Don't Make These Six Common Mistakes in Your Single Member LLC!

[@ChopperYagyu]

OMG Aiden you're the 1st person I know to talk about the S Corp "false start" mistake! Thank you and all the best!!

[@Robertcroak74]

Hello 👋

[@MablePauls]

No one should worry about s corps or llc until your buisness turns profit or you need a legal entity for payment processor it's just a way of lowering personal liability and you can file the paperwork at through your state and state website save money.

[@TianaManeO]

Starting an LLC or S Corp after reaching profitability or needing liability protection is sensible, but early formation has benefits too. An LLC offers liability coverage and simpler management, while an S Corp can lower self-employment taxes for higher income. Consulting a professional ensures you choose the best fit as your business grows.

[@tahirisaid2693]

Using pre-tax contributions in an LLC or S Corp can reduce taxable income during high-earning years, while post-tax contributions like Roth options can ease taxes in retirement, creating a balanced tax strategy.

[@PajinakStanovska]

How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. Do you have any?

[@tahirisaid2693]

My CFA Julianne Iwersen Niemann, a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.

[@PajinakStanovska]

Thank you for sharing, I must say, Julianne appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive.

[@strohmeyerlawpllc]

100% agree on not forming in a "magic" state. You're just adding costs that won't add anything but complexity and compliance costs.

[@LAKitchen]

WY is popular for holding company LLC not doing business or operating so for CA that is valuable

[@darylcee757]

Thank you. Excellent information and right to the point. Great energy!

[@TrichsRUs]

You can form the parent company in any state you like. and have its subsidiary LLC’s doing business in the state you live. It’s going to all come down to your operating agreement.

[@allupinyobiz]

What would be the purpose/benefit of forming a parent company in a different state?

[@nicholasolivas317]

@@allupinyobiz taxes? Or to save on reg fees? I also know of states offering less or more protections for domestic LLC.

[@allupinyobiz]

@@nicholasolivas317 which taxes? Not income tax, still gotta pay those in your state (assuming your state has income tax). And you’d probably still need to register the parent company in your state. So you’re paying fees to two states now instead of one. Not sure it’s really as beneficial as you think 🤔

[@metaparcel]

This comment is the type that people like but don't realize it makes no sense.

[@seanbrownsociety]

​@@allupinyobizI always thought it was for complete anonymity while operating a non-Wyoming state. Would it still do that?

[@Amyonate-f5o]

Instant like when you used the "straight to jail" meme LOL

[@thinkthoughtsforhours6052]

There is no reality other than what you put in your mind right now So me watching these videos everyday means I already have my own LLC

[@welovefootball2026]

Excellent presentation. New subscriber.... Will appreciate a video on how to pay yourself in a single member LLC. Thanks

[@4GivenbyIam]

Thank you for this info! Im currently about to open a single memeber residential LLC. Its going to help with some additional income renting a property here in Florida while I finish nursing school single father of 3.

[@Ravenlight_303]

Awesome information! Legal advice is ALWAYS a good thing in the US. Paid legal advice from a retained lawyer is even better. It's worth the expense 100%

[@gaiustacitus4242]

Given that the majority of people who serve as officers and directors of LLCs and corporations either do not know about corporate formalities and how to adhere to them, it is very easy to pierce the corporate veil and attach the assets of the owner(s). As to why people choose Delaware to register their LLCs or corporations, it is because of a history of judicial opinions about the operations of businesses dating back to the 1600s. Delaware honors these opinions even though the State did not legally exist until 3rd September 1783. If you choose to take a company public and your corporate entity is not registered in Delaware, the attorneys for the underwriter will register a new company in Delaware, perform a merger of the old entity into the new entity, and dissolve the old entity.

[@loriepearman7184]

Great information! Thank you! I found a couple of things I need to tweak before I go live.

[@Ohio_Memory_Bears]

Starting an LLC requires me to self fund my business purchases in order to run my business. At least until my business makes money

[@VioletEmerald]

Starting a business without it being an LLC yet would be the same thing, wouldn't it? Self funded either way unless you had investors...

[@danmurad8080]

That’s like saying I have to pay when I go to the grocery store. 😂. Yeah. You do. Money isn’t free.

[@chione3175]

Thank you Aiden for this awesome information

[@christinescordino4020]

Great great information. I'm a very small business owner & you have helped me to understand more in very direct information without the "jargon" appreciate it

[@derekwalker4622]

Here is some advice for large corporations. Build your base in Knoxville, Tennessee USA, especially if you have a penchant for shady dealings, such as car dealerships and etc. There is no lawyer services for the average consumer in this town. I am in contention with Hyundai Motors over a starter recall, and Hyundai is refusing to fix my starter, saying it is not due to faulty manufacturing. I called the Knoxville Bar Association for legal assistance/advice, and was informed there wasn't a lawyer qualified to handle this case. Knoxville is a hotbed for any sleazy corporation that seeks to bilk the local citizenry out of hard earned wages.

[@ingbyn7748]

Thorough, yet concise! Thanks so much!

[@GenialGeek]

So here’s what I have currently: a single member LLC registered in Ohio because it owns a rental property in Ohio. I myself live in California with my wife. The LLC is owned by a revocable living trust where my wife and I are trustees, and the trust is the one that initially purchased the property and then it was transferred to the LLC, which is incorporated in Ohio. The LLC itself has a single member which is the trust and me and my wife are the managers of the LLC. We also operate the rental property through this same LLC. We didn’t form another management LLC to manage the property because then the management LLC will need to carry an Ohio real estate license. As an LLC owning and managing the asset it is exposed a bit to liability from mismanagement, but honestly I feel that there is a higher chance of mismanagement when managed by others instead of being ably managed by oneself. The LLC itself has a legal counsel in Ohio to defend our LLC or to evict tenants that don’t pay on time etc., and the attorney is the one that said that we should always have the home owned by an LLC incorporated in the state where the home is located. So there you have it! An LLC formed outside the state where I live (California) for a legitimate reason, and the legal structure is good enough for a startup.

[@1972swalter]

Thank you. Do you have any videos on how to change from sole proprietorship to LLC?

[@shawnturner1094]

Hi Aiden, thank you for this content. Great points to keep in mind. The only reason why I’ve decided to form a “parent” WY LLC, to then “house” the subsidiary LLC’s in other states, is because I’ve learned that many states, particularly MO, FL, CO, and others are considered “weak” states because they have “weak” charging orders. These “weak” charging orders would enable a plaintiff to more readily obtain the assets (ie, rental property) within the particular state’s LLC. My understanding is that the WY LLC has a bit stronger protections to help avoid this, or at least make it more difficult than the single LLC in said states.

[@JenS.-sc3rg]

What are the tax requirements if done this way? I am in FL

[@shawnturner1094]

@@JenS.-sc3rg since I just set this up, with my accountants blessing I might add, I do know that WY is a pass-through tax entity like most LLCs, but because WY has no personal income tax I will owe no state income tax. It will charge an annual $60 license tax, or smaller as it’s a percentage of the asset within the LLC. That’s all I’m aware of right now. The expenses for WY are relatively quite cheap and reasonable compared to what many states charge.

[@888huckleberry]

Thank you so much,,!! Great info!

[@Popdukes11b]

Wow this was the best video and information I have found. Thank you so much for putting this together! Def a lifesaver and great knowledge I will share

[@michaelwalker9734]

Great advice. Thanks. Very informative, I really appreciate it all. A true professional.

[@AshleyGonzales-w6f]

THANK YOU SO MUCH

[@AlfredoCalderon-q4v]

thank you for the advice! I love the sweatshirt I got one @ the San Diego Zoo!

[@nicweethee]

Great content! I have a question. I want to close my S-corp because I want to go into en entirely new field of business doing something else so I’m going to liquidate and pay off debts then dissolve and start a new business next year. Do you recommend that I start a sole proprietorship to avoid extra accounting expenses until the new business starts to generate more income or should I just start a new s-corp all over again next year?

[@carwoman43]

Why didn't I find you before having a Colorado attorney dox me by filing the articles with my full name and personal address - before asking me I might add! I specifically said I didn't want my home address listed and now it's public record and too late to change. Ugh!!!

[@bowmadness1333]

Great video, thank you for so much clarification.

[@311DaveR]

So, question on the reasonable salary topic. It sounds like you have a pretty strong position, and I’ve heard from a few other KZbinrs like yourself that the IRS never challenges this ratio during an audit. The ratio always concerns my CPA and obviously concerns you. What evidence do you have that it has been challenged during an audit? I’m just trying to really understand the risk. My CPA doesn’t like to go above a 45/55 split. Others I know in my line of work usually use 25% salary, 75% dividend ratio. When you only make $50K, it’s not a big deal. But when you make $500K, that split hurts. Curious about what you have experienced. Also, great video, thanks.

[@miketucker9530]

Hello. Could you do a video on sba grants? Thanks in advance. Content always direct .

[@damianpokoj1065]

What about Wyoming charging order protection?

[@jacolindo3107]

Thank you for such a god information. Blessings 😃

[@JenS.-sc3rg]

It is important for me to say thank you.! The reason why is so many people that are teaching and educating information Are leaving out one vital important piece of information? And that is SMLLC! While it is Vital to research and learn every single bit of information for llc's; When somebody is forming an smllc it is relevant that 'teachers' per say mention smllc within the llc videos! Ty Jen

[@damioke8620]

Hi, what is the best way to view and respond to an office action from the USPTO?

[@chocolatety130]

I like how you put, "You're PROBABLY not going to jail." 😂 Thank you for your channel and advice as NOT my attorney 👍🏾 😅

[@aliciar.miller6521]

What are some good banks to establish a business checking and savings account?

[@DreamBlissYT]

In your opinion, what would be the best way to pursue running one's own business while living in a rental that specifically forbids running a business from it? For example, if my business is online only, is that considered running it online, or is it still considered running it from the residence? How can I honor the rental agreement while at the same time run my business?

[@crewdalews]

finally some solid info on s corp downside and focused on timing importance

[@anthonyrichter2930]

Very informative, Thank You!!!!!

[@carlschleg5918]

Gr8ull and THX

[@TheKyroMan]

You had me at the sweater(I have the same one)!

[@jimaguilar7321]

What about foreign people, forming LLC, which state will choose for?

[@julienetostes-kurz4114]

So what about a non resident US citizen? Where to open an LLC...online business ( Amazon)

[@premshanti3096]

Thank you this video - great explanation.

[@michaldziekonski3162]

Thank you so much!

[@calvinstampsjr]

Thank you for the knowledge

[@russshen5389]

setting up the LLC doesn't mean the property is automatically moved the LLC right?

[@universelove6163]

what about when filling for an LLc with the IRS , am i the owner or memeber ..

[@meralopifrapona]

Thanks so much for this info!

[@dennyp92]

Can you transfer money from personal account to business account?

[@frankryder2024]

What’s the best way to set up an LLC for a real estate brokerage company

[@5bridgeslaw]

Excellent material

[@warped2875]

Good info, ...but OMG, the voice fry drove me nuts!

[@juanluna4322]

thank you for the info

[@Wannakatana2112]

I incorporate in Florida because it takes 5 minutes

[@seanjones9795]

What if you live in Nevada? 👀

[@aliciar.miller6521]

What business address can be used when you work from home?

[@issiahbernaiche6897]

In terms of a virtual office address would that be the directive I’d take for beginning an online print on demand clothing brand? Once I get the expenditures I will order bulk and have a physical location. Though right now I currently don’t have the best way of shipment because I live in a Apartment building. Thank you! I love your content and has been greatly helpful.

[@robindeason249]

Wyoming agents allow you to use a permanent address in their state to save state income taxes in other states that charge. I would think helpful if doing business strictly online.

[@ahmedalishah2477]

Is it possible to create one Amazon account with my personal information and another one for my LLC?

[@male88263]

Do you have any videos about registering LLC with the BOI government??? I see lots of people taking about this but I don't know if it is official.

[@Isabelle-dd3vc]

Does it pierce the corporate veil if I put my address in bank applications and everything else that's not in the llc formation paperwork?

[@fazelbhoyza]

Can you choose an S corp first and then change it later on if you are not making as much of a profit as you hoped ?

[@laticiashirley1259]

Can you help to file an LLC as an members attorney for them

[@josephclement1072]

If I have an operating company (LLC), and I want to form a holding company (LLC), and I want the holding company to own the operating company, is that going to be messy/expensive? Is it advantageous to form the holding company first? Thank you!

[@ccburns5218]

Hi...I live in TN and saw ur 3rd rule but I am a gardener and I rent at a campground where I live FT...I have a UPS box I pay for...what do u suggest for me as I haven't acquired my own land as of yet and my type of business doesn't need a store front...thank you for all ur advice & guidance

[@NashvilleNative-0]

Me, too, almost exactly. I use Zen Business as my registered agent. Waiting for everything to be filed.

[@WilliamJohnson-le7zd]

Sarbanes-oxly act (SOX Act)

[@FS-yc4hq]

Hi can you help if you have an LLC and you have Court violations towards the LLC and you're planning to dissolve to put as a sole proprietorship can you do that and can the violations go towards your own name as owner sole proprietorship so you can address the violations in your own name because as LLC you cannot represent yourself or your company you can only represent yourself in your name so was going to go back to sole proprietorship anyway might as well do it now can you verify what the violations currently also be transferred to my name or no?

[@amorino77ify]

Thanks

[@melvinjames1077]

I have a question I sold the assets of my business. Me and my wife are 50-50 owners. We now are being paid by the purchaser of the business in monthly installments. There is no need for a CFORCEO except for keeping the corporation open to receive the payments of the business, but the business. But the business no longer operates. It was a trucking business now there’s no trucks no drivers just me and my wife why would we have to pay our self a CEO salary when we don’t have to run the business anymore

[@snoopyroman3781]

Annual fee in Massachusetts is 500. smh

[@ryanteuscher7996]

If im online only and selling do i need to register for all states?

[@Appasahebpatil]

Excellent information for beginners

[@ReeInvesting]

thank you for this

[@juliantorres3887]

$300????? Still $500 less than we have to pay here in CA 🙃

[@southmountain111]

$50 here in AZ $85 for expedited lol

[@RhondaFike-hopefuldrag]

Don't have any business in Colorado

[@donotreportmebro]

4:32 dude, I expect better from an attorney. I just saw records of a Wyoming's llc (mpmd holdings llc) registered as a foreign llc in California. And in the annual report it disclosed it's member. Guess what, that member is another Wyoming's llc who is not doing business in California.

[@BradleyRuggles-mg3gg]

Incredibly informative! Ty

[@shimpytalks]

Can two llc's share same physical business address?

[@tracy419]

This is an older video, but I'm curious how you deal with a business that you set up but didn't actually intend to set up initially? In other words, you buy some tools, take some courses, etc, with maybe a vague idea of doing something in the future, and they say 6 months later you actually go all in. I have been taking some courses and joining memberships that give me the knowledge to do something, and when bought some tools (camera and related equipment) and an just now actually deciding to start a business, so will be buying domain names, setting up a website, etc for a business that likely won't make any money for some time to come. I didn't have separate bank amounts or charge cards and have done everything in my personal account. Is it too late to pass these expenses on to the business? Do I need to set up the LLC right now, before doing another thing? What kind of leeway is there for this stuff, assuming I don't drag it on for years?

[@estuardoe8]

CA charges up to $6000 for LLC annual fee depending on sales...ouch

[@billdivine9501]

$6000? How? It’s a fixed $800/ year for LLC, S corp or C corp. regardless of sales. sales tax is separate. Apple in Cupertino pays the $800 annual filing fee.

[@estuardoe8]

@@billdivine9501 there is an additional fee on top of $800 that's paid based on revenue for the tax year...up to $11790..top of my head I believe it's called the estimate fee. The $800 is called the annual fee

[@jjones1761]

LOTS of benefits to WY LLC.

[@DarkCheerios]

Would someone need a DBA to do business as the same business name but without the structure type? Example: XYZ, LLC Would I need to file a DBA to sell services as XYZ (without the LLC)?

[@InfiniteVelocityUSA]

In Wyoming if you file a DBA you lose the anonymity of an LLC.

[@InfiniteVelocityUSA]

If you want to sell stuff you could start another LLC under the holding company.

[@RhondaFike-hopefuldrag]

I got feds involved!!!! I know where my other farm business and its not Florida and yeah I'm not saying where and feds know exactly where and it's all legit !!!

[@LovingAtlanta]

👍💝Thank you for the info. 🫣It was weird that the background kept flipping from left to right & right to left. 😫

[@egebars3188]

Thank you so much for your sharing Aiden, I live outside the USA and I am not a citizen of the USA, in which state do you think I should establish a company?

[@tassiafisher5142]

Wow, than why own a business if there’s a fee for everything? How on earth does one make a profit if the state or IRS keeps charging for everything and penalties?

[@GaryMorrisjr]

And now you have a small glimpse of why everything is so expensive. When a sale is made or service rendered, there are so many people (agencies, companies, government, etc.) standing with their hands out for a portion of your earnings. Everybody wants a portion of your pie...

[@GaryMorrisjr]

Yep, everyone wants a piece of your income. Now you may be beginning to understand why things cost so much.

[@RhondaFike-hopefuldrag]

Don't have any there

[@IntuitiveGoat]

Can you fix it? If you make the mistakes? Or is it too late? As far as piercing the veil.

[@allupinyobiz]

Not too late you can always fix it and/or correct moving forward.

[@sun-ship]

Great info, ty

[@rogerreinsch7842]

The fact that you are the "organizer" of the LLC in Colorado may create liability for you anyway? The public, is not aware of the agreement between you and the client(s), what they see is that you appear to be a member of the LLC because your name is on the public document. If I would be arguing that the LLC veil should be pierced, I would argue that you should have liability because as an outsider, I saw your name and relied on your financial ability to engage in business with the LLC. I think I could win that argument??

[@rapid13]

Go LLC, convert to S Corp, done.

[@sandram8761]

They put you in jail, right away LMAO

[@RhondaFike-hopefuldrag]

And I don't have members I'm sole owner of hopeful Dragonfly farm LLC

[@GraphicDesignerFineArts]

👍

[@jasonwhetstone7524]

😊😊

[@helenedwards9962]

Moore Brian Young Mary Smith Lisa

[@starr8111]

5:30

[@sallycampbell7709]

I wonder why KZbinrs ask viewers to “subscribe/like”before the content of the video has been presented