1. Operational agreement for how your business will operate. 2. Meeting minutes with yourself, especially when you make decisions, like buying new equipment. 3. Good tax records. 4. Separate bank accounts, and draw and deposit money appropriately. 5. Enter into business contracts as the name of the LLC.
I do have many question to ask you and I have no idea how to use an LLC , I was misguided by a bad business partner who I trust to teach me about business and having a LLC . I will get back to you I thank you for all the information your giving on U Tube ,I’ll be looking forward In tuning in for more understanding on how and what to do with my LLC thank you again it’s about time someone knows what to say about LLC how it works
Suggestion. Where you have that little blue square in the bottom right corner to subscribe, why don't you enhance that image and add "Have a question about anything? Tweet me at @HawthornLG or ....". This way you don't have to struggle to remember the correct Twitter handle. :-) You could put that information in that are where the black bars show on the sides of your videos.
You essentially loan it to the business. Be sure to charge interest to yourself that way you can write it off as an expense! That's how you leverage money and take tax advantages.
I needed this video. I started my business almost a year ago and I am almost clueless on the legal side of business. I made the business a single member LLC a couple of months ago but I don't have a separate bank account yet. I had no clue about meetings with myself or operating agreement. I just have a simple contract for the customers. Maybe this channel can steer me in the right direction.
@ok ay I really don't have extended conversations with myself. However if I did, you think I would care what others think? Nope! I would keep the conversation going just to mess with them😆😆😆
I was thinking the same thing. He seems so easy to get along with and easy to learn from in a very, idk like a chill neighbor that knows his stuff...lol
Awesome thanks man! Business school really doesn’t give you this knowledge in such a straight forward way. This is why RUclips is a beautiful community! Keep it comin’.
Ooo this was great content! Thanks! P.S. I just read some of the other comments....personally I like the random interjections and humor....especially when you say “twitters”🤣🤣🤣. I was informed and entertained 😊. Subscribed and hit the bell “thingy”😉
If personally fund the start up of my single person LLC, can I treat that as a loan that needs to be paid back from my LLC once my business is adequately capitalized.
I did promissory notes, which made the business owe me for a loan, outlining terms and date due. That further separates capitalization of my business from me personally - the LLC owes me money.
Also please cover having a "parent" LLC set up to own one or more "child" LLCs. Is this a good strategy to have a parent LLC own the assets so that if someone sues the child LLC they would not be able to get to the assets, especially intellectual property, domain names, etc?
you can hold your membership interest in a trust, makes it much easier and more private, I use my LLC as a pass-through so I can avoid tax on gains and pass-through only the amounts I want to pay taxes on, but the most important is to use the LLC to avoid litigation, not create a legal defense, that will never be covered by attorneys because it's their bread and butter to set you up to get into litigation
Hi, I'm happy to see this channel. I paid a Law Firm $3,158.05 to form my LLC 4 years ago. Taken advantage of, as I've been told. Just to find out through the State of NY that my LLC was not in compliance with NY State Laws because the firm did NOT File my articles of publication since 2016. They were not very accommodating when I told them that this had been costly to me, I believe one of the Partners advised me that I didn't loose anything. No, Just my time and doing the Lawyers Job and it's quite clear that this Law Firm does not value their clients time. I would LOVE to Bill them for my Time and Correcting their errors. Over Charging and Under Delivering. I hope your channel can be of some help in the future, because I'm quite disgusted with Lawyers. Thank you for the advise I've done the steps you've discussed. This is my first time sharing and venting. Thank you, Lisa E
I thought my experience was bad ! Yours is on a whole different level! I paid $500 filing fee to a company did an immoral job, my LLC was only half done from not yet meeting the publication requirements by the NY state. And the guy told me that I can ignore this law ! That’s ridiculous !
Thank you for sharing cause I plan on using a lawyer to form my LLC . The reason is a business lawyer can help set me up for tax deductions for my company .
Honestly, I had no clue about taxes or business. If it wasn't for my will to learn taxes (basic knowledge so far) and my boyfriend recommending me a few books about business, I would still be clueless. This video along with many others that want to inform people to reach their goals is priceless, much better than college classes when you can find simplified advice in a video. Thank you, sir!
Hold on did he legit just say "I'm not very good with the twitters ..." lmao so adorable. 1:40 I get it, just thinking about Twitter gives me the jitters ... lol I guess the Twitters of the social media world is the right way to say it actually (ie reddit). First thing that came to my mind was "tweets" for some reason. Anyway that was cute. And also validates his point, so fair enough lol
One of the best presentations on LLC's I have seen. Not polished, not pretentious, not pretty, just good information from someone who clearly works for a living.
So to clarify, as a single member LLC, when signing an agreement or contract, is it appropriate to sign Company, LLC by John Smith, Manager or John Smith, Owner or John Smith, Member? Does one have a choice, is there a legal difference?
Single-member LLC: The person who owns an LLC is called a “member” (vs owner of corp is called “shareholder”) 1. Have an operating agreement to make sure LLC is run certain ways Keep good legal records, follow legal formalities 2. Make sure biz is adequately capitalized to pay for biz expenses 3. Separate bank accounts 4. Act as owner of LLC (whenever entering into contract as business… with property stuff, contractors, etc)
I am a single member LLC and taxed as an S Corp. My issue is that as a new trucking company I have been borrowing from my own savings to purchase fuel, hotels, food. Typically, companies that I run for take 6 to 8 weeks to pay. In the meantime, I haven't been able to pay myself. I guess as checks start coming in I can take a portion that is my salary and set it aside as mine vs the company??? But if I'm paying myself back it gets a little comfusing.
You can also make a capital contribution to your business and pay yourself from that. In my (not so expert) opinion you should do a cash withdrawal from your personal account and deposit it in you business accounts. If your being taxed as an S Corp its best to keep your payroll account modest and add more towards your operating account. Don’t forget to record it in your minutes as well. Good luck on your endeavor!
In some states you can give your LLC a loan with a signed promissory note. This allows the company to pay you back as you become a debt holder. It's called an "arm-length transaction."
You had me cracking up at 6:15 , love your personality. You making learning about business enjoyable and not a drag. You do a great job of communicating all the important information. Thank you so much ! :)
Great content, relevant and easy to understand. Your skills in front of the camera and in editing will improve with time and you'll be very good at this. Two suggestions for you. Time is precious for all of us. Cut out the non-essential comments and don't get off track. You will save thousands of hours of viewers time and be loved for it. Get rid of the music. For those of us with "a bit of the ADD" (about 40% of your audience) the music was distracting enough that it was bordering on frustrating, trying to stay focused on you instead of being distracted by the music. We need less drama when speaking of things legal, not more..... Subscribing to follow you.
Excellent channel. I need this info as I’m starting as a freelance Digital Marketing professional and my own small agency later down the line. Subscribed!!
Skip to 5:50 to start on the titled subject. (Or wade through discussion of his phlegm, taking calls, and rambling.... as unedited and apparent filler)
Great video! So how do I grant ownership of my youtube channel to my LLC? Do I just use a document of assets in the Operating Agreement? Im for sure my mouth is going to get me sued on my channel lol!
Thank you very much for this video! Your charisma and logic flow is much greater than any of the other videos regarding the topic of single-member LLCs. You intelligently encapsulated each area into four logical, distinct categories, and summarized them well towards the end. This makes it so much easier to remember all the nuances to look out for. EDIT: Just realized you had another updated video, will watch now. Sorry about that.
Love all of your videos. The only thing that distracts me is the reflection of the light in your eyes. Makes me think you might be a robot of some type...which is cool if you are, I guess. You just won't be able to sign up for emails and stuff like that that asks if you are a robot.
Forming an LLC by a lawyer and having them act as a 'registered agent' seems to give more discretion. This fact is thanks to the 'lawyer - client' legal relationship of trust provided for by law. After all, a lawyer cannot simply provide information about his client. So from that point of view it seems better to work through a lawyer... Or am I seeing it wrong?
My wife and I are getting ready to start our own company and we're thinking of forming an LLC. Your videos are really helpful and get me thinking of all the things we need to research. Thanks for the info.
I would love if you could make a video explaining how to improve a trademark if you’ve filed with legalzoom and you’re now ready to have a lawyer help reinforce it and protect it from litigation after already filing a trademark on your own or through legalzoom, ect.
Many banks won't let you do that. I don't think it is bad so long as you don't finding yourself paying personal expenses out of the business and vice-versa. If you need to pay a personal expense, transfer the money from business to personal and then pay the expense. Most people will tend to skip that stem when the accounts are linked.
Can you put money into the LLC account from your personal account or cash to keep it going when you are new when you are between $$$ and need to pay bills through the LLC? Thanks
This is very helpful, Thank You!! Question: I have been doing personal training since January (recently certified through NASM, have liability insurance), but am just now becoming an LLC. All transactions thus far have been done through a personal checking account I am using only for business. Do I need to backtrack my record keeping to January as far as recording income (less than $1500)and expenses ($695, only paid myself $100 so far)? Thanks for your time!
Did you have a separate bank account for all of these transactions or commingle with your personal funds? You may want to talk to an accountant about the ins and outs of what you need to do as you get started.
I would like to add my grandchildren to my LLC, but they are not available for meetings. plus they are 8 years old, will roll into dynasty trust when I pass. Is that possible?
It took you 4 minutes to get to your first point.. the intro is important, yes. So is brevity. Plan your intro 1:00 - 1:30 MAX. stick to intro type info..the point of your channel, likes, subs,etc. ..the state of your health or your knowledge of twitter use is really beside the point. That constructive criticism aside..thanks for the info!! :)
I do have an operating agreement, and a business plan, and just created my LLC which will go into effect on Jan 1, 2019. I have even held my first meeting and recorded the minutes, which detailed the key points for creating the LLC. Your videos have been helpful in the process of understanding the different corporation options, and the importance of following/establishing proper separation. Thank you.
You forgot appointment of officers. I suppose it’s not mandatory for single-member, but is good to do if you don’t want to show that you are the owner of the business every time you sign.
As owner of "Two Stupid To Fail" I am very happy to learn that I am living up to the companies name. I covered all the bases except keeping the meeting minutes. The good news is I have only been in operation since Nov 2019 and I can easily catch up :-)
I would cancel the EIN number with the IRS, set up the LLC....then get a new EIN that's attached to the new LLC only. I'm not an attorney, just giving my humble "RUclips research".
Are you a sole proprietor? DBA an assumed company? You need to file articles if you haven't already under your assumed company name that your doing business under.
@leela T. Why would she need to go through all that when she can file the articles of incorporation and utilize the DBA name as the name of the LLC. Now I'd the EIN number is under an complete different name juat have them update.
You are not legally require to get a new EIN unless you want to hire someone and have payroll tax liability in the future. You can use your existing EIN and your DBA when you form the llc. The problem is if you have registered for sales tax you might need to cancel the old sales tax certificate and get a new one with the llc name, with the same EIN number. Sometime the states get confused and issue another number for you. So to make a complicated matter simple, just get a new EIN and filed final tax return to close/dissolve the old EIN.
I am thinking of opening up a bicycle repair shop once I re-tire. I did see and filled out all the forms for the L.L.C. for the state of Texas, but I did not liked the idea of paying $180.00 quarterly since at the moment I run it out of my home garage. My question is, How can I keep the name of my future shop my own without somebody else taking it? I want to have the name of my shop secured.
You should talk to your accountant, but yes, if you are buying a laptop for a legitimate business purpose, then you can deduct it as a business expense.
@@jimhart Thank you for your quick response! I've heard people say that it's like receiving a discount (equivalent to your tax bracket). What do you think?
😂😂😂🤣 “On the Twitters” lol it’s JUST Twitter. Anywho!! Your amazing, if someone wanted to work with you and was starting in one of the states you’re licensed in can they work with your Law firm??
My law firm is physically located in North Carolina. Typically we do the operating agreement as part of a package deal that files the entire LLC. Depending on your needs, fees generally range from $500-$1,000.
Thank you for watching! When you are ready to form your LLC, click here to use my preferred vendor: hawthornlaw.net/incorporate (affiliate)
1. Operational agreement for how your business will operate.
2. Meeting minutes with yourself, especially when you make decisions, like buying new equipment.
3. Good tax records.
4. Separate bank accounts, and draw and deposit money appropriately.
5. Enter into business contracts as the name of the LLC.
Thank you
!!
thank you
Thank you
I love ppl like you ❤️ ❤️
The best part of this video.... “hit me up on the twitters”
“The twitters” is hilarious
Lol lol
Legit peed myself! LOL!
I do have many question to ask you and I have no idea how to use an LLC , I was misguided by a bad business partner who I trust to teach me about business and having a LLC . I will get back to you I thank you for all the information your giving on U Tube ,I’ll be looking forward In tuning in for more understanding on how and what to do with my LLC thank you again it’s about time someone knows what to say about LLC how it works
Love that phone on the wall it must be from the early 80's.
Suggestion. Where you have that little blue square in the bottom right corner to subscribe, why don't you enhance that image and add "Have a question about anything? Tweet me at @HawthornLG or ....". This way you don't have to struggle to remember the correct Twitter handle. :-) You could put that information in that are where the black bars show on the sides of your videos.
Yes I understand
If I’m using my own savings on startup, what is the best/safest way to inject these funds into the business account?
You essentially loan it to the business. Be sure to charge interest to yourself that way you can write it off as an expense! That's how you leverage money and take tax advantages.
It's considered equity for the business. You can not add interest as its an investment. It eventually would be a loss because of operating cost
You said parent company? Can you describe that?
Great info. Thinking of getting a llc in NY. Any advise trying to start a lip gloss line for my daughter
Did you say that you need a separate e.i.n # for your L.L.C when setting up your business bank account?
Good advice.
Thank you!..
I understand thanks
❤
Thank you for posting!
This video is worth hundreds of dollars of college classes
You mean thousands? 😉
This is what they dont want. I appreciate this ✊🏾💯🎯
SBA courses are not this informative. This is good
I needed this video. I started my business almost a year ago and I am almost clueless on the legal side of business. I made the business a single member LLC a couple of months ago but I don't have a separate bank account yet. I had no clue about meetings with myself or operating agreement. I just have a simple contract for the customers. Maybe this channel can steer me in the right direction.
@Shirl Zitting Do you find any of these videos useful and truthful?
What kinda business was it?
@@rufus5208 l
Haha meetings with yourself. That's called meditation. Haa
I call it a snooze...
N people say its not good to talk to yourself😆😁
Lol
@ok ay I really don't have extended conversations with myself. However if I did, you think I would care what others think? Nope! I would keep the conversation going just to mess with them😆😆😆
That's called choking the chiken.
I love not only the info but, how HUMAN you are! You’re so funny and I bet you don’t even mean to be. Lol 👍🏽
😉
Tyree Simmons yes!! 🙌🏼 My thoughts exactly!
I was thinking the same thing. He seems so easy to get along with and easy to learn from in a very, idk like a chill neighbor that knows his stuff...lol
Awesome thanks man! Business school really doesn’t give you this knowledge in such a straight forward way. This is why RUclips is a beautiful community! Keep it comin’.
You're awesome, the fact that real life was happening the entire time you did this was very endearing. Thanks for the info.
Thank you!
Ooo this was great content! Thanks!
P.S. I just read some of the other comments....personally I like the random interjections and humor....especially when you say “twitters”🤣🤣🤣. I was informed and entertained 😊. Subscribed and hit the bell “thingy”😉
😉 thank you!
😍
Keep it real! Thankyou for the information
If personally fund the start up of my single person LLC, can I treat that as a loan that needs to be paid back from my LLC once my business is adequately capitalized.
I would like to know that too.
I would like to know also
Great question
These are the types of things you PAY an attorney to find out.
I did promissory notes, which made the business owe me for a loan, outlining terms and date due. That further separates capitalization of my business from me personally - the LLC owes me money.
This was great for the small biz people! Could you please cover trusts (putting your business inside your trust, dos and donts, etc.)
Please do this! I would like to know this info.
Same here👍🏻
Also please cover having a "parent" LLC set up to own one or more "child" LLCs. Is this a good strategy to have a parent LLC own the assets so that if someone sues the child LLC they would not be able to get to the assets, especially intellectual property, domain names, etc?
Exactly what I needed lol thanks Karina
you can hold your membership interest in a trust, makes it much easier and more private, I use my LLC as a pass-through so I can avoid tax on gains and pass-through only the amounts I want to pay taxes on, but the most important is to use the LLC to avoid litigation, not create a legal defense, that will never be covered by attorneys because it's their bread and butter to set you up to get into litigation
Hi, I'm happy to see this channel. I paid a Law Firm $3,158.05 to form my LLC 4 years ago. Taken advantage of, as I've been told. Just to find out through the State of NY that my LLC was not in compliance with NY State Laws because the firm did NOT File my articles of publication since 2016. They were not very accommodating when I told them that this had been costly to me, I believe one of the Partners advised me that I didn't loose anything. No, Just my time and doing the Lawyers Job and it's quite clear that this Law Firm does not value their clients time. I would LOVE to Bill them for my Time and Correcting their errors. Over Charging and Under Delivering. I hope your channel can be of some help in the future, because I'm quite disgusted with Lawyers. Thank you for the advise I've done the steps you've discussed. This is my first time sharing and venting. Thank you, Lisa E
I thought my experience was bad ! Yours is on a whole different level! I paid $500 filing fee to a company did an immoral job, my LLC was only half done from not yet meeting the publication requirements by the NY state. And the guy told me that I can ignore this law ! That’s ridiculous !
Thank you for sharing cause I plan on using a lawyer to form my LLC . The reason is a business lawyer can help set me up for tax deductions for my company .
I just did an update for 2020 - check out this new video... ruclips.net/video/Zbwj06Oz4Rc/видео.html
I've done all of this thk u so much..now i know I'm in my correct path
Amazing stuff i did not think about... thank you
Really appreciate thanks for helping me walk on the right path
Honestly, I had no clue about taxes or business. If it wasn't for my will to learn taxes (basic knowledge so far) and my boyfriend recommending me a few books about business, I would still be clueless. This video along with many others that want to inform people to reach their goals is priceless, much better than college classes when you can find simplified advice in a video. Thank you, sir!
Hold on did he legit just say "I'm not very good with the twitters ..." lmao so adorable. 1:40 I get it, just thinking about Twitter gives me the jitters ... lol I guess the Twitters of the social media world is the right way to say it actually (ie reddit). First thing that came to my mind was "tweets" for some reason. Anyway that was cute. And also validates his point, so fair enough lol
You spoke directly to the Business Mind Entrepreneurs! Thanks.🙏🏾
You are welcome!
Great information thanks.
One of the best presentations on LLC's I have seen. Not polished, not pretentious, not pretty, just good information from someone who clearly works for a living.
So to clarify, as a single member LLC, when signing an agreement or contract, is it appropriate to sign Company, LLC by John Smith, Manager or John Smith, Owner or John Smith, Member? Does one have a choice, is there a legal difference?
You would want to sign as either manager or member, or potentially manager-member. It depends on how you have structured the company. Good question!
Hawthorn Law So, for example if signing as “manager” how would that look? For example would Tim K, Manager of XYZ LLC work?
👀
Single-member LLC:
The person who owns an LLC is called a “member” (vs owner of corp is called “shareholder”)
1. Have an operating agreement to make sure LLC is run certain ways
Keep good legal records, follow legal formalities
2. Make sure biz is adequately capitalized to pay for biz expenses
3. Separate bank accounts
4. Act as owner of LLC (whenever entering into contract as business… with property stuff, contractors, etc)
With the “twitters” 😂 I just started a LLC
Bahahaha
I had to play it back too 😂
I started one in April.
😆😆
@@lobengone477 I fell out when I heard that
I am a single member LLC and taxed as an S Corp. My issue is that as a new trucking company I have been borrowing from my own savings to purchase fuel, hotels, food. Typically, companies that I run for take 6 to 8 weeks to pay. In the meantime, I haven't been able to pay myself. I guess as checks start coming in I can take a portion that is my salary and set it aside as mine vs the company??? But if I'm paying myself back it gets a little comfusing.
I was advised to use a good factoring company. They pay you in about 24 hours for a small percentage of the loads. Be sure to find a good one though.
You can also make a capital contribution to your business and pay yourself from that. In my (not so expert) opinion you should do a cash withdrawal from your personal account and deposit it in you business accounts. If your being taxed as an S Corp its best to keep your payroll account modest and add more towards your operating account. Don’t forget to record it in your minutes as well. Good luck on your endeavor!
In some states you can give your LLC a loan with a signed promissory note. This allows the company to pay you back as you become a debt holder. It's called an "arm-length transaction."
As an Scorp you are considered an employee of your company and should be paid like one.
I honestly can’t thank you enough, best of luck to all future endeavors.
You had me cracking up at 6:15 , love your personality. You making learning about business enjoyable and not a drag. You do a great job of communicating all the important information. Thank you so much ! :)
Great content, relevant and easy to understand. Your skills in front of the camera and in editing will improve with time and you'll be very good at this. Two suggestions for you. Time is precious for all of us. Cut out the non-essential comments and don't get off track. You will save thousands of hours of viewers time and be loved for it. Get rid of the music. For those of us with "a bit of the ADD" (about 40% of your audience) the music was distracting enough that it was bordering on frustrating, trying to stay focused on you instead of being distracted by the music. We need less drama when speaking of things legal, not more..... Subscribing to follow you.
Excellent channel. I need this info as I’m starting as a freelance Digital Marketing professional and my own small agency later down the line. Subscribed!!
What does your digital marketing consist of? I’m looking to start an animated webisode series
Good technical points, Jim. Many people form LLCs for bogus reasons. I wish they would watch your vids first. :)
Skip to 5:50 to start on the titled subject. (Or wade through discussion of his phlegm, taking calls, and rambling.... as unedited and apparent filler)
Ed Huber seriously it was so annoying. Fuck man. Btw I don’t curse often but this damn video was irritating
I think some people have lost their minds .... simple etiquette has been lost and I don’t know why they are on RUclips
Thanksssss
Instead of the negativity how about showing some appreciation. The time and research this man spent learning so you don't have to.
Dont be a dick.
This was VERY helpful. I actually watched the whole playlist in this series. EXACTLY what I needed🙏🏾🙌🏾❤️
Thanks!
Thank you , I've just listed my LLC, and actually I'm still in a "pending approval status".
Did you use a website such as legal zoom or did you do it on your own?
Great video! So how do I grant ownership of my youtube channel to my LLC? Do I just use a document of assets in the Operating Agreement? Im for sure my mouth is going to get me sued on my channel lol!
Thank you for discussing things that books and websites don’t!
Do we have to file the operational agreement in a specific way? Ie. Notarized etc… Or does it just get put away until it becomes useful at one point?
Thank you very much for this video! Your charisma and logic flow is much greater than any of the other videos regarding the topic of single-member LLCs. You intelligently encapsulated each area into four logical, distinct categories, and summarized them well towards the end. This makes it so much easier to remember all the nuances to look out for.
EDIT: Just realized you had another updated video, will watch now. Sorry about that.
Thanks for the informative video. Just started a vending LLC for myself. Any suggestions or past experiences you may have heard of any vending LLC"s?
Thank you for this incredible information. Hawthorne Law TV sounds awesome!!!! Great content.🤗
Love all of your videos. The only thing that distracts me is the reflection of the light in your eyes. Makes me think you might be a robot of some type...which is cool if you are, I guess. You just won't be able to sign up for emails and stuff like that that asks if you are a robot.
Just wanted to say thank you for these very resourceful videos. Amazing content, keep it up!
Forming an LLC by a lawyer and having them act as a 'registered agent' seems to give more discretion. This fact is thanks to the 'lawyer - client' legal relationship of trust provided for by law. After all, a lawyer cannot simply provide information about his client. So from that point of view it seems better to work through a lawyer... Or am I seeing it wrong?
Answered your question on my recent live stream!
My wife and I are getting ready to start our own company and we're thinking of forming an LLC. Your videos are really helpful and get me thinking of all the things we need to research. Thanks for the info.
I’m so happy that I found your channel it will help me as I file for my LLC today!
I would love if you could make a video explaining how to improve a trademark if you’ve filed with legalzoom and you’re now ready to have a lawyer help reinforce it and protect it from litigation after already filing a trademark on your own or through legalzoom, ect.
You can't add to your application after it has been filed. You can only file a new trademark.
As a Gemini, having many personalities , talking to the members of the LLC doesn't seem weird for me lol
I am a Gemini also😆😂
So am I! Lol
#geminigang 🤙
😀😃🤣😛🧐😫😳🤯😳😥🙁😫😰😰😱😧😯😪😴🤑😪🤒😷
Ditto everything
Make sure to buy enough business insurance to to cover potential loss.
I like what I see show mw more, for I do need your help with my LLC
I'm getting what your saying
Thank you so much really good information.
i have a business acct with my llc ein and a personal acct but i linked them together, is that bad?
Many banks won't let you do that. I don't think it is bad so long as you don't finding yourself paying personal expenses out of the business and vice-versa. If you need to pay a personal expense, transfer the money from business to personal and then pay the expense. Most people will tend to skip that stem when the accounts are linked.
Hawthorn Law I
Following just for the twitters. Love it. Also great info.
Can you put money into the LLC account from your personal account or cash to keep it going when you are new when you are between $$$ and need to pay bills through the LLC? Thanks
Answered your question on my recent live stream!
Just discovered your vids! Awesome and tha...SQURRIEL!..
Anyways, thank you!
Thank you! I appreciate it!
Thank you. This was very helpful.
Do you recommend any particular service to help create my LLC or do you think we should do it ourselves?
Thanks for your time to explain this to me
Thank you for this, direct and clear and just what I needed as I start my next venture!
Marc
Thank you for this info! I move from state to state every few years. Should I start with a Foreign LLC to operate online and in various states?
I always recommend forming the LLC in the state where you live and reside.
This is very helpful, Thank You!! Question: I have been doing personal training since January (recently certified through NASM, have liability insurance), but am just now becoming an LLC. All transactions thus far have been done through a personal checking account I am using only for business. Do I need to backtrack my record keeping to January as far as recording income (less than $1500)and expenses ($695, only paid myself $100 so far)? Thanks for your time!
Did you have a separate bank account for all of these transactions or commingle with your personal funds? You may want to talk to an accountant about the ins and outs of what you need to do as you get started.
3:32 I'm gettin' what you're sayin' so far.
Protect yoself!
Yea I’m getting what you are saying so far
I would like to add my grandchildren to my LLC, but they are not available for meetings. plus they are 8 years old,
will roll into dynasty trust when I pass. Is that possible?
It took you 4 minutes to get to your first point.. the intro is important, yes. So is brevity. Plan your intro 1:00 - 1:30 MAX. stick to intro type info..the point of your channel, likes, subs,etc. ..the state of your health or your knowledge of twitter use is really beside the point. That constructive criticism aside..thanks for the info!! :)
I thought the same exact thing... 4:00 minutes wasted. Omg!!!
I appreciate these videos, such in depth conversations like this is how we advance in society while staying within our legal parameters
Can I put an LLC under my daughters name and pay her as a business?
Do you have an operating agreement in place? Drop a comment and let me know! And follow me on Twitter @hawthornlg
I do and I learned that from you in video awhile ago!! Thanks for the great information!!
No but it's in the making. Just started my LLC and working money to set everything up properly. Thanks for the videos.
I do have an operating agreement, and a business plan, and just created my LLC which will go into effect on Jan 1, 2019. I have even held my first meeting and recorded the minutes, which detailed the key points for creating the LLC. Your videos have been helpful in the process of understanding the different corporation options, and the importance of following/establishing proper separation. Thank you.
You're welcome TScott!
You forgot appointment of officers. I suppose it’s not mandatory for single-member, but is good to do if you don’t want to show that you are the owner of the business every time you sign.
Can you go from a single member LLC to a multi member LLC? If so how?
As owner of "Two Stupid To Fail" I am very happy to learn that I am living up to the companies name. I covered all the bases except keeping the meeting minutes. The good news is I have only been in operation since Nov 2019 and I can easily catch up :-)
Very Helpful, Thank you
Thank you so much for calming my fears, you are so helpful!!
You are welcome!
If he say twitters one more time
Thank you for this information. I already have a EIN number and just a DBA right now. Do I need a separate one when I get my LLC.
I would ask your accountant - I'm not entirely sure. To be safe, I probably would.
I would cancel the EIN number with the IRS, set up the LLC....then get a new EIN that's attached to the new LLC only. I'm not an attorney, just giving my humble "RUclips research".
Are you a sole proprietor? DBA an assumed company? You need to file articles if you haven't already under your assumed company name that your doing business under.
@leela T. Why would she need to go through all that when she can file the articles of incorporation and utilize the DBA name as the name of the LLC. Now I'd the EIN number is under an complete different name juat have them update.
You are not legally require to get a new EIN unless you want to hire someone and have payroll tax liability in the future. You can use your existing EIN and your DBA when you form the llc. The problem is if you have registered for sales tax you might need to cancel the old sales tax certificate and get a new one with the llc name, with the same EIN number. Sometime the states get confused and issue another number for you. So to make a complicated matter simple, just get a new EIN and filed final tax return to close/dissolve the old EIN.
Im getting this so far keep going
Thanks for great info! Get some elderberry in a tincture form. It will support your lungs and coughing spells will leave. Feel better.
Good to know for next time! Fortunately, I got over this!
I am thinking of opening up a bicycle repair shop once I re-tire. I did see and filled out all the forms for the L.L.C. for the state of Texas, but I did not liked the idea of paying $180.00 quarterly since at the moment I run it out of my home garage. My question is, How can I keep the name of my future shop my own without somebody else taking it? I want to have the name of my shop secured.
1. How many times can you update an operating plane.
2. Am i required to say LLC in conjunction with my company name once i establish LLC
Frederick Hargro as much as you can. Good habit to get into.
Wow look at that phone in the back round , is that a " land line " as they used to call it . Is it pulse dial ? lol
🤣🤣🤣
I thought I was the only one that noticed that. 🤣
Lol! It is a landline. But, It's called a touchtone phone, not a dial phone. This is the upgrade before cellphones.
Is there a way to form a legitimate business, have an EIN, do taxes/ write offs without forming an LLC or a corporation?
Yes, but how can you call yourself a legitimate business if you don't have a legal entity?
@@jimhart Thanks for the response. Would you be available for a very basic phone consultation? If so, please let me know what is involved..
When buying a laptop, does this mean it comes out of the business's revenues ? And, can taxes be reduced by doing this?
You should talk to your accountant, but yes, if you are buying a laptop for a legitimate business purpose, then you can deduct it as a business expense.
@@jimhart Thank you for your quick response! I've heard people say that it's like receiving a discount (equivalent to your tax bracket). What do you think?
How do we remove a member from the llc
accidentally registered as inc need to file as an llc what irs form allows me to change my classification?
How do you accidentally file as an inc?
@@deeznutz5844 😅😅
@Barry Haynes. IRS form 8832, you’re welcome. :)
😂😂😂🤣 “On the Twitters” lol it’s JUST Twitter. Anywho!! Your amazing, if someone wanted to work with you and was starting in one of the states you’re licensed in can they work with your Law firm??
Uw
Thank you so much so so helpful
As a young guy just starting out I found this extremely helpful!thanks
Awesome - love to hear it!
Yes make since how can I get an LLC locally and what is the fees?
Angel DarkSmile Johnson Google it, everystate different in Wiscons it’s $131
Angel DarkSmile Johnson *sense and you can Google your question and get an easy answer
Angel DarkSmile Johnson I Ohio it is $99.00
Yeah, everything was explained perfectly.
This video was sooo helpful. I learned more watching this than scrolling through articles on Google. Thank you!!
Yes, I also found this shared information quite helpful. 💯 agree. Thanks man.
Are you in Florida or North Carolina at the moment? And how much would it be to write a operating agreement for me?
My law firm is physically located in North Carolina. Typically we do the operating agreement as part of a package deal that files the entire LLC. Depending on your needs, fees generally range from $500-$1,000.
What is the minimum amount that you can pay yourself as an LLC member?