If you have an LLC consider watching this next "Single Member LLC: What You Need to Know" kzbin.info/www/bejne/n3ncYquCjtaGbLM
@VeeMcShowbla222 жыл бұрын
I will watch this also
@lamarsdetailing77442 жыл бұрын
Is there by any chance I can get an answer for my question please??
@PamelaH_HappyVibes3 жыл бұрын
How do you not have a Million subscribers?! Your videos are so good. I love the way you break down this concept into smaller parts. Thank you!
@LYFEAccounting3 жыл бұрын
Wow that means so much, thank you 😊
@jennvazquez3 жыл бұрын
Agreed!
@CitizenJane1002 жыл бұрын
LLC Laws are different from state to state. In Arizona, there are NO annual filing fees; zero, zip, $-0-. & the one-time cost to set-up can be as low as $50. I see an LLC as cheap "insurance" to protect assets you might acquire, earn, build, etc in the future, like future earnings.
@marvelouss7192 жыл бұрын
You are absolutely right. Individual state grants you the license to operate hence state laws come into play.
@iSuperDD_2 жыл бұрын
Thank you for this video! When it comes to starting a business, it's very important to hear the pros AND the cons. Of course we all want to dream big and hit the ground running but you also need to have a realistic plan for the type of business you are starting up. Someone who is selling custom keychains or t-shirts from home won't need the same liability protection as someone opening a bakery.
@tashabrown83012 жыл бұрын
Wow…I have both! PT tshirt business that I intend to grow into an apparel brand soon and I have been baking cakes from home for 22 years as sole proprietor, No LLC!! I have been contemplating lately which do I get an LLC for?? Reading your comment looks like I need one for my bakery.
@deeliciousArrangemen2 жыл бұрын
@@tashabrown8301 Wow, I make T-shirts and once started an apparel line; however, I stopped to rethink my brand image. Anyway, I also cook, and so far have only stuck mainly to late spring to early/mid-autumn (depending on the weather). Last year was my best year yet since I've moved to an entirely new neighborhood that just happens to be especially supportive of the small business person. I mean, the only big corporation businesses within at least a quarter-mile radius are franchises that are personally owned except for possibly one pharmacy. And due to this blessing of such an area, I would really love to make this an official company. I was already advised over ten years ago to LLC my clothing lines; however, I've been wondering if I should do the same for the food business. I honestly thought that I had a weird mixture of interests and talents nice to know I'm not alone.🥰🤗💪🏽
@tashabrown83012 жыл бұрын
@@deeliciousArrangemen right!! I’m still deciding…. My goal is to make tomorrow my decision day!! Thinking about incorporating the two passions into one, tshirts & cakes. Blessings to you & likewise, it is good to see someone is like myself!! Tons of great ideas!! Blessings to you!
@oscargomez59382 жыл бұрын
I'm on the verge of starting my own business after working for other people for 8 years. These videos have helped so much.
@dcmsr51413 жыл бұрын
Beautiful information, I treat my business like an LLC insomuch I keep meticulous records, but as a sole proprietor, I'm really liking my position. but ultimately I'll have to LLC, the growth demands it.
@LYFEAccounting3 жыл бұрын
Great moves, smart moves
@SeanTheDon173 жыл бұрын
Kudos for providing such valuable information, even if it’s “against popular opinion”. I learned a lot!
@LYFEAccounting3 жыл бұрын
Thank you for sharing your feedback Sean!
@neikoboi12 жыл бұрын
Great info! It's so true. I have a catering business as a Sole Proprietorship but I have $2,000,000 in business insurance and trying to get an investor for my new product and I have already been asked that question several times." Am I an LLC?" So its no need to jump to an LLC because if something happens I'm covered and may lose an investor. Thanks to you both for all the great videos!!
@techkadreclub49403 жыл бұрын
Right Sean, I rarely see any videos about the disadvantages. I have experienced rushing to get an LLC before I knew what I didn't know. Now I know whats up on different levels and from different views.
@LYFEAccounting3 жыл бұрын
Exactly! Well said!
@consumerdebtchitchat Жыл бұрын
My ex and I had a commercial kitchen and we had an LLC and full business insurance.. I just started my cake business. I have my LLC along with business insurance. All it takes in the food industry is someone to present you with a hospital bill. I used to work in insurance liability. You may be broke today but your future income can be used against you and taken down the road through wage garnishment. Your LLC makes it so that can't happen. It's not expensive to have an LLC ... about $15 a month. Having worked in insurance the one thing I tell people is don't look at what you necessarily have today. Look at what you could have tomorrow and that's what someone can sue for .... Your future potential earnings. I also have a paid off residence, make a little over 60k, and a state pension plan. All of that can be sued for now and in the future without an LLC. It's not hard to file as a sole proprietorship on your 1040 ., Doing your profit and loss form. Your future is worth more than where you are now. And any good attorney will use it.
@S0up3rD0up3r993 жыл бұрын
I was almost about to jump the gun and form my LLC. Currently not making any money with it right now and will definitely need investor support.
@LYFEAccounting3 жыл бұрын
Ohh yeah, glad you saw this video forreal
@alleyesonthetruejesuschristsav2 жыл бұрын
You look like a young Robert Townsend. Very impressive information. Thank you.
@LYFEAccounting2 жыл бұрын
I get this allll the time, but I take it as a compliment. Thanks!
@alleyesonthetruejesuschristsav2 жыл бұрын
@@LYFEAccounting Awesome. I pray you all do well in your company. All of your team are super impressive. Keep up the good work guys.
@palomaca122 жыл бұрын
I wish I saw your videos sooner. I got an LLC in college and I was definitely not ready, and didn’t understand what that would do to my taxes.
@TheBizeediva3 жыл бұрын
Great video! I'm learning a lot from you all. I do know someone who told me she's been running her business as a sole proprietorship for many years, and she's quite successfully. One thing I found out in my business journey was that when I decided to get my LLC, I had to to open a different bank acct to reflect the LLC...I couldn't just add 'LLC' to my business name on the acct . I'm working to establish business credit and was advised that my business needed to be registered with the State. Plus the nature of my business could open me to liability. It was pretty painless where I banked, and they were very helpful.
@LYFEAccounting3 жыл бұрын
Thanks and it sounds like you’re off to a great start 👏🏽 do you mind me asking what kind of business you have?
@TheBizeediva3 жыл бұрын
@@LYFEAccounting A Notary Services business that consists of general Notary, Loan signings and Remote Online Notarization. BZD Notary Services in Texas
@melissaprydemsrcrrt80242 жыл бұрын
Appreciate the content. Starting a small business and was overly focused on the protection of an LLC, yet I don’t have assets at risk.
@tashabrown83012 жыл бұрын
Me too!!!
@ursilaminor64472 жыл бұрын
Um this horrible advice because they can sue you or business. Even if you dont have assets you can still be charged and owe a who debt
@ursilaminor64472 жыл бұрын
an llc is only $150 and $50 annual renewal. it just makes sense and to do it.
@melissaprydemsrcrrt80242 жыл бұрын
@@ursilaminor6447 Care to elaborate? - Wouldn't having the appropriate business insurances provide protection?
@ursilaminor64472 жыл бұрын
What if your insurance doesn't cover all the damages. Look I don't know let's say you have a small truck and you want to have a moving company and you decide to drive and some little kid rather than the street their family sues you for wrongful death your insurance drops you doesn't cover shit and they see you for 5 million dollars. Guess what they have sued you and not your LLC and that debt will stick with you for the rest of your life.
@tonyascreativespace30672 жыл бұрын
Having a LLC will help you get money for commercial property
@treg68482 жыл бұрын
Thanks so much.I always wondered why someone would need an LLC if they have nothing to protect outside of the business
@paulfincher96093 жыл бұрын
As I have started considering taking my side hustle, web development, more seriously I have been watching your videos. Thank you for all the insight. I did just apply for my LLC last week because I want to protect my almost paid off home and paid off other assets. I have a couple of low cost customers so not making a ton of side hustle money but thought it would be safest to protect those assets and being in Florida the cost for a LLC isn’t bad.
@jeff313452 жыл бұрын
How much risk do web developers have. Do you guys get suid?
@paulfincher96092 жыл бұрын
@@jeff31345 I think with any business there is always some risk. It is good to keep business and personal assets separated just in case.
@mr.boobuster36912 жыл бұрын
Any web3 experience?
@marvelouss7192 жыл бұрын
@@jeff31345 You have a typing error. Clearly stated in the comment-- personal assets.
@mrsknight29842 жыл бұрын
The plus side of the LLC is it enables you to attain business credit and funding
@LYFEAccounting2 жыл бұрын
True!
@ericnesmith58522 жыл бұрын
Bro watching your videos for the first time and I am truly impressed and want to thank you as I am already a business owner and plan to expand in the near future and will be using your videos to guide me
@LYFEAccounting2 жыл бұрын
Thanks, Eric! What kind of business do you own?
@rtanaka3 жыл бұрын
Excellent info. Thank you for sharing this. I wish I knew all these things before starting my LLC. Keep up the great work.
@LYFEAccounting3 жыл бұрын
Thanks as always Ryan! LLCs are still incredible
@BLACKAAROW Жыл бұрын
I’m gonna start a Shopify store so I’m gonna start an LLC. Also I do have assets (savings, stocks) and I also want to open a business checking account which needs an EIN so it makes sense for me to get an LLC
@kellsamsamkay2 жыл бұрын
Thanks, I have been watching so many videos to gain insight into when it's best to get an LLC. You have been the most to the point!
@LYFEAccounting2 жыл бұрын
Glad to hear that!
@jonathankerner20943 жыл бұрын
I'm exploring my first real estate investment in a single family. LLC is a good idea for me, right? I do have assets. I own my own home and have some money for retirement and so forth
@CSG7Deuce742 жыл бұрын
I never thought about this part. I did, but didn't know how to word the question. Good shit bro
@naikeelovince77743 жыл бұрын
Thank you Sean for taking time to share valuable information with us. We appreciate you.
@LYFEAccounting3 жыл бұрын
My pleasure! I appreciate you for watching.
@culturedtherapist32112 жыл бұрын
Thank you for this video, I have my savings and it needs to be protected.I recently started my Mental health consulting business and it doesn't make much money and it is liable business.
@rehousethehomeless1925Ай бұрын
Okay, a few questions--1: Why can't that LLC owner simply register their company as a C corp & move forward with the investors? 2. Can a sole proprietorship open a bank account and get credit? 3. Can a sole proprietorship get the same benefits an LLC owner can? 4. Why would anyone (right out the gate) jump into the C corp pool if they're new to business? Isn't that an (even bigger) financial risk? Who would you suggest anyone looking to form a compliant business turn to?
@sali65222 жыл бұрын
You make a good point with the LLC, if you don't have assets, what are you protecting.
@Gi_Lovely2 жыл бұрын
I got 2 LLCs because I am in the beauty industry service. For profit, not investing. Also, can you do a video explaining the other business licenses.
@breew29683 жыл бұрын
Informative video as always 👍🏾. Also appreciate the short investor/busines owner sketches you all do too!
@LYFEAccounting3 жыл бұрын
Thanks! That motivates me to do more!
@redpillsocietyapparel51933 жыл бұрын
Thanks for the information. Alot of us really needed to hear this.
@LYFEAccounting3 жыл бұрын
Glad it was helpful!
@perryd432 жыл бұрын
Thank you for the post neighbor. Many blessings in return. Very informative.
@brand2k2 жыл бұрын
I really like your videos. I'm sure you get a hell of a lot of customers talking to people like this.
@briancarlisi22243 жыл бұрын
Easy understanding format. Thank you!
@LYFEAccounting3 жыл бұрын
So glad you think so! Do you have an LLC?
@thestandberrys25193 жыл бұрын
So much great information, thank you for doing this for free
@LYFEAccounting3 жыл бұрын
Our pleasure!
@usgenxr3 жыл бұрын
GAH! I watched this too late. :( Great information!
@LYFEAccounting3 жыл бұрын
Awww, Well still, Thanks for watching!
@cherylmurray79422 жыл бұрын
Very thorough and understandable presentation. Thank you.
@bdawg25133 жыл бұрын
I buy and repair computers at board level. But in order for me to have more purchasing power to acquire more to repair and resell I have to have a business account, and therefor need to have a registered business to do this. I'm seriously thinking of an LLC. So even if I do or don't have assets I would still need to do this I think. Correct me if I'm wrong please. By the way, love your videos and am grateful for the info.
@LYFEAccounting3 жыл бұрын
In order to build business credit you need a registered business. We have an excellent video on our channel all about it.
@bdawg25133 жыл бұрын
@@LYFEAccounting ok thanks again
@bernicebrandes16102 жыл бұрын
Is an LLC good for beauty services? Lash extensions, eye brow microblading, nail art?
@sali65222 жыл бұрын
I want to apply for government contracts and I also did not want to use my personal name. So having a business name is helpful.
@almondista2 жыл бұрын
I wish I had these tools before creating an LLC although I’m going to benefit from it later but with way more knowledge now thank you .
@kouleifoe2 жыл бұрын
how can you be "sure of your revenue" when startign a business.. NO ONE is ever sure before startign it they just hope.
@jessyb23142 жыл бұрын
Video is missing a bit of nuance 1 You can be an s-corp with an llc. And you can convert an llc to a c-Corp. 2. Dissolve your LLC don’t just let it lapse 3 . Talk to a lawyer there are very affordable business attorneys who offer consults it will save you money long term.
@houseoftreasurellc80562 жыл бұрын
Thank you. I am LLC. I wished i watched this before the plandemic...the adult toy industry is Already a hurdle
@Jase-L2 жыл бұрын
Correction: FTC stands for "Federal Trade Commission" which is the government agency/regulatory body for "Fair Trade" and related policy in the United States. It is not called the "Fair Trade Commission". 😁
@islandgirl53822 жыл бұрын
Thank You Sir.....You have just kept me from making a huge mistake! Yes, I am subscribing!
@two3musik2 жыл бұрын
So how do you open up a business account or build business credit if you don't have an LLC?
@aloveaffairwithself2 жыл бұрын
The issue is you can’t. Because you need to form some sort of entity to get a FEIN number, and then a business bank account. Taxation in and of itself will be better as well if you decided to go under an SCorp taxation. But again, if your business is small and you have no assets, this may not apply to you.
@alishadennis77692 жыл бұрын
Thanks for the information we need to make a wise & less expensive decision for starting a business now.!!!! Blessings & happy New Year's to yours & you have n this big new 2022 !!!! 😁 😎
@ryanmorton61933 жыл бұрын
Do you have any videos that tell you how to start a sole proprietorship? With the advantages and disadvantages?
@LYFEAccounting3 жыл бұрын
Have you seen my video on how to start a business?
@mikegeorge55692 жыл бұрын
Hello Mrs sonia is legit and her method works like magic I keep on earning every single week with her new strategies..
@kelvinprescott85942 жыл бұрын
Wow I' m just shock someone mentioned expert Mrs sonia I thought I' m the only one trading with her
@kelvinprescott85942 жыл бұрын
She helped me recover what I lost trying to trade my self..
@babodem24382 жыл бұрын
I think I'm blessed because if not I wouldn't have met someone who is as spectacular as expert Mrs sonia . I think she is the best broker I ever seen
@jamespiper81072 жыл бұрын
Mrs sonia is obviously the best, I invested $3,000 and she made profit of $28,000 for me just in 15 days, Her success story is everywhere
@stevengrizwald41962 жыл бұрын
Fake AF 😆
@jossettamariewatts54182 жыл бұрын
Thank you so much for the content. Very helpful. But can you please do a video for Taxi drivers/Independent contractors? Thanks.
@SOTGFeaTure2 жыл бұрын
One of the best videos out here..definitely needed this appreciate it b I’m tuned in to your channel
@teenanguyen623 Жыл бұрын
Thank you for breaking it down
@boredGPT2 жыл бұрын
I think it would also be good to mention with a corp you need a board. Not everyone has access to people who would be good at governance. Also, cant a LLC be taxed like an S-corp after a few forms?
@jeff313452 жыл бұрын
A single person can hold all c corporation officer positions unless your going public. A s Corp is still a LLC. The major difference is how it is taxed. A s-corp is taxed under sub chapter s of the tax code.
@SigningWithOmar2 жыл бұрын
Great information Now comes the decision between LLC & S Corp…hummm
@madjack7302 жыл бұрын
Thank you for the time stamps!!!!
@VeeMcShowbla222 жыл бұрын
Wow so informative- some of this I did know but some I did not know
@marialavell24942 жыл бұрын
Thanks for posting this video. I needed this help
@soliver7013 жыл бұрын
Thank you for all that you do. I really appreciate it.
@LYFEAccounting3 жыл бұрын
I appreciate that
@Blossom-gf3kx2 жыл бұрын
Very contradictory. 🤔
@yogichanto7233 жыл бұрын
Keep up the good work all of you!
@LYFEAccounting3 жыл бұрын
Thank you! Will do!
@dmfrasier40253 жыл бұрын
Great information! Thank you!
@LYFEAccounting3 жыл бұрын
Glad it was helpful!
@Apparel8692 жыл бұрын
Excellent advice on LLC. Appreciate your honesty.
@asfybylorna59203 жыл бұрын
sooooooooooooooo too late - I just thumbs up your other video 😊, but this information is still helpful. Thanks for sharing.
@LYFEAccounting3 жыл бұрын
Hey LLCs are still a very good option. What type of business do you have?
@gailberryferguson31012 жыл бұрын
Thank you for this video. I'm in the beginning stage of starting a medical clinic and a safe house for women. What is the best way to go about finding an inexpensive office for your business? I would prefer two houses close to each other that I could renovate.
@desireeanngarcia53432 жыл бұрын
Some people rent storage units for their business office, but they don't let the storage employee's know that they are using it as an office.
@fangsofmay2 жыл бұрын
I don't know, but good luck to you! What a beautiful thing you are doing for those in need. 🙏❤️
@AustinRides7264 Жыл бұрын
There are many advantages. For most, you don't need an LLC. It's just a clout thing. Sole proprietorship here as a full-time Lyft driver and soon will have a turo biz.
@kristinahill26412 жыл бұрын
this man is great. Thanks Shaun
@iamskinbeauty3 жыл бұрын
You broke it down so well thank you
@LYFEAccounting3 жыл бұрын
Perfect, glad you understood everything!
@cuata3m6182 жыл бұрын
I am glad I found you thanks so much.
@jenninemorel76932 жыл бұрын
I'm soooo glad you did this
@Chunographx2 жыл бұрын
Liked and subscribed with notifications ✊🏾🙏🏿💯🎉
@damienkern64462 жыл бұрын
this is informative as hell thank you
@Eze12292 жыл бұрын
I love your videos very informative and educational ❤️
@Aqui.esta.2 жыл бұрын
Thank you for all your videos
@KlayWisseh2 жыл бұрын
It’s video like these that made me subscribe!
@theartofadventuretalesofth41233 жыл бұрын
Thanks for the very informative and charismatic videos. I'm in the process of building an art business while developing a hopefully soon-to-be patented invention that will DEFINITELY need investors in order to mass produce and market this product. Would you recommend starting my business adventure as a sole proprietorship? Thank you.
@LYFEAccounting3 жыл бұрын
Hey! We actually have a course coming soon that will walk you through forming your business and funding your business (grants, loans, raising money, etc.). Will definitely let you know when the Money Smart Startup comes out.
@VeeMcShowbla222 жыл бұрын
Hello Sean it is nice to meet you
@MsTaLucifer3 жыл бұрын
Hey 👋 can you make a video of multi member LLC? I’m kinda lost in how you pay your selves and how they do their tax.
@LYFEAccounting3 жыл бұрын
Noted! I will :) Thanks for the suggestion!
@MsTaLucifer3 жыл бұрын
@@LYFEAccounting ayeeeee thanks man highly appreciate it 🙏
@bebin733 жыл бұрын
Profits and losses pass through to each member’s personal taxes
@Inspctr_Gigit2 жыл бұрын
So what do you recommend for beginners if an LLC is not suitable?
@Dominknows3 жыл бұрын
Guess I’m a s-Corp....I only own a car lol...thx for the vid
@LYFEAccounting3 жыл бұрын
S corps are great
@Mr716er2 жыл бұрын
Hello Shawn I actually have a clothing brand and the business structure I have is an LLC. I've also went on to get my Business name and logo registered with USPTO. I have my serial number and it did cost me as the materials I've produced cost as well. I'm not making money like that but I do small sales here and there. My question is what step should I take from this point as I intend to keep pushing my merch? Really like how you break things down and I hope you reply to this so I can ask you more questions. Thank you kindly
@QueenMarvel111 Жыл бұрын
Thanks for this video.
@tashabrown83012 жыл бұрын
Great info!!! Thank you!
@valvaldez87453 жыл бұрын
can you please make a video explaining depreciation and how to record it? thanks!
@LYFEAccounting3 жыл бұрын
Good idea, noted!
@sonjalee90822 жыл бұрын
Love it!! Now I understand 💕
@dmfrasier40253 жыл бұрын
Do you have a video explaining which entity a small business should use?
@LYFEAccounting3 жыл бұрын
Well the answer depends, but check out our videos on like LLC vs S Corp
@charmainefaulknor55462 жыл бұрын
Thanks for the information
@jlin743 жыл бұрын
Hi Sean. Thanks for all the great videos. Confused on your last point of not needing an llc to have an S-Corp. Isn’t S-Corp just an election, you need to have an llc to accomplish that? Please elaborate. Thanks a lot.
@LYFEAccounting3 жыл бұрын
Hey! That is correct. Only a corporation or LLC can elect to be taxed as an S-corp. Hopefully, that helps.
@serene_0012 жыл бұрын
Great information!
@karenphoenix87772 жыл бұрын
This is great! Glad I got a LLC
@wholesomenesstv2 жыл бұрын
Great video. Thank you
@dubeme.30143 жыл бұрын
Amazing Content!!!👏👏👏Keep up the good work guys!
@LYFEAccounting3 жыл бұрын
Thank you so much!
@ce.jordan3 жыл бұрын
Very helpful, thank you
@LYFEAccounting3 жыл бұрын
You're welcome, hope you subscribe :)
@georgecampuzano Жыл бұрын
Great video
@loviswright48292 жыл бұрын
It’s sad cause I already started one and I’m halfway through
@tella24282 жыл бұрын
I'm subscribing just learned alot
@GoaWay...3 жыл бұрын
Soooo, would a notary be liable for certain things and more likely to be sued? 🤔
@xxwoman3 жыл бұрын
I would think so. Imagine missing a fraudulent document and you OKed it. You might get sued by someone.
@ForHisGlory9203 жыл бұрын
Love this. Appreciate the info. In your opinion, what is the best way to start a business as a newbie starting out?
@LYFEAccounting3 жыл бұрын
Well it depends on your goals and situation. Like if you need asset protection, investors or a running start
@ForHisGlory9203 жыл бұрын
@@LYFEAccounting my situation is more of a running start, I dont have a lot of assets. I currently don't own a house or any other major assets right now.