I appreciate people taking the time trying to help, it's just that you guys are missing the mark because you present the information like you're at a business conference instead of talking to a friend. It's completely different language. Especially when you are presenting information to people just learning concepts.
@@daniloghiotto8685 I’m pretty sure you can do both either on the phone or in person. It may be better to walk inside a branch and do it. Just so there is no confusion and everything is handled real time.
Relay online banking makes it super easy to make several categories of accounts. If you are familiar with the Profit First plan, Relay even makes that easy!
Great video! Are these accounts (ie, experiment account, payroll account) actually called these by name or are they all business ‘checking accounts’ (or ‘savings accounts’) that you simply would move money around to your main revenue (checking) account? In short, most people only know of checking and savings accounts. So are these them just under these names or are these actual account structures with their own name and purpose? Apologies if this sounds like a redundant question.
You just withdraw the money you need out. It's called an Owners Draw. LLC is a flow through entity so you won't generate a W2 or 1099. Once you net over 40k then you can get taxed as an S-Corp and that's a different(and better) ballgame
Lean more and book your demo with us now:
go.insightinnercircle.com/?el=5accounts
Ear muffs! Ha haaa. Nicely done again!
How much do you take out as an owners drawl?
I appreciate people taking the time trying to help, it's just that you guys are missing the mark because you present the information like you're at a business conference instead of talking to a friend. It's completely different language. Especially when you are presenting information to people just learning concepts.
This is exactly how I talk to my friends though. 😅
Thanks
Great video
Glad it was helpful
So walk me through this, can I walk into a bank open an account and then make 5 sub accounts? Each for the categories you mentioned?
Correct
Man of few words. Saved soooo much time with him!
do you need to go into a branch to organize this?
@@daniloghiotto8685 I’m pretty sure you can do both either on the phone or in person. It may be better to walk inside a branch and do it. Just so there is no confusion and everything is handled real time.
Relay online banking makes it super easy to make several categories of accounts. If you are familiar with the Profit First plan, Relay even makes that easy!
This is how you use 5 different Bank's accounts, or all under one umbrella in one Bank is what you are referencing?
0:48
@@dulcerodriguez3681😍
GLOWIN' BRO!
What mic are you using to record videos?
Great video! Are these accounts (ie, experiment account, payroll account) actually called these by name or are they all business ‘checking accounts’ (or ‘savings accounts’) that you simply would move money around to your main revenue (checking) account?
In short, most people only know of checking and savings accounts. So are these them just under these names or are these actual account structures with their own name and purpose? Apologies if this sounds like a redundant question.
Yes exactly. It’s the naming structure so you know how to funnel the finances to their proper allocation
Thank you!
🙏
How do you pay yourself as a llc
You just withdraw the money you need out. It's called an Owners Draw. LLC is a flow through entity so you won't generate a W2 or 1099. Once you net over 40k then you can get taxed as an S-Corp and that's a different(and better) ballgame
but are there any penalities fordraw down?
@@psdavis70
The flickering on your RUclips plaque is kind of distracting. Might need a new light.
its the fan reflection. lol
Is a savings account necessary if I have a holding company?
THANK YOU.
What types of business do you own???
can you do this as a foreigner
So would the revenue always hace a 0 balance after all the transfers to other accounts. Then its replenished when the next cycle of revenue comes in?
I’d never let it go to zero screws up the bank rating
💥💥💥 I was really looking forward to see what dumb expression you would use for your next thumbnail but you didn't do it! Wth!
Gotta keep you on your toes. LOL