Thanks for the quick simple advice. This answered most of my big questions about forming LLC after sole prop.
@ChristyA-uz5kz6 ай бұрын
He kinda brushed over this but if you have an EIN number designated as sole proprietor with he IRS you will need to file a new SS4 form; print and mail it in to get a new EIN number. You cannot change the business designation. It takes several weeks so plan ahead. I learned this the hard way. Hope this helps.
@jimhart5 ай бұрын
You can apply for a new EIN online after you receive your LLC paperwork back from the state where you formed it.
@HemiMuscle3 жыл бұрын
This the video I been waiting for 👍
@xRamim3 жыл бұрын
u should add timestamps in your vid, great for us viewers & it benefits you in the youtube algorithm :)
@I-1-0-light-me-4-7-9-Me2 жыл бұрын
so basically you have a brand new business
@rosellebn Жыл бұрын
I have so many questions even after I watched this video. I wish it’s easy to get the questions answered. I’m a sole proprietor and wanna switch to an LLC
@jimhart Жыл бұрын
Here's a link if you would like some help. 😉 www.hawthornlaw.net/services/
@TechLeadEngineer2 жыл бұрын
Is this really about the 10 requirements of LCC? I really thought I would find out how to convert from sole proprietorship to LCC. Any idea?
@shantalmoto85022 жыл бұрын
Love the step by step approach.
@Twon808 Жыл бұрын
Can you have a sole proprietor under one EIN and then create an LLC to build credit on both entities since they would both have their own EIN?
@RicoGG2 ай бұрын
Half way in and it’s the first time you mention this is for the states. 😅
@jimhart2 ай бұрын
Sorry, are you in a different country?
@TrainTracks6143 жыл бұрын
Just what I needed, thank you!
@SangDaNoble5172 жыл бұрын
Thank you, You're the best!!
@jeanalexandre11053 жыл бұрын
PO box at the post office in most cases it's only like $100 for the year
@sunflowersandsand3 жыл бұрын
It's best to open a USPS po box as they have a physical mailing address you can use on your LLC application. That or pay for a "virtual office" which doubles as both a PO box where you can safely receive mail but also register as your address for your place of business.
@AmyandBaby Жыл бұрын
No one ever answers the question, If I have an EIN for my sole prop. I am aware I have to make a new one for my LLC but what happens to my old one. How can I cancel it? if I switch over all to my LLC n all platforms will I still have to file a quarter sales tax DR-15 for my old EIN if I am no longer doing business under it?
@jimhart Жыл бұрын
Answered your question on my recent live stream!
@DamselInAllure Жыл бұрын
Thank you for this
@jimhart Жыл бұрын
My pleasure!
@AllAboutPurple2 жыл бұрын
Start @3:18
@oveazeus110 ай бұрын
Thank you!
@GabeCuello Жыл бұрын
5:25 yes... Happens to me all the time lol. Great video, by the way.
@happyreality2442 жыл бұрын
Great tips.Tips.. have a question started a online small business no making much yet, started a sole Should I switch to LLC or should I wait??????
@camilo113153 жыл бұрын
Did anyone know where is the link for the operating agreement template he mentioned for a single member LLC
@Raeleen3 жыл бұрын
Sooooo straightforward and clear. Thank you so much :)
@TreseLashun_3 жыл бұрын
I watched your video on why you should not get an LLC before this one. You said there was not tax benefits with LLC vs sole
@Wallewallaby Жыл бұрын
New business from NJ here prepared to register my business. One of my main questions regarding the name is can you keep the same business name from the sole proprietorship or do you have to choose a new name? I'd much rather keep my business name for the LLC.
@user-vr8ht3hr9e3 жыл бұрын
Ein# I was 🤔 I was told when I file my llc taxes to take that tab with your ein# or else they won't recognize your company Sol-member LLC in here
@MatthewKlein-q3p Жыл бұрын
Does this mean with the new ein, there would be a new credit history for the business? I was hoping to keep the credit history/credit lines or amount of available credit carried over.
@destinyjordan55264 ай бұрын
What happens if you have a business line of credit under the sole prop EIN
@jimhart4 ай бұрын
What do you mean exactly?
@antoninorex5857 Жыл бұрын
My business is not online.
@StarlynsAgency3 жыл бұрын
I registered my self as an agent. created an llc, got the EIN, even the operating agreement. but my credit is so bad banks just give me risk checking accounts. when I try to open an account for the llc the moment I use my social to setup as the owner the banks automatically cancel the application. When to Chase in person why this happens and an agent told me am seen as a "high risk customer" and they can't open accounts for me. How can I have a biz account!? am not looking for loans or anything I just need an account so clients write the checks to the biz and see they are dealing with a business not just a freelancer.
@ekanimity7 ай бұрын
How the ein works with retirement accounts? Do you can you change that?
@jimhart5 ай бұрын
I'm not sure what your question is. What does an EIN have to do with a retirement account?
@cutiefruba43 жыл бұрын
I thought picking a registered agent was picking your address
@RoyalTea543 жыл бұрын
Where's The link? For the Steps you said 3 Pages for the DIY.?
@MatthewKlein-q3p Жыл бұрын
Also, if basically you’re creating a different business but taking over the existing business from family, is it better to just create everything new or try to transfer the existing sol proprietorship into my new llc? Like I said, new business will be replacing old business.
@BrandianneRinne10 ай бұрын
the bank account for the sole prop. has its own EIN and once you have an LLC you dont need to the sole prop so do you simply stop using the EIN and cancel the associated bank account or do you have to file a cancellation of the sole prop EIN?
@sergiogutierrez60912 жыл бұрын
I filed online thru legal zoom and it said I could not use a P.O. Box
@bigfatcody Жыл бұрын
So can you put yourself as the registered agent or not?
@Crocodonk5 ай бұрын
Can you transfer a net operating loss from your sole proprietorship to the LLC?
@jimhart5 ай бұрын
I don't think so - it would just be a separate schedule C on your tax return. But I'm not a tax lawyer, so check with your accountant.
@RobbyGoodwin3 жыл бұрын
Do you have to open a brand new bank account? Can you tell the bank to switch your EIN number on the current account?
@jimhart3 жыл бұрын
That would depend on the bank. I'm not sure, but I suspect that you probably have to open a new one.
@rmj2123 жыл бұрын
What 8f you are an single member llc is that basically a sole proprietorship
@vboites1403.5 ай бұрын
Anybody please once you become a new business to LLC Do banks have to give you a loan to start business? Is that true ?
@jimhart5 ай бұрын
No - that is not true. And if you are just starting out, the banks would loan you based on your personal credit anyway.
@newphone4474 Жыл бұрын
Does getting a new ein reset the clock on your your years in buisness in particular when it comes to funding?
@iwalkerpreston873 Жыл бұрын
Did you figure this out?
@ChopTheViking3 жыл бұрын
So you can use a PO Box for your business address when you file for your LLC? (In Florida here, and yes, I know you're not my Lawyer rofl)
@shundellefraser8299 Жыл бұрын
i have a question hopefully youll respond, i had an llc registered with the state, Virtual address, registered agent etc, however due to the business not making alot of money in its first year, i was told to file together ( personal and business as one), therefore it was filed as an sole proprietorship as opposed to llc, can i still move forward with my business as a llc next year filing. , if so what are the steps
@keitrahinton99843 жыл бұрын
Can you speak on Series LLCs?
@Viper21323 жыл бұрын
Would I also have to re-file my trademark application when going from a sole proprietor to LLC?
@KatieKirkendall Жыл бұрын
I am obsessed with Cobra Kai!
@jessicafisher11883 жыл бұрын
If I have a DBA under my sole proprietorship can I switch to an LLC with just my DBA name? I don't want to add the LLC after my brand name
@Eduardocruz0033 жыл бұрын
Have you found the answer to this. I'm barely starting as a teen and would appreciate the knowledge.
@jessicafisher11883 жыл бұрын
Yes I did! Thankfully I found a great lawyer on fiverr that helped me and I am not sure of laws in your state so of course do your own research for your state but I was able to get a DBA and upgrade my sole proprietorship to an LLC. Now I can market myself as the name I chose for my DBA which means doing business as " what you want to be called".. Also for general information for you're area you can look up your local small business Association. Hope that helps.
@berniesands62013 жыл бұрын
Do you get the same tax benefits and write offs with a sole prop. as an LLC?
@belens84537 ай бұрын
Thank you so much! Question? How does it work for quarterly taxes with the department of revenue? Do I have to file the taxes for sole proprietor separate from the taxes for the Llc if I changed in the middle of the month? For example sole proprietor continued until 1/25 and LLC started on 1/26?
@jimhart5 ай бұрын
I would talk to an accountant to make sure you handle this correct. And I recommend Gusto for running payroll once you set up your LLC. hawthornlaw.net/payroll (Affiliate)
@user-vr8ht3hr9e3 жыл бұрын
Gooker left?
@jessicafisher11883 жыл бұрын
What if you have a virtual address?
@surveygirl4989 Жыл бұрын
I like your video but too many interruptions. Coffee drinking, mug brand, Netflix, blowing leaves, battery died. Viewers just the info as quick as possible. As we’re all busy. I still appreciate the professional advise.
@ethanhassinger2914 ай бұрын
My new ein paperwork doesn’t have LLC in the name as my new entity does, is this okay?
@jimhart4 ай бұрын
Did you apply yourself or did you use a 3rd party?
@ethanhassinger2914 ай бұрын
@@jimhart 3rd party.
@danielgil97473 жыл бұрын
If you file for a DBA being a sole proprietor to choose a name and later you create an LLC, the name you chose is protected or it's only protected when you create an LLC?
@pressurewashingandmylife Жыл бұрын
good question, you ever figure out an answer?
@danielgil9747 Жыл бұрын
@pressurewashingandmylife As far as I know, to protect the name of your company, you need a trademark. The level of protection a DBA gives you us very low.
@colettedubose Жыл бұрын
I currently have a EIN# as a sole proprietorship, and recently incorporated my business as a LLC. Do I need to create a new EIN# or file a form with the IRS of the change?
@iwalkerpreston873 Жыл бұрын
Dis you get an answer for this?
@colettedubose Жыл бұрын
@@iwalkerpreston873 nope
@axelbrambila2802 Жыл бұрын
@@iwalkerpreston873he answered that in the video around 8 mins
@cutiefruba43 жыл бұрын
do you have to create a new account for your website domain ownership? I want to just update my website domain account and registration with my llc contact details instead of creating a new account and transferring it
@bandmillbob89073 жыл бұрын
I recently have reason to change my position on Liability. In the past my risk to liability was low. No I have a increasing personal asset liability due to inheritance. I greatly desire to continue my business however recognize that I need to clearly separate my business and my assets. I'm slow as a rock can you suggest some books or literature that can help me move to a LLC. I am a sole owner and a one man show I suck at accounting. "Lazy" but my work is good and I love what I do. Any help Thanks.
@Eduardocruz0033 жыл бұрын
Hey man, can you answer my biggest bottleneck question for me real quick. Just starting as a teen and I'm thinking about starting off as a Sole P. cause I'm working with very little capital and don't have any assets to protect at the moment and just wish to get started. With your experience what do you recommend?