8 Stupid Mistakes in Your LLC Operating Agreement

[@ClintCoons]

Claim Your FREE 45-minute consultation to receive business planning tips and asset protection. 👉 aba.link/lgo

[@eniseddiplomacyalliance7185]

Thanks do you provide copies of transcribe words ,templates

[@deannalove9073]

Amazing info I just updated my operating agreement. I do have one question, since I am operating an online hair store would you say everything in this video still apply or is the information shared targeted for a select group of LLC holders? If you have a video on how the online business world differs from that of the outside world, please feel free to share. Thank you :)

[@ClintCoons]

@@deannalove9073 An online business in which you are the sole owner would not need every provision I discuss in this video.

[@iynobhetter]

Going to setup a blog with a family member under 18. I’ll bank and head it and engineer the technical pieces but won’t provided the day to day content. Avoiding pitfalls in setup is key. Could you provide a source initial llc setup source you trust to new business entries?

[@ClintCoons]

@@iynobhetter Iyno we can assist. See the link in the show notes to set up a strategy session.

[@11962]

This guy is the real deal. Ask your local attorney about this and see how of these he or she can even list

[@mberrynunez]

Great content. 💯 I was a Corp Acct for more than 30 years. I appreciate your level of thoroughness, which definitely comes from many years of experience. Many of the younger attorneys, accountants, etc... are familiar with "the mechanics" of comleting an operating agreement. However, they may inadvertently miss important aspects that could be very costly to both personal and business finances in the future.

[@ClintCoons]

Well said!

[@bamideleolora6923]

@@ClintCoons is there a book i can read on these things

[@reesehousehold6626]

Great Video. The best one on this topic. Would you kindly clarify on a few points: 1) Do we want "Charging Order" in the agreement, or do we want "No Charging Order"? 2) "Improper tax provisions": Do we want to include or not to? 3) Do we want "Officer appointment provision" or "No officer appointment provision"? Thank you!

[@ClintCoons]

You want charging order and officer provisions.

[@lathanadams4551]

WHEW! That was probably the most informative video I've watched all year! Super powerful information that could make or break a business' future. Thank you for taking the time to invest in you viewers. You saved us a lot of time, headaches, heartaches, and MONEY! As always, thank you. I LOVE your channel, professional and straight to the point!

[@ClintCoons]

Thanks

[@MusafirsSoul]

& coming straight from a legally qualified experienced professional! Presentation is too good too in every video. Thanks Mr Coons

[@jedburlingham3593]

Great content, Clint. The mistakes one can make on an LLC in their state are HUGE. Thanks for bringing those points to our attention!

[@yoshisaidit7250]

1: Manager managed 2: No forced Distributions 3: Non-Pro Rata Distributions 4: No Charging language 5: Restrictions on transfers 6: Tax provisions inline with what LLC you want to run 7: No right to return of capital 8: Appointment of officers

[@nathanthaconqueror5790]

Great video only one that worries me from my studies is manager managed without another member might have the IRS diagnosis it on the back end as a sole proprietorship

[@DanielSpringer]

Shouldn't #8 be, 'Appointment of Officers'? I believe he was making the case for adding an officer provision. Thanks

[@yoshisaidit7250]

@@DanielSpringer You're right

[@MusafirsSoul]

@@DanielSpringer That's right. He meant exactly this. His this video is about 8 mistakes so 8th mistake is "not appointing officers"

[@lonnylynn2409]

@@nathanthaconqueror5790 if you only have one member in your LLC, you are a Sole proprietor with no protection from IRS anyway

[@mystudent11]

Just finished listening to you for the first time. I became a member. You are a wonderful teacher/ professor.

[@ClintCoons]

Thanks and welcome

[@Purenrgy]

It would be nice if you had a example template of these provisions for those of us trying to create our own Operating Agreement

[@OnlyLegendswin]

Just subscribed, I love the impactful information. It's a breath of fresh air to hear someone who's an effective communicators.

[@ClintCoons]

Thanks Antonio.

[@WideAwakeHuman]

Yeah very good points... Never pin yourself down with rules when you can leave it open ended because you control it anyway. Awesome info!

[@ClintCoons]

Exactly!

[@nibraszuhair]

upcoming 19 year old real estate investor. Your videos help me a ton, just subbed.

[@ClintCoons]

Fantastic!

[@krisnaross]

Hi Clint - I’ve just recently discovered your videos, you’ve answered so many questions I had and still I have more. You’re content is just what I’ve been looking for!!!! Thank you so much. I’ve actually booked a conference with your Sr. Advisor and attended your webinar last Saturday and immediately signed up for Platinum. Since then, I’ve been trying to navigate and find more answers but it hasn’t been as easy as I thought it would be. The concept is most excellent but the execution, in my opinion, is a bit lackluster. I keep coming back to rewatch your videos to get answers, specifically this one because I’m one of those people you mentioned that made mistakes when forming my LLC. I’m just in the beginning stage of a larger plan in my business endeavor and need guidance and handholding from someone like you. I’m hoping to find that in your advisor. Maybe it’s me being impatient or maybe the process and system Anderson Advisor has set up needs a little tweaking, it’s new to me so I’m giving it the benefit of the doubt. I have still so many questions and pulling all the pieces together of what I’ve done and what I’m trying to do & envision is daunting. I need more than 30 minutes here and 15 minutes there. For continuity, and to get working on the right path you teach about assets protection and anonymity for future business ventures, real estate investments, and other deals; to somehow incorporate/correct the mistakes I’ve made with a proper Operating Agreement and maintain the LLC I’ve created (instead of forming a new one as I’ve already established a great credit file on it with multiple credit lines), what would be your advice on how to work with your company and what is a realistic timeframe I should be expecting for the total transformation of setting the right structure for my companies?

[@ClintCoons]

If you would like a FREE 30-minute consultation, you can request one here - aba.link/30minSession Start with a strategy session and then we can give you a timeline depending on the work that is required. It could take 30 days or in some instances several months.

[@ericfine325]

@@ClintCoons @KrisnaRoss I agree with the sentiments of Krisna. After listening to Clint and Toby at a seminar felt very confident that Anderson was the right place and we joined as a platinum member. After the initial Blueprint path meeting we were shuttled to a different intermediate and then individual staff take care of different aspects of your situation. One problem that newbees like me have is that we do not know what we do not know. We were always reexplaining our situation and tried to ask for what we thought we wanted but the options that are possible that we do not know of and the ramifications of those choices or what the wrong choices would be were not explained in a cohesive overarching manner. -- Thanks for your and Anderson's help! we're getting there.

[@ClintCoons]

@@ericfine325 Thanks Eric.

[@robertayers320]

In the Still of the filled in the attorney of the operating agreement in the property manger in the LLC IN THE STATEMENT THE FORCED RATA ARE IN PRO RATA DISTRIBUTION THE CHANGING LANGUAGE NO RESTRICTORS OR TRANSFERS IN The reception revision description restrictors are in there is no officer appointment provision😊😊🎉🎉🎉

[@melg1372]

WOW! Subscribe immediately. So informative and stated in a way that is easy to comprehend and apply, with an understanding of WHY it's important. Thank you for this.

[@ClintCoons]

MeL G Thanks for watching.

[@lisarogers5873]

Great info. Makes sense of the legal terminology most of us are not familiar with.

[@ClintCoons]

Thanks

[@michaelconde6748]

Regarding LLC…I plan to be sole person in my LLC. My business: I license ideas (patented ideas). My question: Do I still need an operating agreement?….and if so, which of these 8 key points should I address in it? (Your video: 8 Stupid Mistakes in an LLC Operating Agreement)….thanks, Mike

[@ClintCoons]

Yes you do need an operating agreement and some of the points would not necessarily apply e.g., restrictions on transfer, pro-rata distributions.

[@michaelconde6748]

@@ClintCoons Well, then are you able to create one for me?…and if so, how much will you charge me?….and btw, thanks for your quick reply.

[@ClintCoons]

@@michaelconde6748 It would be $1500 plus state filing fees. We file the LLC, consult on the appropriate entity setup and tax status, obtain your EIN, and draft the operating agreement. You can contact my assistant Deborah Lewis and [e-mail] if you are interested. Thanks for watching.

[@gilbert_tekeoh]

Really love the 8 outlined mistakes. Would love to watch another video on the many other mistakes. Just subscribed. 🤜✅🤛. Thanks a lot.

[@ClintCoons]

Thanks for the sub!

[@mamotivated]

Absolute rock solid content. Thank you.

[@stevhard1981]

Thank you for the information. I'm trying to decide if I need a LLC for my auto detailing business. Right now I'm a sole proprietor.

[@ClintCoons]

Yes you should set one up and most likely elect S tax status. If you would like a FREE 30-minute consultation, you can request one here - aba.link/30minSession

[@jackwelch480]

Very informative and I enjoyed the teaching style. I do have one question and maybe it is a dumb question. Once you write this operating agreement - what do you do with it? Is it filed somewhere?

[@ClintCoons]

You keep it in your records.

[@TheMscuteass]

In also researching info. Business recovery binder is a Must in this case. Look up business recovery binder & it's used for.

[@NikoBellaKhouf]

Wow there's so much that I didn't know that I didn't know about LLCs. Thanks

[@ClintCoons]

Happy to help!

[@paulineerickson]

Thank you for this valuable information without any fluff. I appreciate this. I searched for it and you popped up. Wallah 🙏🏻

[@ClintCoons]

Glad it was helpful!

[@NancyFalanga]

Love your videos!! Have watched several today! So informative!! Thank You!

[@semoneugbomah8750]

A must watch!!!! When creating a company.

[@ClintCoons]

Semone Ugbomah Thanks for watching.

[@ronswansons_mustache]

AMAZING. Thank you for sharing this with us.

[@ClintCoons]

Ron Swanson’s mustache Thanks for watching.

[@shawnregnier-greathomesla464]

Hi Clint, I've watched this video multiple times, and am writing up my Operating Agreement for a JV LLC manager-managed (two managers: my corp, and my partner's corp). Some of the "8 stupid mistakes" are not mentioned at all in the free template I am using online . There is an option for additional clauses on the form. If the mistakes above are not mentioned at all, should I just leave it, or add statements to the additional clauses as such: 1) Company agreement will not have forced distributions. 2) Company agreement will include Non Pro Rata distributions. 3) Company agreement will not have charging order language. 4) Company agreement will include restrictions on transfer of interests. 5) Company agreement will have no right to return of capital. 6) Company agreement will have no officer appointment condition. If I should add these, please let me know if I screwed up on any of the 6 I listed. Another poster had asked you if he should have NO net to all of the mistakes, except Non Pro Rata and you said yes to him. After listening to your video again, it sounds like you're saying that we WANT an officer appointment condition, so maybe that should be: Company will have officer appointment condition???

[@ClintCoons]

A JV LLC is a different animal all together and many of the provisions you need in your personal LLC will not translate into a JV LLC. I would recommend you consult an attorney to draft your operating agreement. I have seen far too many JV deals go bad.

[@rightright6582]

I think on number 6 about officer, he meant the opposite: to allow office appointment.

[@MushroomNinja]

Clint, great videos as always. I wanted to ask, is it possible for a llc owner to update their operating agreements assuming they made a mistake on it beforehand in the past? Assuming the llc is squeaky clean and has no trouble legally with another entity

[@ClintCoons]

Absolutely. You would amend and restate your operating agreement. For example: This Amended and Restated Operating Agreement (Agreement) of ____________________, LLC, a Delaware limited liability company (Company), is made by the Members to provide for the governance and operations of the Company and the rights and obligations of each Member regarding the Company. This Agreement amends the original operating agreement executed on _______________________ and is effective on the date of the last signature of any party to this Agreement (including any Managers) and will apply to any Additional Members admitted in accordance with its terms. In consideration of the mutual promises in this Agreement, the parties to this Agreement agree to be legally bound by its terms.

[@gypsysomewhat7125]

Absolutely amazing! Your a genius!!!!! Thank you 1000 times over again 🙏for this information!!!!

[@ClintCoons]

Happy to help!

[@amareleslie3087]

I’m about to binge watch all of your videos sir 👍🏽😁

[@ClintCoons]

Hope you enjoy!

[@lagata-w8z]

Same here! Mind blown! Thanks for all this information!

[@larenzwaters2195]

lots of valuable information. thanks dude !

[@AK-up3hx]

Set up an llc through legal zoom and it’s been a joke. They screwed it up from the beginning and have been deflecting blame for the past three months and refuse to fix their mistake including adjusting the Operating Agreement.

[@alliesteamc3546]

Also add no requirement for corporate annual meetings, do as needed ok?

[@ClintCoons]

Great point.

[@CBNCrazyNews]

I love your Channel!!! Exceptional information ℹ️

[@ClintCoons]

Thank you so much!

[@christianmclain2045]

Clint, I can’t remember the last time I subscribed to a channel, but this one sealed the deal! Question….If this isn’t filed with any government entity couldn’t someone just quickly write one up in the event of a lawsuit? I’m not advocating this, but wondering how well does it hold up in court with this as a possibility? Also, any recommendations for a template?

[@ClintCoons]

Correct you could change your operating agreement if sued and no one would know but the plaintiff could assert you made this change after you were sued. The only way to refute the claim is to have your operating agreement notarized or use Docusign or similar that digitally dates when the document was signed. Regarding a template, it is best to have it professionally drafted to make sure the operating agreement is specific to your business.

[@alliesteamc3546]

This is extremely helpful and useful! Many thanks!

[@ClintCoons]

You bet.

[@orlandowilliams5309]

Good information homie straightforward, thanks

[@ZachCasey]

Great advice as always, thanks Clint!

[@jonathankerner2094]

Thanks for the input. A question: You wrote "No Officer appointment provision," but your explanation says that you do want an officer appointment provision. What did I miss?

[@silviablue9889]

Operate as president for control with officer provisions ,gives flexibility . No as in not having these provisions =bad good luck 🍀

[@jenniferk.harmon2604]

The mistake is that when an officer provision is NOT included. His language included a double negative. I had the same question..had to replay a few times for clarity therefore be sure to include the provision

[@scottwhitley2242]

Excellant content. Very helpful. Thank You!

[@ClintCoons]

Glad it was helpful!

[@vicc5772]

Great Video! Quick question relating to mistake #8. Appointing yourself multiple titles allowed? The example mentioned appoint yourself President as to not refer to the member . So can you appointment yourself President, Principle, AND Director? (Or some other combination of multiple titles?) Thanks in advance.

[@ClintCoons]

Just president

[@crownchrist]

Mane ! I subbed a while back but not sure where these vid Gems have been 👏

[@ClintCoons]

Excellent

[@alliesteamc3546]

Your students would like to learn how to maintain a c corp -what must be done and how. Thanks!

[@ClintCoons]

Just added to the video list.

[@alliesteamc3546]

Thanks for sharing!

[@ClintCoons]

Thanks for watching!

[@confidenceondatrack76]

Awesome content Clint! My agreement states: Section 5.02. Creditor Rights. If a court enters a charging order against a Member, a Substitute Member, or an Assignee, then the judgment creditor shall be referred to as the “Charging Order Holder.” Pursuant to W.S. 17-29-503, the charging order is the exclusive remedy by which a Charging Order Holder may obtain any satisfaction from the Company. The Charging Order Holder has only those rights specified in the foregoing statute and nothing in this Agreement shall be construed to provide otherwise. This Section does not deprive any Member, Substitute Member, or Assignee of rights under any available exemption laws. A Charging Order Holder has no rights of a Member. Does this clause grant them any of the member’s interest?

[@ClintCoons]

It does not.

[@confidenceondatrack76]

@@ClintCoonsawesome, greatly appreciate all you’re doing.

[@lesterjones0830]

excellent information. Thank you for the this!!!

[@ClintCoons]

Glad it was helpful!

[@surveytestmoney2550]

Okay, here's a question many are wondering: Is there is any advantage to forming (a parent-subsidiary structure) when one *only owns one* LLC? For example, would there be any legal advantages to forming a general umbrella LLC as a parent, to put a current LLC under and any future LLC's that may be created?

[@ClintCoons]

Yes and I have multiple videos on this strategy.

[@levilamont8005]

@@ClintCoons I looked for those videos but was unable to find them, do you think you could post one of the titles so i can look it up please?

[@the_creative70]

Great video, much appreciated! I’m about to download the link. Can anyone let me know, I assume all these tips are already including in the link for the operating agreement? Thanks. I’m trying to setup a one member LLC so I want to assure that I make it as iron clad as I can while maximizing my taxes advantages. I’m in California but looking towards a Wyoming, Delaware setup but operate in California. Any tips for setting up is appreciated. Thanks.

[@bossman158]

Great info!!!!!

[@bradleylivingston6514]

I am planning to create a single member LLC as a health care provider. These mistakes all appear to me to be specific to multi-member LLC's, is that correct? Do any of these 8 mistakes apply if creating a single member LLC? Are there any issues I need to worry about if starting a single member LLC?

[@ClintCoons]

I would definitely want these in my LLC Manager managed No forced Distributions Charging language provisions Tax provisions inline with what LLC you want to run

[@michaelfrancis-vb7tp]

All of the provisions you mentioned are these for any sized company? what if you are a single person company?

[@ClintCoons]

50/50. Some are more important when you have a partner.

[@CLR-RealEstate]

Thank you for all the information, as always. I just had a quick question. Should I apply all of this to a single member LLC as well, even though I’m the only one?

[@ClintCoons]

No you do not need to.

[@MusafirsSoul]

@@ClintCoons Can a single member LLC also appoint managed by "officer" or "President" instead of manager managed? Thanks

[@ClintCoons]

@@MusafirsSoul Yes it can

[@MusafirsSoul]

@@ClintCoons Thank you Clint!

[@healthfullivingify]

Great tips, Clint. Thanks!

[@ClintCoons]

Glad it was helpful!

[@dedriccarroll2]

Thanks for the information. Very helpful!

[@ClintCoons]

Glad it was helpful!

[@mikebrownsteadbrownsteadre8037]

GREAT Video, thank you!

[@ClintCoons]

Glad you liked it!

[@arbaazmalik5740]

Nice to know the information, What about a solo person operating agreement looks for LLC

[@ClintCoons]

Yes a single member LLC would not necessarily need all of these provisions. Great point.

[@virginiasandoval8695]

Thanks for sharing critical information. Will the 3-8 apply to a 1 member LLC?

[@ClintCoons]

Yes it will

[@ClintCoons]

Yes these will.

[@colinmcintyre1769]

Thank you.

[@LaDeeDah]

This was awesome!! I have a question. Who does the election for taxes on my llc? My accountant? I applied for my LLC , waiting for approval..I started my operating agreement I'm going to comb through it now and do what you're saying! Just need to know when and who does the tax election please

[@ClintCoons]

The tax election is typically made when you set up the LLC. It is made when you apply for your EIN.

[@LaDeeDah]

@@ClintCoons thank you!

[@Hardwork213]

Geez! Another FIRE ASS Video!!!

[@kw9568]

I missed the first class so ummm yeh this went right over my head...

[@MarisolsAdventures]

Would this language be okay for no distributions. " the member will determine and distribute available funds annually or as they see fit". or should i just say "the member will determine and distribute available funds as they see fit" thank you

[@prprchrome3003]

Awesome info 🦾

[@ClintCoons]

Thanks for watching!

[@Electric-vl5qi]

Clint, before creating an LLC, can a person acquire a registered agent and use that information for acquiring a EIN? Are umbrella LLC structures more protective than having individual LLC corporations?

[@ClintCoons]

An RA can not be listed as the responsible party for your entity because they do not have the necessary ownership or control. Individual LLCs owned by an umbrella LLC (Wyoming Holding LLC) is the preferred structure.

[@1950Archangel]

Next, it'd be REALLY helpful if you would do this again for a single-member LLC (filing as S corp) -- because so many of these mistakes do not apply in such a biz. I inherited my MFG biz as a C corp (formed in the 1950s!) on my husband's death; and set up a new biz as an LLC because I wasn't sure I could handle a C corp. (Actually I WAS sure I couldn't!) Eight great scary mistakes.... and then they don't apply to a single-member LLC/S-corp. Whew! (oh. But then what mistakes DO apply?! EEK!)

[@ClintCoons]

Actually, if I drafted a SMLLC, #3 and #5 would be the only two provisions I would not necessarily include. I would draft my operating agreement to ensure it encapsulates the other provisions.

[@davidtorrez8460]

Hi, thanks for this info, I just have a few questions. If someone owes backpay in child support, can they garnish their wages that are in his business bank account? Is he protected through the LLC, or is there certain forms that he must fill out to prevent that from happening in the future? Also can they come after the individual even if the LLC is under both that person and their wife's name?

[@ClintCoons]

Most likely yes.

[@georgebaltakianrealestate4189]

Excellent video, thank you.

[@ClintCoons]

Glad you liked it!

[@xChuchi14x]

Thanks for your good tips…. 👍🏾

[@ClintCoons]

You are welcome

[@williamjverhagen]

What about a holding company with multiple LLCs ?

[@ClintCoons]

Great strategy. The holding company is the most important part of the strategy.

[@privatecaller1418]

Brilliant advice. Wish I knew you in 80's , lost home due to stupid lawyer. Again lost home 2016,stupid lawer

[@lagata-w8z]

What would be the best strategy for Maine? Thanks I'm advance!

[@ClintCoons]

I would recommend setting up a free consultation to talk about some strategies and how they apply to your unique situation. Sign up here: aba.link/lgo

[@profinish35]

Been following you forever. Been setup pretty well for awhile thanks largely to your advice. Thank you. Could you briefly explain why Delaware for commercial vs Wyoming? Aaron

[@ClintCoons]

Have you watched this video: kzbin.info/www/bejne/l3fZl2lsfa18j6M

[@profinish35]

@@ClintCoons I have thank you. We follow your advice to the T. Our holding company is WY. and our individuals or OR. All commercial. You made a comment that if "commercial" you may structure holding company in Delaware NOT WY. Am I miss interpreting? Thank you again for all the great advice.

[@ClintCoons]

@@profinish35 It just has to do with lenders. Certain lenders prefer DE over Wyoming. I have used CoreVest on a few deals and the underwriter/legal wanted DE not WY. Some larger Fannie loans I believe also may require a DE entity. Thus, I bring it up because I would rather go into a deal without having to make last minute changes because the lender prefers DE.

[@profinish35]

@@ClintCoons Perfect to the the point reply. Again thank you so much for everything. I have probably logged close to 1000hrs following your videos over the years. Have interviewed many attorneys and accountants who did not know, what I knew, when I walked in the door thanks to your expertise and real life experience. In fact 98% of people will have no idea what you are talking about. Anyone reading this, don't take just any advise. Do your homework and invest the time to make educated decisions. It will pay huge dividends in the end. THANKS!

[@WillisLJones]

Can you make a video disecting mistake #6

[@ClintCoons]

Thanks for the idea. Added it to the list.

[@irvingpurata2939]

Can you make amendments to the Operating Agreement?

[@ClintCoons]

Absolutely

[@thessalonicaellison7239]

THANKS FOR THAT GREAT INFORMATION I ALMOST TRIPPED UP

[@ClintCoons]

Glad to help

[@keshagoode1545]

Very helpful information!!!

[@ClintCoons]

Glad you think so!

[@AlanCraft55]

good stuff

[@00tomillionaire]

sir, please guide me I am going to form an LLC in the USA do I need to have an operating agreement? can I work without an operating agreement?

[@ClintCoons]

I recommend anyone setting up an LLC prepare an operating agreement.

[@MarisolsAdventures]

should you have an operating agreement in wyoming and the state that you have a rental on? or which one should have it? thank you!!

[@ClintCoons]

Yes that is the best scenario

[@cancelaaatoday]

Do you have a video for Single Member *Manager Managed* LLC operating agreement? Mine doesn't have any provision in it for me to name myself as President. Only as manager or member manager. It's a very simplistic operating agreement template that came with my Registered agent package for my soon to be Amazon FBA business. Does your O.A cover *non* real estate businesses?

[@ClintCoons]

I do not have a specific video on the topic you stated. Yes we do draft operating agreements for non real estate businesses. IF you have a SMLLC manager managed you would not need officer provisions.

[@MM-gi5lo]

I have already used Legal Zoom, but these are very valid issues. Does your company offer template Operating Agreements or services to uodate existing OAs?

[@ClintCoons]

Yes we do.

[@amandamiller5243]

Thank you for this!

[@ClintCoons]

Glad it was helpful!

[@AntoineCampbell]

Clint what I gotta do to get you on my podcast?

[@jalabi99]

That episode would be fire!

[@sweety2313s]

Can I still be the owner of my company even if I set it up as " Manager- Manage"?

[@ClintCoons]

Yes you can.

[@onlinedealhacker2069]

I have a single-member LLC. Do I need to have a Tax Provision in the Ooerating Agreement or is it automatic that the single-member LLC will be taxed as a Disregarded Entity and does not need to be in the Operating Agreement?

[@ClintCoons]

If it is disregarded then you do not need a tax provision in your operating agreement.

[@onlinedealhacker2069]

Does the LLC (in WY)need to have Resolutions for bank accounts?@@ClintCoons

[@derekpmoore]

An S Corp can’t do non-pro rata distributions?

[@ClintCoons]

Correct

[@ryanholler639]

Just watched great video btw.. thinking about starting my LLC which website or where would you recommend to go to get this then? Where some of this may not be in the agreement....

[@ClintCoons]

If you would like a FREE 30-minute consultation, you can request one here - aba.link/30minSession

[@teerottie]

Awesome

[@TheThennowforever]

I appreciate you

[@jorgeortega9576]

Great information. I do have some questions before I open my LLC. Any way I can arrange a consultation meeting? Thanks in advance for your business.

[@ClintCoons]

If you would like a FREE 30-minute consultation, you can request one here - aba.link/30minSession

[@OrbitRex6215]

Excellent! Thanks a lot!

[@ClintCoons]

Glad it was helpful!

[@gibson7654]

Hello sir, Would you have a template of this agreement by chance?

[@emilyl1067]

Hey Clint, what about buying real estate as an unmarried couple? (i know, not advised, but if so?)

[@ClintCoons]

Set up a trust or joint venture LLC to protect your interest.

[@alexisfluffy703]

What do you mean by interest?

[@ClintCoons]

Ownership in the company.

[@GoaWay...]

Number one is to make it manager-managed. But what if we are doing the anonymity LLC, is there no way to make it manager-managed still...especially if that way is best?

[@ClintCoons]

Then it is member managed.

[@Themachineincmarte]

After watching this video how I can make changes to my existing LLC where I go ?

[@ClintCoons]

Yes you can

[@Themachineincmarte]

How ?

[@phan1182]

How much to have you write an operating agreement for my Wyoming holding company (LLC)?

[@ClintCoons]

If you would like a FREE 30-minute consultation, you can request one here - aba.link/30minSession

[@Fed-Finance]

If I want to write-off the expenses for travel to a shareholder meeting, do I have to own the stock in a LLC brokerage account? Or, can I just own the stock in a personal brokerage account, but indicate in my Op Agreement that LLC’s real estate profits will be used for stock investments?

[@ClintCoons]

Travel to a shareholder meeting is not deductible.

[@TruthSpokn]

If you are the only person on your LLC does the majority of these still come into play?

[@ClintCoons]

Several do not when it is just you as the sole member and manager.

[@rcmrealtor]

First of all, Thank you for this video. Secondly, I did have a question. If I went this route as a Realtor in California, do I have to get my license transferred to this entity or can I just elect to get my commissions paid directly to my LLC?

[@ClintCoons]

Commissions are paid to you then you 1099 all of them to your entity. If you are a broker then you can set up a corporation for your brokerage business.