Thank you. One is able to understand what the four structures are in a business. Being able to explain...is one thing. Being able to understand what you are explaining is another thing. So, Thank you Again. I understood.
In a general partnership, one partner could be liable for the entire partnership liability. Here is how. Assume the partnership has a judgment against it for $2,000,000. The first place to look for the money is the partnership assets. Let's say that runs out at $1,000,000, so now the other $1,000,000 passes through to the partners, either pro rata or as the partnership agreement states. However (here is the catch), if the other partner cannot satisfy his/her $500,000 share, then the other partner if they have the assets will have to make up the difference to the third party claimant. The partner who pays more does have a right to sue the other partner, but the other partner has no more assets, so that is usually a moot point.
great video. thanks for explaining thoroughly. I am a new real estate agent/ Independent contractor. I hope you do a video when you write off your spending how much exactly you are writing off. I mean I don't understand how much we will get back from a example business travel, gas, rental property. if you make a video on how much tax write-off for business expenses for real estate agent. that will be great.
@@LYFEAccounting yes I have purchased a truck but it took all my funds . That's why I'm hesitant in setting up a llc . Not sure if it would be wise to establish the LLC now and I'm not ready to work the truck
I'd like to start a small trucking company. I've no partners at this and I'd like to start small by purchasing a small truck that doesn't require a cdl. What's the best entity for su h a business?
I am planning to start a tax preparation business from home. Which business structure would be best for me? Sole proprietor, Corporation or LLC? I will be the only owner.
This was good knowledge, and I appreciate it! USEFUL!! however there were many grammatical errors throughout the video, keep an eye on that in the future. Thanks for the info
You rock. Thank you for this info. Super helpful.
This was fantastic, thank you so much!
Thank you. One is able to understand what the four structures are in a business. Being able to explain...is one thing. Being able to understand what you are explaining is another thing. So, Thank you Again. I understood.
Thank you for a great video explaining the purpose of each legal structure as well as selecting the best structure for my business.
This was very helpful. Thank you!
Thank You, Thank You, Thank You. This is Sooooo Informative. THANK YOU💖👏👏👏👍👍🤗 You Covered all my questions and more.
Very informative. Bring a lot of clarity to big subject. Non-profit video please👍🏾
Thanks for sharing!
My guy Sean!! What up!! Another great video lyfe acct family
Anybody can become a CPA just by watching your videos. Thank you for the great information always.
Haha I really appreciate that! Are you an accountant as well?
Hi, thank you for your insight, yes, I would like to learn more about a Non Profits!
This was excellent. Great job sir.
. Thank you for sharing this great information.
In a general partnership, one partner could be liable for the entire partnership liability. Here is how. Assume the partnership has a judgment against it for $2,000,000. The first place to look for the money is the partnership assets. Let's say that runs out at $1,000,000, so now the other $1,000,000 passes through to the partners, either pro rata or as the partnership agreement states. However (here is the catch), if the other partner cannot satisfy his/her $500,000 share, then the other partner if they have the assets will have to make up the difference to the third party claimant. The partner who pays more does have a right to sue the other partner, but the other partner has no more assets, so that is usually a moot point.
@LYFE Accounting,,, I'm Interested in starting my Home- Baking Business. I chose The LLC 👍
loving these videos!
Great video -thanks!!!!
If we have been open for 11 months how can we setup on a LLC as a corporation instead of the pass through
Please make a video for a non profit. Thanks
If I have multiple freelance jobs do I need a different sole proprietor for each job or can I put my businesses under one umbrella?
Make that video on mon profit👌
Great video and tutorial. Please, drop that tutorial on the Pros or Cons of a Non-Profit Entity... #Hotep
Said set up a trust fund not a LLC but seen you said umbrella companies
great video. thanks for explaining thoroughly. I am a new real estate agent/ Independent contractor. I hope you do a video when you write off your spending how much exactly you are writing off. I mean I don't understand how much we will get back from a example business travel, gas, rental property. if you make a video on how much tax write-off for business expenses for real estate agent. that will be great.
I actually have a video on that! Try to search on RUclips “tax write offs for real estate agents LYFE accounting”
What business entity structure would be best for a start up tow company. LLC or dba.
Everyone business may have a different strategy. But an LLC seems safe, is this for you?
@@LYFEAccounting yes I have purchased a truck but it took all my funds . That's why I'm hesitant in setting up a llc . Not sure if it would be wise to establish the LLC now and I'm not ready to work the truck
Setup talking about non profit companies plus I want reach you.
I'd like to start a small trucking company. I've no partners at this and I'd like to start small by purchasing a small truck that doesn't require a cdl. What's the best entity for su h a business?
Hello are you a business coach or is interested In being one 1on 1 ?
Make that video on mon profit
Sounds like I’m going to have to make that happen!
@@LYFEAccounting Factz 💪
Good info brother
Amazing videos. But DBA's wasnt dealt with. Is there a diff between sole prop. And DBA?
Great information, thanks for this!
This video was extremely well done! THANK YOU!! 🙏🏽🙏🏽
I am planning to start a tax preparation business from home. Which business structure would be best for me? Sole proprietor, Corporation or LLC? I will be the only owner.
This was good knowledge, and I appreciate it! USEFUL!! however there were many grammatical errors throughout the video, keep an eye on that in the future. Thanks for the info
YES NON-PROFIT INFO PLEASE 👍
Make the non profit video please
Highly considering it! Do you currently own a business?
@@LYFEAccounting I have a side hustle that I want to upscale to a business