Avoiding the Risks of a Single-Member LLC - All Up In Yo' Business

For more on single-member LLCs, watch 'How Do I Pay Myself in a Single-Member LLC?' at • How Do I Pay Myself in...
Forming a limited liability company can be a great way for business owners to avoid personal liability for the debts and liabilities of the company. However, being the sole member in a single-member LLC carries with it an enhanced risk of personal liability by creditors piercing the corporate veil and the alter ego doctrine. If the assets and the actions of the LLC are so intertwined that the LLC is merely the "alter ego" of the business owner, creditors may be able to pierce the corporate veil and go after the personal assets of the business owner to satisfy debts of the company.
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#AllUpInYoBiz

[@allupinyobiz]

Many of you have been asking about how you are supposed to pay yourself when you're in a single-member LLC. Well, I made a new All Up In Yo' Business answering that question! View it here: kzbin.info/www/bejne/nIjOk32paL1_qNU

[@LalaSpecific]

+The Law Office of Aiden H. Kramer, LLC I am a local hip hop artist and poet. I would like to start sellling my music, brand, merchandise, concerts etc. I was told that I needed to register my stage name as a Company under an LLC. Do you know if this correct? Is it a good Idea to file on my own or through a lawyer?

[@iamchelamarie]

+The Law Office of Aiden H. Kramer, LLC Thank you so much!!! You are a God send... I now have clarity !!!

[@allupinyobiz]

FitForChaos Thank you so much for the comment and the kind words! I'm very happy I could help.

[@TheStreetTeacher]

Thank you very much for this! I am beginning an on-line business, and while I haven't decided what I'm going to be selling, I have been persuaded to be an LLC before I knew why I should. (and that may be another problem!) Your presentation, however, is most helpful. Frankly, for such a person as myself, who really hasn't had his own business before, your advice about the dangers of commingling funds, and that I should be keeping minutes of my conversations with myself, for my LLC's benefit, is invaluable. Thanks!

[@JakeWalkerSong]

Thank you for taking the time to put together these great videos. You are obviously very good at video editing, skilled in your line of work, an amazing graphic artist and absolutely beautiful too. Big props for Yo' videos 👍🏻

[@joiab11]

Thank you for this helpful video! I just subscribed and will be watching all of your videos before I start my company. I appreciate all this info that you're sharing.

[@josspeace9841]

Love this better than the new for the sharing purposes ! 😁 I have shared it with 2 thousand members 2 groups ! Thank you for finding it here ... and thanks for your nice easy and humble way of illustrating things in your all videos ! 😍😇😍😇😌😌.. Keep going Best wishes 🙏

[@daphnie7]

THANK YOU!! very good. thanks for doing this.

[@keytlaw]

Love everything you upload on LLCs! So informative!

[@ChipChapinSJ]

Thank you Aiden, this was really informative!

[@seventhuniverse8168]

Just put your dog's name as a partner and pay him with $3 bags of treats Minute meetings: sit, good boy, woof woof, get the ball

[@allupinyobiz]

Solid advice!

[@valeeshahamiora306]

All Up In Yo' Business by The Law Office of Aiden H. Kramer, LLC Honestly can that be done?

[@sunshineloveyasharal4768]

@@valeeshahamiora306 I'm wondering myself 🤔

[@entrepreneurshipforfreedom8569]

3 min meetings with your dog?😂😂😂😂😂😂🤣

[@GlueTubber]

You have really grown as a KZbinr. Looking back at some of these earlier videos really shows how much (not that you were bad, just that your delivery is much more polished now).

[@jbeyers84]

I just launched my LLC today and you are giving me great advice. I do know most of this but damn you are giving quite a bit of information out that you could be charging for lol. Thank you so much from this Wisconsinite.

[@michaelosheapainting]

i like her she seems to know whats up

[@fjordiology]

Wow! Much needed information! Thank you soooo much!

[@KulettCountry77]

Thanks for this information, Adrian! This is very helpful for me who's contemplating forming my LLC. Much appreciated and God bless!

[@EvansRoddy]

Thank you very much for making this video. I look forward to speaking with you soon.

[@allupinyobiz]

Roddy Evans Thank you so much for watching!

[@Humansarewe]

Thank you Aiden. You are a good person. I really appreciate what you do on your channel.

[@FitForChaos]

Thank you for sharing this. Answered many questions I had but couldn't find answers to. Fantastic information and value.

[@1amPain]

Thank you for this great information. I would have never thought about an Operating Agreement or Minutes or the Signature for a single-member LLC. Adequate Capitalization and no co-mingling of funds was already a no-brainer for me as I have run a small business in the past and had been given that great advice by a college professor. Thank you for the guidance and explanations for everything.

[@patrickbseattle]

Thanks for your advice!

[@MDWhite-qg6yb]

Wonderful! Thank you so much for an awesome video. It answered my questions regarding LLC.

[@mwjj1979]

Great Job Thank You For Sharing. I like both videos...

[@Fickoch]

Very helpful, thanks and blessings back at You!

[@GregAllen2]

Thank you very much for taking the time to put together this presentation. The information you provided was excellent and invaluable to people setting up a new LLC! If I every need a lawyer I know who to call... Cheers, Greg

[@allupinyobiz]

Greg Allen Thank you so much for watching!

[@davidhenriquez1109]

All Up In Yo' Business by The Law Office of Aiden H. Kramer, LLC can i become a single owner LLC for a driving service i have given up on uber.i want to run my own company.is this llegal?

[@Oshuin9]

+david henriquez I heard about Uber and how frustrating it is. It's good to know that you are stepping out into your own. Good for you and I wish you the best!

[@raysmobileonsitecomputerre2983]

+Greg Allen This is valuable information and I very much appreciate it as well!

[@MrZmvp18]

Amazing useful information for starting out in a single-member LLC. Thank you Aiden!

[@michaeldillard3473]

Aloha Aiden from Oahu! I am in the process of forming a single-member LLC and I found your content to be very helpful. Thank you for deciding to share your valuable expertise with the rest of the world. I am now a subscriber. Michael Dillard

[@keytlaw]

very helpful

[@AcousticSilkvibes]

Thank you so much for your videos! Your channel is so valuable

[@jimiyodotcom]

Sweet! I was going to watch the video again to make notes, but BLAM! You already put them in the description.

[@BledsoeConsultingServices]

Old video yet still very relevant! Thank you!

[@susanelcin7904]

Thank you for making this video it has been very helpful and educational!!!!!!

[@PorkRoll_F3]

Excellent advice!!! I'll have to watch this again with my notepad!!!

[@allupinyobiz]

Brian Bradley Glad you found it helpful! My videos are definitely notepad-worthy!

[@BillZebubproductions]

I have been enjoying your videos. Soon I will choose the kind of LLC that is best for me. Your various videos are helping me decide.

[@iiigradyb]

Aiden, this video was so helpful. Thank you for explaining the process in detail. Denver, what a great city!

[@vicreyes6404]

Thank you so much! Insightfully helpful. Thank you!

[@Mingster237]

Thank you for sharing your knowledge =]

[@douglasharley2440]

love this channel.

[@BarbaraFaison]

Well organized and well said. Thanks for sharing your in wisdom and information. You answered a lot of questions I had.

[@captsamarth]

Aiden, thanks so much for that information and for putting it out free of charge.

[@allupinyobiz]

You're welcome! Thanks for watching!

[@tukoolmoremoney]

Thanks for the info

[@RockyBourgoyne]

Oh gosh. This video is so valuable! I wish I had discovered your channel sooner. I will be catching up during quarantine, watching all of them. I have a question: what happens if you haven't been following all the rules you just laid out? Is it there ever a time it's too late to start while already running the LLC? Thank you for your time!

[@tetyanahanna7881]

Thank you! Great video!

[@rsilva661]

You are awesome! Thanks for the information.

[@AskLovelyIgniteTheChange]

GREAT JOB ON DELIVERANCE...THANKS

[@kidzkolorz]

thank you for the help!! im going to look through more of your videos.

[@allupinyobiz]

You're welcome! Thanks for the comment!

[@bohosoul13]

This was very good info, thanks!

[@allcitiesprivatesecurityse7279]

Thank u for your sharing info with public

[@thesoundpainterbkny3465]

Thank you! Subscribed!

[@allupinyobiz]

Thank YOU!

[@stevo0311]

Great information. Thank you for sharing.

[@osceolahansen2644]

The Law Office of Aiden H. Kramer, LLC very informative vid. It has made me aware of issues that I had not previously taken into consideration. Glad I came across your vid prior to forming the LLC. Thanks!

[@guinellstanley6968]

Very Informative! Thanks!!

[@siesieronda1179]

Thank you so much! I’m working on starting an Healthcare Clinic in Seattle Washington and this was very informative! ❤️❤️❤️

[@RogerVarner]

Very informative and easily understood. Great Job.

[@ecpsllc2358]

Thank you for sharing...

[@YakMotley]

Great video ! Thanks !

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[@RawcusBanks]

That last tip was on point

[@bronsonloftin2802]

AMAZING VIDEO!!!! THANK YOU!!!

[@jimstover5725]

Awesome job and great info...

[@danielleger9484]

thanks again

[@adamsmith5240]

You just helped me soooo much thank you :)

[@whenniceguysretaliate5619]

Awesome video. Thanks.

[@victormendoza3295]

Keep up the good work shipmate.

[@truthserum5855]

Thank You!

[@valeeshahamiora306]

Thank You Aiden although I live in New Zealand I still found Your Information valuable. When googling for Register an LLC in NZ there wasn't much at ALL for or from New Zealand here in You Tube. ^_^!

[@DrLakeciaReddrick]

Hey Aiden, great information!

[@shelleyquick8169]

Thank you!

[@allupinyobiz]

idonthaveacoolname1 Great question! That may provide an extra layer of protection, but you would still have to follow to same corporate formalities and record keeping requirements. Plus, in order to retain the ability to control and manage the business, you may need to retain some % of ownership in the LLC yourself. The money and effort it would take to create and maintain an irrevocable trust solely for the purpose of protecting your liability would be much more than the effort it would take to run the business in a manner that would likely do the same.

[@ashleytaipale5881]

Your awesome. Thank you. ( a person who is starting up a business )

[@allupinyobiz]

Thank you! I think you're awesome! :-)

[@danielschrader6498]

Thanks!!

[@horacecarter2081]

Such a hot lawyer!

[@jernesehill1808]

Thank you. Thank you. Thank you 😘

[@JenniferLisaVest]

Very helpful. Thank you

[@jakesoliday9057]

I may need to visit you. I'm located in Fort Collins but am down in Denver from time to time. I am on route of starting my own company and could use all the knowledge I can get. Thanks for posting the video, definitely helped me understand things a little bit better.

[@allupinyobiz]

I am happy to help! Feel free to shoot me and email or give me a call if you want to chat. Thank you so much for watching and for the kind words!

[@jaked2789]

I know you want to get rid of this vid soon but this info seriously helped me! The new vid is nice too though - don't worry, you look great ;)

[@businessfinancecoach]

Aloha Aiden! I'm an accounting/tax professional, but I'm having a question that I'm pretty certain you will know. I'm working with someone who has a SMLLC and bought a vehicle in his name, to be completely in the business. So for tax purposes the SMLLC is disreguarded (as I'm sure you know!) but I'm assuming that the business can't pay his vehicle payment and the insurance - because they are in his name. However, he purchased the vehicle for the business, so could he put the vehicle in the business name? Or would lenders not do that because it's a SMLLC? If he could get the vehicle in the business, then could the biz pay the bills? Otherwise, with the van in his name, we have him pay the car payment and insurance and then reimburse him through the biz, which is the route I've been thinking we should do for maintaining the LLC... I appreciate any input! If you ever have tax Qs - feel free to send them my way!

[@nicholasconnelly6401]

Cool videos. Very informative..thanks for this

[@mrbjj1016]

Very informative.

[@zackfahey4225]

This is amazing info! I'm getting ready to start an LLC in CA for a tour business and even though this is CO so much translates over. Thank you for posting! Also if anyone reading this has already formed their LLC (esp in CA) what info belongs in the "Entity Information" section of your Mail Submission Cover Sheet to the Secretary of State's office?

[@11DMorales]

Awesome video

[@garybates1604]

great info

[@LegalAdviceinParadis]

Great info Aiden :)

[@keytlaw]

love it

[@dirtypimpbird]

Very Good!

[@TrichsRUs]

How much capitalization is considered "adequate"?

[@chiefpuff]

Really good information. Thank you for posting these. You're also really cute:)

[@TheFirBall]

Great video

[@kiofnc]

The new video brought me here!..lol it's not a bad video!

[@vickiewoods7134]

Thank you......

[@vickiewoods7134]

I truly thank God for your office and you. I believe he's using you in such a great way to help other. Truly bless you.......

[@artnookschoolstudio1734]

Hi Aiden, I watched the new video you made on this same topic but you left out the part where you mention "making a capital contribution." I had to come back to this video in order to find it. Just thought I'd let you know.

[@icosuperstar]

I watched your new video as well!

[@AlbertoRivas13]

Thanks

[@anniepena485]

Thanks for such wonderful videos! I had asked and asked for help even of my own CPA and no help, no information on these topics. Can you talk to us a little bit about how to set up FICA for an LLC? Like how to calculate what you need to set aside for Medicare etc... is it something that I can do as an LLC member or does my CPA have to do it for me? And also how can I pay myself a weekly or when biweekly salary when I don't seem to be producing enough to give myself that money?

[@daveknott4563]

This older video recirculated for myself. I am wondering if you would suggest as a family business ( Myself) sole owner - member, to try and bring on board another "member" such as my spouse?

[@blck_boi1154]

Thanks you so much so much good information I was just still here wondering what would be the best way to start a .llc

[@1tmproductions]

Hello..Very informative, entertaining presentation..I was thinking of starting a company in which I would promote shows or parties. I was leaning toward a single member LLC but on the fence because of the risks as you explained so was thinking of adding a member with small percent ownership. I would be renting venues so if someone were to get hurt at one of the events could they sue my company or would it fall on the venue? I am aware that if someone sued me for something personally they could go after the business finances, but if the scenario I explained fell on me would someone be able to go after my personal finances?

[@YoDudeRock]

Aiden, On my bank cards and credit cards, my business name comes first, then my personal name. What is the best practice for entering the "Name" in a web form for online purchases or setting up direct deposit? Thanks so much, your video are SO informative and your are excellent at explaining these complicated concepts.

[@KulettCountry77]

Aidan, I meant. Thanks!

[@Salvation238]

What if we just became an llc in January and made a lot of these mistakes but are trying to get correct now.

[@lalo5648]

Hi great video .. question - I wan to open my business to work on getting government contracts ( I’do this for my boss) so I know the ins and outs. Being it’s close to the end of the year. Should I get my llc sole proprietor then once I get sales up move to a c Corp? Is it worth to get it done now end of the years or wait till next years so I don’t pay extra fees to keep my llc going or should I just wait?

[@tonykellylushen]

THANKS

[@allupinyobiz]

You're so welcome!

[@keytlaw]

so helpful

[@7dollaryear392]

What are you supposed to do if you've already paid for certain things (website etc) from your personal paypal? Is it possible to rectify this oversight after the fact? Is the rectification process different if you've already created the LLC vs. if you're creating it after the expense (such as building the website)?

[@DonteeWeaver]

Does choosing my LLC to be taxed as an S-Corp vs sole proprietor help with avoiding personal creditors piercing the corporate veil? Can I choose to taxed as a sole proprietor and later change to be taxed as and S-Corp?