9 Mistakes to Avoid With an LLC

[@j.r.3215]

Non stuffy Lawyers with a sense of humor and desire to help people, love it.

[@4444Rosemary]

This channel is the best business, legal, tax and asset protection information anywhere, bar none.

[@KenJames9911]

Yep...

[@rachl4610]

I was told it’s $390-450 for consultation, $800 for LLC or SCorp setup and $825 for registered agent, and no appointments available until November?

[@mastermaker2579]

6:40 Don't make your LLC member managed, make it *manager managed* instead. There's a lot more privacy in that, and folks can't get access to your info right away. 10:20 Manager managed is also better for banks / bankers. If you do member managed, there's a chance the bank is going to want more crap. 11:20 Setting up the LLC in the wrong state. 41:05 Open an LLC bank account, separate asset protection from personal acct.

[@jerhole1]

I want to save these

[@cowboydelnorte3078]

47:20 had me rolling the whole show was informative and funny like gillie and wallo lmao thanks for the gems

[@montybaddar1985]

Can we change it if it was set up as a member managed to a manager managed?

[@rickm1341]

@@cowboydelnorte3078ffl

[@rickm1341]

@@montybaddar1985l

[@KaayJaay]

4. Set up LLC with one sheet of paper. EIN needed. Cut corners for Asset Protection. Annual minutes. Annual board meeting. Operating Agreement. Bank Loan. SS4 (Application EIN). Clean up LLC

[@KaayJaay]

6. LLC purchased off the shelf. One size fits all. Instead need to customize it. Not the same thing for everyone.

[@RakeemAddison]

Perfect Timing with this one brother im tuned in

[@JD0824]

I know you said if I am starting an operational business, an S-Corp is best if you net $40K a year. But is starting with an S-Corp best? Or should I create an LLC and convert it later?

[@patriciastiefel1199]

I am just getting my LLC set up. I was not able to get a business loan. All expenses have come from my personal account. Do I ever recover any of the set up expenses. Up to about a 1,000.00 so far. Still don't have business account set up, or domain, or Shopify and Amazon account. They all come with a price tag...first time watching you guys... I like you and have subscribed...

[@MarkJKohler]

Welcome aboard!

[@yayamcdonald6444]

Hi, how is it going w your llc? I could not get a loan either

[@KaayJaay]

2. Register LLC where property (business) is in. Rental property. Set entity up where rental property is. Less paperwork.

[@celeastar]

Thanks for the info with humor. Enjoy the LLC JUA group! Surely a great fun group learning what is working. We don’t know what we don’t know. Thank you both.

[@neri.2811]

contact your firm twice leaving messages with contact info over 2 weeks ago apparently no interest

[@KaayJaay]

5. Sometimes more isn’t better. Too many LLCs.

[@KaayJaay]

1. Go Manager Managed LLC. Instead of Member Managed. Member Managed too convoluted for banking too. Financing

[@Paul-mu9ng]

I am buying some recording studio equip and I rent a rehearsal studio in which to operate. I will create band projects and do live personal performances on streaming platforms.I hope to operate as a recording studio service as well. Basically I want to get my feet wet in all kinds of music business as well as just have a super cool man cave as my sanctuary to rock out anytime 24 hrs a day 365 whenever I choose to do so. I've just become a "trader" officially this year and I need to figure out a strat for taxes from trading and using my studio as my main tax right off plus the insanely long trip to that studio from my remote location 150 miles away. I'm in Colorado. I know it would be a good idea to get all my ducks in a row. It might be a good idea to have a chat about it with you guys.

[@pattrader6419]

Channel has great info but my god... get to the effing point!! 6 minutes in until it begins!

[@sadafbazargan254]

I would like to agree and some , but then I’m afraid if I called them to sign up for their services they won’t take me! Lol Obviously they are good professionals are very non-knowledgeable. However there may be a little bit of ADD in the sauce. lol! Maybe that’s why I like them. Birds of a feather find each other. …

[@hopefully2224]

Lighten up. These guys are great.

[@zainabimtiaz676]

True !

[@TRMR_Media]

True

[@FranciscoMeza]

I watch their vids at 2X speed.

[@kevinhenson942]

Great content 👍🏽👍🏽👍🏽

[@aviatrix2]

What about an LLC business owner (contractor) who acts with deceit, malevolence, and weaponizes time in the way of extensive delays to force his customers into concessions that always financially favor him? He hides behind the LLC to conduct business (build homes), but requires the customer to agree to grant him lien of 1/2 the property and home under construction until completed. However, while under construction the home appears in the county records under his personal name with no mention of an LLC. Does that completely insulate him from severe construction failures, faults and incomplete structures of the home? Again, he weaponizes time and forces concessions, including taking delivery before the home is complete. In this case, the building permit had expired for 6 months before being forced to take ownership. The home was 2-1/2 years late from the promised completion date. 4 years later, issues have still never been addressed. The LLR is only interested in keeping business going, and does not favor victims of such malfeasance. As an example, the home needs ~$250,000 in concrete, structure, and finish repairs and completion.

[@Jojo-yl6iz]

I am starting a krypto mining business using GPUs from the ground. Do I need to set up an LLC for it and file sole propriertorship on the county level?

[@KimikoMaui]

I called kkos and didn't sign uo for services yet but have to say some of the nicest people! Mark and team is the real deal

[@janetvalencia597]

I really need to get a hold of either one of you. Attempted the 800 nbr once and got to a voice mail. Any other way to connect with you?

[@alliesteamc3546]

In wash dc if LLC in the operating agreement that say no regular meetings is that ok? Member manager series LLC?

[@KaayJaay]

7. Thinking LLC does more than it intends too. LLC protects you from what’s the LLC is doing.

[@alliesteamc3546]

What is the best phone and email to sign up as a client for series LLC?

[@dasfahrer8187]

How does doing annual minutes work if you're the only person in the LLC? Also, do member certificates apply if you're manager-managed?

[@sherifayal377]

I started real estate investing in 2023. I created an LLC in the state I live but do not invest in my home state. I bought 2 properties in another state using the LLC of my home state. I then had a company- PCS set up my holding LLC and I have a sub LLC in ILL. where I bought property in IL and in OH. Am I messed up with my LLCs? Is it really necessary to have an LLC for each property I buy?

[@darrinrainey9924]

These guys are great. Please take a 5-10 minute break to eat. Fir the advice you are giving, I have no problem waiting. Keep up the great work!

[@KaayJaay]

3. Set up LLC instead of S Corp. not applicable rental property. Applicable real estate profession

[@andiw7358]

I can't find any videos on LLCs taxed as an S Corp, and the difference from actual S Corps. Need more detail.

[@alliesteamc3546]

Can the series LLC in Wash DC do both own real estate and have small business also?

[@bohvoyage4078]

Could you do a video explaining how to set up your llc if you know you plan on leaving the US full time, to get FEIE, in the near future. I'm just starting online ecommerce business, I know this is my goal, but because of that idk what to do now.

[@johnsonkarl3135]

thanks for your comments & watching I recommend you to start making millions in Crypto.....write a text to my manager on WhatsApp on the number below👇 PLUS+ one(1)nine(9)zero(0)eight(8)two(2) seven(7)four(4)(zero(0)nine(9)six(6)five(5).

[@menNeedHelp]

I didn't know Stephen Colbert was also a CPA lawyer

[@coolyoda18]

Content - very good and useful. Eating - No No not done Too much banter - take it off line it’s getting annoying.

[@coolyoda18]

Thanks Mark for your acknowledgment. hope the banter goes down. Good luck great content(minus banter)

[@grltrader]

do i need an Scorp for daytrading? i recently had an LLC created as a daytrader. Thanks

[@bridgettestokesconner9401]

Yay Matt. You got me with a knock out punch 🥊 on #1! Regret using Legal Zoom which seemed to come up on each answer. Also took the DIY route. Listen everyone! just go with KKOS and get it done right in the first round. Please. No regrets

[@robertrackers3276]

What is your schedule for Live streams?

[@gethealthynowcoaching9301]

Thank you for this valuable info

[@MarkJKohler]

So glad you enjoyed it!!

[@alliesteamc3546]

Can the “manager managed” be another LLC

[@paulthecpa2717]

A "manager-managed" LLC can have another LLC as a member. What I have seen on a few occasions is that the manager is an S Corp, and the S Corp holds all the employees used in the LLC's trade or business. And the S Corp charges a management fee to the LLC for providing that workforce. Why? There are some strategies that have the S Corp pay the LLC member/employee's a "reasonable salary" from the S corp, and the distributive share income to the LLC member is not subject to SE tax. This is a somewhat controversial strategy, but I have seen it more and more lately. The reasoning for deeming the distributive share income LLC income as not subject to SE tax is that the LLC member is compensated for their personal services provided to the LLC via the S Corp salary. Thus the distributive share income to this LLC member is not from their personal services, but from other employee personal services. This is only applicable if the S Corp is solely owned by one of the LLC members. I have not seen this challenged by the IRS, but I am very interested to see how they would address this situation.

[@caseywilliamson5582]

Thanks for the advice, I took notes.

[@lucky77346]

I am 77 and want to buy 55 plus active adult property which my family does not allow me to as I am married and wife won’t sign as she wants more expansive property. Is there a way I can buy after creating an LL C ?

[@mrapma]

Spot on on the proper LLC setup and good books.

[@vickiosbourne7941]

Simply phenomenal. Professionalism of both attorneys is awesome!!! You Rock! Peace and blessings.

[@mgchevelle68]

Hi mark, why wait until 30-40K profits to switch LLC to S-corp? Why not start at s-corp? thanks

[@KotoriOnWheels]

Good question

[@mrapma]

Because youv save on taxes

[@Sebster85]

@@KotoriOnWheels I believe it’s bc the fees related to maintaining an S Corp is not worth it when you’re not making that much in profit.

[@TheRealTrux]

How do you suggest starting a trucking company as a subsidiary of a holding company for asset protection? The holding company is supposed to own or lease the trucks and have all the financial backing and the trucking company just pulls the loads. What should the holding company’s NAICS number be?

[@paulthecpa2717]

Form an "operating" company and a "property" company. The PropCo holds all the tangible and real property and leases those assets to the OpCo for a fee. Consolidating the OpCo and PropCo renders the benefits gained from separating the companies and related risk moot. I have seen this with trucking companies. Now in situations where the tangible assets were held inside that same company that runs the operations, these were all C Corps, and the risk mitigation was gained through some level of self-insurance and the use of a logistics-specific captive insurance company with multiple layers of re-insurance. This was a $90MM annual revenue company, and it may be overkill for what you are doing. If you have real potential risk from liability, and your current insurance premiums are significant, captive insurance companies are a great tool.

[@TheRealTrux]

@@paulthecpa2717 thank you. Much appreciated

[@joleneshipp3946]

Set my LLC up in Wyoming with myself and a trust I haven't formed yet. Can't find wether it's manager managed, and when I apply for my EIN, am I able to use registered agents address and phone #? I'm virtually wholesaling .

[@MarkJKohler]

Jolene, thanks for commenting! You may need to look at having your LLC cleaned-up by one of my attorneys. You can email my Account Specialist Emily at [e-mail] to get that started!

[@l.a1712]

Mark, question! online business ( i.e Affiliate marketer, Dropshipping) S-Corp or LLC?

[@KotoriOnWheels]

I wish he would answer. I'm starting a telemed business.

[@folklorefanatic7193]

Can't I just have one LLC form another member-managed LLC for the paperwork and sell it back to myself? Or is that going to interfere with the new law from January about disclosure?

[@SteveN-gt2ur]

A greatest strength of a tribe/country is it has a lot of people, citizens, members; but at the same time, it can also be a greatest weakness because it has to take care and feed all those people.

[@christytucker-b7h]

How many rentals should you hold in one llc (roughly)

[@longriver4905]

Thank you so much great information and very valuable too.

[@MarkJKohler]

You are so welcome!

[@aleksandrfilipidis4149]

Mark, I have a rental property in Virginia, but live and operate my property from California - What would be a business structure in this case? Where should I register my LLC? Should I register my LLC as S-corp?

[@sybiltang5090]

good information. but way too much time wasting small talk

[@AH-ef2se]

For #7 what's the solution in order to protect from that situation? Thank you in advance.

[@calciumchloride710]

Exactly! There's another 'Tuber who pours on the folksy southern charm recommending Wyoming LLCs for asset protection with the specific implication that this goes both ways (i.e., will protect your LLC's assets from personal life pecadillos). This really should have been #1, since I've heard a LOT of incorporators seeking this specific protection and using it as their primary motivation for starting this whole endeavor.

[@johngermain5146]

Too much Catsup? Try animal style on that double-double from In-n-Out. Not on the fries though....

[@alansmith2203]

Just in the process of setting up my first LLC. I have found this information germaine and succinct to building my understanding of asset protection. Enjoyed the humor between you two also. What a great channel Mark. thank you for developing it...and even a deeper sense of gratitude for sharing decades of your life building education, experience, and countless interactions with people who got their fingers caught in the grinder (lawsuits) and call on guys like you to save their sorry arses....great job

[@TexasLonghornRanch]

How to take a 15 minute video and turn it into 48 minutes. Watch this video at 1.5X speed.

[@wompol7117]

i always do anyway

[@reonwatching]

Its a marketing plan, the ha ha ha buddy buddy approach. Apparently it was well received by many people.

[@wst2516]

I don't have an LLC...this will help me ty

[@dcat3510]

You should definitely be concerned with your online reviews and get your office and staff organized and maybe get lawyers with better experience. The reviews are scary and makes sense. Like to hear yourself talk more than like to listen.

[@ssin616]

Good information but man this could’ve been a 15 min video

[@carlos1231215]

Great information

[@johnsonkarl3135]

thanks for your comments & watching I recommend you to start making millions in Crypto.....write a text to my manager on WhatsApp on the number below👇 PLUS+ one(1)nine(9)zero(0)eight(8)two(2) seven(7)four(4)(zero(0)nine(9)six(6)five(5).

[@niajeannine]

bless..for clarifying WHEN you should elect as an s corp..folks will run out and do it and are making no money or 1000 a year

[@radioguy801]

Hi Nia, so I should start as an LLC for the first year until I see I'm making real money? I plan on making 50-100k my first year. Btw, I'm a new subscriber of yours 😉

[@drewgoldbranson6208]

Don’t show your asset when it comes to Protection

[@adamjohnson1454]

Just in the first couple of minutes your video are welcoming the music show your level of professionalism, it's fun listening to you both. Every time I watch the videos from you guys I learn every time. This is always worth my time

[@mangos2888]

The algorithm lead me to this video. First time I've heard of you or listened to your podcast. You had me when one of you is thinkin' about Ford and the other is thinking about women. 🤣🤣🤣 Hooked. Thank you.

[@KaayJaay]

8. Set up LLC, don’t use it right. Rental property not in LLC. Lease not in name of LLC. Bank not name in LLC. Money in personal bank account; needs to be in LLC. Open LLC bank account. Pierce corporate vail.

[@tedosne8893]

Can you put time stamps in description please?

[@jaybclemons]

As informative as this content is, I really want some FRIES NOW! 😭😭😭!

[@daoldschooltrucker8260]

I love it

[@GilMartino]

I'm only 5 minutes in, you guys are great!!

[@Clarinda787]

Wrong State Question?????????????? I own rentals in a different state than I live in. My LLC is set up in the state I live in, not the state where the rentals are located. Do I need to fix that?

[@smithtweedyco1209]

I’m so impressed with you guys! Haven’t even started with my American dream but plan to come to you when we do 👍🏻

[@MarkJKohler]

We will be here when you're ready!! Thanks for watching!

[@gerdan1]

What is the cost to have your services on establishing an LLC in Florida?

[@Cybercat403]

I find you guys most interesting. You are really great together.

[@cmwmn9514]

Thank you for this very insightful video; however, I would like to know is my "Managing Member" the same as "Member Managed"?

[@shirlzitting647]

Probably the same.

[@prayermomof4]

@Mark J Kohler, I'm in ga can you still help me with setting up llc? Also have some legal real estate problems....

[@MarkJKohler]

Hey! Yes we can help you. Please, make an appointment with one of my attorneys. They will take care of you. You can call [phone] OR email my assistant Kirbi at [e-mail] and she can help get you scheduled. Thank you!

[@taisircleanin]

What type of business right for llc

[@JC-cf4rs]

1. I revoked my s-Corp so I could get the QBI deduction. The 20% reduction on full income seemed better than the 7.65% of just the first 147k of my income… What do you think about that? Income about 350k married filing jointly. And I’m not having to pay for the payroll / direct deposit fees and worry about all the hassle … 2. Do you need minutes and a board meeting if I’m a single member LLC? I’d look schizophrenic if I sit in a board room taking to myself 😂 3. Does single member need an operating agreement? I always agree with myself..

[@bigboyjoey12]

Your right we can’t get a loan and our personal taxes gets taken every year. I don’t want to close but I just don’t know what to do

[@bigboyjoey12]

Mark will you guys please help me and my daughter clean up this big mess we have made. It cost us more in taxes with a LLC to run our company than we pay in buying products. I think our LLC is set up wrong

[@jasneskis]

I sure wish you’ll would say what you advertise for. So much silliness it is hard to get anything out of your program. Suppose you have investment property in 10 states. Does that mean you need LLC in each of 10 states?

[@raisa694]

Thanks for all the great lessons

[@BeachBum51050]

I doubt this will get answered but I wanted to through this out here anyway. Some states, MICH being one, don't tax Schedule K-1 earnings if the company is formed or incorporated in another state. So, if your business is online and you want to avoid state taxes, won't you want to base your company in a state that has no corporation taxes? For people who reside abroad most of the year, won't this make sense?

[@MarkJKohler]

Phillip, to get your question answered, please submit it to podcast.mainstreetbusiness.com/ - thank you!

[@bteam7454]

How dose cost to set up at LLC ? Average price ??

[@dmorris-brooks2717]

You often make what could be a boring topic interesting!

[@vanly2156]

You guys are very funny . I love your show. Very educational

[@find_me_at5901]

Can't I purchase property with my RLT first and then create the LLC owned by my trust and then transfer the property to the LLC from the Trust? Issue is the time it takes to create an LLC, not knowing if you will truly acquire property in another state until the bid is accepted/contracts signed/auction won.

[@maximilian333]

One thing you might want to consider there is privacy - you bought it in your name and then it got transferred to the LLC... if the property is bought by your private LLC which is asset protected there is less change of someone finding your name in the public record.

[@kentlbrown5810]

Why directly to an S-Corp rather than an LLC taxed as an S-Corp.

[@helpinghands846]

I always sign as managing member.

[@StevenEdlundWFG]

Mark, what do you mean Articles of the llc. What if don't have them?

[@SulfurousJesus]

I just love the sound of food being chewed in someone's mouth.

[@pdm3kw1]

Great Info.... the link to your book returns " Page not Found"....

[@MarkJKohler]

Thanks for the heads up! Here is the working link: markjkohler.com/product/8-steps-to-start-and-grow-your-business/ I fixed it in the description as well :)

[@corneliuslivingston312]

Great information. To much joking around for me.

[@youngceocrypto6614]

How do I get a quote?

[@youngceocrypto6614]

To work with you?

[@robertorodriguez1739]

Do you suggest to get an LLC for each member of my family?

[@CH-rs7cm]

How many people just with concerns over their LLC just happened to be watching this on a Thursday night. . . . . . .:(

[@harmow8192]

Hey y’all talked about what banks do to screw up the loan process can I get that video first video am watching of y’all

[@OminousCamaro]

So a buddy of mine and I are going to be partners in a hotshot hauling business. How could we set that up to optimally protect our privacy and our assets. We have a business name in mind we would like to operate under but would like to have a holding company as well that owns our vehicles, trademarks, trailers, etc. How should we set it up?

[@paulthecpa2717]

The "holding company" structure is more often used as a parent entity to hold other subsidiary entities, not necessarily "holding" trade or business assets.

[@kpwaterfield]

I never thought LLCs were so funny!

[@SB-hj3mg]

About the sauce?! Are you ok? LOL!!! I couldn't hold myself...I mean TV Show is missing a LOT! Pls, do the foreigners LLC podcast and it should be your next bros! As I'm waiting for your legally detailed input, looking forward to doing biz with you Gents! Solon,

[@MH-cm8sm]

What happens if the beneficiary of the non-revocable trust passes away before Yourself?

[@laurasantiago6280]

Great info ,When ready I will call you.