What to Do AFTER You Form an LLC - 6 Steps You Must Take

[@jimhart]

Thank you for watching! I just announced a new FREE training that reviews the exact 10 Step Process I use for starting an Online Business: www.obfoundations.com/10steps

[@aileenbetancourt1357]

i need you help! I just applied for an LLC because i want to start an online buisness and i thought i needed an LLC to start. am i able to cancel the application 😥

[@miz.dimplez5103]

How can we get your help personally?

[@dAErolion]

@@aileenbetancourt1357 you ever get your business to workout I need your help!!!!

[@Ericwkgnil]

So can you explain why not to use your personal banking account.?

[@newhorizonslanguageacademy5887]

​@@Ericwkgnilbecause if there is a legal fight your personal account/assets would not be touched (you won't loose your house, car, etc if it gets to that), instead, they will have to go after whatever assets your company has.

[@stevenielsen5217]

1. Draft an operating agreement 2. Apply for EIN 3. Open a bank account 4. Get a business license 5. Get contracts 6. Get a payroll provider

[@empresskayiam]

Isnt there a need to place an add in a newspaper for 3 months I believe?

[@charitymcgowen9108]

Contracts?

[@w.s.7186]

@@empresskayiam in arizona and another state i forgot which one

[@shaunyg_]

@@w.s.7186 New York also has a publication requirement.

[@Philthaentrepreneur]

Steve Nielsen thanks I’m doing trucking business, not sure what’s the business license for?!?!?!?!

[@TremaineRossyion]

Just received my LLC documents in the mail. It’s official!🙌🏽

[@AmandaMiller-z9y]

How is it goin!?

[@tylerevans1282]

I just got mine today I pray you have been successful

[@darnellfields8672]

Congrats to you! More life and success in Jesus name!

[@neilreid9005]

A lot of good advice. My add to it after nine years of my own small company; use Quickbooks to record transactions and get a bookkeeper to keep the records in shape for tax reporting. Then get a small business accountant to pay your quarterly and annual tax amounts. The hard part isn't setting up the business- the challenging parts come after that. Good luck!

[@customcrazycreations]

That is what I need help with 😂

[@adamsfamilyvlog]

It really is hard. I’m so overwhelmed 😮!

[@KWDLLC]

After getting your New Business LLC verified the next thing to look at when starting a business is the funding and financing options that are available for you at that very moment. But the best funding/ Financing option that any business can get without worrying about paying back is Grant. Talking from experience I hired a Governmental Grant Agent early last year when i wanted to start my business. Everything went well and I was awarded $90k as startup capital through grant

[@timhofstetter]

That great 👍🏽

[@timhofstetter]

I just got my EIN and I’m looking for possible start funding. I’m loaning to get loan

[@timlaker9872]

How ?

[@arminmueller3113]

How do I get grant money ?

[@KWDLLC]

@@timhofstetter Thanks

[@katrinashellenberger3793]

I'm a young aspiring small business owner and have been trying to piece together information on how to start up a small business correctly for months with little progress. I've gathered more clear and helpful information by watching your content for less than an hour than I have the past year. Thank you so much for sharing your knowledge and making it palatable for newbies!!

[@esimm595]

SCORE People might help. They are volunteer entrepreneurs who can be mentors. (USA only). There are webinars, online Library. It's part of the Small Business Admin, I think.

[@stasiastylez]

@@esimm595 thank you so much definitely looking into this for myself❤

[@denzelwashington9012]

I hope your Business is going well!!!

[@robertseanbyrd9225]

So what happened with your business up and running?

[@RachelPenningtonHull]

Super helpful. I’ve talked to an attorney, the SBA people, the local chamber of commerce, but this right here is what I’m looking for. Just the nuts and bolts of how to make it go. Thank you

[@Guygachelin]

Honestly I’ve been watching videos on this for days. And you’re the only one who’s grabbed my undivided attention because you’re super easy to understand and super detailed. Thanks for what you do. Great job dude.

[@CitizenJane100]

1.You're a little premature with that "Payroll". If you are a single member LLC, you do NOT need payroll, UNLESS you hire an employee! That is, AS a single member LLC, formerly a sole proprietor, you do NOT "pay" yourself as an employee. (You're dealing with the IRS here! If you get it "wrong", it will cost you!)!There are some Tax Elections that change this, but you have not come to that bridge yet! 2. Make SURE you understand IRS recordkeeping rules. Set up a recordkeeping system from day 1 that complies with IRS Rules!! 3. Also, LLC Laws are Different in Every State! Some states require you to file a report annually, others do not. Make sure you understand Your State's LLC requirements going forward! 4. Use the Chart of Accounts in you bookkeeping software to segregate income/expenses for "different purposes", and open just One checking account; maybe 2 ckg accts, If you have employees (one for payroll. One general biz).

[@luxnatsoap]

this was very helpful. Thank you! I am a soap and candle Maker and I just applied for my LLC last week. I have been running as a sole proprietorship for over 10 years. Cancer and hurricane Florence threw a wrench in things for a little while so now we're trying to reorganize. This was very helpful.

[@ExRegnar]

Mr Hart, appreciate the information. Definitely helps take the stress out of starting a business, in the legal sense.

[@ladyeater13]

Great video. You answered my question in the first two minutes of the video. However I still watched the whole video. People like you Sir makes KZbin great thankyou

[@sirusphoenixblack]

One of the best explanation i seen so far

[@dianehippolyte247]

Love the Video.....About getting my LLC but not sure what i needed...Atlanta GA.....I really do appreciate the information... Thanks a million..

[@DivaWuan]

I'm so glad I came across this video in my search of how to start an LLC. Thanks so much for the tips. Saved your info, I definitely see myself contacting you within the next three months on how set up an LLC in NC as an Aesthetician.

[@zombiegaming1684]

So thankful for you , I am starting my first business and i have no clue what I’m doing this has been a huge help

[@kapriixoza82]

As a former paralegal, thank you for all the valuable information Sir.

[@216Flymusic]

I used your site to form my llc today I was happy with the site very user friendly and direct but I'm opening a store front

[@RaelanAgle]

SO helpful! Thank you for this. The background music was making it challenging for me to focus but aside from that this was incredible. Thank you!

[@j1nftw1n]

your series has been a Godsend thanks so much!

[@MrPatrickletens]

First of all Thank You for helping so many people like myself. You mention getting Contracts. Being new to starting a business I do not understand what would need to be in a contract I sell wholesale and sell different amounts of product everytime (if they want to buy at all) in other words i can not make an agreement which states some standerd commitment. Thank you for your reaction

[@mrmakeadeal2415]

Wow you made a video on what happens next, great video!!!

[@stevenphelps7929]

Hello! Hawthorn, I just started my LLC 3 months ago. Thank you sir for the advice. Awesome!

[@chriscapo5963]

All the videos I’ve watched about this topic and never knew any of this until today NC💪🏼

[@janiciagillard7686]

Love this video. However, here in TN, most banks require you to already have a business license. So if you're in TN, make sure you get the business license before you try to open a business banking account.

[@Scorpiovalley]

That’s how NY is too

[@lenawinters4274]

Great information! You're LLC step by step video helped me get my LLC for my business. This video is so helpful on my next step. I think since I'm a small home base product business I only need the first 3 that you mentioned... At least for now.

[@nikkiproper]

How’s it going now?

[@Globeglee]

I want to work on e commerce For that I have to file llc So after llc How can I get started my work I mean what are the steps nd requirements

[@SteveDAgostino]

Just heard you say you're in Cary. So am I! Great to know there are knowledgeable folks in your practice around here. :)

[@whomekekegipson8647]

Hey I’m in Wake County in NC too!!! This was very helpful, thank you.

[@jimhart]

You are so welcome!

[@joypauline3236]

I was really having a hard time getting my EIN and SSN last week😓😓 but I’m all good and that’s #Cybercredible# work 👍

[@flymine1]

#1A file a ucc 1 to protect against possible creditors who may try to place lien on the LLC. #1AA place the LLC in an unregulated private trust, appoint yourself as the trustee for the trust and the LLC.

[@tylerk.7947]

After watching all your llc videos I learned a lot. But I think I learned enough to know I need some help. I’ll be using your website!

[@bdm8960]

Happened upon your site from KZbin suggestions and was just enjoying the free knowledge from this fourth video of your's that I'm watching when you mentioned North Carolina. Lol my ears jumped because I live in North Carolina. Subscribing and definitely will be using your services.

[@jimhart]

Where do you live?

[@Sayko434]

@@jimhart I'm in Greensboro and need of help with an LLC that my wife formed a month ago.

[@jimhart]

Sayko434 you can schedule a call with me at hawthornlaw.net/consult

[@joelbrown6530]

JIMMMM Im in Greensboro NC and I stumbled across this video. Love that you are in Wake county. I just started an LLC and I appreciate all the info!

[@jimhart]

That is awesome!

[@ayo__ayo]

I sure wish I found your channel when I still lived in Raleigh.

[@averageinvestor1190]

Excited to see a new video from you. Thanks so much for all of the help. Hope you have a great holiday season.

[@jimhart]

Thank you! You as well! I'm glad to be back.

[@archguy75]

Great video thank you so much. You have helped me immensely as I start my small business.

[@4kstreetclips2022]

Solid Video.

[@JayarBass]

thank you so much! exactly the answers i was looking for!

[@drukpakunley5659]

Great Information.... keep doing what you do....

[@buddetime]

Excellent. Moving my small business to carribeaan. U r a big help! Tha is for all u do.

[@Juan-s8h2d]

youre a stellar man, thank you for your help.

[@jimhart]

Glad to help

[@something1172]

The video quality is top notch. Looks like 4k. Great job.

[@firandcurly84]

Very helpful THANKS. Will save me from so much confusion.

[@loganbrady69]

Thank you for sharing this!

[@jimhart]

My pleasure!

[@mml1224]

great Job JIm! wish the LLC/SCORP selection wasn't a passthrough like the C corp (but hate the double taxaction), not sure still y it should be a pass through esp. when the income reported can hurt the joint double income 1040 and push u into a higher bracket, they should change the legislation on that?

[@JustinStoneMusic]

Thank you!

[@pat822j]

VERY INFORMATIVE AND WELL DONE VIDEO!!

[@jimhart]

Glad you liked it!

[@miazahmed3930]

I understood sir I will watch your video again and again to batter understand

[@bredfeen114]

U the Man Brov

[@Iambrittanyisis]

So informative and to the point! Much love and prosperity to you! Xo

[@bigmexico.414]

Great source of information, you discussed everything I was looking for in a very understanding way. Thanks !

[@MrIanWebb]

Thank you for your videos! These have taught me so much - just purchased your operating agreement, well worth the $!

[@nataleesimms]

Where did you go to purchase it? I need on as well, thank you.

[@sherockdesigns]

@@nataleesimms Etsy is where I brought mines

[@lavenderlifestyle]

First, I love all of your videos! I was wondering what a payroll provider is and if I need one if I am the only member in my LLC?

[@Michael-lo3ht]

I was hoping he had answered that question myself. I assume not. But hate assuming. lol

[@enteringthegrayzone4020]

Same. I use Zelle. Both for the Business revenue, and payout to me. I am the owner and only employee.

[@myles26]

Jim, another good video! Could you create a video discussing how to set up a holding company. I have a few side hustles that generate income. I want to expand what I'm doing so I'm interested in learning how I would approach that. I've read that setting up a holding company to house the other businesses is a good strategy in terms of legal protection and for filing taxes. I've also read that it's a better idea to form the holding company prior to creating the other llc's (or whatever structure) if possible. I'm not sure what's legit and what's nonsense. Could you broach that topic in a video. Any guidance or common practices, as a starting point, wld be appreciated!

[@jimhart]

Great idea Myles. I'll add it to the list!

[@WuduYigzaw]

Great question Myles.

[@152Loui]

find anything out? I've literally just learned about holding companies

[@stratepaper8508]

Welcome back 💯Enjoy emails also🦁👑

[@pm4079]

And what about publishing the LLC in the newspaper?" That doesn't matter or what?

[@monicakirkwood2260]

Very I'm formative and easy to understand. Thank you

[@babaxxpro7769]

own llc is like a dream

[@thepunisher794]

Great info. I never knew I had to fill out a operating agreement.

[@dirtbag4761]

Much better video, to the point, concise information. Thanks!

[@cherylglackin923]

I'm a real estate investor in Missouri. We buy B-class distressed properties in good neighborhoods, rehab them (as in FIX what's wrong - not just cover it up), and typically hold them as rentals for a few years before selling them to our tenants under lease/purchase agreements. In lieu of an LLC, my tax guy pretty much insisted I organize my business as a Corporation. We are set up primarily to operate at a loss, which provides a huge tax shelter for my husband's self-employment income. In the event the corporation starts making money, we will convert to an S-Corp. Would the information in this video also apply to corporations, or is there any other similar information you could provide for corporations as opposed to LLCs? Love your videos - glad you're back!!!

[@toolstech9630]

Why do people dislike video like these??? Thanks a million!

[@adamsfamilyvlog]

I started my LLC and my business plan for my pastry shop but I’m overwhelmed with what I need to do next. I’m trying to get under the Cottage Food Law.

[@jimhart]

Feel free to schedule a call - I'm happy to help: jameshartlaw.com/call

[@iamPatrickTurner]

Thank you for this video always good content.

[@jon08g]

Watched a few of your videos on forming an LLC and you've cleared up many questions. Thank you! One though I'm struggling on is my wife and I plan to start an LLC with just she and I as the members for our crafting business. Presently don't plan on having employees, so would we just take owner's draw to pay ourselves or should we setup a payroll service?

[@dylanyoung7315]

Yes no payroll needed if ur regular llc, only if ur taxes as S corp u will need to run payroll

[@IsItAconspiracy]

LegalZoom told me even though I signed up as an LLC recently I should also do an s corp for tax savings. We are a mobile locksmith 2 employees myself and my husband.

[@WuduYigzaw]

Great job man! That's a nice vid & thank u for that!

[@goldiaquariansoul-child1486]

SO HELPFUL! Thank you!

[@unctalkwithcoryclean]

Thank you

[@jimhart]

You're welcome

[@umairnazir5579]

Yes I want your service for LLC

[@jimhart]

We would love to help! hawthornlaw.net/services

[@josielancaster7095]

Thank you super helpful

[@karmstrong84551]

I just came across your video and I’m so glad I did. You’re right up the road from me I’m in Orange County. I may be using your services to get my business started.

[@KodaGSD-uf3hg]

Thanks Counselor great info👍

[@kmcnolo]

Wow thank you so much!

[@dorissheridan7861]

Thank you I needed this

[@thegladiator5559]

Thanks for that great information !!!

[@life180floridacouple4]

Jim. How goes it. Glad you're back to your videos. I still go through your videos for a great amount of info. I've saved the email with the links for future services. I would like to schedule a call with you in a couple weeks, when we get to Florida. Thanks for sharing your videos and hope everything works out for the best sir.

[@rickiesmith413]

Hello I’m from Lincoln Co. NC, I will definitely need your help. New subbie, I don’t even know how your vid popped up but I’m so glad.

[@meganb.davidson4803]

You think your credit profile is bad, mine was terrible. A friend of mine introduced me to a Tech expert called Michael Gibbs then I get in touch with him, To my surprise he fixed my credit profile within a few days. He helped me increase my credit score to 790 excellent score and deleted all bad negative items on my credit profile within 96 hours. He also helped me increase my credit card limit to $50k, I'll advise you contact him for your credit repair on his regular email [[e-mail]]and thank me later.

[@Booba44GamingLLC]

Thanks for this valuable information

[@flux_core_fx]

Thank you!!

[@edlondon-wd8fm]

This is great

[@jimhart]

Glad you like it!

[@briannajackson6526]

New subscriber 😊 I just started my LLC

[@hellomycompany3494]

Glad to know your channel. Great job, thx!

[@Iambrittanyisis]

So informative and to the point! Much love and prosperity to you! Xo

[@daniellejohnson5198]

I need to have a contract drafted and I don’t know where to begin?

[@aussernllc]

More concerned with the tax problems. Filed my LLC a couple days ago.

[@llmelih7925]

nice explanation

[@devlinfae]

Thank you for this video.

[@crossvillegoogler]

Another excellent video. You forgot to put the affiliate link in the notes for vidiq.

[@jimhart]

No - I had to take it out because it was flagged as a community guidelines violation. 🤔

[@mussabgasmelseed5079]

That's u for honest advice

[@campish3510]

“ Let’s get at those personal assets, shall we ?“ 😭😭😭

[@surveytestmoney2550]

Rotflmmfaooo! That sounded to sexy cute and funny AF! He said it with such a str8 face tho...

[@zentimes3]

Really helpful. Thank you

[@myfranchisecpas]

Hey Jim, great video! Just wanted to give you a head's up: you say signing up through the payroll provider gets you a $200 gift card after first payroll; however when you click the link, it says $100 gift card on the provider's website. I just wanted to make you aware of this. Thanks again for sharing!

[@meganb.davidson4803]

You think your credit profile is bad, mine was terrible. A friend of mine introduced me to a Tech expert called Michael Gibbs then I get in touch with him, To my surprise he fixed my credit profile within a few days. He helped me increase my credit score to 790 excellent score and deleted all bad negative items on my credit profile within 96 hours. He also helped me increase my credit card limit to $50k, I'll advise you contact him for your credit repair on his regular email [[e-mail]]and thank me later.

[@anthonymitchell7434]

Hello thank you for your videos want to know everything I need to make my own so thank you

[@drukpakunley5659]

Thank you.... GREATFULL I AM ...

[@jasond6770]

Glad you are back doing videos; I found you recently as I am setting up an LLC. It's just going to be me, I don't see any employees now or in the future. Do I still have to contract with a payroll provider just for me? Thanks.

[@jimhart]

I should do a video on this...

[@jasond6770]

@@jimhart That would be very helpful, thanks!

[@AllinJUAN]

@@jimhart Yes please! Also have the same question! Your videos are SUPER helpful! :)

[@Cindy-ls3dj]

I don't think this is needed if it's just you as a single member LLC. You don't need to hire someone in order to pay yourself. All you need to do is pay yourself, with a check out of your business account, then pay taxes on your income at tax time. Probably quarterly. An accountant can help with all that. The important thing is taxes taxes taxes.

[@genishaconner5064]

Just a great video thank you so much

[@sharonkemp3029]

Thank you

[@savvysagetarot4894]

Thank you so much for your time & knowledge 🤍✍🏼

[@JolleanSmith]

That was helpful, thank you.