Clint why do you never talk about nonbusiness LLCs? There are people who utilize LLC for privacy overall, and to only hold outright owned assets. no money, no banking, no income, no taxes so naturally never going to go to the government and apply for an EIN. Please do a a followup video on this llc and bank accounts since you only narrowly talked about investors, land lords..nothing to do with the common man using LLC entity for privacy and hold assets.
Hi Clint I have a question is it recommended to set up a management company for layering protection? .. for example where I have the holding company to hold equipment and colpany vehicles but have another llc that doesn't own assets but rents equipment from the holding company to fo business with the public?
If I have 3 rental properties each in its own LLC, if I have a separate Turo business (that doesn’t own any cars and I try to not keep a lot of money in there because it’s a operating company), couldn’t I turn the Turo business into a general rental business where it rents out cars but also leases out rental properties for those other three businesses? Is it possible for me to sign some kind agreement between the rental business and the 3 LLCs so that the rental business could rent out their property and then just collect all the money in that one general rental business and also in the agreement make it so that the rental business is responsible for maintenance so I don’t have to have credit cards for all three businesses and all that? Then just set up automatic payments from rental business to each LLC If so, what is agreement typically called?
Great question, to assist you further, I highly recommend you request a free 45-minute consultation to discuss this with my team so we can provide with you an answer that is unique to your situation. Visit: aba.link/m0s
Great question, to assist you further, I highly recommend you request a free 45-minute consultation to discuss this with my team so we can provide with you an answer that is unique to your situation. Visit: aba.link/m0s
Great question! I recommend registering for a complimentary consultation with my team. We'll tailor our advice to your specific needs. Sign up here: aba.link/m0s
Great info. Question: If we have the "Wyoming" company and child Florida LLC, and a management company for rentals, who/what bank pays the property taxes/HOA fees/ect? Would that be at Wyoming level or in this case would we need a child LLC level bank account?
@ClintCoons Thank, we were just recommended we do FL land trusts with WY LLC as benificiery, and another WY LLC as trustee. I asked around banks and they seem to not want to open accounts for the land trusts. Any way to stay private and protected and get bank account for land trust?
In scenario 2 where each rental property LLC gets paid, when or why do they need to pay the Blue Box LLC? I currently have the Blue Box LLC as owner of the Subsidiary LLCs but no bank account for it. There are only bank accounts for the subsidiary LLCs. Am I doing it wrong? 🤔
Love your content Clint! Can you help with a question? If I have a WY LLC, and set up a business bank account with EIN with my home address in another state... in what state does my tax liability fall for that business? Would I need to use a WY reg agent address for banking/is that even possible?
You will pay taxes in the state where you reside. If you set up a WY LLC to hold investments and you live in California then the income generated from these investments (event if held in a WY bank account) are taxable to you in California.
If I open the bank account for the Wyoming LLC online, to fund it through an ACH transaction; would it remove the anonymity? since the ACH will come more likely from the Wyoming LLC owner’s personal bank account?
Set up an LLC in your state and set up the bank account for it in person and fund it with cash, then use that LLC account to fund it the Wyoming LLC bank account online
This is really great information!! Question I have is, if I set up a WY LLC, and I am in TX with an LLC for each property (or a series LLC) Wont I be paying taxes to both states for all the LLCs? Why not just the one series in TX?
My issue is what do I need to get a bank account for a sole proprietorship. I was asked for articles of incorporation in order to open a bank account when I went to boa.
Clint Cloons For Pres! Sir would it be necessary to set up a bank account for my LLC holding my options trading account or just let my wyoming Managment S corp's Bank account receive them. And income from the stock market regardless is passive income in the eyes of irs
If a bank will not accept a virtual business address when opening a business bank account, is it ok to use your home address? Wouldn't this eliminate anonymity?
Can you talk about off shore companies that are disregarded into a US LLC? I’m interested for crypto and accessibility of non US exchanges and how to pay tax on that. Also possible international homes.
@@ClintCoons I’m also interested in business credit cards. Can I have one for many ventures if they are all disregarded entities or is separate better? Can they be biz cards in my name or do they have to be in the business name? Future vid is welcome.
@clintcoons If I have a Wyoming hold account only, can I use or apply for business credit and use it for other to states to fund or would it be better to just open another LLC in the state that I want and apply for business credit?
Have questions about this video? Sign up for a free consultation to get your questions answered by the professionals. aba.link/m0s
YES. You will miss opportunities if you don’t. Lines of credit is the first thing that comes to mind.
Clint why do you never talk about nonbusiness LLCs? There are people who utilize LLC for privacy overall, and to only hold outright owned assets. no money, no banking, no income, no taxes so naturally never going to go to the government and apply for an EIN. Please do a a followup video on this llc and bank accounts since you only narrowly talked about investors, land lords..nothing to do with the common man using LLC entity for privacy and hold assets.
Noted. Thanks for the idea.
WOW. Very helpful! Especially the body language part that nobody else on RUclips talk about. GREAT INFO as usual.
Glad it was helpful!
Hi Clint I have a question is it recommended to set up a management company for layering protection? .. for example where I have the holding company to hold equipment and colpany vehicles but have another llc that doesn't own assets but rents equipment from the holding company to fo business with the public?
Yes, that works. Keeping the equipment separate protects in the event of a lawsuit against the business.
If I have 3 rental properties each in its own LLC, if I have a separate Turo business (that doesn’t own any cars and I try to not keep a lot of money in there because it’s a operating company), couldn’t I turn the Turo business into a general rental business where it rents out cars but also leases out rental properties for those other three businesses? Is it possible for me to sign some kind agreement between the rental business and the 3 LLCs so that the rental business could rent out their property and then just collect all the money in that one general rental business and also in the agreement make it so that the rental business is responsible for maintenance so I don’t have to have credit cards for all three businesses and all that? Then just set up automatic payments from rental business to each LLC
If so, what is agreement typically called?
Great question, to assist you further, I highly recommend you request a free 45-minute consultation to discuss this with my team so we can provide with you an answer that is unique to your situation. Visit: aba.link/m0s
Thanks 😊!
It was very useful
Great question, to assist you further, I highly recommend you request a free 45-minute consultation to discuss this with my team so we can provide with you an answer that is unique to your situation. Visit: aba.link/m0s
Clint, how would structure bank accounts for land trusts? Bank account under trustee or beneficiary?
Great question! I recommend registering for a complimentary consultation with my team. We'll tailor our advice to your specific needs. Sign up here: aba.link/m0s
Great info. Question: If we have the "Wyoming" company and child Florida LLC, and a management company for rentals, who/what bank pays the property taxes/HOA fees/ect? Would that be at Wyoming level or in this case would we need a child LLC level bank account?
Child level
@ClintCoons Thank, we were just recommended we do FL land trusts with WY LLC as benificiery, and another WY LLC as trustee. I asked around banks and they seem to not want to open accounts for the land trusts. Any way to stay private and protected and get bank account for land trust?
In scenario 2 where each rental property LLC gets paid, when or why do they need to pay the Blue Box LLC?
I currently have the Blue Box LLC as owner of the Subsidiary LLCs but no bank account for it. There are only bank accounts for the subsidiary LLCs.
Am I doing it wrong? 🤔
When you take money out of the subs, it needs to flow through the Blue box. Do not pay the funds directly to yourself.
@ClintCoons thank you!!! I had no idea. That's critical info, thank you so much for all the great content and knowledge you share.
Love your content Clint! Can you help with a question? If I have a WY LLC, and set up a business bank account with EIN with my home address in another state... in what state does my tax liability fall for that business? Would I need to use a WY reg agent address for banking/is that even possible?
You will pay taxes in the state where you reside. If you set up a WY LLC to hold investments and you live in California then the income generated from these investments (event if held in a WY bank account) are taxable to you in California.
If I open the bank account for the Wyoming LLC online, to fund it through an ACH transaction; would it remove the anonymity? since the ACH will come more likely from the Wyoming LLC owner’s personal bank account?
I recommend registering for a complimentary consultation with my team. We'll tailor our advice to your specific needs. Sign up here: aba.link/m0s
Set up an LLC in your state and set up the bank account for it in person and fund it with cash, then use that LLC account to fund it the Wyoming LLC bank account online
@lt_jordan93 did you figure that out?
But you still need child LLC level bank account for each LLC to pay property taxes/HOA fees/ect?
Not necessarily. You can run it through a management LLC or the holding LLC if you have great bookkeeping.
This is really great information!! Question I have is, if I set up a WY LLC, and I am in TX with an LLC for each property (or a series LLC) Wont I be paying taxes to both states for all the LLCs? Why not just the one series in TX?
No. WY does not tax the income.
My issue is what do I need to get a bank account for a sole proprietorship. I was asked for articles of incorporation in order to open a bank account when I went to boa.
Yes, you do if you are opening a bank account for a disregarded LLC.
Clint Cloons For Pres! Sir would it be necessary to set up a bank account for my LLC holding my options trading account or just let my wyoming Managment S corp's Bank account receive them. And income from the stock market regardless is passive income in the eyes of irs
Yes you will need a bank account for your options holding LLC. If you take distributions you may need to run it through the LLC account.
Clint, the best content . Can I use person bank account for a c-org for real estate?
What type of investing?
@@ClintCoons Wow, thanks for the reponse Clint. The c-corp is to hold real estate holding. Sorry should have said c-corp not c-org. Many thanks.
If a bank will not accept a virtual business address when opening a business bank account, is it ok to use your home address? Wouldn't this eliminate anonymity?
Yes you would need to provide your home address and it wont blow your anonymity unless it is printed on your checks. Use the VBA for your checks.
This is timely. Where is blue box bank account set up if using a PM?
The blue box will always need a bank account.
@@ClintCoonsI didn’t complete my thought. 😊I was thinking about a WY holding LLC.
Can you talk about off shore companies that are disregarded into a US LLC? I’m interested for crypto and accessibility of non US exchanges and how to pay tax on that. Also possible international homes.
I appreciate your interest in the topic! I'll definitely consider covering that in a future video.
@@ClintCoons I’m also interested in business credit cards. Can I have one for many ventures if they are all disregarded entities or is separate better? Can they be biz cards in my name or do they have to be in the business name? Future vid is welcome.
Well done
Thanks
"wire"
Is the PM LLC owned by the WY LLC
Typically no.
How do you hide your ownership then?
Thanks
@clintcoons If I have a Wyoming hold account only, can I use or apply for business credit and use it for other to states to fund or would it be better to just open another LLC in the state that I want and apply for business credit?
Yes. I have a video coming up very soon on this topic.
Why even draft all those different LLC’s to hold separate properties instead of putting the properties in one LLC with one Wyoming holding company
If one of the properties causes an injury, then every property in the LLC is at risk.
WOW. Very helpful! Especially the body language part that nobody else on RUclips talk about. GREAT INFO as usual.