They're LYING To You... Stop Setting Up LLC's

Рет қаралды 315,139

Күн бұрын

Business owners are constantly oversold legal strategies they don't need, even if it's working for others. Always take the time to understand your needs!
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00:00 - Introduction and Discussion on Overused Legal Strategies
03:00 - Understanding the Basics of LLCs and Their Proper Use
07:00 - Exploring the Concept of S Corporations and Their Advantages
12:00 - Diving into the Complexity and Misuse of Irrevocable Trusts
16:00 - Evaluating the Benefits and Drawbacks of Joint Venture Agreements
22:00 - Unpacking the Implications of the Corporate Transparency Act.
#taxstrategy #corporatetransparencyact #LLC #openenrollment #Taxes #avoidtaxes #paylesstaxes #wealth #tax #realestateinvestment #Markjkohler #KKOSLawyers #markjkohlerLIVE #Entrepreneur #rentalrealestate #taxplanning #smallbusiness #taxlaw

Пікірлер: 470

@lucyferina 3 ай бұрын

You don't get an LLC to pretend you are rich, you get an LLC because you want to limit your liability in case something goes wrong.

@Notme-tq4xs 3 ай бұрын

And that doesn't actually work. Single member LLC is just a person who get sued anyway. Buy umbrella insurance, be smart.

@EarlHayward 3 ай бұрын

@@Notme-tq4xs State laws generally provide the same corporate protections of a traditional corporation to limited liability companies! The corporate veil can be pierced, regardless of entity type, for a number of reasons - and corporate protections were never for protecting individuals from negligent acts!

@6thface 3 ай бұрын

Exactly. These guys make bank when you get sued personally because you didn't shield yourself from liability.

@6thface 3 ай бұрын

@@Notme-tq4xsthese guys are talking about setting up llcs for nonsense like covering you from traffic accidentsin cars. They are not suggesting that you should run a business as a sole proprietorship.

@kateruterbories2692 3 ай бұрын

That's not what it means or how it works.

@yoshkebenstadapandora1181 Ай бұрын

The best protection for a landlord is to have a good general liability policy, then have a good umbrella policy, and last don't do anything stupid or unjust as a landlord. It is really that simple. You don't need to put your property in an entity. I wish more people understood this.

@Dbb27 Ай бұрын

100% agree. Let the insurance company take the risk. And an LLC can be pierced.

@panama2468 3 ай бұрын

I love when experts come on here and try to tell laypeople what to do or not to do. "Dont open an LLC, your social security is fine", or "dont open an LLC, use an S or C corp", despite Corps being much more complex to manage. The fact remains that any sort of legal shield is better than none. Telling people that LLCs dont go far enough or that LLCs are basically worthless, are incorrect, and are just ploys to try and make themselves appear smarter on social media than they really are. The average person cannot manage an S corp or Trust. Using your SSN is a dangerous game to play online. LLCs are the perfect go-between bc they do provide that security and liability shield without being overly complex.

@rvhiii76 Ай бұрын

I don't think this guy watched this video.

@beavinator420 6 күн бұрын

It costs $ to maintain each LLC so it's probably not worth it unless you're doing good in business

@degreaseLLC 3 күн бұрын

Based on my experience in the business world you are correct. Most people do not have the discipline to run an S-Corp. Stick with your LLC until you have a lawyer and an accountant to ensure you're doing things correctly.

@panama2468 Күн бұрын

@beavinator420 if you are a single owner of each LLC, it also goes on your personal tax return. Besides separate banking accounts and perhaps accounting services to figure out expenses, there are no separate returns like there are with S corps and Trusts

@panama2468 Күн бұрын

@degreaseLLC exactly right. Bc LLCs are hardly difficult, I always recommend them. But seeing the requirements and procedures for S corps, most people are not disciplined or knowledgeable enough to operate them.

@RyanEthan-wl9zt Ай бұрын

I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Michelle Stewart.

@NicholasClones Ай бұрын

Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.

@liammason1303 Ай бұрын

She is my family's personal broker and also a personal broker in many families in United States, she's a licensed broker and a FINRA AGENT in United states

@Nickheartly Ай бұрын

You trade with Michelle Stewart too? Wow that woman has been a blessing to me and my family.

@MonicaHerbert989 Ай бұрын

I'm new at this, please how can I reach her?

@SteveLorenzo794 Ай бұрын

I was skeptical at first till I decided to try. Its huge returns is awesome. I can't say much

@NotCommon_Foh_1795 3 ай бұрын

Thank you gents for this! Very insightful! And helps protect people who want to move up in life but are susceptible to be taken advantage of.

@rexpope980 3 ай бұрын

Thank God! Finally a voice of reason out there. I tell this to my clients all the time!

@PatrickCharlesjpc 3 ай бұрын

I've been saying this for years: Not all businesses need an entity. You don't need to create an entity immediately, especially when you just started the business, and the company is not profitable for a few years.

@codeman99-dev 3 ай бұрын

Profit is not a requirement for liability. Providing a *service* is when you want that protection. Yes, you want a profitable company. Absolutely. A roofing company can be sued regardless of profit or loss.

@tommyjones1357 3 ай бұрын

Create an entity. Personally guarantee a business credit card with a high limit. Have a trusted associate send you an invoice for $25K. Pay it with the card. No interest on the card for 12 months. Request a refund. The refund is returned as a check rather than to the card. The card is maxed out but this is not reflected on your personal credit. Use cash as down payment on an investment property. After six to eleven months, cash-out refinance. Pay the business card. Continue your project with the property. Leave a paper trail for everything. Step Three: Profit.

@MicDropBBQ 2 ай бұрын

Facts. Folks be making tacos for the office and selling them at work on Friday. You don't need an LLC for that. People been selling cupcakes and cookies and tacos to coworkers for generations. Now we got folks learning the letters "LLC" because they heard it from some "guru" and now they think people selling wrist beads for kids at school should start an LLC. LOL! Folks getting outta hand with these LLCs. Be on Facebook like, "My kid is only 13 with her first LLC!!! She's going places, ya'll!!!" hahahahaa!

@tommyjones1357 2 ай бұрын

@@MicDropBBQ but you lose the tax deductions!

@MicDropBBQ 2 ай бұрын

@@tommyjones1357 You only pay taxes on NET income, not GROSS income. So, if you have enough to keep you from paying taxes, you don't need the deductions.

@brendarivera3600 5 ай бұрын

Thank You Soo Much....for this information it's helped so much in understanding a bit more of what to do and not do. I'm pretty sure I'll be watching this video a bunch more times, so it sinks in.

@robertmcmahon1221 4 ай бұрын

Thanks, I watched you previously and found your style.

@TaytaBug925 4 ай бұрын

Great interview! Thank you both!

@harleysmith1857 3 ай бұрын

Love this info! I am grateful for finding this podcast!

@TreasuresNetworks 2 ай бұрын

I have always wondered about this. This answered so many questions.

@dalemotley5239 6 ай бұрын

Love you guys, first time watcher, learned so much, liked and Subscribed!!!

@trancedrones 4 ай бұрын

Just starting out, it seems difficult to get a mortgage company to finance a property in an LLC. Advice given to me was once the property is owned, transfer the deed to the LLC; if the bank tries to call in the loan balance just transfer back into your name.

@konkolaboxing4013 3 ай бұрын

With that strategy watch out for high transfer taxes in some jurisdictions.

@beavinator420 6 күн бұрын

Great and informative video. Bravo 👌

@ArmandoMartinez-nf9ir 6 ай бұрын

I tried doing an LLC S-corp but I ended paying more in taxes than if I just would've been a sole prop. Plus all the extra time, paperwork, & effort, it just wasn't worth it. Make sure you're netting (not grossing) 60k a year after all expenses before going this route. The QBI deduction gets all screwed up by the payroll thing inside an S-corp.

@candycane5077 5 ай бұрын

I heard if you make over 30,000 then have a S. Corp then pay your self what you need so you only get taxed on that not the whole amount that you made that year .. it’s all a headache. I just stay sole proprietor with good E&O insurance and write everything off

@glennallan8630 5 ай бұрын

did you do a solo401 k @@candycane5077

@tammygonzales-eastman1564 4 ай бұрын

If you’re just starting out just doing small arts and craft stuff, I don’t craft shows and possibly going to sell online. What would be the best way about doing that legally I know this is probably more for people that are big but just asking.

@truthseeker1532 4 ай бұрын

@@candycane5077I couldn’t agree more. I’ve been a Sole Prop for 12 years as a small service based contractor. I asked my accountant “when should I get an LLC?” He said “maybe never”. Such a simple answer really stuck with me. Low grossing business, no real assets to speak of, we do much better filing personally and taking deductions. And my taxes are super simple

@themartdog 4 ай бұрын

Problem is as a sole prop you need to carry so much insurance it becomes expensive in a different way

@texaswoody1 29 күн бұрын

My God you guys are such a blessing! Thank you for all the time and info tou guys share FOR FREE!! I hope you get customers through this channel, and make money off of those. More power to you guys!!!!

@Melodyed 4 ай бұрын

Thank you for the information. Earlier this week I listened to someone sharing a giant legal structure for LLCs. I only have 1 LLC so 2 days ago I started stressing, WHAT DO I DO? After listening to you two, I have a plan.

@NoDebtNoDrama 5 ай бұрын

Thanks. I watched Mark with Karlton Dennis which led me here. Great info because I am easing into S corp now. I got a great new local accountant/tax professional. Luv your breakdown!!! ☺Very helpful. I like when you say tailored to you!

@rseltd 3 ай бұрын

Very good information, but i couldn't stop laughing at how much Mark was touching the microphone and Mat could not stop looking at it. Like he wanted to say "Stop touching it!!!" hopefully when I watch the rest... he will lol. It's nearly off-screen by the end lol.

@tomasgonzalez4819 5 ай бұрын

Finally, what needs to be said is being said! I'd like to piggyback on the irrevocable trusts and add that the annual administration fees are also worth considering (especially for the those offshore ones). It may indeed cost 10s of 1000s of dollars to "setup". Agreed. But, let's not forget that you'll also need an _independent third-party_ trustee - offshore or not - to actually get the oft-touted "asset protection". That'll run you well over $5,000 a year. Again, _in addition to_ all the other costs associated with maintaining such a structure.

@thetalkingboard 3 ай бұрын

I kinda like the pothead vs cokehead chemistry you guys have. Excellent topic as well. Thank you.

@shallowgrey 2 ай бұрын

These guys are definitely on drugs lmao

@G.U.A.P.OGangllc 2 ай бұрын

Which ones which lol?

@shallowgrey 2 ай бұрын

@G.U.A.P.OGangllc probably a sh*t ton of pills and maybe coke. It's an open secret that a lot of these fast-paced finance/real estate types are

@amandapruitt7366 2 ай бұрын

😂

@muahdusa Ай бұрын

@@G.U.A.P.OGangllccoke is definitely on the right, pot is left

@robremini333 3 ай бұрын

Remember you need an entity to offset taxes and provide protection. If you aren't in a position where your tax bracket is affected by your business income then the extra cost to maintain an llc is likely more expensive. Also, your kids don't need an llc. It costs more and is more complicated to file for them, just to give them a retirement account. You can simply roll a 529 over to a roth ira under the new tax laws, which will be simpler and more cost effective. This video is extremely grounded.

@ianbelletti6241 3 ай бұрын

I learned the hard way that you do not need to incorporate your business until it's making enough money. Yes, LLCs do separate business liabilities from personal liability. However, it will not separate the liability if your assets are so small that they are intermingled with the business. LLCs are only for protecting personal assets from business liabilities but is a costly waste if you are in a state where assets cannot be separated and the company is not making enough to pay for the assets.

@QuyenNHokom 4 ай бұрын

Great content and they are funny with good energy between them 🤠

@stevebuss69 3 ай бұрын

You don’t need anybody to get an LLC… Go online and get one for about $100 in Ohio anyway… No annual fee . No state tax by the way on businesses under certain amount . There I just told you some more practical info than all this blathering these guys are doing. I’ve had 3 successful businesses never had a CPA, never had an accountant, never had an advisor , always had an LLC.

@jamesbond-xl3xs 2 ай бұрын

Is this on turbotax?

@mrsd2143 25 күн бұрын

Nice! But if you live in CA it’s $800/year & if we open out of State, we still need to register at CA and pay $800/year 😢

@stevebuss69 21 күн бұрын

@@jamesbond-xl3xs yes I use TurboTax for taxes

@sonya5568 3 ай бұрын

Too bad I didn’t see this a few years ago. Can’t regret it but moving forward, I’m glad I stumbled in this.

@danawaldrop4930 4 ай бұрын

I think a lot of people will setup the LLC because they think it's the way to protect a catchy business name from being taken. Then they never get around to doing actual 'business'.

@khosrowsobhe1697 Ай бұрын

Wealth of information. Thanks

@jaycjas3143 4 ай бұрын

Honestly just set up a c-corp for and put all your assets in this corporation. Under this corporation you set up an LLC for rental property. Its really not that complicated

@Imxlnt2 3 ай бұрын

llc is to make a youtube channel. llc is complicated, because you have to get the license, get the win and then go set many things up with your bank. then you get to spend the money on the business.

@jaycjas3143 3 ай бұрын

@@Imxlnt2 what? No LLC is a limited liability corporation of which you can see all kinds of businesses that are llcs. Not just KZfaq. It protects you from excessive financial damages in the case of injury or closure.

@scottedwards6117 3 ай бұрын

Dude a c corp is terrible. You aren't selling stock, you don't need an LLC

@jaycjas3143 3 ай бұрын

@@scottedwards6117 it's clear you don't know what you're talking about. You don't need to sell stocks for a c corp to be viable. Having separation from yourself is crucial. Especially to cover yourself from lawsuits. Also since it's separate from you c Corp will have its own tax info as well as better loan options for reality. LLC limits the amount you'd be liable for. If you don't plan on having multiple assets then you don't need ANY type of corporation.

@scottedwards6117 3 ай бұрын

@@jaycjas3143 if you owned a c corp you would know none of that is true. A C corp is taxed on all profits, and you still have to be the guarantor personally on any loans, meaning you either take all the profit out at your personal tax rate, or pay state and federal corporate tax rate, before you pay dividends and then pay another state and federal capital gains on top..... So you are wasting money and giving bad advice.

@ScottJLetourneau 6 ай бұрын

All great content to evaluate when you need and don't need another LLC. Funding is another consideration, along with branding and overall risk. Remember to close (dissolve) out any unneeded LLCs before January 1st to avoid another Corporate Transparency Act filing in 2024. These guys are great!

@candycane5077 5 ай бұрын

Ya I just heard about that too

@NoDebtNoDrama 5 ай бұрын

The companies registered prior to 2024 have a year to file with fincen. Or dissolve.

@aaronautry1981 3 ай бұрын

So what is a new upcoming entrepreneur to do as a small business that is operating by oneself? Like say a notary signing agent? Or just simply a general notary biz?

@ScottJLetourneau 3 ай бұрын

@@aaronautry1981 Start as a single-member LLC disregarded in your home state, then when your profit is close to $40K make a late S election. If you are in a state such as California with the $800 franchise tax fee, you might want to just operate as a sole prop. The key is to focus on the strategy to build clients at no cost to you. The best way is to develop a relationship with those who already have ideal access to your clients and offer them something above and beyond. For example, you have extended hours for real estate agents or work from 4 pm to 12 pm when your competition does not.

@NoDebtNoDrama 3 ай бұрын

@@aaronautry1981 yes, get an LLC. watch the entire video how individuals have LLCs they do not need.

@frenetic1000 5 ай бұрын

Mark and Matt… you mentioned the approx cost for a single trade mark and single LLC; what about a registration mark? The cost for one and under what conditions should be implemented? Thanks and greatly appreciate your content!

@girohead 3 ай бұрын

Ah hah! I've been suspicious as a real estate investor who started looking in LLCs. Like insurance and (now) warranties, someone will sell you anything. New subscriber.

@quitethecontrary1846 3 ай бұрын

why are people selling LLC's and Corporations when they can file for them themselves at their local state officials office? I understand consulting...but why is it NOT common knowledge that anyone can file for one for next to nothing themselves?

@willn8664 3 ай бұрын

Because some people have other things going on in their lives and are not able to file for themselves?

@BARBIEBABII25 3 ай бұрын

Alot of ppl do NOT KNOW they can FILE for FREE. So it's pretty much of ppl NOT DOING THEIR OWN RESEARCH!! I did NOT and wld NOT PAY somebody to mk me an LLC &, file Secretary of State for me whn I can do it myself for free (LLC) SOS yes u hv to py but whn someone else does it u hv that SOS FEE plus the fee of tht person or company charging you to do it! Whn u cld hv saved some money!

@girohead 3 ай бұрын

@@willn8664close, and cute typical reply, but in reality I think most Americans like to handoff authority to others. Lots of exploiters out there to take advantage of that.

@willn8664 3 ай бұрын

@@girohead lol its called common sense. When you do the research with who you're actually working with you don't just hand off authority to just anybody. The people who actually do that blindly are the idiots. Plus at the time I had another full time job while trying to start a new business. You may have a a lot of free time and unlimited resources but not everyone has that privilege to be able to do it themselves. That's just the real world.

@girohead 3 ай бұрын

@@willn8664We agree on this: "When you do the research with who you're actually working with" - the rest were Internet assumptions and my bias being in CA with everyone deferring expertise willy nilly (lawyers, auto repair, handymen, 'whatever they say.') Delegating is proper, but just going with a sales pitch is not, it's everywhere out here.

@FresitaDM 3 ай бұрын

Thank you for this video, Mark. I hope one day I can attend your seminars. I have a pretty good idea what company he is referring to. I almost fell for that company but when I heard about all the packages they offer and try to scared me saying I need to hide my assets in Wyoming and that I need this and that, then I have the feeling they prey on fear and I walked away.

@kimberlindy 22 күн бұрын

Exactly, I hate the "fear selling" that lawyers and insurance guys do with a passion. And the fact there are a bunch of clowns all contradicting each other on youtube turns it into a total circus.

@ashersdad1755 4 ай бұрын

The only trust ive ever set up is the legal owner of all of my firearms and only because the process of making sure my kids get all my guns not the government was through this process.

@martyburbank3356 4 ай бұрын

I don’t always agree with you guys on everything, but thank you so much for putting this out there. I see this everyday where someone has come to me and told me then NEED and LLC or worse, they already have them and they don’t need them at all. When someone needs them they are great, like you we have been setting them up for 20 years. But so many people have been sold something they do not need at all. In CA, if we are setting up an LLC for most things we set it up in WY and then register it as an out of state entity for the outside creditor protection. But I end up talking people out of setting up LLC’s at all more than not. Great, and needed program. Like the first year of law school, we all learned - it depends? The first thing I always ask is, how much insurance to you have? Probably 90% of asset protection risk can be resolved by a good conversation with, a good insurance agent. Marty Burbank, JD, LLM, California

@rehousethehomeless1925 4 ай бұрын

🤔🤨90% asset protection risk can be resolved by an insurance agent?🤔How?

@LuxeprivaeMedia 3 ай бұрын

There are products that have multiple benefits for the policy owner...@@rehousethehomeless1925

@dtrelzmusic 3 ай бұрын

@@rehousethehomeless1925 Right he selling right now

@martyburbank3356 2 ай бұрын

@@rehousethehomeless1925 buy working with an insurance agent to make sure you have adequate insurance to cover your foreseeable risk.

@thecasualrver 6 ай бұрын

Setting up an LLC for people that have RV's (Recreational Vehicles) seem to be big Montana and Wyoming LLCs are most common, especially if their permanent residency is in a high tax State. They license and register their RV, motorhome under that Montana or Wyoming LLC, to avoid the annual State taxes where they live. But most states are now catching on to the tax avoidance scam, and it is a scam. I don't like to pay any more taxes then I have to, just like the next person, but it's not worth getting caught and the fines that come along with it.

@TruBlu65 5 ай бұрын

What if that is their home!??!

@melanieadams5450 Ай бұрын

Thank you!

@realWorsin 2 ай бұрын

Depends on the structure and the state you are filing in.

@gaiustacitus4242 4 ай бұрын

If all corporate formalities are not maintained by the owners/managers of LLCs, then the corporate veil is easy to pierce, and the assets of the owner(s) can still be taken to settle a judgement. Most people who place their business assets in a LLC do not even know anything about corporate formalities, much less how to maintain them in the management of the business. In my experience, I've found that the majority of attorneys do not understand anything more about maintaining corporate formalities than the average man on the street.

@GODHATESADOPTION 3 ай бұрын

Thats why you go S corp

@gaiustacitus4242 3 ай бұрын

@@GODHATESADOPTION An S Corp is no better when it comes to isolating the assets of the owner(s) from liability. The structure alone does absolutely nothing to protect the owner(s) if the corporate formalities are not fully maintained. The root problem is that owners of small businesses do not understand how to properly manage a business using good governance practices. If I wanted to go after the personal assets of the owner(s) of a small business, then it would take very little effort to tear through the legal illusion that the business is distinct from the owner(s) in more than 99% of all cases.

@ultravioletiris6241 3 ай бұрын

@@gaiustacitus4242 what are some of these corporate formalities? Could you give some examples?

@gaiustacitus4242 3 ай бұрын

@@ultravioletiris6241 I'll provide a few key points: 1. Electing a board of directors, maintaining a corporate minute book (i.e., a record of all meetings of shareholders and the board of directors). Note: A well run company will have external directors who can maintain objectivity about operations of the business. 2. Strictly abiding by the Articles of Incorporation and ByLaws of a corporation or Articles of Organization and Operaing Agreement of a limited liability company (most business owners never read these documents (which are drafted by attorneys), do not understand them, and do not adhere to them), and corporate policies. 3. Upholding the fiduciary duty to the corporate entity. For example, an officer, director, or owner is not allowed to expend company resources to acquire personal items (the majority of small business owners violate this duty). 4. NEVER comingle personal and business finances (i.e., do not pay personal debts from a business account or business debts from personal accounts). There are entire courses on the duties of officers and directors, and how they are to maintain corporate formalities. Breach of the corporate veil is the number one issue faced by business owners today, with 44% of owners losing these lawsuits and having their personal assets attached to satisfy debts of the business. As I said, were I to bring challenges in court against the owner(s) of a small businesses, I could pierce the corporate veil in more than 99% of cases.

@GODHATESADOPTION 3 ай бұрын

@@gaiustacitus4242 not if you have a board and lawyer in your members you cant have a C or S without 6 or 12 others colluding in crime

@ChristianPoag 4 ай бұрын

Enjoyed this thx team 🙏🏼

@aking032962 3 ай бұрын

I owned 14 businesses and I kept everyone a SOLE PROPRIETOR and was able to keep all my profits and NEVER paid income tax!! They cannot tax your labor! Nor can they tax your profit if you pay for your inventory and pay sales tax up front. I did pay sales tax and my 941's for my employees.

@k9legendfamilydogtraining 3 ай бұрын

You can have employees as a sole proprietor?

@OSHA_Violator1 2 ай бұрын

👀@@k9legendfamilydogtraining

@FanF-xp3th 2 ай бұрын

Can you hire independent contractors as a sole proprietor?

@suzanacarey 11 күн бұрын

Does that mean you gave each employee a 1099?

@weekendwarrior3420 2 ай бұрын

Cowperwood, more than a hundred years ago, was setting up a new company for each new segment of the city railway he was building.

@kauigirl808 4 ай бұрын

Thanks. I constantly tell people that an LLC isn't necessary. Especially if you need to deduct expenses. It's not necessary to set up an LLC. It's just a waste of money.

@amels4620 4 ай бұрын

You are correct. When I purchased my first semi several years ago, all of my trucking buddies were telling me to get a LLC. When I approached my long time CPA that I wanted to get a LLC, she laughed at me and said that I would be better off just staying a Sole Proprietor. After explaining and a few examples, I was convinced that it was a waste of money.

@rcppop3090 4 ай бұрын

@@amels4620agree 100% I’ve been a sole proprietor for 19 years as an owner operator in the concrete pumping business. I get tired of explaining myself to my friends that get too much advice from TikTok and KZfaq so I just say ya I have an LLC 😂

@gamesmoney1025 3 ай бұрын

Wow I don't know who to believe... I read from a book by Robert Kiosaki that LLCs are a must I'm just trying to learn all these terms. Arent LLCs supposed to protect you from being sued?

@jaredtippets6255 3 ай бұрын

@@gamesmoney1025I think an LLC is good if you do services. Aka a plumber, electrician, mechanic, car detailer etc. Businesses where you provide a service for one thing and a person could sue you and say you broke something else. If you’re selling items online, you probably don’t need one as far as I understand

@mase8189 3 ай бұрын

@@jaredtippets6255unless what you sell could pose some sort of health risk or be considered offensive.

@TheSchwartzIsWithYouToday 4 ай бұрын

You guys talked about the new FINRA disclosure requirement that just went into effect (now that 2024 is here) and in the very next topic you mentioned setting up Wyoming entities for privacy. Ummm ... right. So it's 2024 now, and I'm curious if the new FINRA disclosure requirements make WY entities (among others) completely obsolete?

@davlterr 3 ай бұрын

Watching this video and sure enough a tailorbrands ad comes on promoting that you can start your official business from anywhere with a few simple clicks lol

@carlzoellner7272 9 күн бұрын

I like that this is just a 31 min pitch on using them for $1200 LLCs through their company, but "don't do that."🤣

@BxNERD 3 ай бұрын

Thank you so much! As I start my small behavior analytics business I am being told all sorts of things. I am in NY and some people say that licensed practitioners need to be a PLLC. I wonder if there is a way to just get an EIN and DBA while I build. This is all another language to me at the moment.

@quandingleberry445 3 ай бұрын

You can get an ein and dba as a sole prop.

@BxNERD 3 ай бұрын

Thank you so much! @@quandingleberry445

@5050johnsmith 3 ай бұрын

So tell me as lawyer attorneys when you go to represent you client and take them on you get a power of attorney so you can represent them correct.that being the sole tool used to stand up in court and say things file paper work on their behalf is that the sole Kegan tool that allows you to do that if it is define the writen instroments

@JakeTraver 3 ай бұрын

Pretty sure Financial Advisors at banks are pushing this also. I currently work as a Teller, and we have clients come in with 3 - 15 Business checking accounts, all under different business names.

@chearlr 6 ай бұрын

I need you guys in my life

@Martin-og9zg 5 ай бұрын

Starting an LLC to put investment properties under means thr individual can't be sued for $$ or assets protected under the LLC.

@Dbb27 Ай бұрын

In Florida one can just go online and set up an LLC. Then you go to the IRS and get your EIN. Not sure why anyone needs help setting this up.

@KS-sz6ew 6 ай бұрын

How does an average home owner in California protect against future Medicare spend down? Is there another way then Irrev. Trust? Also there is no business or other entity.

@NFTeve 4 ай бұрын

Same true in dating advice.

@derekalfaro9764 4 ай бұрын

His book said to expect up to $300 for llc setup, here $1200. Must be inflation

@lollipopcolors5958 3 ай бұрын

😂😂😂that's what I was saying because for me just getting my LLC's EIN and a agent address to work with its gonna cost me 1200 😢 I can afford 2 -300 but not 1200

@BARBIEBABII25 3 ай бұрын

LLC is FREE to setup YOURSELF on the website which is when u SETUP YOUR EIN those come hand in hand. SECRETARY OF STATE is the $300-$340. Depending on your STATE. It is not $1200 to set up..

@phatboom 3 ай бұрын

unfortunately without an ein it’s difficult to get loans or wholesalers to work with you.

@andrewsusen3154 4 ай бұрын

I didn't make it through the whole video yet, But when do you guys recommend turning a profitable hobby into an LLC or another type of small business.

@flawlesscreation5642 4 ай бұрын

Depends on your state I'm pretty sure in cali it's 1800 for fees with the state

@amyhoneycutt6117 2 ай бұрын

Thank you for this video. I have one question, If a person has just started an e-commerce store selling primarily clothing, do they really need an LLC? (I can't imagine getting sued for clothing) I just don't see where that is needed. Please let me know your thoughts.

@Donkeyearsa 3 ай бұрын

This was many decades ago. The owner of a horse ranch that was open to the public with a string of hour horse rentals put the company into an LLC as her layer told her that she really needed to. Her son who ran the day to day buisness was really upset that she did that as he saw just the extra costs in taxes.

@mram7715 Ай бұрын

What’s your advice for having rental in CA? I hear an llc does not protect you from liability here in Cali.

@bungeebones 3 ай бұрын

I've opted for an "old fashioned" business structure know as "The Massachusetts Business Trust".

@toymoviemaker6177 5 ай бұрын

I have an LLC with my 2 rentals in it. I have a taxable brokerage account that I actively trade in. It only has 15k in it now. At what point should I think about putting it in an LLC, or should I. Should I follow the 250k value like you said for the property equity?

@ZekeBrewer 3 ай бұрын

So basically…DO set up an LLC, but wait until your business is profitable enough to get sued to do so?

@dtrelzmusic 3 ай бұрын

Lol

@anthology132003 4 ай бұрын

What would you suggest for asset protection in California that aren’t allowed to do an LLC or a PLLC?

@michaelcale272 6 ай бұрын

Good info

@Whatever0704 4 ай бұрын

When doing a flip, what do think about just creating a LLC, complete the flip and dissolve the LLC. And repeat for next flip

@marcusd6096 4 ай бұрын

The FNCN thing i keep hearing about, do they notify business owners of this "new law" ? ...... Thats not fair to pass a law and not notify business owners with a letter or something, setting folks up to fail.

@Dbb27 Ай бұрын

You’ve been notified. 😊

@catistrolling7333 3 ай бұрын

I set up a corp and then I am told I can’t touch the $, pay accountant, then I’m to have a payroll and pay for that etc and I only sell 1 property a yr

@dmarcdavinchi9152 4 ай бұрын

Thank you for calling out guru influencers. They’re so focused on looking professional, and not getting down to the meat and potatoes of practical workability..

@BLVCKSUITE 3 ай бұрын

I agree with this video. For me in 2020/21 I was seduced by influencers like never before saying get an LLC, get your EIN/Duns and Bradstreet numbers, get a business bank account or funding and make this money. Sounded great! And I got my LLC and followed the steps… BUT There’s no point on getting an LLC if you don’t have an actual business with a business plan. Also per your state there are time restrictions one when you can start getting business funding based on the age and tax filings of your LLC. I’ve had mine 2 years now with nothing to show for it. And I’m considering dissolving it as I’m not built for building a business from scratch. I however am better suiting into buying existing businesses and building them back up to profitability.

@mrtrapper93 6 ай бұрын

Do I really need an LLC for my physical precious metals IRA when the metals are stored in a commercial vault? I understand I needed it when I had physical metals in my control and were in my local banks safety deposit boxes but now when they are in a commercial vault?

@davidsyrus3157 3 ай бұрын

Don't remember hearing much about the S Corp in this video. Just a mention of it I believe.

@HealthyDoubter 3 ай бұрын

The reason it was suggested that I form an 'entity' llc, what have you, is because of financing. Could get partnership investment funds only if I have an entity. Any input on that point?

@enigmaticnomadics 4 ай бұрын

You two are a couple of characters. Step back from the Red Bulls before a gotta call ahead worn them that your coming. 👊🏼 Subbed!

@ms.neevaedwards1667 3 ай бұрын

I have a small cleaning service,not very profitable right now, and the funds I earn, im buying the products and paying form marketing, being that I do not need a LLC right now, what about insurance? should I purcase buisness insurance?

@froman1960 3 ай бұрын

The new talk out there by many is to put your All Caps Strawman name as an LLC.

@christianhelwig 3 ай бұрын

"You're driving a Datsun from 1986." LOL

@LSBContractingLLC 6 ай бұрын

The 1% of rich people think of how to invest their money to increase their wealth during the recession. While 99% of struggling hard-luck people think of how to survive without food and daily necessities in the recession and the coming hyperinflation.

@RaphaelSafr 6 ай бұрын

Managing Money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times, while orders tend to avoid them. Well, at least my advisor does too.

@BendyChoy 6 ай бұрын

I agree with you.A finance advisor can also provide you with objective and unbiased advice, especially when you are facing emotional or stressful situations.They can help you stay on track and avoid making an impulsive decisions that can harm your financial future.

@RaphaelSafr 6 ай бұрын

I’m so glad I didn’t really make any big mistakes when I started my investment journey last year. So far I’ve just been sticking small amounts of money into companies I’m sure will continue to exist for the next five years and if the stocks do well, I hold on. If not, I reinvest the bad ones into the good ones so I can get higher gains. I gained about $9.5k from putting in $4k into NVIDIA earlier this year so that was pretty nice all thanks to CHRIS RYAN STEWART.

@clawhammer8421 6 ай бұрын

Great question. I personally know of 3 people who lost $35 - $80k from their retirement funds by poor financial advisors, who got their pile of money in fees & commissions. Yet, funny thing is they were even recommended. Trying to find a good, trustworthy financial advisor is like trying to find an honest, trustworthy mechanic who isn't gonna screw you over with psycobabble nonsense.about what's wrong with your vehicle. It ends up costing you a small fortune in mistakes & bad decisions taking their advice til you find the right mechanic or financial advisor whose actually trustworthy & isn't out to just line their own pockets.

@marketingmasters3550 4 ай бұрын

The 1% are communists.

@timbrown9305 3 ай бұрын

I owned lots and lots of homes. I set up an LLC and would put 10 homes in each (I had a lot of LLC's). It was just a buffer should I get sued.

@Command-Hawk 6 ай бұрын

Ty for the info about Jan 1st and llc's

@wompol7117 2 ай бұрын

buying/building 20 houses (cash) in a trust for family…should a llc be inside the trust to hold the homes? what about a mgt co to manage all the homes ?

@maggief7560 3 ай бұрын

Should I have an LLC for my tax business and a different one for my rental property?

@geoffreyhowells7290 3 ай бұрын

They lie about the weather as well.

@jaymay-wy8ye 2 ай бұрын

What if someone advertises a business under a LlC that is not registered with the state?

@blitzkrueg07 3 ай бұрын

Can I take a rental I have a mortgage in my name now with a quit claim deed just put it in an LLC or does the mortgage need to be in LLC with the deed?

@SteelWolf13 3 ай бұрын

Retirement persons would put their home in a Trust"?" at least 5-6+ years before retirement?

@glennallan8630 6 ай бұрын

What situation would you use a Wyoming holding company , you said there is a place for them ? How would get charging protection if not in a state that has them ?

@unbelievable9750 6 ай бұрын

Let me preface this by saying I’m an accountant and tax professional. Before I give you any advice, I just have two simple questions. 1. How much money do you make and/or business make 2. What’s your net worth Answer those two questions and I’ll give you some free advice.

@ryanwilliams989 4 күн бұрын

Nice content! Few years back I was assistant to a wealthy pen artist and within the short period I worked with him I observed that he had quite a chunk of investment everywhere, stocks, crypto, dividend investing to name a few, so he had revenues coming in from all angles. And in a year his worth doubled. With this I learned that the rich stay rich by investing.

@StellaMaris-lv2uq 4 күн бұрын

Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.

@maryHenokNft 4 күн бұрын

I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.

@maggysterling33254 4 күн бұрын

@@maryHenokNftI actually subscribed for a few training courses but it didn't help much, been getting suggestions to use a proper financial advisor, how did you go about touching base with your coach?

@maryHenokNft 4 күн бұрын

*Gertrude Margaret Quinto* is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

@BiancaSherly-qt6sb 4 күн бұрын

My needs are kind of unique and complex. I'll contact her nonetheless, and I hope I'm able to make something out of it.

@77Tadams 2 ай бұрын

Why do you need 1200 bucks to start an LLC? I started my three by myself for the filing fee.....then I paid my CPA to turn 2 of them into S corps.

@LydiaMatthews-nr6er 2 ай бұрын

im wanting to start my own herbal business. do I need an llc or should I operate as a sole proprietorship?? thanks

@carolinadreamer6689 3 ай бұрын

You're doing God's work here! Bless you

@rtsuh 3 ай бұрын

5:44 Why does the LLC must be opened in the state where the property is located? I talked to another attorney and I was advised to select the LLC in the state where you reside (where the profit from the rental property is sent to) since my rental property is not located where I reside. Is my attorney incorrect? What are some pros and cons?

@alexandrosrothenberg8781 3 ай бұрын

The profit where the property generate considering the income so for this reason this is why you should set up an corporate to hande and manage the profit and filing tax related documents The profit where is making form the peoperty is always need to be reported where the property is located first. No matter wehere you transfer the income after.

@Sterremaker 4 ай бұрын

How do you get Stripe (the best payment processing system) INTERNATIONALLY without an LLC? Please enlighten me!

@rebeccasimmers9363 3 ай бұрын

I have an inactive llc in az that i need to shut down, but i had a personal name change some years back. Do I need to amend articles of organization before i can shut down the llc or can i submit both at the same time?

@mrsd2143 25 күн бұрын

I hope you found out the answer you need

@naterbator 3 ай бұрын

In your guy's opinion how does title 26 section A chapter 1 section 83(b) opertate with respect to labor transfered in connection with services performed?