Disadvantages of LLC: Don't Believe All The Hype in 2024

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  • Опубликовано: 4 ноя 2024

Комментарии • 342

  • @LYFEAccounting
    @LYFEAccounting  2 года назад +18

    If you have an LLC consider watching this next "Single Member LLC: What You Need to Know" ruclips.net/video/iHy1xLYqS6Q/видео.html

    • @VeeMcShowbla22
      @VeeMcShowbla22 2 года назад +1

      I will watch this also

    • @lamarsdetailing7744
      @lamarsdetailing7744 2 года назад +2

      Is there by any chance I can get an answer for my question please??

  • @PamelaH_HappyVibes
    @PamelaH_HappyVibes 3 года назад +68

    How do you not have a Million subscribers?! Your videos are so good. I love the way you break down this concept into smaller parts. Thank you!

  • @consumerdebtchitchat
    @consumerdebtchitchat Год назад +1

    My ex and I had a commercial kitchen and we had an LLC and full business insurance.. I just started my cake business. I have my LLC along with business insurance. All it takes in the food industry is someone to present you with a hospital bill.
    I used to work in insurance liability. You may be broke today but your future income can be used against you and taken down the road through wage garnishment.
    Your LLC makes it so that can't happen. It's not expensive to have an LLC ... about $15 a month.
    Having worked in insurance the one thing I tell people is don't look at what you necessarily have today. Look at what you could have tomorrow and that's what someone can sue for .... Your future potential earnings.
    I also have a paid off residence, make a little over 60k, and a state pension plan. All of that can be sued for now and in the future without an LLC.
    It's not hard to file as a sole proprietorship on your 1040 ., Doing your profit and loss form.
    Your future is worth more than where you are now. And any good attorney will use it.

  • @techkadreclub4940
    @techkadreclub4940 3 года назад +9

    Right Sean, I rarely see any videos about the disadvantages. I have experienced rushing to get an LLC before I knew what I didn't know. Now I know whats up on different levels and from different views.

  • @CitizenJane100
    @CitizenJane100 3 года назад +10

    LLC Laws are different from state to state. In Arizona, there are NO annual filing fees; zero, zip, $-0-. & the one-time cost to set-up can be as low as $50. I see an LLC as cheap "insurance" to protect assets you might acquire, earn, build, etc in the future, like future earnings.

    • @marvelouss719
      @marvelouss719 2 года назад

      You are absolutely right. Individual state grants you the license to operate hence state laws come into play.

  • @dcmsr5141
    @dcmsr5141 3 года назад +16

    Beautiful information, I treat my business like an LLC insomuch I keep meticulous records, but as a sole proprietor, I'm really liking my position. but ultimately I'll have to LLC, the growth demands it.

  • @oscargomez5938
    @oscargomez5938 2 года назад +2

    I'm on the verge of starting my own business after working for other people for 8 years. These videos have helped so much.

  • @iSuperDD_
    @iSuperDD_ 2 года назад +11

    Thank you for this video! When it comes to starting a business, it's very important to hear the pros AND the cons.
    Of course we all want to dream big and hit the ground running but you also need to have a realistic plan for the type of business you are starting up. Someone who is selling custom keychains or t-shirts from home won't need the same liability protection as someone opening a bakery.

    • @tashabrown8301
      @tashabrown8301 2 года назад +2

      Wow…I have both! PT tshirt business that I intend to grow into an apparel brand soon and I have been baking cakes from home for 22 years as sole proprietor, No LLC!! I have been contemplating lately which do I get an LLC for?? Reading your comment looks like I need one for my bakery.

    • @deeliciousArrangemen
      @deeliciousArrangemen 2 года назад +2

      @@tashabrown8301 Wow, I make T-shirts and once started an apparel line; however, I stopped to rethink my brand image. Anyway, I also cook, and so far have only stuck mainly to late spring to early/mid-autumn (depending on the weather). Last year was my best year yet since I've moved to an entirely new neighborhood that just happens to be especially supportive of the small business person. I mean, the only big corporation businesses within at least a quarter-mile radius are franchises that are personally owned except for possibly one pharmacy. And due to this blessing of such an area, I would really love to make this an official company. I was already advised over ten years ago to LLC my clothing lines; however, I've been wondering if I should do the same for the food business. I honestly thought that I had a weird mixture of interests and talents nice to know I'm not alone.🥰🤗💪🏽

    • @tashabrown8301
      @tashabrown8301 2 года назад +1

      @@deeliciousArrangemen right!! I’m still deciding…. My goal is to make tomorrow my decision day!! Thinking about incorporating the two passions into one, tshirts & cakes.
      Blessings to you & likewise, it is good to see someone is like myself!! Tons of great ideas!! Blessings to you!

  • @neikoboi1
    @neikoboi1 3 года назад +5

    Great info! It's so true. I have a catering business as a Sole Proprietorship but I have $2,000,000 in business insurance and trying to get an investor for my new product and I have already been asked that question several times." Am I an LLC?" So its no need to jump to an LLC because if something happens I'm covered and may lose an investor. Thanks to you both for all the great videos!!

  • @TheBizeediva
    @TheBizeediva 3 года назад +7

    Great video! I'm learning a lot from you all. I do know someone who told me she's been running her business as a sole proprietorship for many years, and she's quite successfully. One thing I found out in my business journey was that when I decided to get my LLC, I had to to open a different bank acct to reflect the LLC...I couldn't just add 'LLC' to my business name on the acct . I'm working to establish business credit and was advised that my business needed to be registered with the State. Plus the nature of my business could open me to liability. It was pretty painless where I banked, and they were very helpful.

    • @LYFEAccounting
      @LYFEAccounting  3 года назад +1

      Thanks and it sounds like you’re off to a great start 👏🏽 do you mind me asking what kind of business you have?

    • @TheBizeediva
      @TheBizeediva 3 года назад +2

      @@LYFEAccounting A Notary Services business that consists of general Notary, Loan signings and Remote Online Notarization.
      BZD Notary Services in Texas

  • @SeanTheDon17
    @SeanTheDon17 3 года назад +32

    Kudos for providing such valuable information, even if it’s “against popular opinion”. I learned a lot!

    • @LYFEAccounting
      @LYFEAccounting  3 года назад +3

      Thank you for sharing your feedback Sean!

  • @S0up3rD0up3r99
    @S0up3rD0up3r99 3 года назад +5

    I was almost about to jump the gun and form my LLC. Currently not making any money with it right now and will definitely need investor support.

    • @LYFEAccounting
      @LYFEAccounting  3 года назад

      Ohh yeah, glad you saw this video forreal

  • @ericnesmith5852
    @ericnesmith5852 2 года назад +3

    Bro watching your videos for the first time and I am truly impressed and want to thank you as I am already a business owner and plan to expand in the near future and will be using your videos to guide me

    • @LYFEAccounting
      @LYFEAccounting  2 года назад

      Thanks, Eric! What kind of business do you own?

  • @jonathankerner2094
    @jonathankerner2094 3 года назад +3

    I'm exploring my first real estate investment in a single family. LLC is a good idea for me, right? I do have assets. I own my own home and have some money for retirement and so forth

  • @kellsamsamkay
    @kellsamsamkay 2 года назад +2

    Thanks, I have been watching so many videos to gain insight into when it's best to get an LLC. You have been the most to the point!

  • @naikeelovince7774
    @naikeelovince7774 3 года назад +5

    Thank you Sean for taking time to share valuable information with us. We appreciate you.

    • @LYFEAccounting
      @LYFEAccounting  3 года назад +1

      My pleasure! I appreciate you for watching.

  • @palomaca12
    @palomaca12 2 года назад +1

    I wish I saw your videos sooner. I got an LLC in college and I was definitely not ready, and didn’t understand what that would do to my taxes.

  • @alleyesonthetruejesuschristsav
    @alleyesonthetruejesuschristsav 2 года назад +3

    You look like a young Robert Townsend. Very impressive information. Thank you.

    • @LYFEAccounting
      @LYFEAccounting  2 года назад +2

      I get this allll the time, but I take it as a compliment. Thanks!

    • @alleyesonthetruejesuschristsav
      @alleyesonthetruejesuschristsav 2 года назад

      @@LYFEAccounting Awesome. I pray you all do well in your company. All of your team are super impressive. Keep up the good work guys.

  • @paulfincher9609
    @paulfincher9609 3 года назад +8

    As I have started considering taking my side hustle, web development, more seriously I have been watching your videos. Thank you for all the insight. I did just apply for my LLC last week because I want to protect my almost paid off home and paid off other assets. I have a couple of low cost customers so not making a ton of side hustle money but thought it would be safest to protect those assets and being in Florida the cost for a LLC isn’t bad.

    • @jeff31345
      @jeff31345 2 года назад

      How much risk do web developers have. Do you guys get suid?

    • @paulfincher9609
      @paulfincher9609 2 года назад +1

      @@jeff31345 I think with any business there is always some risk. It is good to keep business and personal assets separated just in case.

    • @mr.boobuster3691
      @mr.boobuster3691 2 года назад

      Any web3 experience?

    • @marvelouss719
      @marvelouss719 2 года назад

      @@jeff31345 You have a typing error. Clearly stated in the comment-- personal assets.

  • @CSG7Deuce74
    @CSG7Deuce74 2 года назад

    I never thought about this part. I did, but didn't know how to word the question. Good shit bro

  • @perryd43
    @perryd43 3 года назад +1

    Thank you for the post neighbor. Many blessings in return. Very informative.

  • @bernicebrandes1610
    @bernicebrandes1610 2 года назад +2

    Is an LLC good for beauty services? Lash extensions, eye brow microblading, nail art?

  • @rtanaka
    @rtanaka 3 года назад +13

    Excellent info. Thank you for sharing this. I wish I knew all these things before starting my LLC. Keep up the great work.

    • @LYFEAccounting
      @LYFEAccounting  3 года назад +2

      Thanks as always Ryan! LLCs are still incredible

    • @moneymoney4211
      @moneymoney4211 16 дней назад

      So how is it going now? I opened mine back in 2019 and haven’t made any profit because of the assets I did not have such as a vehicle, a property, employees and now I have acquired penalty fees and annual fees and have not even paid those

  • @tonyascreativespace3067
    @tonyascreativespace3067 2 года назад +14

    Having a LLC will help you get money for commercial property

    • @moneymoney4211
      @moneymoney4211 16 дней назад

      But how if I can’t even get a loan from a bank to acquire property?

  • @breew2968
    @breew2968 3 года назад +4

    Informative video as always 👍🏾. Also appreciate the short investor/busines owner sketches you all do too!

  • @briancarlisi2224
    @briancarlisi2224 3 года назад +3

    Easy understanding format. Thank you!

    • @LYFEAccounting
      @LYFEAccounting  3 года назад

      So glad you think so! Do you have an LLC?

  • @Blossom-gf3kx
    @Blossom-gf3kx 2 года назад +1

    Very contradictory. 🤔

  • @rehousethehomeless1925
    @rehousethehomeless1925 3 месяца назад

    Okay, a few questions--1: Why can't that LLC owner simply register their company as a C corp & move forward with the investors? 2. Can a sole proprietorship open a bank account and get credit? 3. Can a sole proprietorship get the same benefits an LLC owner can? 4. Why would anyone (right out the gate) jump into the C corp pool if they're new to business? Isn't that an (even bigger) financial risk? Who would you suggest anyone looking to form a compliant business turn to?

  • @Gala_Baba
    @Gala_Baba 2 года назад +1

    So what do you recommend for beginners if an LLC is not suitable?

  • @cherylmurray7942
    @cherylmurray7942 2 года назад +1

    Very thorough and understandable presentation. Thank you.

  • @redpillsocietyapparel5193
    @redpillsocietyapparel5193 3 года назад +2

    Thanks for the information. Alot of us really needed to hear this.

  • @brand2k
    @brand2k 2 года назад

    I really like your videos. I'm sure you get a hell of a lot of customers talking to people like this.

  • @two3musik
    @two3musik 2 года назад +3

    So how do you open up a business account or build business credit if you don't have an LLC?

    • @aloveaffairwithself
      @aloveaffairwithself 2 года назад +1

      The issue is you can’t. Because you need to form some sort of entity to get a FEIN number, and then a business bank account.
      Taxation in and of itself will be better as well if you decided to go under an SCorp taxation.
      But again, if your business is small and you have no assets, this may not apply to you.

  • @sali6522
    @sali6522 2 года назад

    You make a good point with the LLC, if you don't have assets, what are you protecting.

  • @melissaprydemsrcrrt8024
    @melissaprydemsrcrrt8024 3 года назад +21

    Appreciate the content. Starting a small business and was overly focused on the protection of an LLC, yet I don’t have assets at risk.

    • @tashabrown8301
      @tashabrown8301 2 года назад +1

      Me too!!!

    • @ursilaminor6447
      @ursilaminor6447 2 года назад

      Um this horrible advice because they can sue you or business. Even if you dont have assets you can still be charged and owe a who debt

    • @ursilaminor6447
      @ursilaminor6447 2 года назад +1

      an llc is only $150 and $50 annual renewal. it just makes sense and to do it.

    • @melissaprydemsrcrrt8024
      @melissaprydemsrcrrt8024 2 года назад

      @@ursilaminor6447 Care to elaborate? - Wouldn't having the appropriate business insurances provide protection?

    • @ursilaminor6447
      @ursilaminor6447 2 года назад

      What if your insurance doesn't cover all the damages. Look I don't know let's say you have a small truck and you want to have a moving company and you decide to drive and some little kid rather than the street their family sues you for wrongful death your insurance drops you doesn't cover shit and they see you for 5 million dollars. Guess what they have sued you and not your LLC and that debt will stick with you for the rest of your life.

  • @mrsknight2984
    @mrsknight2984 2 года назад +2

    The plus side of the LLC is it enables you to attain business credit and funding

  • @thestandberrys2519
    @thestandberrys2519 3 года назад +3

    So much great information, thank you for doing this for free

  • @culturedtherapist3211
    @culturedtherapist3211 2 года назад +1

    Thank you for this video, I have my savings and it needs to be protected.I recently started my Mental health consulting business and it doesn't make much money and it is liable business.

  • @madjack730
    @madjack730 2 года назад

    Thank you for the time stamps!!!!

  • @bdawg2513
    @bdawg2513 3 года назад +4

    I buy and repair computers at board level. But in order for me to have more purchasing power to acquire more to repair and resell I have to have a business account, and therefor need to have a registered business to do this. I'm seriously thinking of an LLC. So even if I do or don't have assets I would still need to do this I think. Correct me if I'm wrong please. By the way, love your videos and am grateful for the info.

    • @LYFEAccounting
      @LYFEAccounting  3 года назад +3

      In order to build business credit you need a registered business. We have an excellent video on our channel all about it.

    • @bdawg2513
      @bdawg2513 3 года назад

      @@LYFEAccounting ok thanks again

  • @islandgirl5382
    @islandgirl5382 2 года назад

    Thank You Sir.....You have just kept me from making a huge mistake! Yes, I am subscribing!

  • @usgenxr
    @usgenxr 3 года назад +3

    GAH! I watched this too late. :( Great information!

  • @alishadennis7769
    @alishadennis7769 2 года назад

    Thanks for the information we need to make a wise & less expensive decision for starting a business now.!!!! Blessings & happy New Year's to yours & you have n this big new 2022 !!!! 😁 😎

  • @sam10818
    @sam10818 2 года назад +1

    If you don't have LLC for your side business and also work full time job, can you still deduct expenses of your side business from your personal income to take tax benefits?

  • @BLACKAAROW
    @BLACKAAROW Год назад

    I’m gonna start a Shopify store so I’m gonna start an LLC. Also I do have assets (savings, stocks) and I also want to open a business checking account which needs an EIN so it makes sense for me to get an LLC

  • @marialavell2494
    @marialavell2494 2 года назад

    Thanks for posting this video. I needed this help

  • @Mr716er
    @Mr716er 2 года назад +1

    Hello Shawn I actually have a clothing brand and the business structure I have is an LLC. I've also went on to get my Business name and logo registered with USPTO. I have my serial number and it did cost me as the materials I've produced cost as well. I'm not making money like that but I do small sales here and there. My question is what step should I take from this point as I intend to keep pushing my merch? Really like how you break things down and I hope you reply to this so I can ask you more questions. Thank you kindly

  • @Jase-L
    @Jase-L 2 года назад +2

    Correction: FTC stands for "Federal Trade Commission" which is the government agency/regulatory body for "Fair Trade" and related policy in the United States. It is not called the "Fair Trade Commission". 😁

  • @Gi_Lovely
    @Gi_Lovely 2 года назад +1

    I got 2 LLCs because I am in the beauty industry service. For profit, not investing. Also, can you do a video explaining the other business licenses.

  • @Chunographx
    @Chunographx 2 года назад

    Liked and subscribed with notifications ✊🏾🙏🏿💯🎉

  • @SOTGFeaTure
    @SOTGFeaTure 2 года назад

    One of the best videos out here..definitely needed this appreciate it b I’m tuned in to your channel

  • @teenanguyen623
    @teenanguyen623 Год назад

    Thank you for breaking it down

  • @almondista
    @almondista 2 года назад

    I wish I had these tools before creating an LLC although I’m going to benefit from it later but with way more knowledge now thank you .

  • @Apparel869
    @Apparel869 2 года назад

    Excellent advice on LLC. Appreciate your honesty.

  • @CRAWPvideos
    @CRAWPvideos 2 года назад

    So say I have to put in my taxes for my business that doesn't have an LLC. Should I do a sole proprietorship or just not do anything?

  • @kristinahill2641
    @kristinahill2641 2 года назад

    this man is great. Thanks Shaun

  • @jessyb2314
    @jessyb2314 2 года назад +1

    Video is missing a bit of nuance
    1 You can be an s-corp with an llc. And you can convert an llc to a c-Corp.
    2. Dissolve your LLC don’t just let it lapse
    3 . Talk to a lawyer there are very affordable business attorneys who offer consults it will save you money long term.

  • @dmfrasier4025
    @dmfrasier4025 3 года назад +2

    Great information! Thank you!

  • @jossettamariewatts5418
    @jossettamariewatts5418 2 года назад

    Thank you so much for the content. Very helpful. But can you please do a video for Taxi drivers/Independent contractors? Thanks.

  • @Mrs_Canary
    @Mrs_Canary 2 года назад

    I want 2 start a business and have a business plan...if not an llc then what? How do we get investors? What book u read to learn these concepts?

  • @GoaWay...
    @GoaWay... 3 года назад +3

    Soooo, would a notary be liable for certain things and more likely to be sued? 🤔

    • @xxwoman
      @xxwoman 3 года назад +1

      I would think so. Imagine missing a fraudulent document and you OKed it. You might get sued by someone.

  • @ryanmorton6193
    @ryanmorton6193 3 года назад +3

    Do you have any videos that tell you how to start a sole proprietorship? With the advantages and disadvantages?

    • @LYFEAccounting
      @LYFEAccounting  3 года назад

      Have you seen my video on how to start a business?

  • @cuata3m618
    @cuata3m618 2 года назад

    I am glad I found you thanks so much.

  • @stargirlproduction3523
    @stargirlproduction3523 3 года назад +2

    I’m a notary public with errors & omissions, and general liability insurance. Would I need to form an LLC?

    • @LYFEAccounting
      @LYFEAccounting  3 года назад +1

      Great question. Watch this video 4 Triggers To Form an LLC: ruclips.net/video/co93Ff3yEtY/видео.html

  • @andreavruggero5539
    @andreavruggero5539 2 года назад

    I aprreciate this video I still have time to cancel my LLC, or I can change to sole? I have a checking account and EIN number under the that LLC number tho thanks!

  • @charmainefaulknor5546
    @charmainefaulknor5546 2 года назад

    Thanks for the information

  • @VeeMcShowbla22
    @VeeMcShowbla22 2 года назад

    Wow so informative- some of this I did know but some I did not know

  • @sali6522
    @sali6522 2 года назад

    I want to apply for government contracts and I also did not want to use my personal name. So having a business name is helpful.

  • @yogichanto723
    @yogichanto723 3 года назад +1

    Keep up the good work all of you!

  • @Aqui.esta.
    @Aqui.esta. 2 года назад

    Thank you for all your videos

  • @400yrsup
    @400yrsup 2 года назад

    Sound advice. Can I change to C Corp as an entrepreneur working as a business coach when I renew or are there more steps?
    Thank you

  • @Krthaspecialist
    @Krthaspecialist 2 года назад

    Great views. Are you licensed CPA able to work with clients from Connecticut?

    • @LYFEAccounting
      @LYFEAccounting  2 года назад

      Hey James, I reached out to you earlier today. I’m not a licensed CPA, but I work with clients all over the U.S. and there are CPAs on our team. Did you want to reschedule our consultation?

  • @soliver701
    @soliver701 3 года назад +2

    Thank you for all that you do. I really appreciate it.

  • @Eze1229
    @Eze1229 2 года назад

    I love your videos very informative and educational ❤️

  • @gailberryferguson3101
    @gailberryferguson3101 2 года назад +2

    Thank you for this video. I'm in the beginning stage of starting a medical clinic and a safe house for women. What is the best way to go about finding an inexpensive office for your business? I would prefer two houses close to each other that I could renovate.

    • @desireeanngarcia5343
      @desireeanngarcia5343 2 года назад

      Some people rent storage units for their business office, but they don't let the storage employee's know that they are using it as an office.

    • @fangsofmay
      @fangsofmay 2 года назад +1

      I don't know, but good luck to you! What a beautiful thing you are doing for those in need. 🙏❤️

  • @xabby1187
    @xabby1187 2 года назад

    Thanks Very informative...
    Question : If I want to kick people out my LLC but they refuse to leave, can I let it dissolve by not annualy registering it, then reopen it with just me?. Thanks.

  • @QueenMarvel111
    @QueenMarvel111 Год назад

    Thanks for this video.

  • @serene_001
    @serene_001 2 года назад

    Great information!

  • @10XL19
    @10XL19 2 года назад

    Thank you for the information
    Maybe you can answer my question here,
    So I make 60k from my full time w-2 job, and I’m looking to start an LlC this year that’s going to make me 40k doing cargo deliveries for 2 different companies, each one will pay me a 1099 form 20k each for the year. So my question is if this business is a Sole Proprietor, LLC or Scorp?

  • @jenninemorel7693
    @jenninemorel7693 2 года назад

    I'm soooo glad you did this

  • @damienkern6446
    @damienkern6446 2 года назад

    this is informative as hell thank you

  • @tashabrown8301
    @tashabrown8301 2 года назад

    Great info!!! Thank you!

  • @SigningWithOmar
    @SigningWithOmar 3 года назад

    Great information
    Now comes the decision between LLC & S Corp…hummm

  • @nbarbee50
    @nbarbee50 2 года назад

    Hey Shawn I think I just made the mistake of getting an LLC. It's just me I will be doing business online and as a relationship coach and I also have 2 RUclips Channels thank I am still trying to get monetized, but after watching your videos I see I made a mistake what should I do to correct this mistake and I am lost on the registration fees. I want to understand this do you offer counseling?

  • @princeguapo5764
    @princeguapo5764 2 года назад

    Okay i wanna build (Business Credit) i understand creating an LLC & EIN # You can start but , I personally won’t be ready to actually start receiving business for a few months. How should go about this. I wanna build ( BUSINESS CREDIT ) In the meantime to have a good back when actually ready. What would you guys recommend

  • @mikegeorge5569
    @mikegeorge5569 2 года назад +40

    Hello Mrs sonia is legit and her method works like magic I keep on earning every single week with her new strategies..

    • @kelvinprescott8594
      @kelvinprescott8594 2 года назад

      Wow I' m just shock someone mentioned expert Mrs sonia I thought I' m the only one trading with her

    • @kelvinprescott8594
      @kelvinprescott8594 2 года назад

      She helped me recover what I lost trying to trade my self..

    • @babodem2438
      @babodem2438 2 года назад

      I think I'm blessed because if not I wouldn't have met someone who is as spectacular as expert Mrs sonia .
      I think she is the best broker I ever seen

    • @jamespiper8107
      @jamespiper8107 2 года назад

      Mrs sonia is obviously the best, I invested $3,000 and she made profit of $28,000 for me just in 15 days,
      Her success story is everywhere

    • @stevengrizwald4196
      @stevengrizwald4196 2 года назад

      Fake AF 😆

  • @KlayWisseh
    @KlayWisseh 2 года назад

    It’s video like these that made me subscribe!

  • @ChocolateSiity313
    @ChocolateSiity313 2 года назад

    I currently have a photography side hustle that I want to build into a business. The only asset that I have is my car, which is fully paid off. I'm not a home owner yet and I am a college student as well. Should I get an LLC or just get a business license?

  • @JFKTLA
    @JFKTLA 2 года назад

    Who would I talk to to get proper advice business advice, an attorney, accountant? I have some questions due to what you mentioned in section #4

    • @LYFEAccounting
      @LYFEAccounting  2 года назад

      If it's more of a legal (protection) question then I would talk to an attorney. If it's more of a tax question then an accountant.

  • @tella2428
    @tella2428 2 года назад

    I'm subscribing just learned alot

  • @jlin74
    @jlin74 3 года назад +2

    Hi Sean. Thanks for all the great videos. Confused on your last point of not needing an llc to have an S-Corp. Isn’t S-Corp just an election, you need to have an llc to accomplish that? Please elaborate. Thanks a lot.

    • @LYFEAccounting
      @LYFEAccounting  3 года назад

      Hey! That is correct. Only a corporation or LLC can elect to be taxed as an S-corp. Hopefully, that helps.

  • @houseoftreasurellc8056
    @houseoftreasurellc8056 2 года назад +1

    Thank you. I am LLC. I wished i watched this before the plandemic...the adult toy industry is Already a hurdle

  • @lamarsdetailing7744
    @lamarsdetailing7744 2 года назад

    I run a mobile car detailing business called Lamar's Detailing out in Virginia Beach Va. My question to you right now I'm a sole proprietor should I switch over to a LLC because I work with vehicles and sometimes expensive vehicles??

  • @sonjalee9082
    @sonjalee9082 2 года назад

    Love it!! Now I understand 💕

  • @iamskinbeauty
    @iamskinbeauty 3 года назад +1

    You broke it down so well thank you

    • @LYFEAccounting
      @LYFEAccounting  3 года назад

      Perfect, glad you understood everything!

  • @MasterArmedforces
    @MasterArmedforces 2 года назад +7

    As a single member LLC which will apply to the IRS to be considered as an S-Corp, is there any benefit to listing myself as a "MEMBER managed" LLC vs a "MANAGER managed" LLC in my OPERATING AGREEMENT?

    • @wholesomenesstv
      @wholesomenesstv 2 года назад +2

      None of the options will impact your S Corp election. The S Corp election just tells the IRS how you want to be treated for tax purposes. Being member or manager managed is purely determined by your business model. Will you have someone else make decisions for your company or will you be the one to make them?

  • @leninfernandez9970
    @leninfernandez9970 Год назад

    Are there legal ways to be a merchandising company and at least hold off of paying the government per every transaction? I assume you pay those taxes at the end of the year but is there a way to legally do it without creating a business brand that doesn’t give you a smack on the wrist for just … starting a business?

  • @theartofadventuretalesofth4123
    @theartofadventuretalesofth4123 3 года назад +1

    Thanks for the very informative and charismatic videos. I'm in the process of building an art business while developing a hopefully soon-to-be patented invention that will DEFINITELY need investors in order to mass produce and market this product. Would you recommend starting my business adventure as a sole proprietorship? Thank you.

    • @LYFEAccounting
      @LYFEAccounting  3 года назад +1

      Hey! We actually have a course coming soon that will walk you through forming your business and funding your business (grants, loans, raising money, etc.). Will definitely let you know when the Money Smart Startup comes out.

  • @kamiaque2970
    @kamiaque2970 3 года назад +1

    Great information, thank you

    • @LYFEAccounting
      @LYFEAccounting  3 года назад +1

      Thank you for sharing this!

    • @kamiaque2970
      @kamiaque2970 3 года назад +1

      @@LYFEAccounting would you recommend and LLC for a bookkeeping business?

  • @dubeme.3014
    @dubeme.3014 3 года назад

    Amazing Content!!!👏👏👏Keep up the good work guys!