Recommended formation service - We have negotiated with Northwest to provide the best discount and packages for our users, we get compensated when users use our discount links. 💼 Northwest 75% 𝗗𝗶𝘀𝗰𝗼𝘂𝗻𝘁 link - go.truic.com/3UJ0oV5 Fees are as follows $29 + state fee of $125 + $9 for BOI (This is optional but recommended as failure to do so can result in a fine of $500/day) 📙 Use our Free Guide to form your Florida LLC by yourself: howtostartanllc.com/florida-llc
If you have an operating agreement, it should describe the LLC's internal process for removing a partner. If the partner is withdrawing, they should provide a signed and dated later stating this. You'll need to report the change to the state of Florida here: dos.fl.gov/sunbiz/manage-business/update-information/ You'll need to amend your operating agreement if you have one. DISCLAIMER: Please note that the information provided by us is not, and it is not intended to, constitute legal advice or tax advice. For the most up-to-date legal advice, we advise deferring to a professional attorney or certified public accountant.
What if i have multiple businesses I'm running? How do I even go about that? Do I open ONE main and then add the others under that one name? For example, I do photography, videography, film , makeup & hair , i play music in several bands and i book two different types of music events. How can i organize this madness? XD
That's a really good question. Yes, you can do that. And, you can give each business a different name by registering DBA names. There are pros and cons to this approach. Here are the more important ones: Pros: You'll only have to manage one LLC and file one tax return. You won't pay fees on multiple LLCs. Cons: If one business under the LLC suffers a loss, the liabilities could impact the LLC and all of the businesses under it. It could be harder to get loans. Bookkeeping can get complicated. Best of luck!
An S corp is a tax classification that an LLC can elect. So you'd need the LLC first, regardless :) S corp makes sense for business owners who distribute most of the business's profit back to themselves as earnings. The work you do does seem to fit in this regard. S corp can be tricky from a bookkeeping and accounting standpoint. You'll need to hire a payroll service and you'll want to have an accountant (unless you have an accounting degree). I can't give you specific advice on the matter but I can tell you that for business owners who can pay themselves what the IRS deems a "reasonable salary" and a distribution of at least 20k annually, S corp usually saves them enough to cover accounting and payroll. That said... Electing S corp is something that can be done after the LLC is formed. 1800accountant offers free phone consultations if you want to talk to a professional about S corp: go.truic.com/47spLPd At TRUiC, our mission is to offer free resources and information. We support our work by partnering with service providers, earning a percentage on some of the offers we’ve negotiated on your behalf. 1800accountant is one such partner.
Florida asks for three different addresses: - the principal place of business (street address required) - the LLC's mailing address (can be a PO box or the same street address as the principal place of business) - registered agent address (can't be a PO box) If you'd like to keep your information as private as possible, you'd want to use Northwest as your registered agent and also, use their business address. The cost would be $29 (plus the fee from the state) for the first year. After that, registered agent services cost about $11 a month. Here's a exclusive link for that pricing: go.truic.com/45hplKy If privacy isn't a real concern for you, then you could use your own address for all three and start the LLC yourself. If you do choose to use Northwest's address for privacy, you'll want to be sure to have only government correspondence going to the address so as to avoid mail forwarding costs. Most business owners just need to set up e statements for banking to take care of this. Also, if you'll be applying for a unique identity number through SAM.gov, you'll need to use your own address as your business address. This number is most often used by contractors who want to bid on government contracts. Most business owners don't need this. Thanks again for watching and best of luck to you. Feel free to reach out with questions if you have them. **At TRUiC, our mission is to offer free resources and information. We support our work by partnering with service providers, earning a percentage on some of the offers we’ve negotiated on your behalf. Northwest is one such partner.
Basically, you start an LLC. Then, you elect S corp status with the IRS with form 2553. Or you can use a service like Northwest for $89 to do it for you, which includes a free year of registered agent services: Here's that link: go.truic.com/3V1JUYi At TRUiC, our mission is to offer free resources and information. We support our work by partnering with service providers, earning a percentage on some of the offers we’ve negotiated on your behalf. Northwest is one such partner.
TRUiC offers free information to small business owners. Most of the people we help are trying to start and run a business on their own. We support our work through partnerships with service providers like GoDaddy, Northwest, LegalZoom, and Quickbooks. I found one review for TRUiC on Trustpilot: Five stars. An amazing resource for small... An amazing resource for small businesses and prospective entrepreneurs. They have a RUclips channel and website with guides, templates and tools for registering businesses and non-profits and provide an extremely useful service for the public. Date of experience: July 11, 2020 Maybe you were referring to Northwest Registered Agent? We've been working with LLC service providers for more than 15 years and we know them all very well. I personally started my LLC with Northwest because I know their customer service to be the best available and I know their pricing is completely transparent. That said, you can find bad reviews on the web for any of the millions of businesses in the US. If reviews have left you feeling leary, it seems that the best way to know if a company will do a great job for you is to call them directly. Get a feel for their customer service and how they treat you on the phone. Send an email, too. We have a new LLC service review video coming out soon that really breaks everything down in an insightful way. I think it will help break through the noise for a lot of folks. All the best and thanks for the opportunity to share these thoughts. AND most importantly, best of luck with your small business!
Recommended formation service - We have negotiated with Northwest to provide the best discount and packages for our users, we get compensated when users use our discount links.
💼 Northwest 75% 𝗗𝗶𝘀𝗰𝗼𝘂𝗻𝘁 link - go.truic.com/3UJ0oV5
Fees are as follows $29 + state fee of $125 + $9 for BOI (This is optional but recommended as failure to do so can result in a fine of $500/day)
📙 Use our Free Guide to form your Florida LLC by yourself:
howtostartanllc.com/florida-llc
Thank you for your advice on open a LLC
I just registered and its very user friendly and took less than 5 minutes
Thank you again
Excellent service
Thanks for the feedback and congrats on the new LLC!
I clicked on this on accident😭😭
Same
@@DMG2013-o9k lol
After you got done crying, did you find yourself wanting to start an LLC in Florida?
I just did but it helps because I need to open a LLC
Same
Hello, how do I remove a partner from an L.L.C?
If you have an operating agreement, it should describe the LLC's internal process for removing a partner.
If the partner is withdrawing, they should provide a signed and dated later stating this.
You'll need to report the change to the state of Florida here: dos.fl.gov/sunbiz/manage-business/update-information/
You'll need to amend your operating agreement if you have one.
DISCLAIMER: Please note that the information provided by us is not, and it is not intended to, constitute legal advice or tax advice. For the most up-to-date legal advice, we advise deferring to a professional attorney or certified public accountant.
What if i have multiple businesses I'm running? How do I even go about that? Do I open ONE main and then add the others under that one name? For example, I do photography, videography, film , makeup & hair , i play music in several bands and i book two different types of music events. How can i organize this madness? XD
That's a really good question.
Yes, you can do that. And, you can give each business a different name by registering DBA names.
There are pros and cons to this approach. Here are the more important ones:
Pros:
You'll only have to manage one LLC and file one tax return.
You won't pay fees on multiple LLCs.
Cons:
If one business under the LLC suffers a loss, the liabilities could impact the LLC and all of the businesses under it.
It could be harder to get loans.
Bookkeeping can get complicated.
Best of luck!
@@HowtostartanllcOfficial Someone also suggested i do it as an S-Corp too. Thoughts?
An S corp is a tax classification that an LLC can elect. So you'd need the LLC first, regardless :)
S corp makes sense for business owners who distribute most of the business's profit back to themselves as earnings. The work you do does seem to fit in this regard.
S corp can be tricky from a bookkeeping and accounting standpoint. You'll need to hire a payroll service and you'll want to have an accountant (unless you have an accounting degree).
I can't give you specific advice on the matter but I can tell you that for business owners who can pay themselves what the IRS deems a "reasonable salary" and a distribution of at least 20k annually, S corp usually saves them enough to cover accounting and payroll.
That said...
Electing S corp is something that can be done after the LLC is formed.
1800accountant offers free phone consultations if you want to talk to a professional about S corp: go.truic.com/47spLPd
At TRUiC, our mission is to offer free resources and information. We support our work by partnering with service providers, earning a percentage on some of the offers we’ve negotiated on your behalf. 1800accountant is one such partner.
This is the first I've heard of a boi. I did not file it at the beginning of the year I knew nothing of it
Here's a link to get started: www.fincen.gov/boi
Can I use my home address for my business address?
Yes, you can. It will be on the public record though.
@@HowtostartanllcOfficial WOULD A P.O. Box be better?
Florida asks for three different addresses:
- the principal place of business (street address required)
- the LLC's mailing address (can be a PO box or the same street address as the principal place of business)
- registered agent address (can't be a PO box)
If you'd like to keep your information as private as possible, you'd want to use Northwest as your registered agent and also, use their business address. The cost would be $29 (plus the fee from the state) for the first year. After that, registered agent services cost about $11 a month.
Here's a exclusive link for that pricing: go.truic.com/45hplKy
If privacy isn't a real concern for you, then you could use your own address for all three and start the LLC yourself.
If you do choose to use Northwest's address for privacy, you'll want to be sure to have only government correspondence going to the address so as to avoid mail forwarding costs. Most business owners just need to set up e statements for banking to take care of this.
Also, if you'll be applying for a unique identity number through SAM.gov, you'll need to use your own address as your business address. This number is most often used by contractors who want to bid on government contracts. Most business owners don't need this.
Thanks again for watching and best of luck to you. Feel free to reach out with questions if you have them.
**At TRUiC, our mission is to offer free resources and information. We support our work by partnering with service providers, earning a percentage on some of the offers we’ve negotiated on your behalf. Northwest is one such partner.
So pretty ...😊
Is she AI? Yakity yack. She talks wayyyyyy to fast
Nope, she's human for sure :)
And, we agree, she could talk a bit slower to improve the video.
Thanks for the feedback!
Hi would you pls do how to start an Scorp in FL next.
We have content on our website on that topic and I can help you.
Do you already have an LLC?
Why does it take so long in Florida to form a corp
I have a. Orp and fla is making me wait to authorize opening of bank account.
Basically, you start an LLC. Then, you elect S corp status with the IRS with form 2553.
Or you can use a service like Northwest for $89 to do it for you, which includes a free year of registered agent services:
Here's that link: go.truic.com/3V1JUYi
At TRUiC, our mission is to offer free resources and information. We support our work by partnering with service providers, earning a percentage on some of the offers we’ve negotiated on your behalf. Northwest is one such partner.
This company has a lot of negative reviews, mostly for lack of communication and not refunding even when its within the eligible amount of time.
Thanks for the comment. Which company are you referring to?
Truic. Or whatever the link is in the description
TRUiC offers free information to small business owners. Most of the people we help are trying to start and run a business on their own. We support our work through partnerships with service providers like GoDaddy, Northwest, LegalZoom, and Quickbooks.
I found one review for TRUiC on Trustpilot:
Five stars. An amazing resource for small...
An amazing resource for small businesses and prospective entrepreneurs. They have a RUclips channel and website with guides, templates and tools for registering businesses and non-profits and provide an extremely useful service for the public.
Date of experience: July 11, 2020
Maybe you were referring to Northwest Registered Agent? We've been working with LLC service providers for more than 15 years and we know them all very well. I personally started my LLC with Northwest because I know their customer service to be the best available and I know their pricing is completely transparent.
That said, you can find bad reviews on the web for any of the millions of businesses in the US. If reviews have left you feeling leary, it seems that the best way to know if a company will do a great job for you is to call them directly. Get a feel for their customer service and how they treat you on the phone. Send an email, too.
We have a new LLC service review video coming out soon that really breaks everything down in an insightful way. I think it will help break through the noise for a lot of folks.
All the best and thanks for the opportunity to share these thoughts.
AND most importantly, best of luck with your small business!
Same😅
Thank you i really needed this info👍🏿
Happy to help, thanks for watching!