Do This BEFORE You Set Up Your LLC

If you are thinking about setting up an LLC for the first time, here is a list of 6 things you should think about BEFORE you hit up the Secretary of State's office to make your business legal.
1:44 Do you really want a business?
2:28 Have you validated your business idea?
4:19 What state to file in?
6:13 Choosing the right name
9:03 Protecting your privacy with a virtual address
11:24 Do you really need a registered agent?
14:47 BONUS Tip if you are starting a multi-member LLC
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ABOUT JIM
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Jim Hart is a lawyer, entrepreneur, KZbinr and online business coach. Jim created the LOCK it Down™ (legal) Protection System, which has helped hundreds of online entrepreneurs to get their legal house in order. In addition, provides monthly coaching and training through his OB Foundations Membership Program.
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#jameshart #LLC

[@jimhart]

Click here to sign up for our LLC Live Startup Workshop: hawthornlaw.net/workshop

[@modernminimalist1]

Thanks for the info on a registered agent! I didn't know about this. My state only charges $35 a year. 👍

[@TheeHerbJunkie]

Thank you. Such a transparent video to really think about if you are trying to set up your LLC . Wishing you the best in Portugal

[@kennethjonesphotography]

So, you now live in Portugal. My wife is a Portuguese national and we have a family home just south of the city of Aveiro which (as you probably know) is on the coast in north-central Portugal. In fact, we're very likely going to move to Portugal within the next 2 years. Who knows, someday we may bump into each other there. Very good video, by the way.

[@BenWindle-zv6cr]

Great tips, especially the registered agent. Definitely didn't know the ramifications of making myself the registered agent.

[@kiarab2441]

Omg Jim I love you❤ I been doing my research for some time now. And you just been making so many connections for me, throughout the video. 🎉 especially with your scenarios and examples. It just kept hitting me and I appreciate it so much. Great quality.

[@jimhart]

You are so welcome

[@massterrbarber]

Amazing how I plan to get an LLC for owning my first barbershop 💈 business and I have never been in the LLC situation before and I’m looking for the best way to be successful with it but don’t know how to go about it the right way and what to do first.Awesome advice.

[@allenadayswork2216]

Glad I watched this. I did not know about this registered agent every LLC is supposed to have. lol

[@chalplec4241]

Hey Jim, I'm from NC and have my own LLC trucking company. I handle my own bookkeeping using Xero and HubDoc and file my own taxes but I was wondering if I should approach a tax preparer or an bookkeeping/accountant firm to go over my Xero account and file my taxes for me. I'd just like a professional that I can meet with once a quarter to self audit my Xero account and prepare my taxes for me. I've reached out to places online just searching small business accountants and they are all wanting to charge $500-800 a month to do everything for me and not just my taxes. I feel like I'm searching for the wrong thing. I'm just a single owner/employee with $250-350K in GROSS revenue and my expenses are very simple all cash based, no debts, loans, credit cards, etc. and don't find it necessary to need somebody to do all of that for me for that cost.

[@rebekahsecrest8745]

So at what point do you hire a registered agent because in my state Iowa I need a agent for the articles of organization. Once I have a agent I can continue to file The OA and Certificate of Organization. Then I can file the LLC because I need the agent and certificate to file the LLC. Oh my question is if I should just hire one first and foremost then file the rest? Help me understand the order of operation to filing OA/ CO/ LLC filing/ registered agent ect

[@mylespop]

@@criticalmoment3859 thank you for this distinction, I understand now.

[@WS1_AUTOS_N_STUFF]

The whole point of owning your own business is to avoid paying other businesses for nonsense 👍 a contract is a contract! Don’t need to add a middle man just to hand over money to file something or whatever. Each person sign a copy of contract and that’s it , you each then put in your own file cabinet and done ✅

[@ariela_]

Have any videos on dba “doing business as” for a sole proprietor? Also legal pages to protect my blog without having a llc?

[@journey2millionaire]

The issue with dba's is that its connected to your social security card and personal address. With that said, you do have 2 options. 1. Get a Surety Bond for your type of service. These should help you pay for any damages too your clients. 2. A written agreement created by a lawyer. This agreement should include business and client guarantees and actions. Include surety bond info. Please consult your lawyer on these matters first.🫡

[@littledakotarecordingcompa5913]

Super helpful. Thank you.

[@howardmcmillian5764]

I'm excited about this workshop. So glad I found you.

[@myallmart]

I appreciate your good work: however these question still bother me. 1-If someone is the primary resident of Maryland and wants to get LLC registered in Delaware, is it illegal or against the state law, not to register it as a foreign entity in MD? 2-How the LLC and his personal income from that LLC will be taxed? And 3- how to avoid double Taxation? Please answer these questions!!! Thank you

[@artrich7068]

Thanks for the vids. They often answer little nagging questions I have, and questions I never asked. As a new novelist, I want to set up an LLC before I start publishing, but not sure what I need to do specifically. Was wondering if there are specific things authors/publishers need to set up that would differ from other businesses. Also, with so many people now mobile and able to relocate without issue (or wish to live in another country somewhere in western Europe), is there an ideal state for setting up an LLC for an independent artist willing to reside in that state? Nevada seems best, but that state fee is just so high.

[@jasonkirchick9087]

What did you end up doing as a novelist/author?

[@estherrosenberg815]

If the registered agent is receiving your mail, do you also need to set up a virtual address as well? Or can the RA address be used as the LLC address?

[@jimhart]

Depends on the RA. Some will - but you need to make sure that is included in the service.

[@jamesballance9475]

Thank you for putting this content out there

[@gibbonholder3274]

Ras House Music 🎶 Laborie Beach ⛱️ St Lucia

[@Ryan-r7n]

Good advice BUT don't lead people in the wrong direction. IF YOU advertise your company without an LLC or Trademark and someone sees the name anywhere and likes the name they can call SOS to see if the name does have an LLC or trademark. From there, they can technically steal that name. If i'm wrong please correct me.

[@jeremyseamons7997]

Ive watched a few of your videos. How much of this will apply to small business not so much on-line. If ñot you is there someone you would recommend for my start up legal reference? Thank you. Very relatable video.

[@jimhart]

A lot - business is business whether you are online or offline.

[@Beeyouarekayee8]

I watched a lot of your videos about forming an llc and you always say online business I want to do a mobile detailing and lawn care business can you do a video about a non online business llc?

[@AlexDortschy]

Hey Jim! Great Content! Been binge watching a lot recently, soaking up your knowledge and I hope you respond... but I'm in a little conflict with residence at the moment.... my question is... I'm currently Deployed and have an address, BUT it's not in my home state (NC) and do not own a home anymore in NC, at this moment. Could I use a Families address "temporarily"?? What do you think I should do as far as using a "business address?" Can it be changed once I own a home again? Thanks in Advance

[@Bomboni100]

Jim if I live in FL but have a rental property in NC, does it make more sense to register my LLC in NC instead of FL?

[@LoritaJohnson]

Question about virtual address and registered agent: if both are avenues to receive mail, why do I need both? Can you clarify the differences, please? Thanks!

[@jimhart]

Registered agent CANNOT be virtual. And you don't send mail to your registered agent. The registered agent is for legal correspondence and due process only.

[@LoritaJohnson]

Got it. Thank you!

[@polbrunel]

Hey Jim Great videos Very informative Learned a lot Do you only provide service for online businesses- Not a single member LLc that provides healthcare?

[@miyaasemi5305]

where should i file if im an out of state first year college student? my home state or my school state?

[@jimhart]

Good question. How serious is your business?

[@angelcandelario4683]

Thank you for being so direct and informative!

[@matt8953]

can u talk about how to open a business bank acct, they require physical address

[@educatedentrepreneur2799]

Yes definitely need this

[@benjaminchen1131]

Hi，Jim! How can the article of organization of LLC show that LLC is owned by the Trust? Thank you!

[@stuartwilliams1285]

Hi Jim are you enjoying Portugal?

[@user-gz1yf3do5z]

Thanks much for ur information…I hv a question..Can u hv a virtual mailbox??

[@jimhart]

Yes you can

[@dannylee9026]

Thanks Jim. question--Is legalinc no longer in service? it directs us to incfile..

[@jimhart]

Yes. I'm in the process of re-working my pricing with them. But I'm also a fan of incfile. You can use this link: hawthornlaw.net/diy-llc

[@dustinwhitesell4860]

Hey Jim, what should I do if I’m gonna do short term rentals in other states as well as the one I live in.

[@TabanNasona-wx8wu]

I'm not in the state but can LLC work in South Sudan as well let me know before taking it into consideration as an important business entity in my country

[@jimhart]

I don't know - I don't practice law in Sudan

[@angeladaniel209]

question about a registered agent. Is this something I can change later and will it be a fee.

[@santatobias-pruitt1245]

Wondering if we need an LLC. Have 3 rental properties and opening a thrift store at end of Aug. can I get your expertise? My husband does all the maintenance on rentals and we both will work the shop.

[@oOBlackiceOo]

Yes you do!!!

[@perryd43]

Can you change your address at a later date?

[@matthewvanschoick9628]

Is this just for online businesses or can I do these steps for the business I want to set up. (Painting business)

[@clcnj5365]

It’s offensive to refer to people’s hobbies as not a legitimate business if they intend on selling or providing services with that hobby. Many people want to form that LLC to protect themselves before they start selling.

[@toobin8r]

So, it wouldn’t make sense to form an LLC because, say, you’ve just got family that wants to pay you for services, but that you hopefully won’t be doing it long-term

[@jimhart]

What kind of services? It depends.

[@cdub4693]

What’s a fair cost to have an attorney setup an LLC?

[@jimhart]

Here's my page: hawthornlaw.net/services

[@guillermorodriguez9176]

Do you work in Texas? ​@@jimhart

[@rebekahsecrest8745]

So at what point do I hire a registered agent. As I'm creating a OA a articles of organization? Or once I'm done with those and filing the LLC ? Because to continue I need a agent. But idk at what point in the steps do I need to hire one

[@victorhrndz.8168]

what if I'm trying to manage and promote new talent "artist? what are my steps

[@jimhart]

Are you starting an agency?

[@monicavega2090]

Jim do you recommend an LLC for an online Amazon ebook small business?

[@SanMan10100]

80 bucks a month for virtual/forwarding mail service? Inexpensive. I must be really out of touch and got hanging out with the wrong crowd bc that's not all that cheap... excuse me "inexpensive" to me. You guys?

[@jimhart]

I think you are out of touch. No offense intended. If you are building a business and $80 a month is a problem then perhaps a job is a better option. Your overall startup expenses should be around $2,500-$5,000 when you consider software, legal expenses, product development, marketing, etc. Many people are under the false impression that starting a business is "free" - but that just isn't the case.

[@SanMan10100]

Right on. ​@@jimhart

[@SanMan10100]

@@jimhart Well I myself didn't think it would be free. I just didn't think it would be so darn expensive. I stand corrected now. Thanks.

[@alaines430]

Hey, Jim! Do I need an operating agreement if I own the business alone?

[@jimhart]

I would say yes.

[@denn319]

5:30 Hi Jim, I am non-US citizen and based outside of the US. Is it recommended to form an LLC in Wyoming, Delaware or Nevada?

[@Masterbaiterfishing215]

No it’s recommended to start an llc in what every state or country u live in . Your not gonna save on taxes eventually you’ll get screwed if u try and start an llc in Delaware

[@jimhart]

Yes, but he said he is based outside of the US. In that situation, you can typically pick whatever state you want.

[@alessandradonaldson]

Hi Jim Do you offer any service to trade mark our name/brand and courses name? Tks.

[@jimhart]

Yes! Visit hawthornlaw.net/services

[@alessandradonaldson]

Ok, but you only offers services continued. Do you have one time service to do what we want? What I understand, it’s a kind of subscription. Correct me if I’m wrong.

[@kateholland4102]

Yes I use legalinc and they're not expensive and worth it

[@loonietoon98]

Do I need to Get an business permit before Getting an LLC

[@tvtime6558]

Moving to Portugal? Why???

[@tosinademusic9931]

Iaccountant?

[@user-ge8qe3up8j]

Pretty good info. Need clarification on multi partner ĹLCs Skreddy

[@SAKAICHEWY]

I'm in Wyoming and it doesn't allow a PO box

[@jimhart]

Every state has different rules - but are you referring to a business address or a registered agent address?

[@jans1996]

Do you have a video for LLC for nonresidents?

[@louierockefeller9371]

80 bucks

[@machineman6498]

👍

[@Quantum_Bluntz]

I’ve thought about just paying LegalZoom. Do you have any experience with that service?

[@jimhart]

Not my fav. What do you need help with?