*Rhetorical questions* What type of lawsuits does the policy cover? If the business is sued for $1M, how much will the policy pay out? What's your plan if the policy denies coverage? What's the deductible? How much will the premium rise if the business ever makes a claim? (according to the SBA 90% of small businesses will get sued at some point) Liability insurance offers protection but if you don't know answers to the above questions you don't know how much or (how little) protection you actually have.
Q? what if you already have an LLC but you have picked up some independent contractor work that isn't really what your company does, can I still use my current LLC or do I need to create a new LLC in the field of the independent contractor work?
You can use a LLC for any legal purpose. From the information you provided, there is no issue with using your existing LLC for your independent contract work as long as you are not misleading anyone about the purpose of the LLC. ***This response is for informational purposes only and not intended to substitute a consultation with an attorney or establish an attorney client relationship.***
I have a question! I am a personal trainer and Jess are working for a small gym as a independent contractor, can I have them pay me through my LLC or have them pay through my business bank account?
Hello. I am a Real Estate Agent as an Independent Contractor. Should I form an LLC? Also I plan to be Real Estate Investor aside from being an agent. Should I make a separate LLC for that?
Hi! Generally speaking, there are a couple of advantages to forming a LLC for each stream of income you create. If you structure it the right way, you can enjoy separate liability protections for each stream and it may be more tax efficient. However, there are increased costs efforts and record keeping associated with forming and maintaining two LLCs so you have the weigh the benefits vs. the costs. I hope this helps!
@@blackezi3 A holding company is a great way to maximize tax efficiency and liability protection. Cost depends on your state. In FL, it would cost about $400 to start and $400 a year to maintain 3 LLCs. The real cost is using an accountant and/or lawyer to ensure you are utilizing them properly. A less costlier option to consider is forming one LLC with a separate DBA for each revenue stream. This of course depends on the rules of your state and your particular priorities.
@@BryantTaylorLaw Ok that's actually not that bad of a price. And thank you for explaining things so well. My end goal, (2 years into the future) is to eventually have a Real Estate Fund, apply for Business Credit, involve other investors, etc. So if I want to do that, should I elect to start a Corporation taxed as a C-Corp, or elect to be a LLC taxed as a C-Corp?
@@blackezi3 My pleasure! That's a difficult question to answer without knowing more details. If you are looking to start a Florida business, feel free to email us at info@sbttlaw.com to set up a strategy session for advice on your specific situation.
Hey Samuel, so I'm a life insurance agent as well as my wife. We're in Florida. I'd like to form LLC and do sales under that LLC. Actually both my wife abs I would like to under the LLC. And eventually we'd like to hire an assistant. What does that process look like? Is it possible for my wife and I to sell insurance under the LLC and pay ourselves? And are we able to hire an assistant as well?
Hi Titus, yes that's possible but it's difficult to fully address your questions without more information. If you send an email to info@sbttlaw.com, we would be happy to set you up with a consultation to give you more insight.
Very helpful information. Does those same benefits apply if the independent contractor joins an LLC as a member and not as an owner? Say his wife is the owner of the LLC and he is joining it as a member. Any issues in this case? Thanks Bryant!
Glad you found it helpful! A "member" of a LLC is also an "owner" of the LLC. I can't comment on your specific information without more information. If you send an email to info@sbttlaw.com we can set you up with a free consultation.
So does the same apply if my 1099 is 2nd job that I do on the weekends driving a commercial truck for another business? The commercial truck I drive is not mine it belongs to that business that hired me part time 1099
It depends. Generally speaking, LLCs are a good idea if you plan to have multiple people/customers paying the LLC and the LLC is being used for business purposes. If you as a 1099 are only earning income as a worker, you may not need a LLC.
I am doing research to set up an llc, get liscenced, and open a motorcycle shop. Is it possible for me to roll my investment portfolio into the llc to utilize the tax advantages that an llc would provide? Thank you for the video. It's much appreciated!!
I hate giving the "you should speak to a lawyer individually" response but it is difficult to directly answer that question. Depending on the nature of the investment portfolio, it is possible. For example, you can transfer a portfolio of rental properties to your LLC, but it may not be advisable to transfer a brokerage account. As long as your internal records for the LLC are proper and clear, there is a lot of flexibility in the assets that you can own under a LLC. But for more specific guidance on your particular situation I would have to advise that you speak with a lawyer 1 on 1. I hope this helps.
Hello. If I want to start my own Technical Writing, Grant Writing and Proposal Writing business where I do a lot of contract work, should I put all the professional technical communication services that I will provide into one single member LLC?
We can't give you specific advice about your situation without a legal consultation but generally speaking, using one LLC is a good start and then expanding to more LLCs for any service that is a lot different from the original LLC. Hope this helps!
Want to talk to a business attorney 1 on 1? Use the link below: app.lawmatics.com/forms/share... Want some free resources to help with your business? Visit our website below! Website = www.sbttlaw.com/ Facebook = facebook.com/sbttlaw Linkedin = www.linkedin.com/company/sbttlaw Twitter = twitter.com/bryanttaylorlaw Instagram = instagram.com/bryanttaylo...
I buy liability insurance so I don't think I have to worry about this.
*Rhetorical questions*
What type of lawsuits does the policy cover?
If the business is sued for $1M, how much will the policy pay out?
What's your plan if the policy denies coverage?
What's the deductible?
How much will the premium rise if the business ever makes a claim? (according to the SBA 90% of small businesses will get sued at some point)
Liability insurance offers protection but if you don't know answers to the above questions you don't know how much or (how little) protection you actually have.
Q? what if you already have an LLC but you have picked up some independent contractor work that isn't really what your company does, can I still use my current LLC or do I need to create a new LLC in the field of the independent contractor work?
You can use a LLC for any legal purpose. From the information you provided, there is no issue with using your existing LLC for your independent contract work as long as you are not misleading anyone about the purpose of the LLC.
***This response is for informational purposes only and not intended to substitute a consultation with an attorney or establish an attorney client relationship.***
Thank you! This was a good video! You have ig?
I have a question! I am a personal trainer and Jess are working for a small gym as a independent contractor, can I have them pay me through my LLC or have them pay through my business bank account?
Yes, if you are an independent contractor you can form a LLC and have your pay directed to your LLC.
Very good and straight forward information. Great value and thank you Bryant !
Thank you for the kind words!
Hello. I am a Real Estate Agent as an Independent Contractor. Should I form an LLC?
Also I plan to be Real Estate Investor aside from being an agent. Should I make a separate LLC for that?
Hi! Generally speaking, there are a couple of advantages to forming a LLC for each stream of income you create. If you structure it the right way, you can enjoy separate liability protections for each stream and it may be more tax efficient. However, there are increased costs efforts and record keeping associated with forming and maintaining two LLCs so you have the weigh the benefits vs. the costs. I hope this helps!
@@BryantTaylorLaw Thank you so much. Would it be better to start a Holding Company for these 2 endeavors? Is it a costly thing to start one?
@@blackezi3 A holding company is a great way to maximize tax efficiency and liability protection. Cost depends on your state. In FL, it would cost about $400 to start and $400 a year to maintain 3 LLCs. The real cost is using an accountant and/or lawyer to ensure you are utilizing them properly. A less costlier option to consider is forming one LLC with a separate DBA for each revenue stream. This of course depends on the rules of your state and your particular priorities.
@@BryantTaylorLaw Ok that's actually not that bad of a price. And thank you for explaining things so well. My end goal, (2 years into the future) is to eventually have a Real Estate Fund, apply for Business Credit, involve other investors, etc. So if I want to do that, should I elect to start a Corporation taxed as a C-Corp, or elect to be a LLC taxed as a C-Corp?
@@blackezi3 My pleasure! That's a difficult question to answer without knowing more details. If you are looking to start a Florida business, feel free to email us at info@sbttlaw.com to set up a strategy session for advice on your specific situation.
Hey Samuel, so I'm a life insurance agent as well as my wife. We're in Florida. I'd like to form LLC and do sales under that LLC. Actually both my wife abs I would like to under the LLC. And eventually we'd like to hire an assistant. What does that process look like? Is it possible for my wife and I to sell insurance under the LLC and pay ourselves? And are we able to hire an assistant as well?
Hi Titus, yes that's possible but it's difficult to fully address your questions without more information. If you send an email to info@sbttlaw.com, we would be happy to set you up with a consultation to give you more insight.
Great video
Thank you!
Very helpful information. Does those same benefits apply if the independent contractor joins an LLC as a member and not as an owner? Say his wife is the owner of the LLC and he is joining it as a member. Any issues in this case? Thanks Bryant!
Glad you found it helpful! A "member" of a LLC is also an "owner" of the LLC.
I can't comment on your specific information without more information. If you send an email to info@sbttlaw.com we can set you up with a free consultation.
So does the same apply if my 1099 is 2nd job that I do on the weekends driving a commercial truck for another business? The commercial truck I drive is not mine it belongs to that business that hired me part time 1099
It depends. Generally speaking, LLCs are a good idea if you plan to have multiple people/customers paying the LLC and the LLC is being used for business purposes. If you as a 1099 are only earning income as a worker, you may not need a LLC.
I am doing research to set up an llc, get liscenced, and open a motorcycle shop. Is it possible for me to roll my investment portfolio into the llc to utilize the tax advantages that an llc would provide?
Thank you for the video. It's much appreciated!!
I hate giving the "you should speak to a lawyer individually" response but it is difficult to directly answer that question. Depending on the nature of the investment portfolio, it is possible. For example, you can transfer a portfolio of rental properties to your LLC, but it may not be advisable to transfer a brokerage account. As long as your internal records for the LLC are proper and clear, there is a lot of flexibility in the assets that you can own under a LLC. But for more specific guidance on your particular situation I would have to advise that you speak with a lawyer 1 on 1. I hope this helps.
You the man!!
Thank you!
Hello. If I want to start my own Technical Writing, Grant Writing and Proposal Writing business where I do a lot of contract work, should I put all the professional technical communication services that I will provide into one single member LLC?
We can't give you specific advice about your situation without a legal consultation but generally speaking, using one LLC is a good start and then expanding to more LLCs for any service that is a lot different from the original LLC. Hope this helps!
Want to talk to a business attorney 1 on 1? Use the link below:
app.lawmatics.com/forms/share...
Want some free resources to help with your business? Visit our website below!
Website = www.sbttlaw.com/
Facebook = facebook.com/sbttlaw
Linkedin = www.linkedin.com/company/sbttlaw
Twitter = twitter.com/bryanttaylorlaw
Instagram = instagram.com/bryanttaylo...