When To Open A Bank Account For Your LLC?

Clint Coons Esq. | Real Estate Asset Protection

Подписаться 223 тыс.

Просмотров 17 тыс.

50% 1

Would you like to learn more about this topic and talk to someone? Schedule a free consultation here: aba.link/m0s
Do you need a bank account for your LLC? This question has puzzled many real estate investors.
In this video, I'll examine different perspectives on the need for a bank account, debunking myths and revealing the real factors at play.
We'll explore the intricacies of LLC banking and unravel the mystery of when a bank account is truly necessary for your limited liability company.
🔔 Stay ahead of the curve. Subscribe for cutting-edge insights on real estate investing, business strategies, and more!
Show Notes:
0:00 Intro
1:32 Examples
5:45 Different Scenario
7:44 Disregarded Entity
10:49 Outro
---------------------------------------------------------------------------------------------------------
SUBSCRIBE
ru-vid.com...
~~~~
FREE TAX & ASSET PROTECTION WORKSHOP
Register for an upcoming workshop today if you want to protect your business and personal assets from snoopy lawyers, creditors, or even greedy people out to make a quick buck who want to take advantage of YOU. 👉 Save Your Seat: aba.link/5ef411
~~~~
FINANCIAL PLANNING & RESOURCES
📚 Order Your Copy of "Next Level Real Estate Asset Protection: Comprehensive Strategies for Investors" Here: 👉 aba.link/nxtlvl
Download your free copy of Un-Tax Yourself eBook and discover the secret to real estate wealth is in the tax deductions. aba.link/ko2
For financial strategies, podcasts, articles, and details on upcoming workshops, visit aba.link/clintaba
Here’s a little about me and my book Asset Protection for Real Estate Investors
aba.link/clintbio
~~~~
FOLLOW US:
Instagram: aba.link/instagram
Facebook: aba.link/facebook
Twitter: aba.link/twitter
LinkedIn: aba.link/linkedin
~~~~
CONTACT US
Phone: 800.706.4741
Email: info@andersonadvisors.com
Fax: 702.664.0545
ABOUT CLINT COONS
Clint Coons, Esq. is one of the founding partners of Anderson Law Group, Clint has grown his legal and tax firm to over 400 employees by assisting real estate investors with creating and implementing solid entity structuring plans. His success in these regards is in large part due to his personal investing experience. A successful attorney, real estate investor, and speaker, Clint has used his innovative and dynamic strategies coupled with knowledge borne from experience to help thousands of people save millions of dollars and build real wealth.
---------------------------------------------------------------------------------------------------------
The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
#llc #bankaccount #realestateinvesting

Опубликовано:

26 июл 2024

Ссылка:

Скачать:

Готовим ссылку...

Добавить в:

Мой плейлист

Посмотреть позже

Комментарии : 49

@ClintCoons Месяц назад

Have questions about this video? Sign up for a free consultation to get your questions answered by the professionals. aba.link/m0s

@Bitnative 2 месяца назад

YES. You will miss opportunities if you don’t. Lines of credit is the first thing that comes to mind.

@metarinpoporitabiop 26 дней назад

WOW. Very helpful! Especially the body language part that nobody else on RU-vid talk about. GREAT INFO as usual.

@ClintCoons 24 дня назад

Glad it was helpful!

@cesterly4668 Месяц назад

Clint why do you never talk about nonbusiness LLCs? There are people who utilize LLC for privacy overall, and to only hold outright owned assets. no money, no banking, no income, no taxes so naturally never going to go to the government and apply for an EIN. Please do a a followup video on this llc and bank accounts since you only narrowly talked about investors, land lords..nothing to do with the common man using LLC entity for privacy and hold assets.

@ClintCoons Месяц назад

Noted. Thanks for the idea.

@olres77 2 месяца назад

Thanks 😊! It was very useful

@ClintCoons Месяц назад

Great question, to assist you further, I highly recommend you request a free 45-minute consultation to discuss this with my team so we can provide with you an answer that is unique to your situation. Visit: aba.link/m0s

@Mudbug2000 2 месяца назад

Thanks

@arsenandreasyan4562 17 дней назад

Well done

@ClintCoons 15 дней назад

Thanks

@ErnieHeyek Месяц назад

This is really great information!! Question I have is, if I set up a WY LLC, and I am in TX with an LLC for each property (or a series LLC) Wont I be paying taxes to both states for all the LLCs? Why not just the one series in TX?

@ClintCoons Месяц назад

No. WY does not tax the income.

@tylerdwashere 7 дней назад

Love your content Clint! Can you help with a question? If I have a WY LLC, and set up a business bank account with EIN with my home address in another state... in what state does my tax liability fall for that business? Would I need to use a WY reg agent address for banking/is that even possible?

@ClintCoons День назад

You will pay taxes in the state where you reside. If you set up a WY LLC to hold investments and you live in California then the income generated from these investments (event if held in a WY bank account) are taxable to you in California.

@adanam6377 Месяц назад

Clint, the best content . Can I use person bank account for a c-org for real estate?

@ClintCoons Месяц назад

What type of investing?

@adanam6377 Месяц назад

@@ClintCoons Wow, thanks for the reponse Clint. The c-corp is to hold real estate holding. Sorry should have said c-corp not c-org. Many thanks.

@warrior8021 Месяц назад

@clintcoons If I have a Wyoming hold account only, can I use or apply for business credit and use it for other to states to fund or would it be better to just open another LLC in the state that I want and apply for business credit?

@ClintCoons Месяц назад

Yes. I have a video coming up very soon on this topic.

@ROSADIANA-DSB 2 месяца назад

My issue is what do I need to get a bank account for a sole proprietorship. I was asked for articles of incorporation in order to open a bank account when I went to boa.

@ClintCoons Месяц назад

Yes, you do if you are opening a bank account for a disregarded LLC.

@the_om_project 2 месяца назад

Can you talk about off shore companies that are disregarded into a US LLC? I’m interested for crypto and accessibility of non US exchanges and how to pay tax on that. Also possible international homes.

@ClintCoons Месяц назад

I appreciate your interest in the topic! I'll definitely consider covering that in a future video.

@the_om_project Месяц назад

@@ClintCoons I’m also interested in business credit cards. Can I have one for many ventures if they are all disregarded entities or is separate better? Can they be biz cards in my name or do they have to be in the business name? Future vid is welcome.

@Juganhut Месяц назад

Great info. Question: If we have the "Wyoming" company and child Florida LLC, and a management company for rentals, who/what bank pays the property taxes/HOA fees/ect? Would that be at Wyoming level or in this case would we need a child LLC level bank account?

@ClintCoons Месяц назад

Child level

@Juganhut Месяц назад

@ClintCoons Thank, we were just recommended we do FL land trusts with WY LLC as benificiery, and another WY LLC as trustee. I asked around banks and they seem to not want to open accounts for the land trusts. Any way to stay private and protected and get bank account for land trust?

@brandonlesco4821 2 месяца назад

"wire"

@CianTv1 Месяц назад

If I have 3 rental properties each in its own LLC, if I have a separate Turo business (that doesn’t own any cars and I try to not keep a lot of money in there because it’s a operating company), couldn’t I turn the Turo business into a general rental business where it rents out cars but also leases out rental properties for those other three businesses? Is it possible for me to sign some kind agreement between the rental business and the 3 LLCs so that the rental business could rent out their property and then just collect all the money in that one general rental business and also in the agreement make it so that the rental business is responsible for maintenance so I don’t have to have credit cards for all three businesses and all that? Then just set up automatic payments from rental business to each LLC If so, what is agreement typically called?

@ClintCoons Месяц назад

@AberrantArt 2 месяца назад

In scenario 2 where each rental property LLC gets paid, when or why do they need to pay the Blue Box LLC? I currently have the Blue Box LLC as owner of the Subsidiary LLCs but no bank account for it. There are only bank accounts for the subsidiary LLCs. Am I doing it wrong? 🤔

@ClintCoons Месяц назад

When you take money out of the subs, it needs to flow through the Blue box. Do not pay the funds directly to yourself.

@AberrantArt Месяц назад

@ClintCoons thank you!!! I had no idea. That's critical info, thank you so much for all the great content and knowledge you share.

@Lt_Jordan93 Месяц назад

If I open the bank account for the Wyoming LLC online, to fund it through an ACH transaction; would it remove the anonymity? since the ACH will come more likely from the Wyoming LLC owner’s personal bank account?

@ClintCoons Месяц назад

I recommend registering for a complimentary consultation with my team. We'll tailor our advice to your specific needs. Sign up here: aba.link/m0s

@All_Amin Месяц назад

Set up an LLC in your state and set up the bank account for it in person and fund it with cash, then use that LLC account to fund it the Wyoming LLC bank account online