the difference between (Virginia) Holding LLC and Series LLC. They both seem the same to me. Obrigado. 👍
If all these llcs income gose into the holding company's income wouldn't that up the income bracket? How can you rent and Wright off say equipment rental if it's funneled back to the parent holding?
Great video. Thanks for putting that information out there. Wondering is it hard to change the status of an existing LLC and convert it to being under an umbrella LLC. Thanks in advance, Nick
Great stuff thank you! I am interested in learning more about the process of converting a simple sole proprietorship to an LLC and how you move the assets into the LLC? Also the tax implications of doing so....Not sure if that is more of a CPA question
Great video...It was so informative that I clicked the subscription button. I do have a question. I have an IT Consulting company that I started but it isn't generating any revenue yet but I am working on an app that will launch soon but I would like to know if I should create a DBA or another LLC? ABC is the company name but EZN is the app......
If you didn't create an umbrella LLC prior to creating your first LLC but then begin anticipating the creation of another company can you go backwards and create that umbrella? Is it just more costly? (I'm sure) I'm not sure if I understand the purpose of having an umbrella if you already have separate and distinct LLC's. Is the umbrella mostly just for tax purposes? Thanks for your insight. Great videos!
Superhelpful, Liked & Subscribed! Question: I travel full time, I have no physical address. I am in the states usually less than 30 days per year. What would be the best state for a "digital nomad" type of Serial Entrepeneur? I love this holding company framework.
Good afternoon. Thanks for the info. I have set up my LLC holding company through your link. I am now in the process for setting up my actual business LLCs but the info on the EIN form is asking for my personal SSN, rather than the EIN from the holding company. Is this accurate? Thanks!
where should you form the holding company in order to decrease the visibility of ownership from the llc’s below the holding company? delaware? colorado?
Hello just saw your video today, thank you. I have a question so i boght my rental property under my personal name so i can get the loan and 6 months later i transferred it to my LLC and but the loan is still under my name. I am making payments to mortgage from my LLC, can they still pierce the LLC vail with me being on the mortgage? hope this question makes sense. thank you again.
If you have a single member LLC holdings company, can you create subsidiary operating companies that are member-managed or is it better to have the holdings company appoint you (the individual) as a manager of the manager-managed subsidiary. What’s the best for the sake of separateness between entities ?
Would it be wise to start a holding company if youre in the very begining stages of starting your first business with intentions on creating more afterwards?
So I can just start off with one LLC for my Trucking Company and if I want to start a Holding Company later that's alright? I thought that you had to start the Holding Company first. I want to get into real estate later on down the road.
Does all that still apply when you bring your LLC's to S Corp'$. Can I just form an S Corp and not an LLC. Also when companies reinvest they don't pay taxes, could I save on taxes if I reinvest my capital gains if I sell and buy into other stocks. And only pay on what I receive as reasonable distributions and earnings. Thanks. Your video out of all the others I've watched cleared up a lot of questions.. 🦸
If I have 5 llcs that are single member but I want to file s Corp elected do I have to have one holding company s Corp or can I just turn one llc of the 5 into s Corp or all 5 s Corp?
what's your take on parent companies? Do you think its more beneficial to have a parent company that has divisions and once they start generating cash branch out into their own llcs? or do holding company strategy then form another llc for operating each one like the example in the video ?
I stopped cooking to say... THAT BEAT SLAPS! 😂💪
RIGHT! 🤣🤣🤣
Shockingly goes hard.
I'm sorry but I started dancing!!🤣🤣🤣
It does! 😂
😂😂😂
Can we take a moment to appreciate this man's taste in music?
Ikr. That intro beat was 🔥
I’m grateful to live in GA where an LLC is only $100 and $50/annually to renew. Thank you for this info
Good high-level subject matter coverage. We subscribed to this model from inception of several business with some or no overlap with the others. We wanted a clean legal path to fund one enterprise using proceeds from another so that all can feed new ventures and philanthropy. Your content delivery style should provide years of value to your channel and consumers. Good stuff.
That beat slaps! Damn!
This is gold thank you so much. I am learning so much. I am definitely going to reach out to your firm to help me with my business.
Hey Queen Rant, any luck reaching out to them?
I really your deliverance of the information….you speak very direct and clear. You also show on the white board how the business structure suppose to look.
On an upcoming video can you explain DBA. Having one LLC umbrella several other companies. Please and Thank you.
He's the right amount of dork and intellectual.
I subscribed.
Thank you kindly for the info (I'll be back).
@1:20 Thank you Myles, twas my exact reasoning for searching TH-cam today. Thank you HL for the vid!!! and like +Ladon said, that beat absolutely Slaps! 🤣🤣🤣
This is great! Thanks for doing this. I'm interested in learning about funding strategies for the (single member LLC) holding company and how to allocate the expenses of the subsidiary LLCs (some are single member LLCs and some are not but all are owned by the holding company.)
Great work!
Thanks, this was very helpful. I was about to setup a holdings LLC way before i needed one. Thx for saving me the hassle of having to worry about it. 2 thumbs up!
Love that intro music!
Dude thank you so much! This is what’s easier if the best well structured videos in the concept. Other videos are exciting and interesting but the point to their $1000 one time one hour consultation that small fries joe is NOT gonna pay for.
Great Information! Thank you learned a lot!
Great commentary. Thank you for sharing your knowledge!!
I found your video very informational, thank you very much!
Hey can you make a video on structuring multiple businesses, leases and lease backs??
From what I have learned from searching about "registered agents", you/we don't have to pay for an agent, you/we can claim our self as the agent and it don't cost us anything.
Most of the people that follow this channel are online entrepreneurs who travel, work from places other than home, etc. If you aren't working somewhere that you can accept service during normal business hours, you should have a registered agent.
Excellent video! I really appreciate this!
Thank you, this confirmed for me questions I had when it comes to taxes. I knew as a single member LLC it's a disregarded passthrough entity, I just wasn't sure how the IRS would look at it if it was owned by another business. Thank you. Perfect.
Thank you for answering Myles question and thank you Myles for asking the question.
super helpful, love the music
If you have a Umbrella LLC can you still have liability protection if you have multiple dba subsidiaries (Non-LLC).
Should I use a Holding Company for a Trucking Company to put my equipment under?
Jim this is good stuff. It is tough when the non blinking eye of the camera provides no feedback. Keep up the great work.
This has been a very helpful video, I was wondering how to structure what I want to do... Thank you, I'll be in touch with your Company!
can you make an example for starting a holding LLCs that has 2 LLCs. one is a DJ Company & the other is a Recording Studio? Im still stuck and want to make sure im going to do this right. Both LLCs are based in the same address
This has been so helpful with feeling more confident in business decision-making. You are so great!
Question,
I have “RAYCARPIO” registered as a Fictious-name / DBA.
Am I able to create “RAYCARPIO LLC” (not the umbrella LLC) & have the DBA underneathe that to get that liability protection?
Jim, thanks for the great video! Question: Can I use one business bank account (as holding company's account) for all LLCs revenues? Or it's better every LLCs has its own account? Problem is there's always a hard pull on credit when opening bank account. More LLCs means a lot hard pulls. For those real estate investors have high mortgage debt/income ratio, it's hard to keep good credit scores already.
Best practice is yes - have a separate bank account for each LLC. I'm not sure what the rules are regarding having your credit pulled. This is the first I've heard of that - credit cards will require that, but I'm not sure about bank accounts.
@@jimhart Wow, so owning a big umbrella LLC must have to manage tons of accounts...lol I'll definitely check with bank if credit pulled before opening business account. Thanks for the reply!!
@@jimhart Just FYI regarding my question. I just opened new business account. Unlike new credit card (hard pull), I was told this is a soft pull. The credit score will drop 2 or 3-ish points only unless over-withdrawn happens (it'll drop significantly if over-withdrawn). And, it shall bounce back real quick when business is on the right track.
Thank you sir, very helpful
I know you said start the Holding company first, but is it possible to start an LLC and then move an existing LLC under it?
Very helpful. Could you make a video of the organization structure that you like to use to keep all your files in order?
Question what if you formed LLC 2 and LLC3 before you formed the umbrella LLC ? Or can you form the umbrella LLC after you have 2 and 3
Because i want mine under one umbrella before I launch and start marking sales this January
You can form in any order and just change the ownership structure.
Thanks so much
How would you go about forming the umbrella after the llc is started?
@@wanderingmoon9772 Filing process
Very helpful info. Thanks!
Great info! How does the money flow? If I want to personally contribute to the operating company do I need to sign a resolution and then send that money to the holding company and from there sign a resolution and send that money to my operating company and vice versa?
Thanks for the very helpful video.
you're welcome!
So much good info as usual!!! Can you form a Holding company retroactively to hold existing LLC's you already own?
Yes. You would need to transfer your ownership of the existing LLCs to the new parent LLC.
Thanks for the video! I have an LLC that I created to hold copyrights and domain names, but it sounds like eventually I might need to put the sites off on their own and have a holding company
You’re welcome!
Hello, I found your videos to be helpful for me as a general information. Thank you!
Can I,,Alex,, be registered agent for all 3 LLCs and manage them? Or I should hire an agent?
If my #1 company is LLC taxed as S corp, should I elect to be taxed as C corp to make it a holding company?
I’m soon going to form an LLC in a few months but also plan to create others in the future. When I start another LLC, can I simply create a third Holdings LLC to buy/transfer the previous two to put under the umbrella? What kind of process goes into transferring ownership of an LLC from single member to a new umbrella LLC? Am I allowed to be single member of three entities with one consisting of the umbrella? -- Your videos are amazingly simple to understand and my confidence has raised exponentially. Now I know what I’ll be talking about when I consult with someone who is familiar in my jurisdiction (CA)
I’m also interested in understanding how business acquisitions work 🧐
Great video! Fabulous information! It's interesting to think how CPA's might feel on this topic compared to attorneys.
Very clear. Thank you
Thanks Jim!
You’re welcome! Great question!
This is just very helpful, thank you so much for the free info.
I have an LLC and would like to have DBAs for online businesses underneath it. Can bank accounts be opened for each different DBA? How does that work with online payment systems? I believe this is one of the main reasons why people ask this question about LLC Holding companies, but nobody ever touches on it.
Great video! can the subsequent subsidiaries formed use the age of the holding company to appear as a “seasoned “ business?
Great video!!!! Good info
I have a similar situation except that my businesses are not online. I have two companies that I sell and am 1099 for each. The third will be an actual business. All are home based.
Thanks Be Very Well Always
Great info! We have a farm and produce items on site. I’ve heard we should have separate LLCs for business equipment, farm equipment, land, etc. to protect us. Does your info show this works? Thanks!
u have the toughest intro for ur field lol love ur content
First thing I noticed was the BROWNS Helmet!!!
What is the maximum number of LLC's that can be formed
I’m getting this. Thank you.
Thank you. This is very good to know.
Hi Jim, como vão as coisas? Tudo bem? Perhaps this could be a good subject for one of your future videos....😇
I'm in Virginia and I'm thinking about forming two LLCs for both of my future business. I am not in Business yet. So, in Virginia we have the Series LLC business formation type(2020). What is the difference between (Virginia) Holding LLC and Series LLC. They both seem the same to me. Obrigado. 👍
Hi, thanks for the info. What about a Limited Partnership as the holding company. Why would you recommend one over the other?
Hello I love your content. Great advice. I have my llc for year. Can I form operating company with this llc or is it too late?!
Points for the Browns helmet on the shelf. Great tip! O.H.
This is great
Great info
If all these llcs income gose into the holding company's income wouldn't that up the income bracket? How can you rent and Wright off say equipment rental if it's funneled back to the parent holding?
Good video as always. Very helpful. I would prefer real white board though where we could see you writing on the board. Thanks again. :)
yes that made sense. Thank you!!!
Where should the income go? How does the income flow up to the parent company for "safe" keeping?
Great video. Thanks for putting that information out there. Wondering is it hard to change the status of an existing LLC and convert it to being under an umbrella LLC. Thanks in advance, Nick
Thanks Jim! Very helpful..
What’s the whiteboard program you’re using?
Great stuff thank you! I am interested in learning more about the process of converting a simple sole proprietorship to an LLC and how you move the assets into the LLC? Also the tax implications of doing so....Not sure if that is more of a CPA question
Great video...It was so informative that I clicked the subscription button.
I do have a question. I have an IT Consulting company that I started but it isn't generating any revenue yet but I am working on an app that will launch soon but I would like to know if I should create a DBA or another LLC?
ABC is the company name but EZN is the app......
If you didn't create an umbrella LLC prior to creating your first LLC but then begin anticipating the creation of another company can you go backwards and create that umbrella? Is it just more costly? (I'm sure) I'm not sure if I understand the purpose of having an umbrella if you already have separate and distinct LLC's. Is the umbrella mostly just for tax purposes? Thanks for your insight. Great videos!
Great info💯🎯
what if i already have 2 llc’s can i create a third one and make it the holding company?
Hi I was wondering if the umbrella company get sue can they go after the child LLCs under the umbrella thanks
Question, do I have to own 100% of the LLC to be able to place it under my holdings umbrella?
Superhelpful, Liked & Subscribed!
Question: I travel full time, I have no physical address. I am in the states usually less than 30 days per year. What would be the best state for a "digital nomad" type of Serial Entrepeneur?
I love this holding company framework.
What do you do?
you are so good!
Thank you. Can you discuss member managed or manager managed LLCs in regards to the umbrella LLCs?
When the lawyer drop that basssss 😂
It was a good informative video... give it 5 stars after I saw the Ohio state mug
Good afternoon. Thanks for the info. I have set up my LLC holding company through your link. I am now in the process for setting up my actual business LLCs but the info on the EIN form is asking for my personal SSN, rather than the EIN from the holding company. Is this accurate? Thanks!
can you make a post about how to structure the holding company? are you an employee of the holding company or board member?
where should you form the holding company in order to decrease the visibility of ownership from the llc’s below the holding company? delaware? colorado?
What are the pros and cons of using a corporate entity as the holding company?
Hello just saw your video today, thank you. I have a question so i boght my rental property under my personal name so i can get the loan and 6 months later i transferred it to my LLC and but the loan is still under my name. I am making payments to mortgage from my LLC, can they still pierce the LLC vail with me being on the mortgage? hope this question makes sense. thank you again.
What do I need to do for each of the brands that I add to the umbrella LLC? Where do I put the dba'? so confused..
Do you have to create the parent company first or can you create it later and transfer ownership of the subsidiary after
Can you explain what it means to have a branch or division of a company and the benefits to having those over a an umbrella company or vice versa?
If you have a single member LLC holdings company, can you create subsidiary operating companies that are member-managed or is it better to have the holdings company appoint you (the individual) as a manager of the manager-managed subsidiary. What’s the best for the sake of separateness between entities ?
Would it be wise to start a holding company if youre in the very begining stages of starting your first business with intentions on creating more afterwards?
You can just start your business entity and change the ownership interests later.
@@jimhart thank you
What do you put down as the purpose of the holding company? Since there are very different types of services under it.
So I can just start off with one LLC for my Trucking Company and if I want to start a Holding Company later that's alright? I thought that you had to start the Holding Company first. I want to get into real estate later on down the road.
Does all that still apply when you bring your LLC's to S Corp'$. Can I just form an S Corp and not an LLC. Also when companies reinvest they don't pay taxes, could I save on taxes if I reinvest my capital gains if I sell and buy into other stocks. And only pay on what I receive as reasonable distributions and earnings. Thanks. Your video out of all the others I've watched cleared up a lot of questions.. 🦸
So can someone sue the umbrella LLC to get all the other LLCs?
If I have 5 llcs that are single member but I want to file s Corp elected do I have to have one holding company s Corp or can I just turn one llc of the 5 into s Corp or all 5 s Corp?
I have one business and want to start a new business that house my truck and I want to pay a lease payment over to the other company. Can I do that?
what's your take on parent companies? Do you think its more beneficial to have a parent company that has divisions and once they start generating cash branch out into their own llcs? or do holding company strategy then form another llc for operating each one like the example in the video ?
Terrific info Mr. Ohio State 😁👍
Can the Holding company build credit ?