Видео

Hello Dear Chris Jackson please help me in this regards

Hi. By FinCEN they are likely referring to the Beneficial Owner Information Report (BOI or BOIR). I have a couple of videos on this. The first one gives a general overview and is here: ruclips.net/video/obs7Eb4AyPA/видео.html. My second video covers how to file it on your own (it's pretty simple and free), and that is here: ruclips.net/video/IxfSmVARHp8/видео.html. If you prefer to have a 3rd party do it, here is a link to one service I've found: bit.ly/BOI-Report. The bottom line is that you have to file this after you set up your LLC. Please let me know if you have other questions, thanks!

Hi: I just checked and the link works, but you can try this one: bit.ly/California-LLC. Please let me know if that doesn't work, thanks! Best regards, Chris

there is no golden package and silver package when i click on the link

@@sarajuddinsaraj-j4z Hi. Yes, you are correct. Sorry, after I made the video they changed the names of the packages to Basic (was Silver), Standard (was Gold) and Premium (was Platinum). Hope that helps! Best regards, Chris

Hi. Before I answer you question more specifically, please let me know if (i) you will have one LLC, (ii) you will have two LLCs, and (iii) if one LLC, where will you form that? Or, generally speaking, please note the following: 1. After you form an LLC (e.g., in NY), if you want to qualify/register it to do business in another state (e.g., FL), then you would follow the steps set out by the qualification state's (e.g., FL) secretary of state. Here is a link to do it on your own in FL: files.floridados.gov/media/702554/cr2e027.pdf 2. If you prefer to have help qualifying/registering your LLC in Florida or any other state, I recommend this entity service: bit.ly/Foreign-Qualification. I hope that helped, but please let me know if you have other questions. Best regards, Chris

Hi. That's a good question (and I'm assuming anonymity is not important to you). I guess it comes down to whether you want to brand your name or some other brand. For example, I use my own name for my law firm (Chris Jackson Law, PC). In that entity, I'm the one doing all the legal work, and I want my clients to know who their dealing with at all times. Alternatively, for my LLCs I use names that are descriptive of what each LLC does. My name is not as important in those businesses, and I want the LLCs to carry on after I'm gone and for their respective brands to develop value. I hope that helps, but let me know if you have other questions. Thank you. Best regards, Chris

@@cjlawvideos Thanks for the advice. I produce entertainment so I want my name to be known.

​@@GaryThomasEntertainment Yep, that makes sense! Let me know if you have other questions, and best of luck to you and your entertainment business! Best regards, Chris

Hi. Thanks for watching and for your question. To set up a WY LLC (for a brokerage account or otherwise), feel free to check out my video here on how to do it on your own: ruclips.net/video/NUezXXe7nwI/видео.html. In addition to excellent asset protection, the owners/members of a WY LLC will benefit from anonymity (if that's important). The members are not listed on the LLC's Articles of Organization filed in WY (and accessible to the public). The only thing listed is your LLC's business address and registered agent. There are many options for the address, and I discuss these in the video. Just note that, the WY annual report will require someone to sign it as an authorized representative. No title is provided, and thus nobody will know the signatory's relationship to the LLC. However, if you don't want your name on the annual report, then you can simply authorize someone else to sign. As for the holding company structure, I don't know that you need one for a brokerage account business. It is up to you, but just note that having 2 LLCs will cost you more. I normally recommend holding company structures for real estate, manufacturing or other potentially high-risk businesses. With that said, if you want to form a holding company in WY and then have a subsidiary LLC in your home state, you would set up the WY LLC first. Then, when you form the second LLC, you list the WY LLC as the member (and manager if you want anonymity and your state requires the name of the manager). Essentially, you would own the WY LLC and the WY LLC would own the second LLC. For this purpose, I have a lot of videos on how to set up LLCs in states other than WY (CA, DE, TX, FL, NC, NY and more on the way). I hope this helps, but let me know if you have any questions. Thanks! Best regards, Chris

Hi. Thanks for watching and for your questions. I cannot give you tax advice or legal advice (without being retained), but here are some general things to consider: 1. If you select S Corp tax status for your LLC, then you can pay yourself (and other employees, including your child). 2. The amount you have to pay as wages versus as distributions to the member varies and depends upon a number of factors (including what is a typical salary for someone in your position in the same industry). Generally speaking CPAs will give you a range between 30-60 percent of profit should be paid as wages, and the balance can be pass-through taxable (which excludes social security, medicare and unemployment insurance tax). 3. Being able to pay yourself a salary also allows you to set up a 401k with a possible company match. I do this myself and highly recommend it. I use QuickBooks and Guideline is the 401k provider. 4. Note that I have a very extensive guide that goes into great detail (with examples) about this and other questions an owner of an LLC may have, and you can find that here: bit.ly/Legal-Templates. I hope that helps, but let me know if you have other questions! Best regards, Chris

@@cjlawvideos great tat does appreciate it

@@tracymicheal2096 You're welcome, and best of luck to you and your business! Best regards, Chris

@@cjlawvideos I see your a proponent of Wyoming, I set up a LLC for my self directed IRA Roth, however being in California, which I thought you as well operated a business, is suppose to organize the LLC or company in which state you operate from, can you touch on this and I like to see if you have a operating agreement for one member LLC template for California LLC not Wyoming, thanks

@@tracymicheal2096 Hi. I can't give legal advice without being hired to do so, but here are some general principles: 1. Yes, I prefer WY LLCs for the reasons I set forth in my "Best State for Your LLC" video. 2. However, I have this CA LLC video (and other states' LLC videos) for a couple of reasons. First, in case someone wants to have a holding company structure for their LLCs (e.g., whereby you are the member of the WY LLC and the WY LLC is the member of the CA LLC and the CA LLC is the operating LLC). Second, if someone would rather just open a CA LLC to avoid the extra cost of opening a WY LLC and having it qualify to do business in CA (if required). This will save on the cost of qualifying/registering a foreign (e.g., WY) LLC in CA, which is a one-time cost. It will also save on the WY $60/yr. annual report. Lastly, they will save on the WY registered agent cost (although this is free for Year 1 with Bizee and capped at $119/yr thereafter). 3. In your case, whether you need a holding company structure (a WY LLC and CA LLC) is a question of how tolerant you are as to costs (2 LLCs vs 1 LLC) and what are the potential risks of your operating entity (which presumably will be investing your Roth IRA funds). A holding company structure will provide better asset protection, but it comes at higher initial and annual costs. 4. Whatever you choose to do, note that my related company just added both WY and CA LLC Operating Agreement templates here: bit.ly/Legal-Templates. I hope that helps, but please let me know if you have any more questions! Thank you. Best regards, Chris

Hi Paul. Thank you for watching, for your kind words and for your question. Although I plan to make a video specifically for non-residents, I have not done so yet. However, I recommend Wyoming (this video) as the best jurisdiction for both residents and non-residents. The primary difference is that, when you get to the EIN section, select that you are a non-resident/foreigner so that they know how to obtain the EIN for your LLC. Once you have the EIN, you can open a bank account for your LLC. Hope this helps and I wish you all the best! Best regards, Chris

Hi. Thanks for watching and for your question. Please note the following: To add a member to your LLC in general, you need to follow the process set forth in your LLC Operating Agreement. You will then need to update your LLC information in NY when you file your annual report. Please note: Bizee provides a free Operating Agreement, but if you want something more comprehensive you can watch my video on how to create one for free (though you cannot amend the free version) here: ruclips.net/video/-7NH95aM2YQ/видео.html. However, if you want a fully-customizable one which addresses all issues, a related company of mine is selling Operating Agreements here: bit.ly/Legal-Templates. Regarding what to do in NY, you have to update your annual report with member information every 2 years. When you are ready to do so, you can do it yourself here: filing.dos.ny.gov/eBiennialWeb. However, if you prefer to have a third party do it, you can have Bizee do it for you (and send you reminders) here: bit.ly/annual-report-service Hope this helps, but let me know if you have other questions. Thank you. Best regards, Chris

Thank you for the kind words. I can't give you tax advice or legal advice without being retained, but generally speaking funding your LLC is not a taxable event (whether you fund it with cash or contribute a product in which you've invested). If you need a more comprehensive explanation on setting up your LLC and operating it properly, note that a related company of mine created a Next Steps Guide (with examples) here: bit.ly/Legal-Templates. With that said, let me know if you have other questions! Best regards, Chris

Yes, Wyoming only discloses the business address on the Articles of Organization (and nothing about the name of the member). When you file the annual report in WY (a year after you form your LLC) someone will need to sign it as the "authorized rep" but whoever is signing that form it is not necessarily the member or manager. I hope I answered your question, but if not please let me know! Best regards, Chris

Hi. I can't give you legal advice without being retained, and I'm not sure in what state you are located. With that said, generally speaking, here are your options (without getting into trust options): 1. The most protective approach is to have two LLCs. One is the holding company LLC in WY (which you own). The other LLC is the LLC in the rental property state (which your WY LLC owns as the sole member). That local state LLC owns the rental property. 2. A less protective, but less expensive, option would be to form a WY LLC which owns the rental property directly and registers to do business in the rental property state (assuming that's not WY). 3. The least protective (unless your rental property is in WY, NV or DE) and least expensive approach would be to have an LLC formed in the rental property state. I hope this helps, but let me know if you have other questions! Best regards, Chris

Thank you for the kind words. I can't give you tax advice, but generally speaking I like to elect S corporation tax status for LLCs unless the LLC will own real estate (or be a holding company that owns an LLC which owns real estate). With that said, there is a free tax consultation available to you when you set up your LLC via Bizee per this video. They can give you advice specific to your situation. I hope that helped, but let me know if you have other questions. Thank you. Best regards, Chris

Hi. Bizee can provide you the basic paperwork needed to form and operate your LLC (Articles of Organization, EIN and Form 2553 Tax Election) plus a template Operating Agreement in the standard package. However, it sounds like you want something more custom. The Articles are always a template, but to have a custom Operating Agreement you'll need to hire an attorney. Here is my video on how to set up a WY LLC using Bizee: ruclips.net/video/NUezXXe7nwI/видео.html. Here is a link to a related company of mine that has a very comprehensive attorney quality (but template) Operating Agreement: www.attorneydrafted.com. However, if you want an Operating Agreement that is more specific to your situation, you should hire an attorney in your state. Unfortunately, depending upon your state, it may cost more than $250 to get a customized Operating Agreement. I hope this helps, but if not, please let me know! I wish you and your LLC all the best. Best regards, Chris

@@cjlawvideos Thank you!🥰

@@helprehouseourvets6919 You're welcome!

Thank you for your kind words. Bizee does not automatically file your initial Statement of Information , but they will both remind you of when it is due and file it if you choose to pay them to do so. With that said, to do it on your own (to save on Bizee fees), you can go here: bizfileonline.sos.ca.gov/. You will see "File a Statement of Information" under "Business Entities." I hope that helps, but let me know if you have other questions! Best regards, Chris

@@cjlawvideos Thank you I will take a look at the link.

@@joyflowers6693 You’re welcome, and let me know if you have other questions. Best regards, Chris

Thanks for watching and for your question. On the last page before you preview and order the Operating Agreement, you can specify the date of the Operating Agreement. If you failed to do this, and you have already downloaded it and don't want to pay to make changes, then you can always print it out (which you'll need to do when you sign it) and then write in the dates by hand. Alternatively, you can pay for the editable version if you like. I hope this helped, but if I misunderstood your question, please let me know. Thanks! Best regards, Chris

Hi. Thanks for watching my video and for your questions. I cannot give you tax advice, but note that WY is a tax-free state, and the only fee you will have to pay in WY is the $60 annual report fee (assuming your LLC doesn't own more than $300,000 of assets located in the State of WY). I hope this helps, but let me know if you have other questions. Thanks! Best regards, Chris

Glad it was helpful, thanks! Best regards, Chris

Agreed!

Hi. Thanks for watching and for your question. Since your LLC was formed before 2024, you have the balance of 2024 (as you know) to file your BOI Report. If you prefer to wait for the outcome of the constitutionality of the CTA, you can of course do that. However, if there is no final determination before the end of 2024, you will need to file by December 31, 2024 to be considered on-time. If you are going to wait and see, just make sure you set a few calendar reminders. I hope I answered your question. Thanks! Best regards, Chris

Hi: Yes, I have seen LLCs operate recycling centers in California. This is not legal advice, but unless your country requires a type of entity other than an LLC (which would be unusual), then you can certainly use an LLC for your recycling center. Best of luck to you and your business! Best regards, Chris

Thank you for your kind words! Best regards, Chris

Hi. Thank you for watching my video and for your question. To Qualify/Register your LLC in California, you will need a Certificate of Good Standing in your formation state (in WY, you can get it for free by going here: wyobiz.wyo.gov/Business/ViewCertificate.aspx). If you want to qualify/register your LLC in CA on your own, you can apply online here: bizfileonline.sos.ca.gov/forms/business. Or, if you don’t want to do it yourself, Bizee can help you do it by going here: bit.ly/IncFileForLLC. Select “Services” at the top and choose “Foreign Qualification.” They can serve as your Registered Agent in CA if you like, otherwise you will have to appoint yourself or someone as your registered agent in CA. Hope that helps! Best regards, Chris

Thanks for watching my video and for your question. Most entities are not "exempt" (unfortunately). An exception would include a company with 20+ full-time employees and over $5m in revenue. Here is a good article which lists what companies are exempt: www.wolterskluwer.com/en/expert-insights/the-23-exemptions-from-the-corporate-transparency-act. So, unless your LLC is exempt, you will need to leave that box unchecked and provide the information. Best of luck to you and your LLC! Best regards, Chris

@@cjlawvideos thank you Chris! Really appreciate your help

@@yianapandelis8692 You're welcome, and best of luck to you and your business. Best regards, Chris

That's great to hear, thank you! Best regards, Chris

You're welcome! Glad you found the video helpful, and let me know if you have any questions! Best regards, Chris

Hi. I can't give you legal advice as I'm not your attorney, but you can start with your Trust as the member if you'd like. Or, if you don't have a Trust yet, you can start as the individual member and later transfer your membership interest into your trust. That is done all the time, so no worries if you want to do it later. I hope this helps! Best regards, Chris

Thank you for your kind words. Note that you don't have to establish an office in Wyoming to open an LLC there, so long as you assign Bizee (or another entity) as registered agent in WY. However, if you want the LLC to have its main office in WY (like I do with one of my LLCs), you can use Bizee's virtual office option (like I do) for $29 per month. With that said, you can use your home address or another address in your home state as the business address for your LLC. It's up to you. Let me know if you have any other questions! Best regards, Chris

@@cjlawvideos Thanks for the reply. I have to take a serious look into this. Cheers!

@@deejay4837 You're welcome, and best of luck to you and your business. Best regards, Chris

Hi. Thanks for watching the video and for your question. Unfortunately, at this time I am not taking on clients located outside of CA. However, if you do end up forming an LLC in WY (my first choice) or NV (my second choice) on your own, I have the following tutorials: WY: ruclips.net/video/NUezXXe7nwI/видео.html, and DE: ruclips.net/video/fBLlyzdeFGw/видео.html. NV is a bit too pricey in my view. I have used Legal Zoom in the past, but I prefer Bizee and use them exclusively due to cost, customer service, etc. I wish you all the best in your business venture! Best regards, Chris

Thank you for your kind words. I'm glad you find my videos helpful! I suggest using the state and county of formation, especially if you have not qualified/registered the LLC to do business in Florida. Even if you have, it is fine to just use the Wyoming county and state. I see on my video that it pre-filled the county, but if it does not do that for you, it should be Laramie County. The reason is that the Articles of Organization is filed with the WY Secretary of State, located in Cheyenne WY (Laramie County). Hope this helps, and best of luck to you and your business! Best regards, Chris

@@cjlawvideos Thank you so much Chris. You explain things so perfectly. Really appreciate it!! 🙏

@@alinabarton3786 Thank you for your kind words, and I'm glad I could help! Best regards, Chris

Thank you for your kind words and for watching my videos. This is not legal advice, but here are some options to consider assuming you want a holding company structure: 1. You own the WY Holding Company LLC, and the WY LLC owns the CA LLC which owns the rental property. This is the most typical LLC holding company structure for rental properties. The CA LLC can be Manager-Managed or Member-Managed. I generally recommend Manager-Managed. If you don't have an issue with anonymity, you can appoint yourself as the Manager. 2. You own the WY Holding Company LLC, and the WY Holding Company LLC owns a subsidiary WY LLC. That subsidiary WY LLC owns the property in CA and qualifies to do business in CA. In my view, again, not legal advice, but I believe this would be a bit more protective than scenario 1. However, note that you would have the extra charge for qualifying the subsidiary WY LLC in CA (which Bizee can do or you can do yourself to save money) and the annual fees for such LLC in both WY ($60) and CA. Hope this helps! Best regards, Chris

Hi. Thanks for watching and for your question. I admire what you plan to do. Unfortunately, non-profits are outside the scope of my expertise. However, I believe most non-profits are formed as corporations. I'm sorry I cannot help you, but here is a pretty good resource which may answer your questions about non-profits: www.nolo.com/legal-encyclopedia/nonprofits. With respect to your other question, note that, while LLCs owning rental properties is a good idea, generally it is best that your primary residence be owned by you personally (or you trust), because there are tax benefits that would be lost when your LLC owns your primary residence. Sorry I cannot help further, but I wish you all the best! Stay cool if possible. Thank you. Best regards, Chris

@@cjlawvideos Thank you so much for responding. In my research I have come to find out that I cannot support a non profit with a business, it's called Unrelated Business Income and is a big no no. So, my pastor's wife suggested that I start the business under an LLC, and put that under a ghost LLC. Have the LLC own the business and rent a home. The non profit can come down the line after I have a roof over my head. I am trying to understand the order I begin, as before just without the non profit. Business, California LLC, Ghost LLC OR Ghost LLC, California LLC, Business OR some other order? AND can the LLC own the business? Since my getting an income will mess up my SSI, if I have to be on it, can I be an employee? Last I checked, even though my SSI is 1/3 of what is considered the poverty level, I can't make more than $40 month or I mess with my SSI.

Thank you very much for your kind words! Glad you found it helpful (and appreciate my dog Jax, who is the best part of all of my videos). Best regards, Chris

Thank you so much for your kind words! I'm glad it was helpful, and let me know if you have any other questions in your LLC/business journey. Best regards, Chris

Thanks for watching and for your question. For the LLCs, they will need their own separate BOI Reports (and FinCEN Identifier numbers). However, you should obtain a FinCEN Identifier number for yourself so you don't have to insert your personal information again when you complete the process with the 2nd LLC. Let me know if you have any other questions, thanks. Best regards, Chris

Thanks for your kind words! Good question (and not confusing), thanks. When you get to the Member information section for your FL LLC, you have the choice to fill in information about either an individual as Member or a Company as Member. Select the Company tab and insert your WY LLC information there. I hope that helps, but if not, let me know! Best regards, Chris

@@cjlawvideos Thank you so much for your reply. This helps out greatly!

@@A.Michael-813 Glad to hear that, thanks! Best regards, Chris

I'm glad you found the video helpful ... good choice! Best regards, Chris

Thanks for watching and for your question. Yes, I'm taking on some new clients from time to time. You can reach out to me at www.chrisjacksonlaw.com. Thank you. Best regards, Chris

Hi. Thanks for watching and for your question. Bizee's set up fee is a one-time charge. The only recurring charge from Bizee that may be applicable is if you use their virtual office ($29 per month) or registered agent service (free in Year 1, $119 per year after that at a locked-in rate). For the state of CA, they require a minimum of $800 in "franchise taxes" each year and a $25 "Statement of Information" fee every 2 years. Hope that answered your question, but please let me know. Best regards, Chris

Great info, and I love your videos

@@RichBich-pw5td Thanks ... I appreciate that. Best regards, Chris

That is great to hear, thanks! I'm glad it was helpful, and let me know if you have any questions as you move forward. Best regards, Chris

Hi Manish. Thanks for watching and for your question. When you get to "Select Number of Members," there should be a drop-down menu where you can choose "2." Then, just complete each Member's information. Also, when you get to the EIN section, you can select "I am a foreign individual who does not have a Social Security Number." They will then obtain the EIN (Tax ID) for your LLC so you can, after receiving the EIN, open a bank account for the LLC. Hope that helps, but let me know if you have any additional questions. Thank you. Best regards, Chris

I'm glad you were able to form your LLC, thanks! Yes, they change up the order and format from time to time of the steps ... sorry for the confusion! Glad it all worked out, and best of luck to you and your LLC! Best regards, Chris

Thank you ... I appreciate the kinds words! Best regards, Chris

That's great to hear, thank you! Best regards, Chris

Hi. Thanks for your kind words, and I'm glad you are finding the videos helpful. Although I cannot give legal advice without being retained, for the reasons set forth in this video (ruclips.net/video/vPc2bt0lCkI/видео.html), I generally prefer an LLC over a sole proprietorship or other entities. This presumes that the LLC will be for-profit. If it is a non-profit endeavor, then you may need to set up a non-profit corporation (e.g., a 501(c)(3) non-profit corporation). I hope this helps, and I wish you and your baseball league all the best! Best regards, Chris

Yes, when you get to the EIN section, if you don't have a SSN or ITIN, you can state that you are a foreigner, and Bizee will help your LLC obtain an EIN. It takes longer, but this is the way to get a Tax ID (EIN) for your LLC and open a bank account for your LLC if you don't have a SSN. I hope that helps! Best regards, Chris

Hi. Thank you for watching and for you kind words. I'm glad you are finding the content helpful! Although I can't give tax advice, generally speaking if your LLC elects S Corp tax status, the LLC will file a separate return. The profits/losses of such LLC will then be added to your personal return. Thanks for the offer of computer help! Best regards, Chris