THE FIVE BANK ACCOUNTS you need for your LLC
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- Опубликовано: 30 июн 2024
- Need help with your small business tax & accounting? My company helps business owners save up to $30,000 dollars per year in taxes. Book a free consultation here: www.jumpingjacktaxes.com
I did not give exact percentages because every business is different and I do not want you to follow my example. Divide up the percentages as you would like and get the ball rolling.
The 5 Bank Accounts You Need For Your LLC.
![How To Pay Yourself As an LLC [Follow this or lose money]](http://i.ytimg.com/vi/5USA99XXV9g/mqdefault.jpg)
I am a IRS examiner for over 30 years. This young man is speaking FACTS! This can save you some grief when you get audited!!😒
When I get audited🤔 Who's looking to get audited, a bad choice of words. I would NEVER speak that over me or my business. Instead, you should say KEEP YOU FROM GETTING AUDITED💯
@@SheSoReRe she saying he bout to get audited? She got intel? Bro, probably stashing bread all over rn!! 🤣🤣 just playing 💯💯
The IRS Tax examiner said it right. Most business owners comingle accounts, have poorly kept or nonexistent bookkeeping records, poorly setup business structure and get flagged when filing tax returns. Not to mention most business owners do NOT know what can be deducted and personal assets are potentially exposed. Let's not talk about the highly targeted business industries and misclassed business aka speculative businesses. If you research, you'll also see that within the next 3-5 years, 80-87% of all american taxpayers WILL be audited.
@@SheSoReRe Really? What I’m saying is if you are in business more than 5 years there is a 50/50 chance you WILL get audited, hell I got audited!! However, if your books and records are in order chances are you will not have to go through another one, but if your books are jacked up then you can bet it will be a recurring event! I once worked on a case where a guy got audited for seven years in a row! To be forewarned is to be forearmed!
👍🏼🇺🇲✝️🙌🏼🇺🇲
The Five Bank Accounts:
- Operating Account
- Reserve Account (Emergency Savings)
- Taxes Account
- Marketing Account
- Innovation
Great information in the video! Thank you!
Thank you for this
Thanks!
You are a gem 💎
🥰🙏
Is thr operating account the checking account?
CREDIT LORD TOTALLY ROCKS
4:36 Operating/Checking Account
5:38 Reserve/Savings Account
8:09 Tax/Checking Account
9:43 Marketing/Checking Account
12:01 Innovation/Checking Account
Thanks Prince!
Thanks for clarifying how many checking & savings exactly lol
Thank you for the outline of note taking
Thank you..
All you really need is a checking and a savings account...then earmark all expenses in checking account..and keep up with it...thats all you need...
What about payroll? Is that separate or included in operating account?
I realize not everyone has the same credit problems but these folks were fast and really worked for me. *credit lord*
5 bank accounts for LLC:
(1) Operating Account: checking account
(2) Reserve account: business savings account for cases of emergency, e.g. COVID-19 crisis. Put minimum of 10% of monthly profits in account.
(3) Tax account
(4) Marketing account: minimum of 10% of profits. Marketing services tax write off
(5) Innovation account
Saved me time. Ty!
Helped me take better notes.
Thank you!
Saved me too, thanks so much
I learnt this the hard way
Most definitely,got it
Thank your for the vidoe but *credit lord* repaird i and my spouse credit
- may I suggest you make CREDIT ROYALE NET correlating this to the United States Credit Scoring System; you know, the system where an entire nation's people are enslaved by their government over systems exactly like this? We need people who have influence to bring to light these types of correlations to get people asking and thinking or we will see ourselves slip into a tyrannical nightmare.
Creditroyale is amazing
Thank you so much
Wow!!!.
Creditroyale is amazing
Thank you so much
Wow!!!.
From a person who has over 20 years of accounting and finance experience in the oil/gas industry, you are providing BUSINESS GEMS!!! 👏🏽👏🏽
That’s great to know, thanks for sharing..
Thanks for sharing 😊@@wealthessential4515
I feel like I was literally just given a cheat code to win in business. This added so much value to me. I'll be doing this for my personal banking accounts too. "I'm not a businessman. I'm a business man."
Absolutely!
I felt the same way 🙌🙌
I Agree 💯🙌🏿
I want to personally thank *credit lord* for doing what they said they would do, returning phone calls promptly and for having a professional staff that can get the job done.
This video is excellent! Thank you so much for sharing. I was dreading this part, but feel empowered after watching your video. Thank you!
Just wrote all of this down and I actually feel more organized already. Just got my LLC and this is right on time. Thx bro👍🏾👍🏾
same just got ours yesterday
Man fr
Feel organized as well!😯🤔🧐
Same !
This is one of the most fundamentally productive 16 minute videos I ever seen.
Did you try doing the cash hack program yet I did cash hack just some days back and I got paid $20,000 in just some hours
Thank you so much for your help *credit lord* I feel like I am a credit human again!
Lmao he aint even edit out that burp he did ...yeah I fux wit him, he a real one..✊🏾💪🏾
Can't get no realer than that. 💯
@@mindsightent y’all crackin me up😂 the info on point tho
I AGREE..
I thought it was a sound affect 🤔😳🤣🤣🤣
As soon as I heard I went straight to the comment section!
I was able to get a possible judgment dismissed due to the help of credit lord wih the debt collection company saving me over $11,100.
Thank goodness you brought this up! Truly, investing has changed my perspective on how one can succeed in life; working multiple jobs isn't the optimal way to attain financial freedom and unfortunately, we discover this later in life. Currently earn as much as 10 grand weekly and this has improved my financial life. Great piece!😊😊
Wow, congratulations on your impressive investment success! Your discipline and focus on delayed gratification is truly inspiring. I'm curious, what are some of the key factors that you consider when making investment decisions? Do you have any tips for those of us who are just starting to dip our toes into the world of investing? Thanks for sharing your story!
I would recommend you get started with a professional broker that will guide you through the process and trade for you while you get the daily profit and rewards.
Francesca Wilson Financial is my portfolio-coach, I found her on CNBC where she was interviewed, I looked up her name on the internet. Fortunately I came across her site and reached out to her, you can verify her yourself.
It's refreshing to see lots of positive comments about Francesca Wilson Financial. I recently had the opportunity to use her services and since then, everything has gone very smoothly. It's amazing how accurate their market analysis is, and how good and understanding they are towards beginners. She'll even go to an extent of building up a suitable strategy plan that fits your investment size.
I want to reassure the potential clients who will read my personal testimonial to make a wise decision, and definitely choose the service of *credit lord* as your strongest ally and guardian in a difficult battle for your good credit.
CREDIT LORD TOTALLY ROCKS.
DOT ORG
VIA GOOGLE
I learned so much from this young man. I am 64 years old and have been in business for 20 years. I have on my staff now two CPA's, a Bookkeeper and special software. None of them provided me with the advise I have received from listening to about 25% this Brother.
Sounds like your staff is practicing “JOB SECURITY”….
Seems like you were doing alright, being in business for 20 years!
Watched your video on how to pay yourself as an LLC and I've been using the formula and to reserve funds for operations , taxes, savings , innovation and finally writing a check to myself . I will be contact my bank so I can actually have separate accounts that would make the process even better. Thanks for the gems.
Glad it was helpful!
CREDITLORD IS A VERY GOOD PLATFORM FOR HELP.
VISIT CREDITLORD
Okay this brother really just dropped and broke down free game with this video. As a new small business owner, this was powerful for me. Thanks so much for sharing.
Proud of you Youngblood and all of the brothers doing positive things in business and community.. peace and blessings be upon you
Thanks sooo much!!! I’m doing this before 2022. I’m leaving my job to do for self 2022!!! I appreciate your positive builds!!! 💻✍🏾💰
Fundamental
Do not leave your job you phase that
Job out...phase it out cause
Starting a business is not easy
Takes tremendous capital investment
Credit and initial sunk costs vs
Opportunity costs.....sunk costs u
Can never get back Never..
So u should phase that job out..
JOB means. Just Over Broke
phase it out into 2022...
YOUR WELCOME
jb.ok
I work as a finance manager keeping the books for a manufacturing firm. You hit the nail on the head with these accounts. You're a smart business man.
Have you tried the cash hack program I did the cash hack platform and I got paid $10,000 in just a few hours
This is the first time I have found a break down for accounts and the function for each. The biggest struggle was understanding why to maintain a separation of personal and business accounts. Being patient and not trying to find a quick fix but establishing longevity.
Love the video, just started my own construction company and ive had soooo many irs and banking questions! 99.9% of my questions were answered and you speak from ghe heart. Taking the time to help others succeed will throw so many blessings your way !!!
Wow I just started mines as well wish you the best of luck 🤞🏾
Yes yes.
TimeStamps
00:00 Intro
04:38 Operating acct
05:35 Reserve (Biz Savings) Acct
08:06 Tax Acct
09:40 Marketing Acct
11:57 Innovation (R&D) Acct
6:31 Burp
@@brandonfermo501 I was looking for this comment 🤣
5:21 When my man digged his nose I knew this is a down to earth real brother and I'm subscribing.
🤣🤣
Thank you for dropping gems to those of us that are in the process of starting up a new small business LLC. I’m doing all my research now to have a successful business that will go far. Many blessings and new subscriber here.
Pastor: Prince you did a fantastic job on this presentation. Continue to let the Lord lead you.
By far, one of the most educational business video's I have seen on RUclips. I have been dealing with businesses for a long time and this set-up is excellent! Thank you for spreading your wisdom ;)
Out of all the How to videos, I've never ran across the need of 5 bank accounts for the business! And I thank you for describing why you need them. Thanks so much! Very inspirational.
I thought I was the only person who divided my business account in segments like this. Glad to see other people do this as well.
Donnell! You are the GOAT MAN! What a great video. First time watching you and I’m seriously putting you on my calendar to watch an episode everyday. Amazing value from this video! Thank you so much for taking the time to do this!
This is GREAT Content. Thank You KING for the Education. God Bless and keep up the Great Work. Your station is PHENOMENAL.
As someone starting off in the small business world, your channel is one of the best on youtube! clear, to the point, and not behind a ton of paywalls. TY
Indeed I appreciate all of the professionals like yourself sharing the information and wealth of knowledge you embody Prince. As always Keep growing, and building more and more wealth. 💪🏿
Love this idea. Five business accounts and I never knew you have to have a marketing account to promote a business.
MUSIC CHANNEL
GOOD INFO YES..
but u do not open all 5 at once
U start with two
Operating acct
Tax acct
As ur company grows quarterly
Semi annually annually
Then you bring online other 3
Reserve acct
Marketing acct
Innovation acct
Why this way because if ur bank
Charges fees you be paying monthly
Fees
IF UR BANK DOES NOT CHARGE FEES
HAPPY FOR YOU....
banks are in the business to profit 2
Fees surcharges loans etc etc.
YOUR WELCOME
jb.ok
Some of the best advice out here hands down! Keys to the Kingdom...Paying knowledge forward is how we all rise 💪🏾🙌🏾♥️
Been running my business for over ten years and I learned more about the administration side of things here than I have anywhere else. I am very grateful for the fluent clarity in your advice. Thank you.
You have helped me so much along my journey of creating a food truck. And we’ll here i am on the other side and thriving! It was a scary but amazing road to go down and I couldn’t have done with without all the help I got off RUclips and you were always one I came back to!
We need more people like you. Really educating us why we need these things . I had to watch several videos about leasing a property & how to choose what’s right. Whole time I looked at properties that weren’t even up to code or zoned for my business. We definitely can build wealth but we need knowledgeable ppl that have the desire to teach & not make a quick video for views. Thank you for being so diligent 🙌🏽🙏🏽👏🏽
This is great advice. I am studying for the REG part of my CPA exams. We just covered how mixing your personal and business monies (commingling of funds) can remove the LLC protections. If you don’t respect the separation, the IRS and courts won’t and they can come after your personal assets if something happens.
After gotten my LLC the next line of action is to get funds to start up my business but getting capital to start a business has been the problem of thousands of America Business Owners. So many people do not know they have access to thousands of Business Grant and Assistant. I started making my research early January and I was later recommended to the team of Expert Mighty, A Professional and License Governmental Grant Agent that help me out with my registration and I got approved and Funded. Wish Every Business Owner out there Huge Success🥰
I have had a couple of interactions with the team of Agent Mighty recently and just have to say that I am quite impressed with their customer service and response from everyone there. Thank you so much for this great service the company provides for us in the non-profit community. My Business Grant Just approved. I will update my comment immediately I received my payment through check.
@@tysoncathy38 Can I get the contact details of the agent that helped you out with your grant registration.
Contact him on
Lend_with_agentmighty
Instagram
Man, your videos have lit a fire inside of me, coming into starting my business without a mentor or any advice from other local business owners, I have been able to get information I didn’t realize I needed to be a successful company.
glad I came back to your tube!!! when I retired my main focus was rebuilding my shop and honestly I totally forgot about this video but you popped back up on my feed.. Now that I turned things around for my shop and we are now 6 figures its time to restructure and clean up my accounts!! salute my brother!!
Learning from you how to run my business. I love how you are very detail person. You tell us step by step process in owning a business. Thank you.
So basically an envelope system for business. A very interesting way to look at setting up your finances in business. Great video Prince. Looking forward to more of your videos.
Hello my friend I have been following you for few months now and I really appreciate your videos. My husband and I was currently struggling with bad personal credit. We have been carrying a significant amount of credit card debt over the last 4-5 years. I had always maintained a fairly high 780+ credit score but somehow I have not been able to get back to that score. After I watched your video about UpStart I applied for a loan with them and was denied!! I have tried to work with credit repair companies but I frankly don’t think they know as much as I do!! Anyway, all thanks to everyone that recommended the team Expert Mighty here, he his a loan, credit issues and Grant agent. I get everything solve with is help and also got approve of $50k Business Grant. Even with my 450 FICO score. Thanks for your help.
How can i be eligible to apply for a grant please
@@jamespeck4260 Grant is not a loan ! Even billionaires seek and get grant for their business monthly, Getting a grant is not compulsory but it should be every individual’s priority if they want to hold a solid ground on the financial market. I was able to get my grant Approve with the help of a Grant agent that was recommended here. Contact the team of Agent Mighty to explore unlimited grant.
@@naomimoore4104 You are right about that madam
Can you recommend me to the Agent that help you out I need his help too. They always reject anytime I try to register my self. Think 🤔 am not getting something right 😩😩
@@johnrich3795 You can contact him on
Not editing out that burp is an alpha move. Thank you for all this information, you're great
Fr
That’s was disgusting
Just started my business at the top of this year.
Thanks for the Blue Print. Now I am excited for my future endeavors. Straight on point and easy to follow.👏👏
Jumping Jack, I am a former IRS compliance, advocacy officer, enrolled agent, MBA now representing multimillion dollar international businesses. No one person is perfect but your effort comes fairly close in getting Entrepreneurs off the couch. Also, the caution about prudence would likely be something appreciated by the IRS. Persistency, consistency, and willingness to make the required adjustments are acceptable traces of being the best... Stopping here to add you in my contact list. Good luck with your endeavors. Switzerland. Peace
I have this conversation with many of my small business Gov't Contractor clients. I prepare them to become a prime contract holder by restructuring their COA's and recreating the books for the past couple of years in order to establish and justify the indirect rates, incurred cost submissions etc... Often they are great at their profession but not being in compliance with DCAA in order to properly account for the contracts, tasks, CLIN's and so on. Thanks for sharing this information it is PRICELESS!!!!
Organization is definitely a must for any business. Great job breaking down the cash flow buckets for a successful audit as well as giving the business owner a usable dashboard for his organizational management.
Amazing
This video was phenomenal! I now have the foundation I've been looking for before starting my business. Thank you sir! God bless and God speed.
Your videos helped me change the way I studied For my real estate exam and passed on the first attempt. Thank you for sharing knowledge!
Thank you for this. Going legit with my business and I was definitely doing my finances wrong mixing it with my personal funds. Thank you again. God Bless
Hahahha i use all my personal funds to do business hence I'm getting a new business 🤪
Thank you from the bottom of my heart ❤️.
This was exactly what I needed to see . The universe sent me to your page
I gained much needed knowledge .
You gained a 1 like and a appreciative thankful subscriber 😊
Super man thanks ive opened an llc lil over a yr now n ive just been feelin like im dead in the water. Im definitely goin to try out all these tips n tricks. They say theres a trick to every trade, its hard to know the trade(entrepreneurship) when ur just gettin started in it. Thanks again so much. Enjoy 😉
Bless Up King. Applied knowledge is POWER. I've made so many past mistakes not knowing this informative info. Now its my duty to apply it and teach my children as well. Bless Up King. Namaste
Thanks for this teacher. Gods will. I'm looking to launch my LLC 2022. Thanks again for this info.
Man thank you fam. Very appreciative and took my notes on how to more be more efficient and strategic. Nice gems fam!
Love the knowledge and enthusiasm. Keep doing what you are doing BRO! It is helpful to me and so many others. There are so many talented people with ideas but we go through life never learning these simple yet powerful principals, and just selling our souls to corporations.
I love this video! Thank you Prince. I am starting a business in the future. I needed this to guide me so I can be successful. Structure is everything.
I love it! I’m in the process of establishing my LLC. This video was very helpful. I will certainly implement into my Admin planning.
I've never heard this broken down like this before. I definitely learned something today, and I subscribed.
I am working to start my small business and love that I came across this video. The information provided is amazing.
FACTS... I just formed my LLC & My tax preparer told me to do exactly this. Thanks you for the info toward my business success 👍👍👍
Love it. I have always had at least 3 accounts - Op / res/ Misc. I like the Marketing, Innovation accounts - dislike the Tax on, yet I'm thankful for it. Why? Because where else in the world do we have the same opportunity to create our own destiny?
YOU touched on this in your previous video🙏 thank you for breaking this down I could listen to you speak all day💜 wait a minute, rewind ....I could watch you speak all day👀, but then I'd get nothing done LOL
You are so welcome
Brother you just got a new subscriber in the process of setting up my LLC and looking to get that in Delaware and this is great info because I'm trying to understand how to setup a business system and this is really great and I had to thank God for leading me to your channel. I just got off work about 11pm and been on RUclips since I got home which was about 11:48pm
I just followed your page not just cause your video was interesting but cause you had fun with it which means you love and know what you are doing, I heard that sound in between the video and I clicked the like
Superior presentation! It's about structure, discipline, and innovation. Great job from Tallahassee, Florida.
I will be using these strategies! Getting my LLC this week
Thank you for this great video. I just started my first LLC and wanted to learn tips about my bank acct and you helped me out with lots of info. I liked and I'm headed over to watch some more of your videos
Love the authenticity and transparency...I learnt quite a lot from this one video. Please keep sharing 😊
This is great ! I just started my business 6 months ago (renting booth at a salon) and I don’t think I’m making enough to apply it but definitely will as soon as I can actually make a profit enough to do so ! Thanks!
Step your marketing up. Your business should be booming right now. Figure out your clientele habits and target people just like them with Facebook ads. Spend $50 on Facebook ads and keep your instagram popping. You'll be booked out consistently
Briana
That operating and tax acct
Should be set up first a given
As u grow monthly quarterly. semi annually annually
Then marketing acct
Reserve acct
Innovation acct
Reason banks charge fees and you
Will be paying monthly all five
If ur bank charges no fees happy for U
Banks are in the business to profit
Fees surcharges loans etc etc..
Your Welcome
jb.ok
Love your channel bro all the way from South Africa , Learning alot. even though I need to convert somethings to our currency and systems but the points are so helpful. Shout out to you.
Thank you!
This Man is Always on point! Excellent job! Explains everything very well.
This is brilliant. I love this strategy. Thanks!
You're welcome!
Another option that may be easier especially if you're just starting out is set up a business account through something like Novo, Indi Axos etc and then you can create multiple "reserves" within that account. Some also can track expenses for you. I also use Keeper tax which sends you texts after each transaction asking if it was personal or business.
I'm surprised that more people have not did it... THANK YOU! Thank you for sharing that valuable information. This is really worth looking into. Great advice to consider!
Can you speak tutorial the process brother ?
@@israelcapo8673 ?
I've been in business 10 years and never knew this 😩
I like that idea of reserves...
Looking into it right now! 🏃🏿♀️🏃🏿♀️🏃🏿♀️
@@EnchantedJewelzEmpire cool yeah I used Novo and relay bank and you can do that with both of those. Makes things easier as opposed to have to sign up for handfuls of diff bank accounts
First off, Great video for me! As a beginner in this world of opening a business, yes I am at the early developmental stages currently and am learning everything on my own at the moment by watching, taking notes, etc. Had I not watched this I would not have had a clue on certain aspects of forming an LLC. I may at 1st not be able to jump into the LLC, but my biggest reason for wanting to is that in the event someone wants to "sue" me they cannot come after my personal assets. I, thus far know that has been my main reason for the LLC interest. Now with that said, your video I am watching next which is the different accounts to set up and why I am intrigued to learn more from you specifically because I can follow you easily in the way you are breaking things down simply and straight forward. I look forward to any comments from you in particular, and will continue to learn all that is necessary to move forward before moving forward. Great video, I Thank you! All Respect!!!!
I am sorry this was supposed to be put on the last video I watched of yours which was the things they do not tell you about an LLC. Did not realize it moved right into the next one I had bookmarked!!! OK, so I look forward to watching THIS video!!!!
I'm really glad your channel was in my recommendation list. I'm in the process of gathering useful information I need to start my small business on down to the name of my company as well. This is one of the Best Useful piece of information any business can have. Thanks so much and a new subscriber. Will be checking out the other videos as well.
I’m definitely using this strategy I appreciate the knowledge I’ll be hitting you up in the future for my tax💯
Let's go!
Omg I NEEDED to hear this💯💯 cuz idk wtf I'm doing. Kinda got thrown into this🤦♀️
Omg I just my business glory to God I found your video because I was going to go the bank soon now I am educated on the right keep up the excellent work brother!!!!!!!!!
Been following you and your wife on Ig for a while. I followed you first and then she starting appearing more and you two are amazing! Very strong black and faithful couple and plenty of valuable info for the youth and beyond! 2 mins in this video and I'm like " yep you on point"!
Yea Navy federal gave me a really high limit. I applied and was denied at first so I got a *Linux tech corps* service , and I was approved for a capital one. The limit was so small lol but I took it and worked on it. Because if that it helped my credit and I believe that’s what made me finally get approved for navy fed with such a high limit. they're still working on increasing the capital one since it was so low. All in all I’m satisfied.
Been saving to get my business license. As soon as I have it, im putting this into action
That's awesome!
Wow !
You are on top of the game my man ,thank you for sharing this much needed information
This video is a game-changer for LLC owners! Managing finances can be daunting, but the breakdown of the five essential bank accounts for LLCs makes it much more manageable. The presenter's clear explanations and practical tips provide a roadmap for organizing business finances effectively. Whether it's separating personal and business expenses or maximizing financial efficiency, this video offers valuable insights for LLC owners. Thanks for simplifying such an important aspect of running a business! 🏦💼
Yes it’s some good advice... the burp caught me off guard tho
I work in marketing. I can tell you that most businesses with perfect products fail because the business owners did not want to throw any money on marketing. They are never prepared for the costs and aren’t able to compete with those who do.
I am so grateful I found you. You're helping me create a bridge to my successful future.
Prince Donn thank you for the valuable information. I'm planning to start my own business, and doing a lot of search work to learn how to at least start. The five accounts you mentioned; I will be implementing. But I have to add one more account to that: "GIVING" for my tithes and offerings. Thank you from deep within my heart for such valuable information. All smiles!
Thank you so much for a video like this! I’ve been looking for a video like this on RUclips😊
You're welcome!
Good info but the burp was hilarious I had to rewind like 4 times to hear it again. You made my day.
Right, I was like, 'did he just burp and not say excuse me'🤣
I want to thank you for the thorough tutorial. I am going to use this system and I know it will work. Keep up the great work young man!! Be blesses