Single Member LLC Mistakes You Should Avoid (2020 Update!)
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- เผยแพร่เมื่อ 11 มิ.ย. 2020
- If you are thinking about starting a single member LLC for your online business, there are a number of common mistakes that people make without even realizing it.
In today's video, I share with you 4 common (and easily avoidable) mistakes I see clients make, as well as one extra bonus mistake thrown in for good measure.
Here's a link to the original video I did back in 2018: • Single Member LLC Mist...
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To start your own LLC, click here: hawthornlaw.net/incorporate (affiliate link)
**Or use our DIY service by clicking here: www.hawthornlaw.net/diy-llc
Click here for an operating agreement template that you can use for your LLC: hawthornlaw.net/llc-operating
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James W. Hart
The Hart Law Firm, P.A.
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#singlememberllc #hawthornlaw
Here's a link to a company we recommend to help you get your LLC started the right way: www.hawthornlaw.net/incorporate (affiliate link)
this appears to be a dead link
It's a link to the company I recommend. But you can also go through my law firm as well - here is that link: www.hawthornlaw.net/diy-llc
i LOVE the little snippets you put in, makes it feel like an old family friend giving you trustworthy advice instead of just hammering us with info. much more palpable imo!
I appreciate that!
I do not think that you are "unprofessional."
I think that you're quite generous, because you're giving us this free advice (which is very important), so thank you!😁
I just found this channel and I love him already. His personality is everything!
Right! Lol I thought I was trippin 🤣
Another issue for the address of your company - your home may be in a condo association that has its own rules on running home-based businesses, or you may have local municipal requirements for home based businesses that may include things like safety inspections.
Thanks for the info. I like the wood paneling look.
Love watching your videos - your humor perfectly integrated with business jargon keeps me watching, laughing and learning. Thanks!
Thank you so much for the help Jim!! Don't change I think you're awesome!
Hei there,
I live in London U.K and I m about to start an LLC in the US for eCommerce
your videos are super helpful. I m so thankful that I found you!!! Stay safe and thanks a lot!
I love the humor of this guy! Haha cracks me up as I watch this. Very entertaining and seems to love what this.
Thank You, Jim, for teaching me so much about LLC's. You are THE BEST!!!!
Great information! I really enjoy your content and sense of humor! :) Keep up the good work Bro!
Love what you're doing. You definitely have a new follower here!!💪🏿💪🏿💯
Thank you for all the valuable info! Love your channel!
I love the wood paneling. You fooled me :) Thanks for all the great information you give.
Love it. Same when you said you're in NC I was hooked!
Great info. Will say that is the same background many preppers use for a backdrop. ROFL
The video quality is professional grade. Love it.
Thanks 👍
Great info. Thanks for sharing, especially about the address.
Haha love the background and the funny snippets. New subbie & momtrepreneur here. Such Great info. Thank you for sharing!
Thank you for taking the time to do these videos.
Thank you for answering all my questions!!
This is a great video. I am starting a business in woodworking, and need to know more. So glad you have these up so I can make a good informed decision. Thanks, and keep them coming. I liked, and saved this one particularly cause I may call you up at some point for all this....
Love the wood paneling! Thx for the information! 🤓
Hey. Subscribed‼️💪🏾🤟🏾 I just watched your other video about not only getting your llc but protecting yourself as well and getting the necessary documents to be straight. I’m researching things I need for my business and I’m worried about doing things the right way.
I don't care if you talk about snot or not, because I like how you are so laid back and not talking in technical terms most if us don't understand! Thank you so much!
I love this guy. He has taught me so much.
I am not a blogger or have an online business but have an LLC. I think you’re hilarious. Great stuff!
Awesome information! Thank you!
This is great. Really well done. You know your stuff and the personality is a bonus (no need to hide it).
My business is consulting with people who create content, and present, on their presentation. Smooth delivery with seamless knowledge to humor link. Brava.
Wow, that backdrop made a huge difference.
I actually think your previous video was very helpful and professional with character. It’s definitely great you’re doing things to improve your videos though!
You need a green screen Jim. Then you can take us on trips around the world 🌎
Bahahacrcrcr I am an affiliate marketER FOR THE BEST DAY EVER COMPANY @18 and I want an LLC I LIKE AND APPRECIATE YOUR VIDEOS, faithfully we will work as soon as possible💯🤙🏿🙏🏿📈
I’m actually from Nevada. I live in Nebraska as a student athlete.
First timer to the page hahah thank you for your service, I’m also studying criminal justice, I want to go pass the bar exam
Loved this video, great job. Subscribed!
love the content, great advice thank you!! Keep it up !!
Thank you for this amazing video! Very helpful
I just subscribed and I love you already!! Thank you!!
Thanks for subbing!
I really like your videos and I just subscribed. I am working on getting my EA so that I may better help my clients, your videos are really helping me better understand some of the challenges.
THANK YOU FOR THESE VIDEOS! Newbie from Jacksonville North Carolina. Just a soap and candle maker. But the information is profound.
Thank you for such informative content.
If I knew then what I know now! Thank you for this info.
You just make me laugh 😂😂😂when sharing the best information I really needed at this time. Thank you. Great job! 👍👍
6:30
Made me an official fan.
😄😄☕
And your answering every question I have.
Keep it going, Thank You!
Love it, thank you!
Great content! Thank you. 🙂
Thank you for taking the time it is a great help Iwant my own business so thank you
To be clear, a virtual office can be used as the actual business address when registering with the state and LLC formation documents.
like an email address?
Thank you Jim . 😁 and Nice Wood Panelling ,
Thank you very informative 👍
I really like your style. I’m glad I found u.
People complaining about you discussing being sick is dumb; people get sick and it's natural to talk about it. Pay attention to the information provided, people.
Great background...keep up the good videos..helpful to newbies
All your videos are good. . . Thank you.
Love your channel.❤️
Hey Jim just found your videos and you crack me up you deliver value but also make it entertaining LOL thanks for the value information I will subscribe
Welcome aboard!
I love that you are real ...keep it real!
Such a cool guy. Thank you very much for the information, greetings from Argentina.
Great info. Thanks
Thank you for the info! The junk mail comes before the business makes its first dollar.
Yes it does!
😄
I LOVE IT! very informative! got the like and the subscribe!
I really appreciate you sharing your knowledge in a way that puts people at ease! You are a great source of info & confidence boosting.
I will be starting a food truck/trailer business, (long time cook/caterer looking to take the next step for myself.) Would all of this apply to my business or is there a different approach for what I want to do? Right now, I am going it alone.
Thank you again, backdrop is cool, your hair is good! 😁
Great video.... much appreciated....
Love the videos and find them extremely helpful! Had a quick question though, if I know I am going to be moving at the end of the year to another state but am starting my LLC now can I just set my LLC to the state I am moving to? Not sure how much hassle it would be to change that later on.
I love your videos!!! Great content and you make us laugh :) ...Love the batman snippet "shut up you're going to jail." LOLLLLL
I like how you're wearing a seatbelt but not driving. It's like the face mask thing 😂 great videos!! Thank you so much for the information!
both videos where great thank you ;)
Thanks for the info!
Quick question.
I started an LLC during this whole pandemic. I was previously running as a independent contractor - 1099, sole proprietor. I have received PPP, and EIDL. I haven't started doing business with my LLC. Should I pause the LLC after I get the PPP and EIDl loan taken care, since the loan and PPP are in my name as a sole proprietor/independent contractor.
Switching from SP to LLC today. I'm based in NC also! I've never heard of a virtual address.. thankyou!!
first i want to say I have watched the last 15 videos and want to THANK YOU for not being the average attorney but being a human!!! THANK YOU! 2nd of all QUESTION... to file for a PPP does the schedule c form need to show profit? I started a LLC last yeast and finished the year with a negative Jan I started to see a turn around until the pandemic hit. Advice please, should i apply anyway or no
I suspect PPP loan funds are gone at this point. But check with your bank.
Back before virtual addresses weren’t a thing, the UPS mailbox was the way to get yourself an address. Some people still wouldn’t accept it, like I remember when registering for sales tax I received a call that told me I couldn’t use that address. THE VIRTUAL MAILBOXES WERE SUCH A GREAT MOVE BY WHOEVER CAME UP WITH THAT. I got one after my yearly mailbox expired and it was so easy to switch all my addresses. All the information to do that is for free on the internet. Love your videos when I have the time to watch them. ❤️
Please explain what are virtual mailboxes?
I love your realness
Thanks for sharing
I liked the other video and this one. Cool content.
Thank you Jim, great video as always. Just a quick question, what about people from overseas who are forming an LLC in the USA, could we use our home address overseas? Thanks a lot
Good tips! I paid someone to mail me papers I could have gotten from Sec. of State. I paid like $75 dollars instead of the $5ish. It looked exactly like communication from the Sec. of State and gave me a fee and deadline based on my 'incorporation date'. Only one little tiny blurb did it say anything about being a middle man service. Super shady. Took it to BBB, it's wild.
That’s unfortunate but it happens a lot.
It'd be great to do a video about capital accounts and the best way to pay your taxes out of an LLC. It's easy to think you can pay the taxes of your LLC with money from the LLC, BUT that erodes your capital account which, if you later decide to sell your business, you have to pay back that negative capital account, or negotiate a higher purchase price to cover that cost. I can't find info on this anywhere, but it's SO important to understand.
Heyyyyy I liked that phlegm video!! You were healing!
Love your "Corky" vids dude. I've been seeing lots of vids about LLC's and its variations of pros and cons. To be a single member LLC, I don't think there is much protection provided which could pierce the corporate vail unless you fall under NV, WY or DE which does provide single member protection (regards to charging orders). And though you still need an LLC for the state you're doing biz in, an LLC one like from WY can also serve as the holding title or interest for the other existing LLC's. But if I can have an LLC w/o WY, NV or DE and really get some protection, well I'm still searching for that answer. If you have that answer, Im all ears. Register Agents are a blessing in anyone's world of LLC. Heh heh heh.
Good stuff!
Thank you for sharing. Love your genuine intellect! 😊 Question: If I am listed as someone else’s registered agent, is there a specific tax form that I file? 🤷🏾♀️
I love that you don't "lawyer" us and that you talk to people conversationally.
About law.
Because you're a lawyer...
but not "lawyerly"...
Anyway, thank you!
I like this guy👍🏾
Hi! Great info, thank you! What do you think, if you're from other country (Russia in my case), is it ok to open llc in Delawer?
When I tried to file my llc in FL, I see a part where is says managers and don't see a part where ir says ownership. If I put my busband and I as managers, are we both the owners?
Question. Let say I form my LLC in the State that I live in, but move a year later to another or to a new State. Does this mean I have to form a new LLC with the new State that I move to? Is there any requirements that I have to do before moving to another State? Thank you!
What financial threshold you would advise the use of s-Corp?
You are Awesome!!!
Great video what do you think about Laughlin associates?
OMG, you are hilarious. I love it. Thank you for such great content - drop the wood. LOL
WOW!....I actually thought your wood background was for real!
I've watched 4 videos of yours in the last 48 hours and I must say, thank you from Pennsylvania. Do I need to setup the LLC and acquire the EIN first or should I talk to my bank about opening the business account first?
Best Wyoming Registered Agent LLC is running a pretty neat ad on this video. 🤦🏿♀️
Great information, my biggest priority for my company is to make sure it's up and running legally, do you offer going one on one sessions to look over a company and all their legal documents and current circumstances to make sure the company is in good standing? Price isn't an issue.
There is a link in the description to book a call with me! Thanks!
The post office offers a service called “Street Addressing” as an add on with a P.O. Box. Would that suffice? I know you said no go on P.O. Boxes but I would think this falls in the same category as a Mailboxes Etc or UPS Store. Also, THANK YOU for the bonus tip. I’ve been catching a lot of grief from family members who have been trying to convince me to bypass LLC (service industry, so I’m not sure if that’s different) and go straight INC.
Thank you Jim! Do you have any recommendations of a trustworthy Real Estate Attorneys who can close a Lease Option and Owner Financing Contracts in the areas of Los Angeles county? Thanks again.
thanks for the video. Applied for an LLC in MD this past Friday night and its supposed to take 7 days to process. If I start making purchases for the business now, can they be included as part of my business expenses?
Your all good. No matter what you do or what you say to your subscribers your gonna have haters period! I watched that episode and you did not offend me at all. There are people out here who aren't human that don't make mistakes, so they think! I love the info you give. Tell'em Jim......Who gives a flying ____! Lol
Hi, thank you for the great videos!
Can you tell us why is not a good idea file a LLC in other state than where you live please for online business like affiliates or bloggers??
Also if this is a not good thing to do, how come other CPA firms do these with their clients or new customers when they want to file or get a LLC for online business?
What are the cons?
Stop complaining on this man's channel. He's very helpful.
Good video man thanks for keeping it light! Damn negative Nancy’s are everywhere, lol