This is probably the most clear and easy to understand guide I've seen on this subject as someone that's just starting off, so thank you for this video.
It’s good to see you still put out solid content. A lot of business owners or future business owners don’t have the proper mentoring needed and this is a great way to get advice.
@@LYFEAccounting I have a single member LLC. I am considered a disregarded entity but I still wasn't entirely sure what that meant for all these different circumstances.
I'm starting my business currently. I own an online store which is currently registered as an individual, however I am working on an LLC. This was a big question I had so this was very helpful and informative. Definitely subscribing!
Regarding the bit on Tesla, it wasn't just once, but many times over they almost went bankrupt. One of the more notorious periods was in the financial crysis with Elon dumping whatever he had left (his own funds) to save the business, but incidents like early employees chipping in (hell, those living nearby sharing their houses with out of state employees) were a recurring thing for many years until fairly recently. Now they are starting to be a profit machine but worth noting how much of a miracle among miracles the organization stands as today!
Great addition, Paul. They are a powerhouse of a business - more like a holding company for 5 different businesses at this point! 🔥Glad they pulled through.
Thank you very much, this was a very nice video, yes very nice to understand specially for me who has started with a small business. will look forward for more of your videos.
@@LYFEAccounting I just have a lot going on at once. I think my biggest hurdle right now is time management and designated workspace. I'm working with crafts to sell and coming up with more of a manufacturing process; so figuring that out, with balancing work and life, as well as day job, taxes, inflation/ world situations outside of my control that would effect the business and adapting all at the same time. It's the busy season for me, as I also am raising a family, growing food, own a home and have a massive laundry list of tasks to complete. One day I may hire help, but have no idea how to go about that either at the moment, but we'll get there.
As a Doordash delivery driver who leases their car should I pay my lease from my personal or my business account. And same exact question for my phone bill since I need both of these to continue my business 🤔
As the managing member and general manager of an LLC, does it make sense to pay myself a salary and only take dividends after meeting the 3 month reserves and goal fund amounts?
Hello. I have one question; if I am owner of a sole proprietorship and sole member of a LLC, can I send money from the sole proprietorship to the LLC? If yes, what are the consequences?
how can i pay some individual ( not a company which can officially invoice me) for the virtual assistant services in foreign country ? can a single member LLC run a payroll and show it as salary for non-owner ? or how does this show up in book keeping ? Anyone please help
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This is probably the most clear and easy to understand guide I've seen on this subject as someone that's just starting off, so thank you for this video.
Hey Destiney, glad I was able to help. Let me know if you have any other questions.
Kieku
It’s good to see you still put out solid content. A lot of business owners or future business owners don’t have the proper mentoring needed and this is a great way to get advice.
I agree. Major reason we are so passionate about what we do. Thanks for supporting!
Thanks this really helped me clarify how I'm supposed to pay myself!
Glad it was helpful! What type of business do you have?
@@LYFEAccounting I have a single member LLC. I am considered a disregarded entity but I still wasn't entirely sure what that meant for all these different circumstances.
I'm starting my business currently. I own an online store which is currently registered as an individual, however I am working on an LLC. This was a big question I had so this was very helpful and informative. Definitely subscribing!
#replay - Value Bomb - Great info & video - Keep up the great work! 🙏😎👍🏽
Thanks a ton! Will do and be sure to share with a fellow entrepreneur! 😉
Regarding the bit on Tesla, it wasn't just once, but many times over they almost went bankrupt. One of the more notorious periods was in the financial crysis with Elon dumping whatever he had left (his own funds) to save the business, but incidents like early employees chipping in (hell, those living nearby sharing their houses with out of state employees) were a recurring thing for many years until fairly recently. Now they are starting to be a profit machine but worth noting how much of a miracle among miracles the organization stands as today!
Great addition, Paul. They are a powerhouse of a business - more like a holding company for 5 different businesses at this point! 🔥Glad they pulled through.
This is very much needed, thanks for covering this.
One of your best videos, thanks man!
Thank you very much, this was a very nice video, yes very nice to understand specially for me who has started with a small business. will look forward for more of your videos.
Do This AFTER you become an LLC - ruclips.net/video/OhJIamj8dyU/видео.html
I feel overwhelmed, but still going head on and plan to launch by the end of May/ beginning of June.
Hey! What exactly is overwhelming you? Would love to make a video on it for you and other entrepreneurs out there.
@@LYFEAccounting I just have a lot going on at once. I think my biggest hurdle right now is time management and designated workspace. I'm working with crafts to sell and coming up with more of a manufacturing process; so figuring that out, with balancing work and life, as well as day job, taxes, inflation/ world situations outside of my control that would effect the business and adapting all at the same time.
It's the busy season for me, as I also am raising a family, growing food, own a home and have a massive laundry list of tasks to complete. One day I may hire help, but have no idea how to go about that either at the moment, but we'll get there.
Do you have a video to pay yourself with incorp and explain how incorp work when filing tax?
Sounds Logical!
I always wondered how it is done thanx for the video
Glad to help
As a Doordash delivery driver who leases their car should I pay my lease from my personal or my business account. And same exact question for my phone bill since I need both of these to continue my business 🤔
Very informative. So disregarded status I can just take draws/dividends correct?
Should the vendors pay the business or owner as the payee?
As the managing member and general manager of an LLC, does it make sense to pay myself a salary and only take dividends after meeting the 3 month reserves and goal fund amounts?
Lol I felt some kind of way tryna join n subscribe tht man tryna make me pay
Subscribed. I need more knowledge on this. Thank you sir✊
Welcome aboard! If you want to grow your business and save on taxes, be sure to checkout the other videos on the channel 😄
Is there a way to create a paystub when I pay myself?Thanks Bro.
Hello. I have one question; if I am owner of a sole proprietorship and sole member of a LLC, can I send money from the sole proprietorship to the LLC? If yes, what are the consequences?
how can i pay some individual ( not a company which can officially invoice me) for the virtual assistant services in foreign country ? can a single member LLC run a payroll and show it as salary for non-owner ? or how does this show up in book keeping ? Anyone please help
On the LLC which method between salary and owners draw do you pay less on taxes?
Following 👀, good question
Hey Khalil, see the 5:00 mark of the video 😁