I really appreciate this video it was very helpful, and answer all my questions they gave me a step-by-step plan, and I read so much stuff it all confused me but you put it all together for me thank you and I really do mean that!
Your channel is my new favorite on RUclips. I have been "in the process" of starting my own business for a ridiculous amount of time. I am a bit of an over planner and am definitely my own worst enemy. I wish I would have come across your videos when I first started down the RUclips rabbit hole a little over a year and a half ago. Don't get me wrong, I have learned a wealth of info and found some amazing other channels in that time. I have only watched 3 of your vids so far and I am delighted to say that in 45 mins-ish, I went from "in the process" to "hell yeah, let's do this!" The levity that you bring into all the seriousness dissolved the anxiety that has been building for over a year and a half!! You sir, are a Rockstar. Thank you, thank you, thank you! Wish me luck!!
Business plans are essential to think, reflect, and consider internal and external factors that affect a business's profitability. Your burger restaurant example makes a lot of sense. Thanks for sharing!
Even with a great idea, team and plan, your business success depends on how well you can manage your business's finances. ... Knowing how much money is coming in and going out of your business each month (its cash flow) can also help you make strategic, fact-based decisions.
So blessed to have found this account I'm a college student and all of this is kind of scary. It's nice getting clarity and being able to learn the necessities.
Generally, you'll have an LLC taxed as an S-corp, provided you are earning enough that you can pay yourself a reasonable salary, and have K1 income leftover to take out of the business. Usually, the point it makes sense is about $40-50k (that you pay yourself from the business). Having an LLC gives you liability protection from business operations. It also acts as S-corp insurance, where in the case it makes sense for you to make the S election, you can back date it and be taxed as an S-corp, up to one year, with the help of a good lawyer.
You are very punctual, precise, and have great information. Your video edits and effects are on point. I've thought of a business idea we can use your talent with taking over the world's video industry. On another note Im working on a trillion dollar energy plan that I've should of done 15 years prior. Thanks for the info and impressive detail in video💯👍🏾
If you don't need a fully-fledged accounting package, then you can go for an invoice template in the beginning since it's the cheapest and fastest way to get started. Or if you've got more than a couple of invoices to send in the beginning, then an invoicing app such as InvoiceBerry comes in handy.
I really appreciate this video it was very helpful, and answer all my questions they gave me a step-by-step plan, and I read so much stuff it all confused me but you put it all together for me thank you and I really do mean that!
Sir thank you, so much for the this video with the inclusion of the visual aid “PowerPoint”presentation definitely graduated high school 06 this is how we learned!
the information only makes sense if you're larger. if you have a warehouse or dropship alot of product sure. but if you're just starting out this isn't needed. most people I know have a 9-5 including myself to fund that dream. I have a timeline where I'll be able to quit but not right now.
I have certain questions that will be easier to ask in a chat or over the phone. I really like the way you explain things and have a clear way to have others understand the concepts. is there a way that I can get in touch with you directly?
Thanks man appreciate the video! Do you have a specific accounting software you recommend? I know quickbooks is well known and widely used, I'm not really familiar with any alternatives
Thanks for these steps! I have a question! I want to make an online business. How do I choose the address for the business? Do you have a video on this? Operating an online business, but living somewhere else?
If your a sole proprietorship while getting started why not get business insurance to cover you and your business. This would allow you to build until you can become a LLC no?
If I was starting a retail shop or restaurant, how is it any different than before??? Rent, insurance, products, accountant, helpers that already seems like 50k how can the average Joe start, after years of saving or can bank give you a loan???
Thank you for your video! When applying for an EIN if you haven’t officially launched your business but are just in the planning stages what is appropriate to put for the start date? Also should you choose to file annually or quarterly when starting out? Thank you in advance!
IMy daughters and I want to start a business together. We want to do an S-Corp but wondered if we could all be equal owners and members or will there need to be 1 basic owner plus a board of directors? How should that be set up?
Hmm, I'd have to ask you some other questions to help guide your setup. You may want to consider booking a consultation with me at lyfetaxes.com/ In general, LLC may be a good option
Honestly either business entity could work. You should watch my other video on the disadvantages of an LLC to help you think through it: ruclips.net/video/YIeHSDbS63o/видео.html
@@LYFEAccounting I'm going to be completely honest with you. I just got out of prison after 9 years and 4 months. But I came up with this awesome logo. I showed it to a few people and they sort of flipped out and really like it. So I wanted to start a clothing company with this logo. I know its real "cliche", but if you saw it you would understand. So now I have this really cool logo and want to start a clothing business, and protect my logo, and have no idea where to start. I'm an electrician and have decent education, but want to get out of construction and work for myself.
@@matthewcook4955 Rooting for you, honestly, clothing companies are very difficult to turn into a big business. The biggest thing you can do is be great at digital marketing and getting people to see your stuff.
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Watch this next: "How to Start a Business WITHOUT money" ruclips.net/video/uCoFeOLQMus/видео.html
ruclips.net/video/TVuglPIdP_A/видео.html
I really appreciate this video it was very helpful, and answer all my questions they gave me a step-by-step plan, and I read so much stuff it all confused me but you put it all together for me thank you and I really do mean that!
Your channel is my new favorite on RUclips. I have been "in the process" of starting my own business for a ridiculous amount of time. I am a bit of an over planner and am definitely my own worst enemy. I wish I would have come across your videos when I first started down the RUclips rabbit hole a little over a year and a half ago. Don't get me wrong, I have learned a wealth of info and found some amazing other channels in that time. I have only watched 3 of your vids so far and I am delighted to say that in 45 mins-ish, I went from "in the process" to "hell yeah, let's do this!" The levity that you bring into all the seriousness dissolved the anxiety that has been building for over a year and a half!! You sir, are a Rockstar. Thank you, thank you, thank you! Wish me luck!!
Couldn't have said it better myself ! I hope all is well !
You my friend have maybe just saved me from making a mistake
That would make me happy
@@EricDavisED that is something that I will keep to myself
Your words per minute do not allow note taking .
This video was short for the amount of information packed into it. I found it very helpful.
This video is fantastic! I can't believe it doesn't have 100s of thousands of views. One of the best explanations of business entities I've seen
Wow, thank you! So glad that you enjoyed it
Business plans are essential to think, reflect, and consider internal and external factors that affect a business's profitability. Your burger restaurant example makes a lot of sense. Thanks for sharing!
Absolutely!
Thank You for sharing this information. I have successfully started 3 companies just by watching your channel. ❤
That's Amazing! Congrats Andrea.
Even with a great idea, team and plan, your business success depends on how well you can manage your business's finances. ... Knowing how much money is coming in and going out of your business each month (its cash flow) can also help you make strategic, fact-based decisions.
So blessed to have found this account I'm a college student and all of this is kind of scary. It's nice getting clarity and being able to learn the necessities.
Glad you found us too! Thanks for sharing your feedback
Cool. I’m on track, I guess. Next step is the business baking account. I’m still incredibly anxious about everything though!
Generally, you'll have an LLC taxed as an S-corp, provided you are earning enough that you can pay yourself a reasonable salary, and have K1 income leftover to take out of the business. Usually, the point it makes sense is about $40-50k (that you pay yourself from the business). Having an LLC gives you liability protection from business operations. It also acts as S-corp insurance, where in the case it makes sense for you to make the S election, you can back date it and be taxed as an S-corp, up to one year, with the help of a good lawyer.
Great point
How to draw up plans for Bar / Nite Club
thanks for teach us God bless you journey
You are very punctual, precise, and have great information. Your video edits and effects are on point. I've thought of a business idea we can use your talent with taking over the world's video industry. On another note Im working on a trillion dollar energy plan that I've should of done 15 years prior. Thanks for the info and impressive detail in video💯👍🏾
Here form the "How much does starting LLC cost" video. Keep 'em coming!
Deal!
The Best how to video I've seen yet! Thank you for you step-by step instructions
Well done and well presented - Thx
Wow how amazing am just too lucky to fall on this channel ❤️🔥
Favorite channel on RUclips rn and i only saw two videos
Now thats love, thanks for the comment!
Wow! Thank you for adding to my knowledge.
Love this content. So helpful and corny enough to keep my attention.
Very helpful and good tips!
Thanks for this. I'ts still relevant in 2023.
Yes it is, thank you!
This video was very informative and hella funny. Great job Black man!
Thanks you was very helpful 😊
If you don't need a fully-fledged accounting package, then you can go for an invoice template in the beginning since it's the cheapest and fastest way to get started. Or if you've got more than a couple of invoices to send in the beginning, then an invoicing app such as InvoiceBerry comes in handy.
Clear, concise, information! Great work man!🔥🔥🔥
I really appreciate this video it was very helpful, and answer all my questions they gave me a step-by-step plan, and I read so much stuff it all confused me but you put it all together for me thank you and I really do mean that!
Thanks for what you do! Great information. Much appreciated
Your videos are so easy to learn from. Thank you!
Glad you like them!
Helpful. Love this channel!
How do you find out how much tax to charge ? And who do you pay the tax to ? And how do I explain what And who ? Per customer ?
Sir thank you, so much for the this video with the inclusion of the visual aid “PowerPoint”presentation definitely graduated high school 06 this is how we learned!
7:06 😂 dance party, yeah!
Perfect Bro. Thanks, been looking around and you got straight to the point. 😇
This is the best video Ive seen on how to start so far
I appreciate that Cierra
Absolutely fantastic. This is very helpful.
Happy to hear that and thanks for watching.
Thank you so much for making this content!!
Glad you enjoy it!
the information only makes sense if you're larger. if you have a warehouse or dropship alot of product sure. but if you're just starting out this isn't needed. most people I know have a 9-5 including myself to fund that dream. I have a timeline where I'll be able to quit but not right now.
Thank you for the video.
I have certain questions that will be easier to ask in a chat or over the phone. I really like the way you explain things and have a clear way to have others understand the concepts. is there a way that I can get in touch with you directly?
Sean are you saying that the LLC has to have articles of incorporation and articles of operation but the c-corps and s-corps do not?
Dang, that's a LOT of info! Great job and thanks. Subscriber from NW FL.
Thank you for the well organized information.
Thank you brother💚
You're the most welcome, Swayla. Good luck!
great info thank you
So if I use an llc and choose to be taxed as an s-corp I still have to pay myself a reasonable salary correct?
Thanks man appreciate the video! Do you have a specific accounting software you recommend? I know quickbooks is well known and widely used, I'm not really familiar with any alternatives
This was extremely helpful.
Loved 😍 this video
Thank you 🙏🏾. The IRS joke was funny 😂😂
Great for note taking and free advice. Bless up god
Awesome stuff 👍
Great content
I will use it
excellent
thanks again.
Dimes and Gems, my friend!
New sub!!
Derrick, Thanks for the sub! Feedback means alot
love these steps. thanks you so much.
You're so welcome!
Fantastic, thanks!
Such a great starter video! Thank you so much for sharing your wisdom!
Thank you so much for watching! Are you considering start a business?
Thanks for these steps! I have a question! I want to make an online business. How do I choose the address for the business? Do you have a video on this? Operating an online business, but living somewhere else?
Very Helpful!!
Glad it helped you!
Earned your like man
You didn't mention the nonprofits or the Texas Social Enterprises (social purpose corporations).
Thank you much
Awesome video! Thank you
My pleasure! :)
If your a sole proprietorship while getting started why not get business insurance to cover you and your business. This would allow you to build until you can become a LLC no?
If I was starting a retail shop or restaurant, how is it any different than before??? Rent, insurance, products, accountant, helpers that already seems like 50k how can the average Joe start, after years of saving or can bank give you a loan???
Love, Love, Love the videos. LYFE Accounting has become my new virtual mentor in this area.
Thank you for your video! When applying for an EIN if you haven’t officially launched your business but are just in the planning stages what is appropriate to put for the start date? Also should you choose to file annually or quarterly when starting out? Thank you in advance!
Excellent
loved it
Awesome content. You know your stuff! Thanks for the videos.
My pleasure! Thanks fro watching.
Love your info man, need help. I’ve started a business have a ein and I have my local, working to create my business checking so wats next
Thank you this is very helpful
I'm so glad! Which part did you find most helpful?
Super helpful explanation and steps!
Glad you think so!
It's unfortunate that I can only give this one thumb up. Great video--thanks!
super hit video
I see the Title says 2024, but in the video you talk about 2020/2021. Is it safe to assume this video holds true for this year?
I have everything up until number 6…However I’m not selling anything and at this point I feel like I setup my llc prematurely…
Fab video awesome 😎
thanks for this 🙏🏾.
Thanks for watching
great vids .. small spelling error (empolyees) @ min 9:05
Thank you
For what?
thank you for your help.
You're welcome! Hope you consider subscribing :)
How do you copyright or trademark your logo ?
What about and LLC taxed as an SCorp?
Thank you so much❤❤
Of course, thanks for watching! Just curious, what did you find most helpful?
@@LYFEAccounting 6-8 especially
Ay Big Sean when your next album dropping?
As a Real Estate Agent, should I make a LLC? Of so, what is the procedure? Thanks
Is there a certain situation where filing as a sole proprietor or an LLC or anything else would be a better idea than the other entity type?
Yes, all depends on the business type. you should watch my video on the disadvantages of an LLC for example
Good info but that phone ringing sound effect is really annoying.
IMy daughters and I want to start a business together. We want to do an S-Corp but wondered if we could all be equal owners and members or will there need to be 1 basic owner plus a board of directors? How should that be set up?
Hmm, I'd have to ask you some other questions to help guide your setup. You may want to consider booking a consultation with me at lyfetaxes.com/
In general, LLC may be a good option
Thanks for the help. What about a clothing company?
NP, but what about it? What's your question?
@@LYFEAccounting llc/ sole propriter?
Honestly either business entity could work. You should watch my other video on the disadvantages of an LLC to help you think through it: ruclips.net/video/YIeHSDbS63o/видео.html
@@LYFEAccounting I'm going to be completely honest with you. I just got out of prison after 9 years and 4 months. But I came up with this awesome logo. I showed it to a few people and they sort of flipped out and really like it. So I wanted to start a clothing company with this logo. I know its real "cliche", but if you saw it you would understand. So now I have this really cool logo and want to start a clothing business, and protect my logo, and have no idea where to start. I'm an electrician and have decent education, but want to get out of construction and work for myself.
@@matthewcook4955 Rooting for you, honestly, clothing companies are very difficult to turn into a big business. The biggest thing you can do is be great at digital marketing and getting people to see your stuff.
Omg I love this video , thank you just sub
Wow I appreciate you taking the time to comment that 💯
I need help with marketing and advertising
If you're going to have a law firm, accounting firm or a medical practice, an LLP is what you'll need to have.
Hello, I did but the irs wrote me an email telling me I need an itin first, I filled up the ss4 form
like it thanks