If you can teach me how to use the Accural Method of Accounting n all the INs and Outs of it I will pay for your services. Like do u know what I'm saying on this n why I'm asking...

Is it necessary to obtain an EIN # from the IRS for a newly formed HOLDING (UMBRELLA) Company?

if umbrella company is llc can its subsidiaries also be llc?

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This guy.

WOW! It's an honor to be able to provide this information to you. We wish we had it when we started and just doing out part to help. More 🔥 on the way!

@@LYFEAccounting Can't wait, looking forward to continue learning. Also, I forgot to give your channel props for its consistency, which is the difference between good and great! Thanks, Again.

FACTS!!

Me 😂

From one Sean to another, I appreciate that haha. Thanks.

Fantastic!

I am seeking tax and accounting advice for this new business and will look into LYFE accounting via the web as well .

You bet! Thanks for your support :)

Thanks, Yahbrel! We love sharing this information!

No. A DBA offers no legal protection.

Neither does a single member LLC

@Princess_K2023 Depending on the jurisdiction (i.e., state), a multi-member LLC offers greater protections than a single member. Nevertheless, a single member LLC absolutely offers legal protection regardless of the state... ESPECIALLY, when compared to a sole proprietorship or just a DBA and nothing else.

It's truly our pleasure and your support means the world.

And we will continue to! Thank you for supporting 💯

You are so welcome! & Thank you for supporting us 💯

You are so welcome! Hope it blesses you

Go to your states secretary of state’s website. Search for forming an LLC. It will walk you through the process step by step. You will need your LLC’s name, address and purpose. Depending on the state, the filing fee vary.

Thanks a ton, Trevor!

Great question!

Good question!

Yes but it can't make profits or donations to the parent company.

@@williamgraves-hx8om theoretically couldn’t you have the non profit hire the umbrella for more publicity and pay them that way?

Thank YOU for watching and supporting. Did the video clear everything up for you?

@@LYFEAccounting Absolutely. My goal is to have everything wrapped up by the end of the week. Thank you again for all that you guys do. It is appreciated.

Thanks a ton Martin. It's good to hear we are on the right track. Will you be setting up a holding company for yourself?

You have to amend it, as with any other changes to the company (state)- you'll have to amend the operating agreement to reflect that also.

Good question. I currently have a Wyoming LLC and I was going to foreign register in GA but I'm now I'm stuck between should I not foreign register and just create a domestic LLC in GA instead and have the WY LLC as the owner member of the GA LLC. I'm also trying to understand if I don't foreign register and create the domestic GA LLC I'll have 2 EIN's. One for WY and GA so which company would I file taxes through. I've heard that the income flows through to the holding company but not sure how that works if all the income is coming from the subsidiary. Maybe create dba's idk

The answer is yes to the second question. That's what this whole video was about but your first question is the one to get answered as that's me and many others question lol

That’s what I need to know!!

Our pleasure!

Thanks for subscribing, Denise! Welcome and hope our videos continue to be helpful to you. Are you a current business owner?

Thank you kindly!

Jody, you are too for your support! After watching, will you be setting up a holding company?

Everyone's question that's still not answered lol did you ever figure it out. I have a WY company but not sure if I should foreign register or domestic register in my home state because of the double EIN question and income flow from subsidiary to the holding company. Trying to figure out how this whole process works

For tax purposes, you will want to send all revenue, expenses, investments, etc... to reported on the tax return of the holding company, so it's not something that needs to be outlined in the agreement. I'd recommend building your first successful business then expanding after that. And c'monnnn, Bree! I thought the joke was good. it's okay, I'll get you next time 😂

@@LYFEAccounting Thanks for the clarification and feedback! and I was lol lowkey. Idk what's funnier: the gifs and memes or the fact yall put a pikachu reference in an accounting video before lol. first time for everything! Keep up the great work!