I'm a big DIY person and have set up my own businesses 99.999% of the time. Still doing it and the IRS let's you know when you haven't filed the right forms! I learn as I go and have my own tales to tell! Excellent video, great succinct reminders which I am sharing with others. Keep 'em coming! This is your biggest life calling!
Me too but did u know that having a LLC doesn’t guarantee the limited liability. It has to be set forth in the founding articles. So at some point LLC owners want to have an attorney draft them.
I have an LLC and I made the same mistakes. The problem is I don't know how to correct them, you pointed out what the mistakes were but you didn't offer the solutions. What can you do after the fact to correct these mistakes? That's the real piece of information you need to provide.
i appreciate the video Karlton but you forgot to provide a solution with he 2nd point which is If you shouldnt appoint yourself as a "Registered Agent" to avoid getting those spam mails on Your name or liability to sue, then what should we put down as the agent??? I dint think we can leave that section blank, can we?
The virtual address sounds good but I’ve been having trouble with banks giving me a hard time for having a virtual address. They want proof of residency that matches the business. Proof of residency can be hard if you travel for work like myself as a truck driver living in the truck or something else. Especially if ur residency doesn’t match the business address.
The way I’ve worked around this for anyone reading is South Dakota has easy residency laws so a drivers license can be a personal mailbox. Most states don’t offer that. So now my residency matches business address @ a personal mailbox that forwards my mail to me and does registered agent services. Problem is it’s not enough. They don’t want a virtual address. They will deny you. You need a physical address for residency and for place of business even if you’re able to have residency & business address there. So the best thing to do is to create a foreign LLC in the same name of somewhere that u can meet their proof of residency requirements then use your EIN from your business that has virtual address to them and see if they will work with you. They have for me, Chase bank for example. Do not create an EIN for the proof of residency business just create the business with the Secretary of State and provide the docs.
@@the_luminarychase bank gave me issues. I figured out a workaround. They deny starting business accounts if it’s not a physical address. And they want proof of residency or proof of physical place for business. I opened a foreign LLC in a state where I could prove residency since I stayed with family sometimes and had a bill in my name and used those business docs along with the operating LLC in a different state as a domestic business with virtual address & EIN and they worked with me. Explaining you’re homeless helps but still. People travel for work! What about retired RV’ers. We live in a time of virtual business too. Idk if I could even have an account with them if I didn’t prove residency or physical address which sucks for those that can’t.
@@JohnnyJenkins Oh absolutely. I asked because im in a similar situation as far as plans of being somewhat mobile. I have a virtual address too which i thought would be good enough. I do have family i visit that i send and pick up package from. So i was wonderin if i would run into the same issues as u. Btw, which Credit bureau did chase pull from? and is your llc in Cali?
Most companies that help you incorporate offer the service for an annual fee. Also, you can file a form with the Secretary of State to update your company info (usually charge $25 to file).
Love KD. I have learned so much from him over the last 2 years and have happily and confidently been able to tell others about the things I've learned. I wish he talked more about what to do if you've already made these mistakes because I definitely did. Going forward with my new LLC, these mistakes will not be made. Thanks KD for all you do. It is a monument blessing to so many. 💪🙌
If a company decided to use a Virtual Address, and that new Principal Company Address generated is in a city outside of where your business resides but the same state, and that new city is a municipality...do you now have to obtain an additional business license for that municipality in addition to the town where your actual storefront is located?
I know things must be going well...my man is rocking the rose AP RO. Congrats on all your success. Your videos helped me tremendously when starting my biz a few years ago.
Thanks so much for sharing Karlton!! The best type of education is via insight and you are providing that for the rest of us through your mistakes!! Much appreciated!!
Dont let YOUR biggest mistake ever be engaging Karlton! He legit has told viewers you can write off private chef, haircuts, rolexes, etc etc. The IRS plays the long game. When you deduct these expenses say on your 2024 return (filed in 2025) the first yr you might hear from them is probably 2027...maybe late 26. They have 3 yrs to audit you from the date of filing. So if you think you are "clear" with taking KDs wild advice, hold your breath when opening your mail!!!. IRS moves slowly.
Lately I'm seeing him more as an entertainer influencer vs a tax professional. The videos are too edited for views so he follows suit with bombastic advice. It's true, we should be careful.
@@amarilles So as an Enrolled Agent, he is bound by what is called Treasury Circular 230. This governs tax advice. IMO he violates section 10.30 among potentially other standards/requirements -what do YOU think ------>>>>>§ 10.30 Solicitation. (a) Advertising and solicitation restrictions. (1) A practitioner may not, with respect to any Internal Revenue Service matter, in any way use or participate in the use of any form of public communication or private solicitation containing a false, fraudulent, or coercive statement or claim; or a misleading or deceptive statement or claim.
I was about to look up something else when your video popped up thanks because I was about to make myself the registered agent, but I do have a virtual address.
😇Great Video Gem 💎 as usual. Uh-Oh I think I need to double check my LLC for a couple of things mentioned. 🤷🏽♀️So Karlton who’s the ideal registered agent.
If not yourself, who do you recommend a person use as their registered agent? I didn't want to use myself but I didn't want to pick some random person or agency I didn't know that well or some company out of state. (NC)
hey i wanted to start a new business by myself to design a game designing. please and recommendations. doing my research before so i dont make any mistakes.
Brother I’ve worked in Executive protection, I have many stories of crazy people sending stuff to people they are stalking and or infatuated with. Everyone’s information is online. I can find almost anyone with little to no information.
It’s either a person that receives your legal mail or a company that receives legal documents on your behalf. e.g. look for a registered agent service. Or it can be a family member or something at your place
You can deduct up to 5,000 business stay up costs and 5,000 organizational start up costs in the first year and then amortize the excess over 180 months. It’s not in excess of 10,000-15,000. Just 10,000. You’re an enrolled agent, cmon bud
Thank you for your videos mate.. . Crypto education is what the world needs the most right now. I don’t think that buy and hold is a valid investment strategy anymore. Not too diluted and to a degree, follows Evelyn’s trading ideas and signal tips for your portfoligrowtho and aggressiveness. She is a woman who has not only taught me what the cryptocurrency trading world looks like but a secret to uplift my finance. Buying crypto and waiting for the price to shoot up is not the best way to invest in the market but buying and trading is. Evelyn Infurna’s trade signaIs does the heavy lifting, generating competitive returns for crypto traders and investors in the form of money and peace of mind. Time in the market vs. timing the market. If you keep that mentality as an investor, you will stay calm during the storm! Within some months I was making a lot more money and have continued on that same path...
I'm a big DIY person and have set up my own businesses 99.999% of the time. Still doing it and the IRS let's you know when you haven't filed the right forms! I learn as I go and have my own tales to tell! Excellent video, great succinct reminders which I am sharing with others. Keep 'em coming! This is your biggest life calling!
Me too but did u know that having a LLC doesn’t guarantee the limited liability. It has to be set forth in the founding articles. So at some point LLC owners want to have an attorney draft them.
I have an LLC and I made the same mistakes. The problem is I don't know how to correct them, you pointed out what the mistakes were but you didn't offer the solutions. What can you do after the fact to correct these mistakes? That's the real piece of information you need to provide.
+1 to this quesiton. What's the best way to change the registered agent?
KD please make a video on this !
I show yall if if you still need help on your topic
Amend the LLC online lol
Can you make a video on how to get a virtual address to set an Llc? Thank you
Seeing as im setting up my first business...as a personal trainer...pretty happy this came across my feed.
How do I properly locate a registered agent?
i appreciate the video Karlton but you forgot to provide a solution with he 2nd point which is If you shouldnt appoint yourself as a "Registered Agent" to avoid getting those spam mails on Your name or liability to sue, then what should we put down as the agent??? I dint think we can leave that section blank, can we?
Which is why you continue to his channel and find out. They use sites like northwest registered agent.
Bizee is the one i use.@@JasButterfly33
You pay a registration company to be your agent $45-$150/ year
Great information. It is worthwhile to know this.
The virtual address sounds good but I’ve been having trouble with banks giving me a hard time for having a virtual address. They want proof of residency that matches the business. Proof of residency can be hard if you travel for work like myself as a truck driver living in the truck or something else. Especially if ur residency doesn’t match the business address.
So have they been denying you funds for simply not having a home address? Which banks areyou referring to?
The way I’ve worked around this for anyone reading is South Dakota has easy residency laws so a drivers license can be a personal mailbox. Most states don’t offer that. So now my residency matches business address @ a personal mailbox that forwards my mail to me and does registered agent services.
Problem is it’s not enough. They don’t want a virtual address. They will deny you. You need a physical address for residency and for place of business even if you’re able to have residency & business address there.
So the best thing to do is to create a foreign LLC in the same name of somewhere that u can meet their proof of residency requirements then use your EIN from your business that has virtual address to them and see if they will work with you. They have for me, Chase bank for example. Do not create an EIN for the proof of residency business just create the business with the Secretary of State and provide the docs.
@@the_luminarychase bank gave me issues. I figured out a workaround. They deny starting business accounts if it’s not a physical address. And they want proof of residency or proof of physical place for business.
I opened a foreign LLC in a state where I could prove residency since I stayed with family sometimes and had a bill in my name and used those business docs along with the operating LLC in a different state as a domestic business with virtual address & EIN and they worked with me. Explaining you’re homeless helps but still. People travel for work! What about retired RV’ers. We live in a time of virtual business too. Idk if I could even have an account with them if I didn’t prove residency or physical address which sucks for those that can’t.
I was denied a business credit card because of having a virtual address.
@@JohnnyJenkins Oh absolutely. I asked because im in a similar situation as far as plans of being somewhat mobile. I have a virtual address too which i thought would be good enough. I do have family i visit that i send and pick up package from. So i was wonderin if i would run into the same issues as u.
Btw, which Credit bureau did chase pull from? and is your llc in Cali?
Hi! Useful info! What do you put as a Registered Agent? How do you change your address to a virtual if you already used your home address?
Most companies that help you incorporate offer the service for an annual fee. Also, you can file a form with the Secretary of State to update your company info (usually charge $25 to file).
10 minutes just saved me thousands thank you
Seven years later I am still learning the confusion surrounding taxes (in Florida)
Great video Carlton! 👍🏼
So who should we register as the agent?
go to the state’s website, they’ll have a list of approved registered agents. what ever you do don’t use legalzoom lol
Thank you for your transparency
Love KD. I have learned so much from him over the last 2 years and have happily and confidently been able to tell others about the things I've learned. I wish he talked more about what to do if you've already made these mistakes because I definitely did. Going forward with my new LLC, these mistakes will not be made. Thanks KD for all you do. It is a monument blessing to so many. 💪🙌
If a company decided to use a Virtual Address, and that new Principal Company Address generated is in a city outside of where your business resides but the same state, and that new city is a municipality...do you now have to obtain an additional business license for that municipality in addition to the town where your actual storefront is located?
Great info!!! Thanks for sharing. Some I’ve made and some I’ve avoided. I definitely won’t make any when I start the next LLC.
Hey Karlton. Great tips, something I definitely needed to understand as a novice entrepreneur.
Thanks for your easy to understand advice.
Who should we appoint as a registered agent for our LLC? Is there another option other than ourselves? Thank you.
Thank you!
You have been a blessing!! Your videos have help with so much
I know things must be going well...my man is rocking the rose AP RO. Congrats on all your success. Your videos helped me tremendously when starting my biz a few years ago.
Thanks so much for sharing Karlton!! The best type of education is via insight and you are providing that for the rest of us through your mistakes!! Much appreciated!!
Man, I have made these mistakes. Uhg, I'm going to have to fix things. Thanks for your advice.
VALUABLE!!! 🤦🏾♀️ I'm still learning.
Thank you, Karlton
Thanks for sharing your experience
Dont let YOUR biggest mistake ever be engaging Karlton! He legit has told viewers you can write off private chef, haircuts, rolexes, etc etc. The IRS plays the long game. When you deduct these expenses say on your 2024 return (filed in 2025) the first yr you might hear from them is probably 2027...maybe late 26. They have 3 yrs to audit you from the date of filing. So if you think you are "clear" with taking KDs wild advice, hold your breath when opening your mail!!!. IRS moves slowly.
Lately I'm seeing him more as an entertainer influencer vs a tax professional. The videos are too edited for views so he follows suit with bombastic advice. It's true, we should be careful.
@@amarilles So as an Enrolled Agent, he is bound by what is called Treasury Circular 230. This governs tax advice. IMO he violates section 10.30 among potentially other standards/requirements -what do YOU think ------>>>>>§ 10.30 Solicitation.
(a) Advertising and solicitation restrictions.
(1) A practitioner may not, with respect to
any Internal Revenue Service matter, in any way
use or participate in the use of any form of public
communication or private solicitation containing a
false, fraudulent, or coercive statement or claim; or a
misleading or deceptive statement or claim.
Karlton Dennis, amazing video keep up the good content
How do you open a business bank account with a virtual address? No banks near me would allow me to do so.
Exactly who should be the Registered Agent of your LLC?
who would you appoint as a register agent?
Solutions please!...
I was about to look up something else when your video popped up thanks because I was about to make myself the registered agent, but I do have a virtual address.
😇Great Video Gem 💎 as usual.
Uh-Oh I think I need to double check my LLC for a couple of things mentioned.
🤷🏽♀️So Karlton who’s the ideal registered agent.
If not yourself, who do you recommend a person use as their registered agent?
I didn't want to use myself but I didn't want to pick some random person or agency I didn't know that well or some company out of state. (NC)
Wow thanks for sharing this very important information with us.
Can you change the name if you’re already started
hey i wanted to start a new business by myself to design a game designing. please and recommendations. doing my research before so i dont make any mistakes.
Great information
Tell me I'm not the only who thought of the hitchhiker scene from There's Something About Mary. "Seven...Minute...Abs".
So how do you get a register agent ?
Brother I’ve worked in Executive protection, I have many stories of crazy people sending stuff to people they are stalking and or infatuated with. Everyone’s information is online. I can find almost anyone with little to no information.
Do you have to send a 1099 for paying people that aren’t on payroll
Who do you name as the registered agent?
It’s either a person that receives your legal mail or a company that receives legal documents on your behalf. e.g. look for a registered agent service. Or it can be a family member or something at your place
@@JohnnyJenkins So a lawyer? Or maybe an accountant if you can't yet afford a full time lawyer?
Who do i put as a register agent
Great video
Good one karlton
Karlton. Isnt the limit on current year deduction $5,000?
This info is so helpful
Thank you 🙏🏾
How does sales tax work on a vending machine
Thank you
Bro, wish this video was out a week ago, just failed and first two steps you mentioned in the state of Texas 😂😂😂
What if you use your own address when you open an LLC, but have moved from there?
How to change things on my llc?
Damn good information
You can deduct up to 5,000 business stay up costs and 5,000 organizational start up costs in the first year and then amortize the excess over 180 months.
It’s not in excess of 10,000-15,000. Just 10,000. You’re an enrolled agent, cmon bud
There's a J.D., C.P.A. who's featuring you in a lot of her videos and she's making you look real bad, fam😮
@@derrecktaylor8817 I'm loving her vids! 😂
Thank you for your videos mate.. . Crypto education is what the world needs the most right now. I don’t think that buy and hold is a valid investment strategy anymore. Not too diluted and to a degree, follows Evelyn’s trading ideas and signal tips for your portfoligrowtho and aggressiveness. She is a woman who has not only taught me what the cryptocurrency trading world looks like but a secret to uplift my finance. Buying crypto and waiting for the price to shoot up is not the best way to invest in the market but buying and trading is. Evelyn Infurna’s trade signaIs does the heavy lifting, generating competitive returns for crypto traders and investors in the form of money and peace of mind. Time in the market vs. timing the market. If you keep that mentality as an investor, you will stay calm during the storm! Within some months I was making a lot more money and have continued on that same path...
SHE’S MOSTLY ON TELEGRAMS APPS WITH THE BELOW NAME.
@Infurnaevely1
Thank god for the 1st time abaitment 😅
Umm...is that ab course still available?😂
I’m embarrassed now😂😂
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Brotha.... I sent you a DM on IG....about a week ago?
Thank you