Thank you for all this information. Little by little I feel more confident in getting all steps ready to start a business. Your advice is amazing and clear. Thank you!🙂
Fantastic information! Question, what is "a lot of money"? And what is "made"? My LLC (taxed as an S corp)has grossed 80K in Q1 of this year. Is that a lot of money? I don't know the real profit, but probably about 40K. This video is pure gold for me, I was having so much trouble getting this information. Thank you Elizabeth!
Welcome! Generally speaking, in CA most taxes/fees are calculated based on the profit. (Not true for everything / other states - in some places it is based on gross revenue.)
This was really helpful, Elizabeth! Thank you very much!!! Just to clarify, it sounds like the steps you presented are in the order they should be done. Right? Thanks!
Hi Elizabeth, you gained a new subscriber! Your videos are so easy to follow along. I forgot to file my SOI for two years! I went online and filed it but hadn't for two years. I haven't received any notices. Do you know how the SOS handles that?
Sometimes the SOS gives you a grace period, but if you were too late they will send you a bill. But make sure they have the right address and email for you, if you didn't get any notices
Hi and thank you for all your insight!!!! I’m just starting my Llc to run a small drink place(hopefully more in the future). The LLC can essentially be shield behind the DBA?
Hello Elizabeth, nice to meet you. Thanks for th e videos. I would like to ask the following question. If i have an FL LLC that is going to do business in California. Apart from the Statement of information, Sales Tax and franchise tax y should take something more into account? Thnaks
Hello Elizabeth. Please a video on how to change/update business entity address (especially Sole Proprietor) and should it be updated to multiple places or just one? Thank you in advance👍👍
Here's a video I did on changing your business address - it is more for llc/corporations but much of the same applies to a sole prop ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-Cpkom0zVA38.html
Hi, you have great videos!!! Question regarding 1099s for an independent contractor...would that be someone you hire/paid to do just something for your business? Like a service? Or would that include something tangible you paid for? Not materials like packaging supplies. More like, paying a graphic artist to create a business logo. And, is $600 a Federal, State, or general minimum?
It is going to be only for a service, not tangible products. But a logo isn't tangible. So I'd say a graphic artist creating a logo is a service and would get a 1099. The $600 is federal -- some states also require 1099s but not all - see quickbooks.intuit.com/learn-support/en-us/help-article/form-1099-misc/need-file-1099-forms-state/L4kgvl9Tb_US_en_US#:~:text=If%20you%20are%20in%20Alaska,1099%2DMISC%20with%20your%20state.
Hi, I submitted my LLC filing (CA) last week. They don't really disclose how long the review & approve time takes. So, I was wondering if I can move forward with the next steps? I'd like to trademark as well. Then on to the EIN, FBN, and then City filings and obtain a business bank account. I feel like I really do need to wait until my LLC filing is "approved'' to move forward. My LLC filings has the word "and" but, my logo was created using "&". I assume I need to register a DBA as well? For example xxxx & xxxx. Excluding the "and" and "LLC"
Here are the current processing dates www.sos.ca.gov/business-programs/business-entities/processing-dates Yes I'd wait until it is approved, just in case something needs to be fixed
Hey Elizabeth, I saw your address is in SF, so I hope you can help with this very specific question. So, I have a single-member LLC (disregarded), registered in CA. Do I neet to also register my business with the city of SF? I'm writing/selling software online; no restaurant, office, or physical location (just me in my apartment, and I do live/work in SF).
Generally SF wants anyone who "engages in business" in SF to register. I'd expect that they'd want a home business to register. Now I don't think they really investigate to see who is registered, but that doesn't mean they won't do that in the future. The fee for a biz making under $100K gross a year is $44 or $54, so not a large fee.
@@ElizabethPW Thank you for the reply! As a newbie to this type of thing, it's so hard to find good, concise, and legit information. Thank you for all your videos, really great stuff!
Hi Elizabeth, please help me. I filed and LLC per advice of a friend just to potential make a vintage business later in the year. Because of my little knowledge I just paid LegalZoom to make me an LLC but I have no accounts not employees not even an idea of when I’m starting my business, I thought getting my EIN would ensure I’d be ok if I later chose to use it. I just paid LegalZoom to dissolve my LLC because I got a “labor law” page to pay fees because LegalZoom put I have 1 employee and I have days to pay, yet like I said I have no business/employees. How do I avoid any penalties, I didn’t keep my LLC even for 2 weeks. I don’t want to be charged for fees I shouldn’t pay. Can you help please
If you had the LLC for a very short amount of time (less than 2 weeks) then you should not have to pay franchise fee (the $800/year tax). Also the labor law might be the "posters" and those are not required anyway. You would not owe employment taxes until you reported that you hired your employee (it is a separate filing from creating an LLC)
You did well. If my LLC is I. California bu I'm in Georgia do u file those things in Georgia or California including business license and tax certificate. Also what steps to take to get the 800$ first year waiver and when is the 800$ due if I haven't made any money am I required to pay that 800$ fee. Is the 800$ required every year or is it a one time fee
Georgia has different requirements (there's no $800/year fee there). Here's an article about Georgia's LLC requirements: www.nolo.com/legal-encyclopedia/annual-report-tax-filing-requirements-georgia-llcs.html
If the LLC is formed in California, it has to pay the $800 fee in California (the first calendar/tax year is free as of right now, but that law expires soon). Then for everything else, it depends on where the business is actually located / doing business - it might need to also file in another state if it is doing business there.
You can change it to an S Corp. If you want to "back date" it to 2022 then you need to file the "late" election - I talk about it in this video ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE--CXGILTIGmI.html
