Тёмный

Single Member LLC Mistakes You Should Avoid (2020 Update!) 

Jim Hart
Подписаться 168 тыс.
Просмотров 87 тыс.
50% 1

If you are thinking about starting a single member LLC for your online business, there are a number of common mistakes that people make without even realizing it.
In today's video, I share with you 4 common (and easily avoidable) mistakes I see clients make, as well as one extra bonus mistake thrown in for good measure.
Here's a link to the original video I did back in 2018: • Single Member LLC Mist...
🎓 If you are interested in learning more about the small business legal toolkit I'm currently working on, click here: www.hawthornlaw.net/toolkit
Some of the links below are affiliate links. If you purchase through these links, it won’t cost you any additional cash, but it will help to support my channel. Thanks!
To start your own LLC, click here: hawthornlaw.net/incorporate (affiliate link)
**Or use our DIY service by clicking here: www.hawthornlaw.net/diy-llc
Click here for an operating agreement template that you can use for your LLC: hawthornlaw.net/llc-operating
If you need to get a hold of me, you can schedule a call using this link: www.hawthornlaw.net/consult
*Unless you are a legal or private coaching client, I do NOT respond to emails or contact form submissions.*
To sign up with a payroll service I use and love, click here: hawthornlaw.net/payroll (affiliate link)
Need more information on starting a business? Download our cheatsheet here: www.hawthornlaw.net/cheatsheet
Want the Ultimate Business Building Checklist? Click here: www.hawthornlaw.net/ultimate
For a list of all the gear I use when making these videos, click here: kit.co/legaljim (affiliate link)
✳️MAILING ADDRESS:✳️
James W. Hart
The Hart Law Firm, P.A.
1143-B Executive Circle
Cary, North Carolina 27511
The content of this RU-vid channel is provided for informational purposes only and is not intended to constitute legal advice. You should not rely upon any information contained on this RU-vid channel for legal advice. Viewing this RU-vid channel is not intended to and shall not create an attorney-client relationship between you and James W. Hart or The Hart Law Firm, P.A. Messages or other forms of communication that you transmit to this RU-vid channel will not create an attorney-client relationship and thus information contained in such communications may not be protected as privileged. Neither James W. Hart nor The Hart Law Firm, P.A. makes any representation, warranty, or guarantee about the accuracy of the information contained in this RU-vid channel or in links to other RU-vid channels or websites. This RU-vid channel is provided "as is," does not represent that any outcome or result from viewing of this channel. Your use viewing of this RU-vid channel is at your own risk. You enjoy this RU-vid channel and its contents only for personal, non-commercial purposes. Neither James W. Hart, The Hart Law Firm, P.A., nor anyone acting on their behalf, will be liable under any circumstances for damages of any kind.
Hawthorn Law® is a registered trademark of The Hart Law Firm, P.A.
© The Hart Law Firm, P.A. and James W. Hart, All rights reserved.
#singlememberllc #hawthornlaw

Опубликовано:

 

11 июн 2020

Поделиться:

Ссылка:

Скачать:

Готовим ссылку...

Добавить в:

Мой плейлист
Посмотреть позже
Комментарии : 241   
@jimhart
@jimhart 4 года назад
Here's a link to a company we recommend to help you get your LLC started the right way: www.hawthornlaw.net/incorporate (affiliate link)
@randylobb
@randylobb 4 года назад
this appears to be a dead link
@jimhart
@jimhart 3 года назад
It's a link to the company I recommend. But you can also go through my law firm as well - here is that link: www.hawthornlaw.net/diy-llc
@damondesade8138
@damondesade8138 4 года назад
i LOVE the little snippets you put in, makes it feel like an old family friend giving you trustworthy advice instead of just hammering us with info. much more palpable imo!
@jimhart
@jimhart 4 года назад
I appreciate that!
@michaelquebec6653
@michaelquebec6653 2 года назад
I do not think that you are "unprofessional." I think that you're quite generous, because you're giving us this free advice (which is very important), so thank you!😁
@queens.7916
@queens.7916 3 года назад
I just found this channel and I love him already. His personality is everything!
@marcusthomas5863
@marcusthomas5863 3 года назад
Right! Lol I thought I was trippin 🤣
@AlanMillerFencepost
@AlanMillerFencepost 4 года назад
Another issue for the address of your company - your home may be in a condo association that has its own rules on running home-based businesses, or you may have local municipal requirements for home based businesses that may include things like safety inspections.
@tanyaembry8158
@tanyaembry8158 3 года назад
Love watching your videos - your humor perfectly integrated with business jargon keeps me watching, laughing and learning. Thanks!
@larryo6874
@larryo6874 4 года назад
Thanks for the info. I like the wood paneling look.
@austinsmith4555
@austinsmith4555 3 года назад
Great information! I really enjoy your content and sense of humor! :) Keep up the good work Bro!
@nicoletadanmccaan5602
@nicoletadanmccaan5602 3 года назад
Hei there, I live in London U.K and I m about to start an LLC in the US for eCommerce your videos are super helpful. I m so thankful that I found you!!! Stay safe and thanks a lot!
@lisafreeman8691
@lisafreeman8691 3 года назад
Thank you so much for the help Jim!! Don't change I think you're awesome!
@Davena
@Davena 4 года назад
Great info. Will say that is the same background many preppers use for a backdrop. ROFL The video quality is professional grade. Love it.
@jimhart
@jimhart 4 года назад
Thanks 👍
@ericacraft9574
@ericacraft9574 3 года назад
I don't care if you talk about snot or not, because I like how you are so laid back and not talking in technical terms most if us don't understand! Thank you so much!
@firehydrantpetsittingco.3401
@firehydrantpetsittingco.3401 3 года назад
I love the humor of this guy! Haha cracks me up as I watch this. Very entertaining and seems to love what this.
@Phoenix-ni1or
@Phoenix-ni1or 2 года назад
This is great. Really well done. You know your stuff and the personality is a bonus (no need to hide it).
@love.always_lisa
@love.always_lisa 4 года назад
Haha love the background and the funny snippets. New subbie & momtrepreneur here. Such Great info. Thank you for sharing!
@kommunitykonnected
@kommunitykonnected 4 года назад
Love what you're doing. You definitely have a new follower here!!💪🏿💪🏿💯
@Mr.JoshuaCovert
@Mr.JoshuaCovert 3 года назад
Thank You, Jim, for teaching me so much about LLC's. You are THE BEST!!!!
@vargastaxoffice3423
@vargastaxoffice3423 2 года назад
I really like your videos and I just subscribed. I am working on getting my EA so that I may better help my clients, your videos are really helping me better understand some of the challenges.
@prettinessful
@prettinessful 3 года назад
Hey. Subscribed‼️💪🏾🤟🏾 I just watched your other video about not only getting your llc but protecting yourself as well and getting the necessary documents to be straight. I’m researching things I need for my business and I’m worried about doing things the right way.
@Nictona
@Nictona 3 года назад
Loved this video, great job. Subscribed!
@David-hy9ni
@David-hy9ni 3 года назад
I am not a blogger or have an online business but have an LLC. I think you’re hilarious. Great stuff!
@whmama5
@whmama5 4 года назад
I love the wood paneling. You fooled me :) Thanks for all the great information you give.
@aaronquijano6224
@aaronquijano6224 10 месяцев назад
love the content, great advice thank you!! Keep it up !!
@saiga12forme88
@saiga12forme88 3 года назад
Thank you for taking the time to do these videos.
@alecbeard8185
@alecbeard8185 3 года назад
Thank you for all the valuable info! Love your channel!
@TrevooS
@TrevooS 3 года назад
I actually think your previous video was very helpful and professional with character. It’s definitely great you’re doing things to improve your videos though!
@NickalusNicoJohnson
@NickalusNicoJohnson 3 года назад
Love it. Same when you said you're in NC I was hooked!
@deborahelliott8460
@deborahelliott8460 3 года назад
This is a great video. I am starting a business in woodworking, and need to know more. So glad you have these up so I can make a good informed decision. Thanks, and keep them coming. I liked, and saved this one particularly cause I may call you up at some point for all this....
@anthonymitchell7434
@anthonymitchell7434 2 года назад
Thank you for taking the time it is a great help Iwant my own business so thank you
@truculuz
@truculuz 3 года назад
My business is consulting with people who create content, and present, on their presentation. Smooth delivery with seamless knowledge to humor link. Brava.
@jacobharris2373
@jacobharris2373 5 месяцев назад
Hey Jim just found your videos and you crack me up you deliver value but also make it entertaining LOL thanks for the value information I will subscribe
@jimhart
@jimhart 4 месяца назад
Welcome aboard!
@plantmamadrama9696
@plantmamadrama9696 2 года назад
I really like your style. I’m glad I found u.
@miajones6160
@miajones6160 3 года назад
Thank you for this amazing video! Very helpful
@BrianaAugustine
@BrianaAugustine 2 года назад
Thank you for all the information!
@teresawilson3823
@teresawilson3823 4 года назад
Great info. Thanks for sharing, especially about the address.
@TheDjangoJoEShowOfficial
@TheDjangoJoEShowOfficial 3 года назад
6:30 Made me an official fan. 😄😄☕ And your answering every question I have. Keep it going, Thank You!
@Russellsdaughter1975
@Russellsdaughter1975 4 года назад
People complaining about you discussing being sick is dumb; people get sick and it's natural to talk about it. Pay attention to the information provided, people.
@tallnblind
@tallnblind 3 года назад
Love the wood paneling! Thx for the information! 🤓
@jessegomez2404
@jessegomez2404 4 года назад
To be clear, a virtual office can be used as the actual business address when registering with the state and LLC formation documents.
@jaredp17
@jaredp17 3 года назад
like an email address?
@braveheart6207
@braveheart6207 3 года назад
I LOVE IT! very informative! got the like and the subscribe!
@hiphiprenae
@hiphiprenae 3 года назад
I love this guy. He has taught me so much.
@juliejohnson2251
@juliejohnson2251 3 года назад
You just make me laugh 😂😂😂when sharing the best information I really needed at this time. Thank you. Great job! 👍👍
@gonchalo95
@gonchalo95 4 года назад
Thanks for the info! Quick question. I started an LLC during this whole pandemic. I was previously running as a independent contractor - 1099, sole proprietor. I have received PPP, and EIDL. I haven't started doing business with my LLC. Should I pause the LLC after I get the PPP and EIDl loan taken care, since the loan and PPP are in my name as a sole proprietor/independent contractor.
@malcolmlagares8245
@malcolmlagares8245 3 года назад
All your videos are good. . . Thank you.
@amaysonet5
@amaysonet5 3 года назад
I just subscribed and I love you already!! Thank you!!
@jimhart
@jimhart 3 года назад
Thanks for subbing!
@emilyxadrienne
@emilyxadrienne 3 года назад
Thank you for answering all my questions!!
@luxnatsoap
@luxnatsoap 3 года назад
THANK YOU FOR THESE VIDEOS! Newbie from Jacksonville North Carolina. Just a soap and candle maker. But the information is profound.
@generationvintage9722
@generationvintage9722 4 года назад
I really appreciate you sharing your knowledge in a way that puts people at ease! You are a great source of info & confidence boosting. I will be starting a food truck/trailer business, (long time cook/caterer looking to take the next step for myself.) Would all of this apply to my business or is there a different approach for what I want to do? Right now, I am going it alone. Thank you again, backdrop is cool, your hair is good! 😁
@trueblue3470
@trueblue3470 3 года назад
Awesome information! Thank you!
@vivianwilliams6322
@vivianwilliams6322 3 года назад
I love your videos!!! Great content and you make us laugh :) ...Love the batman snippet "shut up you're going to jail." LOLLLLL
@MrKingdweeb
@MrKingdweeb 4 года назад
Love the videos and find them extremely helpful! Had a quick question though, if I know I am going to be moving at the end of the year to another state but am starting my LLC now can I just set my LLC to the state I am moving to? Not sure how much hassle it would be to change that later on.
@aja_6093
@aja_6093 3 года назад
Thank you very informative 👍
@ericpryor6838
@ericpryor6838 4 года назад
You need a green screen Jim. Then you can take us on trips around the world 🌎
@Lilzo2.7
@Lilzo2.7 3 года назад
Bahahacrcrcr I am an affiliate marketER FOR THE BEST DAY EVER COMPANY @18 and I want an LLC I LIKE AND APPRECIATE YOUR VIDEOS, faithfully we will work as soon as possible💯🤙🏿🙏🏿📈
@Lilzo2.7
@Lilzo2.7 3 года назад
I’m actually from Nevada. I live in Nebraska as a student athlete.
@Lilzo2.7
@Lilzo2.7 3 года назад
First timer to the page hahah thank you for your service, I’m also studying criminal justice, I want to go pass the bar exam
@brendaschaefer2306
@brendaschaefer2306 3 года назад
I love that you are real ...keep it real!
@ellarae7575
@ellarae7575 4 года назад
If I knew then what I know now! Thank you for this info.
@YourHistoryGirl
@YourHistoryGirl 4 года назад
Thank you for the info! The junk mail comes before the business makes its first dollar.
@jimhart
@jimhart 4 года назад
Yes it does!
@jingyak7
@jingyak7 4 года назад
😄
@grantcalvin
@grantcalvin 4 года назад
Back before virtual addresses weren’t a thing, the UPS mailbox was the way to get yourself an address. Some people still wouldn’t accept it, like I remember when registering for sales tax I received a call that told me I couldn’t use that address. THE VIRTUAL MAILBOXES WERE SUCH A GREAT MOVE BY WHOEVER CAME UP WITH THAT. I got one after my yearly mailbox expired and it was so easy to switch all my addresses. All the information to do that is for free on the internet. Love your videos when I have the time to watch them. ❤️
@1978deon
@1978deon 4 года назад
Please explain what are virtual mailboxes?
@JEMmusicgroup
@JEMmusicgroup 4 года назад
Thank you for such informative content.
@JawaherElzain2014
@JawaherElzain2014 4 года назад
Thank you Jim, great video as always. Just a quick question, what about people from overseas who are forming an LLC in the USA, could we use our home address overseas? Thanks a lot
@brettd.cotten9987
@brettd.cotten9987 3 года назад
Great video.... much appreciated....
@juinga78
@juinga78 4 года назад
first i want to say I have watched the last 15 videos and want to THANK YOU for not being the average attorney but being a human!!! THANK YOU! 2nd of all QUESTION... to file for a PPP does the schedule c form need to show profit? I started a LLC last yeast and finished the year with a negative Jan I started to see a turn around until the pandemic hit. Advice please, should i apply anyway or no
@jimhart
@jimhart 4 года назад
I suspect PPP loan funds are gone at this point. But check with your bank.
@2012toine
@2012toine 4 года назад
Great background...keep up the good videos..helpful to newbies
@anastasiak7305
@anastasiak7305 4 года назад
Question. Let say I form my LLC in the State that I live in, but move a year later to another or to a new State. Does this mean I have to form a new LLC with the new State that I move to? Is there any requirements that I have to do before moving to another State? Thank you!
@SpazKid92
@SpazKid92 3 года назад
Good tips! I paid someone to mail me papers I could have gotten from Sec. of State. I paid like $75 dollars instead of the $5ish. It looked exactly like communication from the Sec. of State and gave me a fee and deadline based on my 'incorporation date'. Only one little tiny blurb did it say anything about being a middle man service. Super shady. Took it to BBB, it's wild.
@jimhart
@jimhart 3 года назад
That’s unfortunate but it happens a lot.
@sherrilong1183
@sherrilong1183 2 года назад
I love your realness
@chrisislas1838
@chrisislas1838 3 года назад
Love your "Corky" vids dude. I've been seeing lots of vids about LLC's and its variations of pros and cons. To be a single member LLC, I don't think there is much protection provided which could pierce the corporate vail unless you fall under NV, WY or DE which does provide single member protection (regards to charging orders). And though you still need an LLC for the state you're doing biz in, an LLC one like from WY can also serve as the holding title or interest for the other existing LLC's. But if I can have an LLC w/o WY, NV or DE and really get some protection, well I'm still searching for that answer. If you have that answer, Im all ears. Register Agents are a blessing in anyone's world of LLC. Heh heh heh.
@jhossi2729
@jhossi2729 4 года назад
When I tried to file my llc in FL, I see a part where is says managers and don't see a part where ir says ownership. If I put my busband and I as managers, are we both the owners?
@alwaysatthefair
@alwaysatthefair 3 года назад
Switching from SP to LLC today. I'm based in NC also! I've never heard of a virtual address.. thankyou!!
@ShaynaKrause
@ShaynaKrause 3 года назад
Wow, that backdrop made a huge difference.
@francismansapit2643
@francismansapit2643 3 года назад
Thank you Jim . 😁 and Nice Wood Panelling ,
@bobbyboombeck
@bobbyboombeck 3 года назад
It'd be great to do a video about capital accounts and the best way to pay your taxes out of an LLC. It's easy to think you can pay the taxes of your LLC with money from the LLC, BUT that erodes your capital account which, if you later decide to sell your business, you have to pay back that negative capital account, or negotiate a higher purchase price to cover that cost. I can't find info on this anywhere, but it's SO important to understand.
@DDavis-mi2cg
@DDavis-mi2cg 4 года назад
Love your channel.❤️
@vanessaredford9731
@vanessaredford9731 4 года назад
Great content! Thank you. 🙂
@devildog2023
@devildog2023 3 года назад
Love it, thank you!
@bradleybryant7538
@bradleybryant7538 4 года назад
What financial threshold you would advise the use of s-Corp?
@federicoalonso3941
@federicoalonso3941 3 года назад
Such a cool guy. Thank you very much for the information, greetings from Argentina.
@rub1345
@rub1345 2 года назад
Hi, thank you for the great videos! Can you tell us why is not a good idea file a LLC in other state than where you live please for online business like affiliates or bloggers?? Also if this is a not good thing to do, how come other CPA firms do these with their clients or new customers when they want to file or get a LLC for online business? What are the cons?
@mistymarley9782
@mistymarley9782 4 года назад
I like how you're wearing a seatbelt but not driving. It's like the face mask thing 😂 great videos!! Thank you so much for the information!
@johnkidd7753
@johnkidd7753 4 года назад
The post office offers a service called “Street Addressing” as an add on with a P.O. Box. Would that suffice? I know you said no go on P.O. Boxes but I would think this falls in the same category as a Mailboxes Etc or UPS Store. Also, THANK YOU for the bonus tip. I’ve been catching a lot of grief from family members who have been trying to convince me to bypass LLC (service industry, so I’m not sure if that’s different) and go straight INC.
@kitwanamobley8707
@kitwanamobley8707 3 года назад
Thank you for sharing. Love your genuine intellect! 😊 Question: If I am listed as someone else’s registered agent, is there a specific tax form that I file? 🤷🏾‍♀️
@milanafedotova8952
@milanafedotova8952 4 года назад
Hi! Great info, thank you! What do you think, if you're from other country (Russia in my case), is it ok to open llc in Delawer?
@its_dade
@its_dade 4 года назад
Great info. Thanks
@fortysahinn
@fortysahinn 3 года назад
I've watched 4 videos of yours in the last 48 hours and I must say, thank you from Pennsylvania. Do I need to setup the LLC and acquire the EIN first or should I talk to my bank about opening the business account first?
@verikarobinson3541
@verikarobinson3541 3 года назад
I liked the other video and this one. Cool content.
@vin605
@vin605 3 года назад
Thanks for sharing
@GlitchStreak117
@GlitchStreak117 4 года назад
Great information, my biggest priority for my company is to make sure it's up and running legally, do you offer going one on one sessions to look over a company and all their legal documents and current circumstances to make sure the company is in good standing? Price isn't an issue.
@jimhart
@jimhart 4 года назад
There is a link in the description to book a call with me! Thanks!
@CLRH2O
@CLRH2O 4 года назад
For your LLC's 'address'... why can't you use the USPS's 'Real Address' feature with your Post Office Box exactly?
@daniellebrown6388
@daniellebrown6388 3 года назад
both videos where great thank you ;)
@YoungLightOfficial428
@YoungLightOfficial428 3 года назад
Great video what do you think about Laughlin associates?
@G-Mulaa
@G-Mulaa 3 года назад
Some financial industries do not accept a virtual address as a physical location when opening a business account. What options does one have in this scenario?
@crnkmnky
@crnkmnky 3 года назад
Best Wyoming Registered Agent LLC is running a pretty neat ad on this video. 🤦🏿‍♀️
@cleobadashian8029
@cleobadashian8029 3 года назад
Stop complaining on this man's channel. He's very helpful.
@sherrilong1183
@sherrilong1183 2 года назад
Your all good. No matter what you do or what you say to your subscribers your gonna have haters period! I watched that episode and you did not offend me at all. There are people out here who aren't human that don't make mistakes, so they think! I love the info you give. Tell'em Jim......Who gives a flying ____! Lol
@cliffljimenez4237
@cliffljimenez4237 4 года назад
Thank you Jim! Do you have any recommendations of a trustworthy Real Estate Attorneys who can close a Lease Option and Owner Financing Contracts in the areas of Los Angeles county? Thanks again.
@clint7312
@clint7312 4 года назад
thanks for the video. Applied for an LLC in MD this past Friday night and its supposed to take 7 days to process. If I start making purchases for the business now, can they be included as part of my business expenses?
@SuperHealthychoices
@SuperHealthychoices 2 года назад
You are Awesome!!!
@mistymarley9782
@mistymarley9782 4 года назад
Heyyyyy I liked that phlegm video!! You were healing!
@BedBoundButNotBroken
@BedBoundButNotBroken 3 года назад
You kind of lost with the bonus tip. You said, “Don’t put an operating agreement in place-Then you said you run a risk if you don’t have one in place.” So I was just curious if you could clear that up for me? Which one is it?
@HullioGQ
@HullioGQ 4 года назад
Yes, the background is quite nice. I just think the camera appears to be placed way too high. I think it would look better if placed around your shoulder height. This also removes the distortion of your head looking proportionally bigger than your body. PS: You're a lawyer. I think lawyers are boring. I don't think you're boring. I don't think you should mind about the folks that think you're unprofessional because you know your sh*t and deliver it with a little pizazz. Thank you!
@jimhart
@jimhart 4 года назад
Thanks for the tips! Love it!
@karaokevirtual
@karaokevirtual Год назад
Hi, I follow you and I like your videos very much. He had to help me a lot. I have a question can I use my virtual bussiness address that already have as a register agent at the same time? Thank you for your videos
Далее
Paying Yourself with an LLC - What to Know in 2020
11:54
SINGLE MEMBER LLC MISTAKES - Don't do these in 2020!
14:58
Should You Create a Second LLC or Use a DBA?
12:25
Просмотров 85 тыс.
Single Member LLC Mistakes You Should Avoid - 4 Biggies
11:24
I Made a Mistake...
9:32
Просмотров 2,5 тыс.
Starting a Single Member LLC? 4 Mistakes to Avoid!
10:51
8 Stupid Mistakes in Your LLC Operating Agreement
12:21