Here is the first video on "Should you create an LLC holding company" - kzfaq.info/get/bejne/gbSPZ8h717iaYnU.html
@MidwestBrotha2 жыл бұрын
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...
@zar19595 Жыл бұрын
Is it necessary to obtain an EIN # from the IRS for a newly formed HOLDING (UMBRELLA) Company?
@mohamoudadan3905 ай бұрын
if umbrella company is llc can its subsidiaries also be llc?
@FinancialEducationNerd6 ай бұрын
Who’s watching in 2024?
@duaneborgaes922328 күн бұрын
🙋
@poeticsoul121120 күн бұрын
🙋♀️
@austinporterfield136318 күн бұрын
This guy.
@joceline5622 жыл бұрын
you literally don't know how much I am grateful for this channel ... being a first gen this kind of info accelerates my journey to generational wealth !!! May the Lord bless you in everything your heart desires!!! much appreciation
@bearleers2 жыл бұрын
All this channel does is put out informative, pertinent & phenomenal content!🔥🔥🔥 No fluff, no irrelevant & most importantly, no time-wasting content. Thank You, Very Much, on behalf of all the Viewers & Subscribers!
@LYFEAccounting2 жыл бұрын
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!
@bearleers2 жыл бұрын
@@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.
@MoneyMelJr2 жыл бұрын
FACTS!!
@seekersreality11 ай бұрын
Who's watching in 2023.
@faithapparelgroup8 ай бұрын
Me 😂
@SeanTheDon172 жыл бұрын
These Step-by-step videos are Gold! Thank you
@LYFEAccounting2 жыл бұрын
From one Sean to another, I appreciate that haha. Thanks.
@trippwarren170 Жыл бұрын
I have yet to find an explanation of this process that is as thorough and easy to follow such as this video. Thank you for this content!
@kalel62533 ай бұрын
I LOVE THAT YOU TALKED ABOUT THE REVERSE SITUATION; HAVING A PREFORMED LLC TURNED INTO THE HOLDING LLC!!
@janeehoward3422 жыл бұрын
Very helpful! I didn’t realize until last year that I was already running my businesses like this. This was just the natural way I wanted my businesses ran
@LYFEAccounting2 жыл бұрын
Fantastic!
@london3164Ай бұрын
Thanks so much! I was stressed out trying to call Zen Business to make changes to the name of my new LLC from the operating company's name to the holding company's name. I thought I create a bigger mess for myself when it came time to make this transition. With the business ideas ahead, a holding company would tie all of my upcoming endeavors into one umbrella. After watching your video I was able to calm down and will tackle this step during annual renewal of my LLC. Thank you kindly. I will focus on what is in front of me. Namaste~
@london3164Ай бұрын
I am seeking tax and accounting advice for this new business and will look into LYFE accounting via the web as well .
@JP-wn4jn2 жыл бұрын
This is awesome! Thanks for following up w the part 2
@LYFEAccounting2 жыл бұрын
You bet! Thanks for your support :)
@yahbrel2 жыл бұрын
LITERALLY THE BEST BUSINESS CHANNEL ON YT
@LYFEAccounting2 жыл бұрын
Thanks, Yahbrel! We love sharing this information!
@cgcep2 жыл бұрын
Do you have to form another LLC for the subsidiaries or can you just do a dba? Great content 🔥
@tomasgonzalez4819 Жыл бұрын
No. A DBA offers no legal protection.
@Kara.8311 ай бұрын
Neither does a single member LLC
@tomasgonzalez481911 ай бұрын
@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.
@SantiagoGutierrez-ni8kb Жыл бұрын
This helps. I currently have 3 LLC companies right now so I need to create a holding company (umbrella company) that these three will be under.
@glendineevans14672 жыл бұрын
Thank you Lyfe Accounting! You're always pouring into us.
@LYFEAccounting2 жыл бұрын
It's truly our pleasure and your support means the world.
@LYFEAccounting2 жыл бұрын
And we will continue to! Thank you for supporting 💯
@colbystrickland2 жыл бұрын
Appreciate you LYFE Accounting! Thank you so much for sharing your financial literacy! Continue educating, empowering and inspiring you guys!
@LYFEAccounting2 жыл бұрын
You are so welcome! & Thank you for supporting us 💯
@indi42232 ай бұрын
2 minutes in and exactly what I was looking for! Thank you!
@thepashaj74252 жыл бұрын
A on time topic for me ;Thanks so much for the highlight ...Have a wonderful day !
@LYFEAccounting2 жыл бұрын
You are so welcome! Hope it blesses you
@Cheryl-s6gАй бұрын
Useful, informative, and helpful. Thank you😊
@wudnehygzaw71902 жыл бұрын
This is great! I've been looking for how to put my existing llc under a Holding co. Some guy was saying it's better to dissolve that existing llc,create a Holding co,then create an LLC under the Holding co. U made it simple bro! Keep posting these wonderful videos! U got a subscriber!
@liamnicholls710610 ай бұрын
Even after watching and comprehending this video I still don’t know how to do the steps. Like you start an umbrella company.. how? You get a registered operator who can be you.. ok. How? You start a subsidiary company.. how? Like, do you just make a name, start telling people it’s a business, do I copy right it? Do I register it or need a licence or go to someone?
@anthonyj.4756Ай бұрын
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.
@nelsonhollins Жыл бұрын
Thank you so much for this information! I have been trying to find someone to explain how to form a holding company. Finally!! And well done!
@trevorsmith33802 жыл бұрын
Amazing video filming and editing. Smooth talking, nice work!
@LYFEAccounting2 жыл бұрын
Thanks a ton, Trevor!
@al-mubdizahir87046 ай бұрын
i love your business jokes man😂 i really love your channel. extremely education and informational
@thepharm7213 Жыл бұрын
subscribed but just a small piece of advice based on my quick experience/intro to this channel. there are some GREAT/VERY IMPORTANT questions being asked in these comments that the video missed and responses by the team are primarily to the "Great job/thank you" comments. a few responses to these questions would prevent me from going elsewhere to find the information and easily lock in a subscribe. just my two cents. thanks for the info!
@LacedCoco2 жыл бұрын
Excellent topic. I have been thinking of this for a couple of years now but I wasn’t expanding at the time. This information is right on time for my business now. I appreciate advanced topics. My question is how do I fix my current LLC because I have both personal income (W2) and expenses commingled with business income and expenses in my business accounts. I need to prep for asset and liability protection like yesterday 🙇🏾♀️
@I_of_Infinity8 ай бұрын
Thank you for this valuable, clear and concise information.
@In-TensionTraining Жыл бұрын
I''ve been trying to find this information for so long. Thank you!!!
@al-mubdizahir87044 ай бұрын
Man i love your business jokes
@AnomalyBelleza10 ай бұрын
This was amazing! Very lucid. Very informative.
@stephanie_7038 Жыл бұрын
How is the income from subsidiaries consolidated into the holding company? Can you provide an example? If a subsidiary makes 100000 how does it flow to the parent company? How is the tax handled? If a sub is in one state like AZ, and the parent company is in WY, how are the taxes handled? Using AZ laws or WY laws? Thanks, hope my questions make sense!
@fabulousfactory7 ай бұрын
Great question!
@tabreannajordan15453 ай бұрын
Watching 2024! Thank you for sharing
@shoppopboutique26782 жыл бұрын
Thank you 🙏🏽 so much for making this video! It definitely explained things but unfortunately I don’t think it will work as the right set up for me right now!!!… So, I definitely need you guys to do a video on “DBAs”… How to set it up? Where to set it up? What are the requirements? etc…All this searching and reading and deciphering the legal mumble jumble out there gives me a true headache 🤕 but you guys break it down so clearly!!! I honestly can’t wait to see where you guys go in the future!!! But in the meantime we will just keep supplying you guys with ideas 💡 for content.
@Chelzthecreator2 жыл бұрын
Can an LLC have a non profit as a subsidiary ?
@andrew-isac Жыл бұрын
Good question!
@williamgraves-hx8om3 ай бұрын
Yes but it can't make profits or donations to the parent company.
@Nimo1010120 күн бұрын
@@williamgraves-hx8om theoretically couldn’t you have the non profit hire the umbrella for more publicity and pay them that way?
@UmbreezyProductions Жыл бұрын
Would you advise that each subsidiary have its own payment processing account (stripe, square) so that the performance of each can be individually analyzed?
@GK4NP2 жыл бұрын
Love, love, love LYFE Accounting videos. Questions, how can I make my current LLC my holding company instead of starting up a new LLC?
@MiketheM1K311 ай бұрын
Great informative video! Question: if I wanted to create a parent company for an existing llc, how would be the easiest way to transfer the existing llc’s assets to the new parent company?
@BOOMSTICK-PRODUCTIONS2 жыл бұрын
Thoroughly put together
@SitioVision_films Жыл бұрын
very well explained -- other vids did not provide the finer details as you did -- thanks!!
@al-mubdizahir87044 ай бұрын
I already have a Nevada c corp. I want to turn that into a holding company.im going to watch this again to make sure I'm not missing anything
@boredGPT2 жыл бұрын
Is there a difference between a LLC owning other LLC's and a LLC holding company? And do you have to have a board of directors to manage the LLC holding company?
@JusDaFactstv2 жыл бұрын
Thanks for this video Sean, this is the one I've been waiting for to make sure I was doing everything right. I appreciate you guys for all the great information you provide.
@LYFEAccounting2 жыл бұрын
Thank YOU for watching and supporting. Did the video clear everything up for you?
@JusDaFactstv2 жыл бұрын
@@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.
@martinforde86052 жыл бұрын
🔥people never explain this in 7 min🤙
@LYFEAccounting2 жыл бұрын
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?
@BxMostwanted787Күн бұрын
At the end of the year you have to pay $150 for each one. To keep them running
@Broker.oftheyear Жыл бұрын
Thank you for breaking this down!
@TaRodneyV Жыл бұрын
This video is sooooo clutch!!!!
@Mydreamsfulfilled2 жыл бұрын
Awesome video!!! I have a question: if you already have an LLC but you want it to now operate as a holding company, what should be the steps to do that?
@bosscertifiedent2 жыл бұрын
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.
@GisellesCurls Жыл бұрын
Excellent!!!!! Needed this info for additional legal protection
@DangDarryl Жыл бұрын
Good look on the info you but in a way easy to grasp 💯
@Si-cq8nx2 жыл бұрын
Thank you for the information young man...👍
@ABLFM Жыл бұрын
get this man a ted talk!
@magnateservices7482 жыл бұрын
Gratitude 🔥
@iamblessed5135 ай бұрын
Thank you. You explained Clearly
@jonathanp75042 жыл бұрын
Good info brotha, keep it up
@calbertcollins57602 жыл бұрын
Valuable information. Thanks
@scriblyz2 жыл бұрын
New subscriber here because this is so good and saved me hundreds ☺️
@HAVENS913 Жыл бұрын
The most important question is, can the holding company be out of state (Wyoming) and control New York State ( highest taxes) without nexus and having to register as a foreign corporation?
@djmitchell3464 Жыл бұрын
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
@georgiahill2654 Жыл бұрын
I want to setup a holding company with multiple apartment buildings each having their own LLC. I'm planning to start building in 2023. GH
@ExpatLifestyleInternational Жыл бұрын
What NAICS should be used for the holding company? Also, can you change your NAICS and the bylaws of a previously established LLC?
@justSTUMBLEDupon Жыл бұрын
How do you pay yourself if your different businesses are in this holding company? Also can this holding company hold different types of businesses? For example it could be a tech business, a website, Amazon drop shipping, and real estate ownership?
@djmitchell3464 Жыл бұрын
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
@WellnessForMoms10 ай бұрын
Very helpful! Thank you 🙏🏾!
@aliyounes64711 ай бұрын
Love this! Great content
@deesmakinmoves3056 Жыл бұрын
Thank you for the infromation. It was very useful.
@GiselleTrujillo Жыл бұрын
Excellent information, thank you for sharing.
@audiowithinmusic72747 ай бұрын
Great explanation!
@IamPositiveSigourney6 ай бұрын
Amazing! THANK YOU🙏
@rhyan198620 күн бұрын
Great video
@TeniaB Жыл бұрын
Dang, I learned so much in your video, great content!
@tomivee9046 ай бұрын
Still 🔥 in 2024!!!!
@defenselessmoose73132 жыл бұрын
Can you turn an existing LLC into the umbrella company or do you always have to make a new LLC to make an umbrella?
@stefgzswag2 жыл бұрын
That’s what I need to know!!
@ch0lito2 жыл бұрын
This is a great content, awesome and very important information, thanks
@Tuffbullets2 жыл бұрын
Good job 👏🏿
@RomatGroup17 күн бұрын
Romat Group is watching in 2024
@PrincessLopez Жыл бұрын
Great information! My question is there a way to amend an operating company to become the umbrella company? I have an LLC that would be better suited as the umbrella with subsidiary companies under it.
@HopeProphecy4 ай бұрын
How would I pay myself if I worked for an operating single-member LLC owned by a single member Wyoming Holding LLC? (I am the owner of both and directly work for the operating LLC.) I am wanting to be taxed as an S-Corp (and be able to received distributions), and also have the asset protection of the Holding Company. Would the operating LLC be disregarded and the Holding LLC the S-Corp? Thanks!
@equitydirectiveunited2 жыл бұрын
We appreciate the videos!
@LYFEAccounting2 жыл бұрын
Our pleasure!
@ShiverBruce6 ай бұрын
Great presentation and content ❤️🔥
@denisesalt97292 жыл бұрын
New Subscriber. Appreciate the detailed explanation and easy to follow presentation.
@LYFEAccounting2 жыл бұрын
Thanks for subscribing, Denise! Welcome and hope our videos continue to be helpful to you. Are you a current business owner?
@dovetales32 жыл бұрын
Great info!
@ravensmood2 жыл бұрын
Great video, sir!
@LYFEAccounting2 жыл бұрын
Thank you kindly!
@dancephreakz2 жыл бұрын
What if you have a current LLC now that has many different streams of income but under the same brand? Can I make this current LLC the holding company and create LLC and move those operations underneath it?
@jodykaylewis37642 жыл бұрын
Guys, you are the bomb! 🙌
@LYFEAccounting2 жыл бұрын
Jody, you are too for your support! After watching, will you be setting up a holding company?
@macjavflix2 жыл бұрын
Do you need an EIN (taxID) for the holding company? Or is the EIN required for the Subsidary LLC?
@djmitchell3464 Жыл бұрын
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
@federigoguzzi14772 жыл бұрын
Thank you for the video! What should I put as "Principal line of business" if my LLC is a holding company?
@tommyharden1925 Жыл бұрын
Can you make a video on HOW TO Create that operating agreement with the clauses that NEEDs to be in Holding company
@folacoool Жыл бұрын
Good stuff.
@cottrellshome2203 Жыл бұрын
How does this work financial and tax wise? Who files the tax return? Only the Umbrella company or the Umbrella and sub companies? Who reports the income? Only the Umbrella company? So there is no financial data for the sub company?
@journeee50510 ай бұрын
Thank you
@MikeGlinski Жыл бұрын
Well presented
@Lorina_Lancaster6 ай бұрын
Thank you for sharing
@user-of6tu1lm2x Жыл бұрын
If you start your LLC in your state, with yourself as the owner, can you change the owner to a holding company later on?
@r00ben Жыл бұрын
I want to hear what you're saying but all I can think is "which direction is that leaf spinning" 😂😂 My eyes are playing tricks on me bro, every time I glance away and back it's appears to be spinning the opposite direction.
@antonimarinez31602 жыл бұрын
great content.
@dajuanwilson2 жыл бұрын
Can an already existing llc be turned into a holding company?
@goat918 Жыл бұрын
Thank you!!
@alexissockwell29912 жыл бұрын
AFTER YOU FORM THE UMBRELLA LLC .. YOU THEN GO BACK AND MAKE THE RESOLUTION OF IT BEING THE UMBRELLA LLC AND CAN FROM SUBSIDIARIES COMAPANIES? AND THE SAME FOR THE SUSIDIARY COMPANY MAKE RESOLUTION AFTER FILED TO BE SUBSIDIARY OF UMBRELLA COMPANY
@elliscruz9400Ай бұрын
I made bio-weapons that turned people into zombies! Tysm!!!
@chrispimental5895 Жыл бұрын
Thank you.
@breew29682 жыл бұрын
Was waiting for this video, not only was it great but it makes so much sense! how do subsidiaries determine how much money should go to the holding company? Is that outlined in an amended or new operating agreement once the holding llc is created? Would you advise someone to create a holding company 1st, then subsidiaries if they are starting a business for the 1st time? The final thing I'm conflicted about is Sean's joke. 🤔 To laugh or not to laugh (at the CORNY AF joke) that is this question 👍🏾😁
@LYFEAccounting2 жыл бұрын
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 😂
@breew29682 жыл бұрын
@@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!