5 MUST-HAVE Bank Accounts For Your LLC

[@IrvOfficial]

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[@DAVIDRAINWATER]

Ear muffs! Ha haaa. Nicely done again!

[@EmilyHildebrand]

How much do you take out as an owners drawl?

[@artkoster6106]

This is how you use 5 different Bank's accounts, or all under one umbrella in one Bank is what you are referencing?

[@dulcerodriguez3681]

0:48

[@MuditaWisdom]

So walk me through this, can I walk into a bank open an account and then make 5 sub accounts? Each for the categories you mentioned?

[@IrvOfficial]

Correct

[@DAVIDRAINWATER]

Man of few words. Saved soooo much time with him!

[@daniloghiotto8685]

do you need to go into a branch to organize this?

[@MuditaWisdom]

@@daniloghiotto8685 I’m pretty sure you can do both either on the phone or in person. It may be better to walk inside a branch and do it. Just so there is no confusion and everything is handled real time.

[@kimberlymcdonald8653]

Relay online banking makes it super easy to make several categories of accounts. If you are familiar with the Profit First plan, Relay even makes that easy!

[@scroogeteam-me9bp]

Thanks Great video

[@IrvOfficial]

Glad it was helpful

[@Jackpotstat]

Thank you!

[@IrvOfficial]

🙏

[@DAVIDRAINWATER]

GLOWIN' BRO!

[@jackspalden5143]

Great video! Are these accounts (ie, experiment account, payroll account) actually called these by name or are they all business ‘checking accounts’ (or ‘savings accounts’) that you simply would move money around to your main revenue (checking) account? In short, most people only know of checking and savings accounts. So are these them just under these names or are these actual account structures with their own name and purpose? Apologies if this sounds like a redundant question.

[@IrvOfficial]

Yes exactly. It’s the naming structure so you know how to funnel the finances to their proper allocation

[@whengrapespop5728]

Is a savings account necessary if I have a holding company?

[@thehigherupz2259]

What mic are you using to record videos?

[@HerbSoolLLC]

THANK YOU.

[@timothybracken1728]

How do you pay yourself as a llc

[@psdavis70]

You just withdraw the money you need out. It's called an Owners Draw. LLC is a flow through entity so you won't generate a W2 or 1099. Once you net over 40k then you can get taxed as an S-Corp and that's a different(and better) ballgame

[@timothybracken1728]

but are there any penalities fordraw down? @@psdavis70

[@richardbond4496]

can you do this as a foreigner

[@Shae8]

So would the revenue always hace a 0 balance after all the transfers to other accounts. Then its replenished when the next cycle of revenue comes in?

[@IrvOfficial]

I’d never let it go to zero screws up the bank rating

[@JAEHAUGEN]

💥💥💥 I was really looking forward to see what dumb expression you would use for your next thumbnail but you didn't do it! Wth!

[@IrvOfficial]

Gotta keep you on your toes. LOL