Single Member LLC Mistakes You Should Avoid (2020 Update!)
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- Опубликовано: 14 окт 2024
- If you are thinking about starting a single member LLC for your online business, there are a number of common mistakes that people make without even realizing it.
In today's video, I share with you 4 common (and easily avoidable) mistakes I see clients make, as well as one extra bonus mistake thrown in for good measure.
Here's a link to the original video I did back in 2018: • Single Member LLC Mist...
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✳️MAILING ADDRESS:✳️
James W. Hart
The Hart Law Firm, P.A.
1143-B Executive Circle
Cary, North Carolina 27511
The content of this RUclips channel is provided for informational purposes only and is not intended to constitute legal advice. You should not rely upon any information contained on this RUclips channel for legal advice. Viewing this RUclips channel is not intended to and shall not create an attorney-client relationship between you and James W. Hart or The Hart Law Firm, P.A. Messages or other forms of communication that you transmit to this RUclips channel will not create an attorney-client relationship and thus information contained in such communications may not be protected as privileged. Neither James W. Hart nor The Hart Law Firm, P.A. makes any representation, warranty, or guarantee about the accuracy of the information contained in this RUclips channel or in links to other RUclips channels or websites. This RUclips channel is provided "as is," does not represent that any outcome or result from viewing of this channel. Your use viewing of this RUclips channel is at your own risk. You enjoy this RUclips channel and its contents only for personal, non-commercial purposes. Neither James W. Hart, The Hart Law Firm, P.A., nor anyone acting on their behalf, will be liable under any circumstances for damages of any kind.
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#singlememberllc #hawthornlaw
Here's a link to a company we recommend to help you get your LLC started the right way: www.hawthornlaw.net/incorporate (affiliate link)
this appears to be a dead link
It's a link to the company I recommend. But you can also go through my law firm as well - here is that link: www.hawthornlaw.net/diy-llc
i LOVE the little snippets you put in, makes it feel like an old family friend giving you trustworthy advice instead of just hammering us with info. much more palpable imo!
I appreciate that!
I just found this channel and I love him already. His personality is everything!
Right! Lol I thought I was trippin 🤣
I do not think that you are "unprofessional."
I think that you're quite generous, because you're giving us this free advice (which is very important), so thank you!😁
Another issue for the address of your company - your home may be in a condo association that has its own rules on running home-based businesses, or you may have local municipal requirements for home based businesses that may include things like safety inspections.
Hey Jim just found your videos and you crack me up you deliver value but also make it entertaining LOL thanks for the value information I will subscribe
Welcome aboard!
I don't care if you talk about snot or not, because I like how you are so laid back and not talking in technical terms most if us don't understand! Thank you so much!
Great info. Will say that is the same background many preppers use for a backdrop. ROFL
The video quality is professional grade. Love it.
Thanks 👍
To be clear, a virtual office can be used as the actual business address when registering with the state and LLC formation documents.
like an email address?
Hi, thank you for the great videos!
Can you tell us why is not a good idea file a LLC in other state than where you live please for online business like affiliates or bloggers??
Also if this is a not good thing to do, how come other CPA firms do these with their clients or new customers when they want to file or get a LLC for online business?
What are the cons?
My business is consulting with people who create content, and present, on their presentation. Smooth delivery with seamless knowledge to humor link. Brava.
I LOVE IT! very informative! got the like and the subscribe!
I really like your videos and I just subscribed. I am working on getting my EA so that I may better help my clients, your videos are really helping me better understand some of the challenges.
first i want to say I have watched the last 15 videos and want to THANK YOU for not being the average attorney but being a human!!! THANK YOU! 2nd of all QUESTION... to file for a PPP does the schedule c form need to show profit? I started a LLC last yeast and finished the year with a negative Jan I started to see a turn around until the pandemic hit. Advice please, should i apply anyway or no
I suspect PPP loan funds are gone at this point. But check with your bank.
This is great. Really well done. You know your stuff and the personality is a bonus (no need to hide it).
Great information! I really enjoy your content and sense of humor! :) Keep up the good work Bro!
Loved this video, great job. Subscribed!
I love the humor of this guy! Haha cracks me up as I watch this. Very entertaining and seems to love what this.
Love watching your videos - your humor perfectly integrated with business jargon keeps me watching, laughing and learning. Thanks!
Thanks for the info. I like the wood paneling look.
love the content, great advice thank you!! Keep it up !!
Thank you for this amazing video! Very helpful
People complaining about you discussing being sick is dumb; people get sick and it's natural to talk about it. Pay attention to the information provided, people.
I really like your style. I’m glad I found u.
Stop complaining on this man's channel. He's very helpful.
You need a green screen Jim. Then you can take us on trips around the world 🌎
Bahahacrcrcr I am an affiliate marketER FOR THE BEST DAY EVER COMPANY @18 and I want an LLC I LIKE AND APPRECIATE YOUR VIDEOS, faithfully we will work as soon as possible💯🤙🏿🙏🏿📈
I’m actually from Nevada. I live in Nebraska as a student athlete.
First timer to the page hahah thank you for your service, I’m also studying criminal justice, I want to go pass the bar exam
Thank you for taking the time it is a great help Iwant my own business so thank you
Thank You, Jim, for teaching me so much about LLC's. You are THE BEST!!!!
Hey. Subscribed‼️💪🏾🤟🏾 I just watched your other video about not only getting your llc but protecting yourself as well and getting the necessary documents to be straight. I’m researching things I need for my business and I’m worried about doing things the right way.
Love your "Corky" vids dude. I've been seeing lots of vids about LLC's and its variations of pros and cons. To be a single member LLC, I don't think there is much protection provided which could pierce the corporate vail unless you fall under NV, WY or DE which does provide single member protection (regards to charging orders). And though you still need an LLC for the state you're doing biz in, an LLC one like from WY can also serve as the holding title or interest for the other existing LLC's. But if I can have an LLC w/o WY, NV or DE and really get some protection, well I'm still searching for that answer. If you have that answer, Im all ears. Register Agents are a blessing in anyone's world of LLC. Heh heh heh.
Love the wood paneling! Thx for the information! 🤓
Hei there,
I live in London U.K and I m about to start an LLC in the US for eCommerce
your videos are super helpful. I m so thankful that I found you!!! Stay safe and thanks a lot!
Thanks for the info!
Quick question.
I started an LLC during this whole pandemic. I was previously running as a independent contractor - 1099, sole proprietor. I have received PPP, and EIDL. I haven't started doing business with my LLC. Should I pause the LLC after I get the PPP and EIDl loan taken care, since the loan and PPP are in my name as a sole proprietor/independent contractor.
I appreciate your videos. They are full of helpful advice. If I could pass along some advice to you it would be to get to the point of the video much sooner. Each of your videos seems to have several minutes of fluff that could easily be eliminated. In this video for example, you don’t start your list until over seven minutes into the video. Waiting until halfway through the video to provide the information the title promises only serves to have people click away and find another video more straight to the point. This is just some honest feedback because I otherwise enjoy your channel and hope becomes even more successful.
Noted
6:30
Made me an official fan.
😄😄☕
And your answering every question I have.
Keep it going, Thank You!
Back before virtual addresses weren’t a thing, the UPS mailbox was the way to get yourself an address. Some people still wouldn’t accept it, like I remember when registering for sales tax I received a call that told me I couldn’t use that address. THE VIRTUAL MAILBOXES WERE SUCH A GREAT MOVE BY WHOEVER CAME UP WITH THAT. I got one after my yearly mailbox expired and it was so easy to switch all my addresses. All the information to do that is for free on the internet. Love your videos when I have the time to watch them. ❤️
Please explain what are virtual mailboxes?
I love your videos!!! Great content and you make us laugh :) ...Love the batman snippet "shut up you're going to jail." LOLLLLL
I just subscribed and I love you already!! Thank you!!
Thanks for subbing!
Thank you so much for the help Jim!! Don't change I think you're awesome!
Haha love the background and the funny snippets. New subbie & momtrepreneur here. Such Great info. Thank you for sharing!
Great video what do you think about Laughlin associates?
Love the videos and find them extremely helpful! Had a quick question though, if I know I am going to be moving at the end of the year to another state but am starting my LLC now can I just set my LLC to the state I am moving to? Not sure how much hassle it would be to change that later on.
Wow, that backdrop made a huge difference.
I love the wood paneling. You fooled me :) Thanks for all the great information you give.
Love what you're doing. You definitely have a new follower here!!💪🏿💪🏿💯
This is a great video. I am starting a business in woodworking, and need to know more. So glad you have these up so I can make a good informed decision. Thanks, and keep them coming. I liked, and saved this one particularly cause I may call you up at some point for all this....
Question. Let say I form my LLC in the State that I live in, but move a year later to another or to a new State. Does this mean I have to form a new LLC with the new State that I move to? Is there any requirements that I have to do before moving to another State? Thank you!
I really appreciate you sharing your knowledge in a way that puts people at ease! You are a great source of info & confidence boosting.
I will be starting a food truck/trailer business, (long time cook/caterer looking to take the next step for myself.) Would all of this apply to my business or is there a different approach for what I want to do? Right now, I am going it alone.
Thank you again, backdrop is cool, your hair is good! 😁
All your videos are good. . . Thank you.
I love that you don't "lawyer" us and that you talk to people conversationally.
About law.
Because you're a lawyer...
but not "lawyerly"...
Anyway, thank you!
Love it. Same when you said you're in NC I was hooked!
Hi, I follow you and I like your videos very much. He had to help me a lot. I have a question can I use my virtual bussiness address that already have as a register agent at the same time? Thank you for your videos
It'd be great to do a video about capital accounts and the best way to pay your taxes out of an LLC. It's easy to think you can pay the taxes of your LLC with money from the LLC, BUT that erodes your capital account which, if you later decide to sell your business, you have to pay back that negative capital account, or negotiate a higher purchase price to cover that cost. I can't find info on this anywhere, but it's SO important to understand.
THANK YOU FOR THESE VIDEOS! Newbie from Jacksonville North Carolina. Just a soap and candle maker. But the information is profound.
Thank you Jim, great video as always. Just a quick question, what about people from overseas who are forming an LLC in the USA, could we use our home address overseas? Thanks a lot
Thank you for all the valuable info! Love your channel!
I am not a blogger or have an online business but have an LLC. I think you’re hilarious. Great stuff!
Currently live in Ohio and own a Duplex as a rental but plan to move to Florida within 6-10 months to buy more rental properties. Should I start the LLC now in Ohio, or wait to move to Florida and add Ohio as a foreign entity?
I actually think your previous video was very helpful and professional with character. It’s definitely great you’re doing things to improve your videos though!
Thank you very informative 👍
You just make me laugh 😂😂😂when sharing the best information I really needed at this time. Thank you. Great job! 👍👍
Thank you for taking the time to do these videos.
Awesome information! Thank you!
Good tips! I paid someone to mail me papers I could have gotten from Sec. of State. I paid like $75 dollars instead of the $5ish. It looked exactly like communication from the Sec. of State and gave me a fee and deadline based on my 'incorporation date'. Only one little tiny blurb did it say anything about being a middle man service. Super shady. Took it to BBB, it's wild.
That’s unfortunate but it happens a lot.
Yes, the background is quite nice. I just think the camera appears to be placed way too high. I think it would look better if placed around your shoulder height. This also removes the distortion of your head looking proportionally bigger than your body.
PS: You're a lawyer. I think lawyers are boring. I don't think you're boring. I don't think you should mind about the folks that think you're unprofessional because you know your sh*t and deliver it with a little pizazz. Thank you!
Thanks for the tips! Love it!
Great info. Thanks for sharing, especially about the address.
Best Wyoming Registered Agent LLC is running a pretty neat ad on this video. 🤦🏿♀️
Thank you for the info! The junk mail comes before the business makes its first dollar.
Yes it does!
😄
I love your content, but through it all, I have hated the doors as well (Just the Contractor in me) so I feel bad about what I am going to say; your "Carpenter" failed when he installed your beautiful wood siding. It's out of square, plumb, and level, and well that's as bad as the door it's hiding, although not as bad as your older flat-panel one. Just tell that "Carpenter" to drop the wood siding sheet on the right (as you are looking at it) about in inch and all will be right with the world.
Thanks again for what you do
JohnH
Great information, my biggest priority for my company is to make sure it's up and running legally, do you offer going one on one sessions to look over a company and all their legal documents and current circumstances to make sure the company is in good standing? Price isn't an issue.
There is a link in the description to book a call with me! Thanks!
Great background...keep up the good videos..helpful to newbies
Do I need to form an LLC, then purchase the equipment for the business or can i purchase it before and still claim it as a business deduction when the LLC is formed? Thank you
I have the same question.
Same question here
Same question
Hi! Great info, thank you! What do you think, if you're from other country (Russia in my case), is it ok to open llc in Delawer?
Thank you for sharing. Love your genuine intellect! 😊 Question: If I am listed as someone else’s registered agent, is there a specific tax form that I file? 🤷🏾♀️
Great video. Why do I need a virtual address if I use a registered agent?
I've watched 4 videos of yours in the last 48 hours and I must say, thank you from Pennsylvania. Do I need to setup the LLC and acquire the EIN first or should I talk to my bank about opening the business account first?
I do believe the reason why ppl have their LLC's in Nevada, Delaware, Florida, etc. is b/c those states (currently) have no state income tax. So does that simple fact make doing it worth the effort, if you're making at least $85k+/yr. ?
Great video.... much appreciated....
As a single member llc that has generated zero profit but has spent money is it necessary to even file taxes?
For your LLC's 'address'... why can't you use the USPS's 'Real Address' feature with your Post Office Box exactly?
What financial threshold you would advise the use of s-Corp?
Thank you Jim . 😁 and Nice Wood Panelling ,
great info and i like your style! if i have several components to my brand as in my main service is barbering but also tattoo and art, do i just register under the one main business name... ex hues cuts, hues tats, hues art, my business name hue but with those other components to it, i just register hues llc or hues cuts llc, hues tats llc and hues art llc?
U take a sip in EVERY video...definetely not for ppl who think it's unprofessional
Thank you for answering all my questions!!
if im Serba, which coumtry in USA or in general should I pick to form my LLC? I plan to play with real estate. Thank you!
Great videos!! I’m starting a trucking company llc. Is it important that my llc is set before buying a truck? Thank you
I was told if you don't select S-Corp election within a certain time frame, you'll have to wait about 5 years before being able to do so. Is this true? What if you begin generating more income and it would be more beneficial do change this election sooner than 5 years?
The post office offers a service called “Street Addressing” as an add on with a P.O. Box. Would that suffice? I know you said no go on P.O. Boxes but I would think this falls in the same category as a Mailboxes Etc or UPS Store. Also, THANK YOU for the bonus tip. I’ve been catching a lot of grief from family members who have been trying to convince me to bypass LLC (service industry, so I’m not sure if that’s different) and go straight INC.
Hi Mr. Hawthorn. I'm trying to start a penny stock company. Would you consider that to be a start-up? and can I incorporate?
I am an aspiring real estate investor. Should I purchase multiple properties in one LLC or have one new LLC per property? Thanks!!
Do you recommend having an LLC when you 1st start your business or when you start to make a certain amount of money?
You should so it asap if u are looking to get a business line of credit. I wish I has 5 yrs ago. Now I am looking as if I just started. Good luck
Wait for the money flow. Then establish an LLC. 12:59
at 12:59 he was saying wait to start a s corp… definitely start the LLC right away!
Our restaurant has been in same location for 21 years...our lease was not renewed and the building was sold without us knowing. The new landlord walks in and gives us 30 days to get out....is that legal?
Switching from SP to LLC today. I'm based in NC also! I've never heard of a virtual address.. thankyou!!
You kind of lost with the bonus tip. You said, “Don’t put an operating agreement in place-Then you said you run a risk if you don’t have one in place.” So I was just curious if you could clear that up for me? Which one is it?
Such a cool guy. Thank you very much for the information, greetings from Argentina.
I love your realness
I was thinking I need an LLC, but I haven't gotten really started. I guess I need a DBA for a sole proprietorship? Its going to be a local marketing agency and I don't want to use my name directly for promoting the business.
Real question, what if u live on a border city and the bigger city is across the bridge and that’s where I do most of my work. But technically it’s a different state?
Great Vid!! Quick question and kinda urgent...
1- Im from Brazil, was living in Boston and just moved to California -until September 2021- when my leasing contract ends , and will prob be moving back to Brazil or other state to study,
2- Ill be doing and e-commerce business LLC, and will be getting an registered agent.
3-Can I file it in other state than California, like Wyoming etc.. since my address doesn’t matter and I’m having an registered agent in the state ill be filing (lets say Wyoming).?
This is to avoid the 800 per year fixed business tax of California.