This used to be one of my most watched channels... sadly, it's been a while since i visited it has been a very rough year... i am experiencing one of the toughest phases of my life... Lost a fortune lnvesting in emerging companies. Hopeful, for a turnaround.
Investing so much in emerging companies is a horrible decision. Investing should be like the healthy food pyramid. BTW, I commend Gary's trading pattern too. Different perspective, different technique
JUST confirmed my LLC was approved 2 days ago, and JUST got my EIN this morning! This video popped up just at the right time! Thank you for posting. Blessings and favor to you and your business!
@@PrinceDonnell in your example you said the taxes would be around 38% of the 3000 profit which would come to $1140. If I understood correctly the taxes is what we would want to take out of the profit and put aside first rather than last. That leaves $1860 from the $3000 profit. So the 10% savings you said in your video as $300 cannot be correct because it would be 10% from the money left i.e. $1860 and not 10% from $3000. Unless I did not understand correctly?
No he really wasn’t. My dad was an entrepreneur before he died almost 6 years ago. He worked night and day. And my mom was an entrepreneur too but she also had an earned income and didn’t work as hard as he did. He worked from 5am to 9 pm and he was never broke!! But was CHEAP!!!! Frugal Cheap but he also had an earned income that he retired from. He encouraged me to start my Video editing business in 2010 and I did but never made enough money. But I started another business but it’s not making anything but I just started it in nov 2020. But yes business owners are exhausted 😴 yeesh but it’s worth it at the end of the day!! But his mom n siblings has businesses too so. And they were exhausted. But was happy.
Thanks for keeping this professional! No music and over the top tactics and jokes are not necessary to get your point across. Only children need entertainment like that. Please don't change!😏
there's 7 different learning styles. some people absorb info visually, auditory, touching/doing etc... people that use "music and over the top [teaching] tactics" are appealing to learners of all ages that learn differently than you❤️
I run my company with 5 accounts 25% owners pay 50% operating 15%taxes 10%profit This is a one man service company. Still learning and thinking about how to expand to the next level
that's a weird statement? who cares how he looks.. color race.. who gives a shit. aren't we way past that already? f the news.. painting these pictures.. we are not a racist world to the degree they'd like to imagine us to be.. though i understand your statement. we are better than that.
@@bobdoyle5945 you seem like you’ve been sleeping under a rock. It is not the media who is portraying that the world is racist. In fact, they rarely acknowledge it. I encourage you to pay attention to social media. People capture racism daily (filmed) that the media is not showing on purpose. So when the OP wrote what they wrote, it was for a reason and you don’t get to tell someone how to feel when you haven’t those experiences. That’s the problem now. Because you yourself don’t experience it, it doesn’t exist. That’s a dangerous way of thinking. And I’m glad they didn’t see you fit to respond to, but I got time.
Important!!!!!!!! write a check to yourself from the BUSINESS account and deposit it into your personal account... on the check write draw so you separate yourself from the BUSINESS!!!!!!
@@ThatManDWill ..when you pay yourself from your single member llc..I believe it is called an "owner's draw" ...or what he was referring to as "owner's distribution". That is what the line item should be recorded as in your biz checking account.
This was perfect! Just what I needed. I been running my trucking company for going on 7 years. I started out grossing 6 figures out the gate, but didn’t have no structure with allocations, and just spent money out my business account for personal, entertainment, other investments, ect. Even they I was spending my like that I always made sure I had enough money in my business account just in case my truck break down. With what you just taught me this is a true game changer that’s fixing to take my trucking company to the next level. Thank you!
Thanks Prince Donnel. Your the only person on UA-cam who broke it down in details about how to pay yourself as a LLC - that I could understand. This is why it's good to listen to several people because everyone interprets it differently. Other people I listen to left out critical details. I subscribe to your channel. Peace.
Thank you 💕 Thank you! Thank you! Someone that laid everything out in plain language! May God richly bless you for taking time to give this detrimental information for free!
After scrolling on to the 5 different bank accounts for an LLC I found this video.... Easily rung the bell and hit that subscribe button! Great content 💯
LOL. I've managed a single member LLC for a number of years but this video is a GREAT review of the basics, above all about keeping good records of all your transactions!!
This is great. As a New Business Owner and a Business Owner in the past, I was never good at paying my Taxes and end up owing the IRS. Thank You for this info! I will Subscribe. Yes, CASH IS KING!!! Save 10 Percent on all Profits. I would be in much better situation financially has i known this Years ago. 🙏🙌🙏🙌
Priceless information for young and old small businesses owners.This information should be taught to young minorities at the age 14 so they can understand intricate of running a business and learn about creating you own businesses to create generational wealth
Very well done thank you. This is one of the best videos on paying yourself as an LLC that I have seen yet. Most videos I see spent about a minute or two talking about paying yourself as an LLC and then they go in about 5 to 10 15 minutes on becoming an S corp.
Dude, you nailed it! I've helped several hundred clients set up LLCs and many are SMLLCs. I briefly explain how they will be paying taxes if they opt out of getting taxed as a Corp but I recommend they get a tax accountant (I don't do taxes). You have a real knack for explaining a not-so-simple process. If you ever get into setting up a hard wallet for Bitcoin, bring it on. I messed up along the way and help is hard to find.Good day to you.
Maybe because I have viewed and listened videos related to this subject many times before but, this was so well explained and easy to follow. Truly, it was a class. It can be written down in bullets while normal playback.
Donnell, your channel is a complete blessing to me. As I start my journey for my organization, your videos have been so helpful. Thanks for your time and wisdom
Dude I just wanna say thanks! Thanks for opening my eyes. When I thought I was ready to start, I’m now regrouping to make sure I’m actually ready ! So thanks
this was great information! This is the kind of info that needs to be given to our youth as they venture out into the world of entrepreneurship. This was very easy to understand and straight forward. Thank you for this!
This video didn't have any gimmicks, no music that's louder than your voice, and clear concise information. The best part is that I have realistic figures that I can apply when calculating my taxes (15%, 22%, 70%, and 30%), etc... Thank you for the knowledge!!!
Love the way you teach and explain all the information you take your time and realize that people are following your steps not just physically but mentally as you speak on one subject it allows us to get a visual in our head before you move to the next subject I appreciate that didn't you him watch some other channels and they just moved too fast not allowing you to even digest the info keep doing with your doing in just the way you do you are appreciated for that🎉🎉🎉
Brilliant!!! Prince Donnell, easy to understand and follow along. Thank you for demystifying taxes for single member LLCs, Sole Proprietors, Entrepreneurs. Stellar delivery!!!😊 Thanks again and God bless❗💯🙏🎚️
Love this advice, I paid my employees first before myself, my credit suffered because I would pay to keep my business afloat and pay my great employees before myself. Now I'm blessed so be able to pay my bills and my employees comfortably
OMG I've been struggling with this whole how much to pay myself. I don't have many friends who have successfully businesses or accountant friends. This really broke it down. I had no idea about the SE Taxes or Federal taxes. I was taking out my state taxes of course but this really put it in perspective. So glad I was able to find this and help me set things up properly. Thanks for also mentioning the operational funds.
The strategy should work regardless of how much your business makes each month. Thank you, this video was very helpful. I took a small business course and didn’t even learn this much in four hours that you just taught in about 12 minutes.
Finally decided today to start my own business and been researching LLC and your videos came up. Thank you for getting straight to the point your a life saver.
Great video, but I have to disagree on cash being king. Credit is king! Especially when we are talking about business credit lines & how you can leverage 0 percent APR cards to use for your business.
You are a very intelligent man! Thank you for this video! I am starting a new business and needed to hear ALL of this. None of my business classes broke it down like this. Blessings to you!
This breakdown gave me so much life!!!! !!!!!!!!!! Thank you so very much brother. I’m trying to do this right and I’m on the right track. Thank you for the confirmation 👏🏾😭👏🏾💃🏾 thank you so much you have no idea. I appreciate you.
This opened my eyes wider. Thank you, sir! I just started my company last year in June and didn't pay myself, nor my partner yet. I wanted to make certain to tread lightly on our revenue. Again, many thanks!
Just started a 3 member LLC with my son and wife...great advice about the separate accounts. Now call the bank and setup the accounts, 0 revenue right now but best advice I've received so far! Especially with DBA's for each type of businesses we opened!
It’s so crazy how I literally woke up giving thanks to God as usual before I start my day. And I was just asking him to show me certain things to better prepare me for my finances then as soon as I got on UA-cam this was the very first video I saw pop up! All I could do was smile because God really has away he deals with us! Thank you for this video it was very helpful. Also new subscriber! God bless 🙏🏽
Thank you!! very concise and easy to understand. You answer the quesions most people that are starting out are afraid to ask or don't know who to ask. I will be watching all of these. Thanks
I ABSOLUTELY luv this video ...But, you forgot (1) thing tithing & offering !¡ Trust , tht helps too..if they want to eventually see a bonus in return !¡ ♡
Wow. Where in the entire Bible did you read tithes was money? Seems you have been misled by a pastor looking for filthy lucre. It’s very sad that you haven’t read the Bible for yourself to understand that you have been duped.
Good information you're giving. More than a year ago, I read a book, Profit First. This is a lot of the information this author suggested; separate bank accounts. That was the best thing I have done.
Bro!! I just found you on UA-cam recently and I can’t say enough about how much your videos have helped me! You have a very good, comprehensive way of explaining things in order. I wish I would’ve found your channel a long time ago because for the first year or so I have made a mess of my LLC books. I was also running everything from my personal account and we all know that’s a recipe for disaster. I still have a lot to learn but, because of you and your knowledge I have made some monumental progress. You are a great educator. I can’t thank you enough! Take care!
Well thanks 🙏🏾 for sharing. I’m launching my candle and spiritual line and have had my LLC since 2015, but just now relaunching what I offer. Now for the first time I have a spiritual line of products for sale which will be on my website and Amazon store is being set up and bc I’m operating out of my home I don’t have the overhead of extra insurance or location overhead. I’m very excited. And I use this same logic. Nice 👍🏽
Love this! I’ve been doing hair and make up under my own name for years and just decided to finally start my LLC due to my increase in business the last 2 years. My partner is super business savvy and I’m trying to catch up now. This makes me feel so much more in the loop!
Jaray Ur a cash business S u know IRS STATE FEDERAL ETC CRACKING DOWN 5 ACCTS FOR LLC 1.OPERATING ACCT 2. TAX ACCT THESE 2 ARE AMUST... 3.RESERVE ACCT 4.MARKETING ACCT 5.INNOVATION ACCTS NEW PRODUCTS SERVICES FOR HAIRSTYLING ETC. GET A BANK CHARGE NO FEES OTHER WISE YOU WILL BE PAYING HEFTY FEES MONTHLY ON ALL FIVE ACCTS ADDS UP.. YOUR WELCOME jb.ok
You need to talk to a asset protection attorney and a tax accountant. If you have employees then a LLC may protect you. If your the one that gets suid for mixing hair die chemicals and burning someone scalp? Your going to have a hard time claiming your not responsable for your actions, its your LLC fault. Bottom line is. The asset protection a LLC gives you is your last line of defence. There is a lot of bad things that have to go wrong before the protection comes into play. 1.) You have to make an honest mistake. 2.) You decide you wont fix the mistake. 3.) You dont carry enough insurance to cover your mistake. 4.) Then your LLC might protect you if your employee made the mistake but it probaly wont protect you if you made the mistake unless your LLC "hires" YOU. Dont take my comments as leagal advice. Ps i dont have spell check and im not going to proffread
My uncle owned a barbershop for 40 years. Never had a phone because he was too busy to answer it. Someone said they didnt know if they could afford to work so cheap. He said its easy. You put back a little bit of your profits every day to pay your taxes and you never spend more money today than you made yesterday.
I just subscribed loved how you broke everything down. I have my our trucking business (LLC) and just celebrated our 1 year in business. Boy it was a struggle having no clue what to do, but we made it. With that being said, this year I am trying to learn more about how to grow the business, and better bookkeeping. Any advice on bookkeeping? Currently I just use excel to keep track of our profit, loss / expenses. I would also like to begin paying myself slowly but surely. Would you possibly be able to do a video on what all we can claim as small business owners as deductions/expenses?
Prince has a great example... it's not the only strategy but it's a "solid" starter example. So if you're new to the game, this strategy is a tried and true way to getting moving in the right direction! Great vid man!
I appreciate this video Prince Donnell! I am a new business owner I just got my EIN number and business name literally on Friday so I am doing a lot of research on what that number actually does also what LLC actually means, and just everything from A-Z. I have subscribed to your channel and look forward to your other videos so I can learn as much as possible. Thank you and congratulations on being one of the fastest virtual tax preparation companies in the country!
Thank you, Prince! I am going to start my Coaching business and found your insight very helpful. I subscribed to your channel today and look forward to leaning much more about setting up my small business and understanding small business taxes.😊
Amazing... I needed this. I guess I've just been sitting on my single member LLC and being confused. This guy just broke it down so effortlessly. I have the spark for my improving my business.
As some truly just took a hobby and turned it into a business, I still have a work from home job 3 nights a week for a full 40 hrs a week and that's to continue to live but still have 7 days a week I'm constantly working to grow the business!
Great info I have a new startup LLC that I formed mostly for asset protection. So will file as single member LLC. However, if profits take off in a year or two, then will change filing status to S Corp. Thanks to your video, I now know to limit my income from profits to no more than 30%.
Very important video, I needed to learn everything on this video. I’m a new entrepreneur and I’m learning everything I can before I have any employees.
Donnell this was simply incredible. I love how you broke down setting up specific accounts for specific categories and the percentages and dollars. Process...Process.... Process!!! I'm a new subscriber!!! #whatsgoodmediallc @whatsgoodmediallc
You are a nice sharp man in a simple background and that is what makes the video really special for men👌🏼 good lesson for those who got the message right.
Thank you I'm really trying to understand the break down I'm about to start a few businesses and i don't know much but i do a lot of research so I am learning step by step sihirli appreciate videos like this
I love following you and your wife on Instagram. And I just stumbled on your jumping jack taxes video. I am over the moon excited. I love working but hate thee tax part of things because it always sounds complicated. Or you have to go to 5 different websites to put together all the info. This video makes me so excited to keep working and know when I’m seeing my business grow, profit for myself and get those taxes completed. Great information, thank you for being straight to the point and easy to understand.
@Prince Donnell/ As soon as I started watching this video, you described me-as I’m about start my very first LLC, I sell products online. You described this so very clearly. Keep teaching!! Note: One problem with your example-as applicable to me, is wether my incoming Monthly Profit, will allow me to pay for everything in my LLC. Especially if I don’t come up with the necessary Loan money to purchase my source materials. As I’m at the raw starting line, not having investment to acquire my products, becomes a daunting issue. It’s the which came first, the chicken or the egg problem. I’ll figure it out...somehow. I hope. Thank you, for a great Tutorial.
Good explaining brother... llc really looks good behind a business name, but sole proprietor is what a lot of entrepreneurs should be doing unless their worried about getting sued. Like you said just separate all of your duties to it's own account, you can find these numbers on your state's website, check often because they will change things in a heartbeat. It takes dedication and discipline. The business is you
Hey man this was a very informative video...can’t wait to see more of your content. We are building an E-commerce company and are a young company. So this is good to know as I have been consuming tons of information on all aspects of running a company!
I watched several different channels on these topics this morning that still left things a little unclear. Yours were by far the easiest to understand. Thank you sir!
This used to be one of my most watched channels... sadly, it's been a while since i visited it has been a very rough year... i am experiencing one of the toughest phases of my life... Lost a fortune lnvesting in emerging companies. Hopeful, for a turnaround.
Hi Mike. Any ideas how to reach Gary Joe Wilde? I love the testimonies I have seen about him he seems not to own a video channel here.
Investing so much in emerging companies is a horrible decision. Investing should be like the healthy food pyramid. BTW, I commend Gary's trading pattern too. Different perspective, different technique
JUST confirmed my LLC was approved 2 days ago, and JUST got my EIN this morning! This video popped up just at the right time! Thank you for posting. Blessings and favor to you and your business!
Good luck
You're welcome. Thanks for watching!
I would also like to register for one in wyoming. Can you please help me
I to have officially became an 1st time owner....spooky but excited!
@@PrinceDonnell in your example you said the taxes would be around 38% of the 3000 profit which would come to $1140. If I understood correctly the taxes is what we would want to take out of the profit and put aside first rather than last. That leaves $1860 from the $3000 profit. So the 10% savings you said in your video as $300 cannot be correct because it would be 10% from the money left i.e. $1860 and not 10% from $3000. Unless I did not understand correctly?
Make no mistake, he was not exaggerating when he says 100+ hours worth of work a week as a business owner.
That's the truth!
Or much much more... for years!
No he really wasn’t. My dad was an entrepreneur before he died almost 6 years ago. He worked night and day. And my mom was an entrepreneur too but she also had an earned income and didn’t work as hard as he did. He worked from 5am to 9 pm and he was never broke!! But was CHEAP!!!! Frugal Cheap but he also had an earned income that he retired from. He encouraged me to start my Video editing business in 2010 and I did but never made enough money. But I started another business but it’s not making anything but I just started it in nov 2020. But yes business owners are exhausted 😴 yeesh but it’s worth it at the end of the day!! But his mom n siblings has businesses too so. And they were exhausted. But was happy.
Glad I got my wife to take care of all the paperwork I tell you that
@@cherrylu2733 I’d rather be tired from working on my dream than tired from working on someone else’s.
Thanks for keeping this professional! No music and over the top tactics and jokes are not necessary to get your point across. Only children need entertainment like that. Please don't change!😏
there's 7 different learning styles. some people absorb info visually, auditory, touching/doing etc... people that use "music and over the top [teaching] tactics" are appealing to learners of all ages that learn differently than you❤️
No problem. Have an amazing day!
totally AGREE!!! I KNEW it was something i liked about this video. This was it!
@@GratitudeGriot she spoke on the REFRESHING part. What you describe feels oversaturated on these social media platforms. But good point made.
@@PrinceDonnell question how can I use this information while running a Lawn Care business
I run my company with 5 accounts
25% owners pay
50% operating
15%taxes
10%profit
This is a one man service company. Still learning and thinking about how to expand to the next level
That’s how to do it!
I like how you broke that down ✌🏾
Peace j. haywood, just curious what state do you reside? Love your tax allocation.
What’s the 5th account?
Thank you and all the best to you.
This is beautiful and a eye opener. I’m about to start a LLC and needed this, Praise God for knowledge
Feels good getting lessons from someone that looks like you✊🏾
Facts!!! 🖤
that's a weird statement? who cares how he looks.. color race.. who gives a shit. aren't we way past that already? f the news.. painting these pictures.. we are not a racist world to the degree they'd like to imagine us to be.. though i understand your statement. we are better than that.
@@bobdoyle5945 you seem like you’ve been sleeping under a rock. It is not the media who is portraying that the world is racist. In fact, they rarely acknowledge it. I encourage you to pay attention to social media. People capture racism daily (filmed) that the media is not showing on purpose. So when the OP wrote what they wrote, it was for a reason and you don’t get to tell someone how to feel when you haven’t those experiences. That’s the problem now. Because you yourself don’t experience it, it doesn’t exist. That’s a dangerous way of thinking. And I’m glad they didn’t see you fit to respond to, but I got time.
😂
Lemme say this. Started my co last August. Currently paying ppl to tell me this. They are legit teaching me exactly what he is saying. Salute fr tho
For someone who has been a sole proprietorship since 2004 and who has FINALLY transitioned to an LLC as of this month, this is helpful! Thank you!
Important!!!!!!!! write a check to yourself from the BUSINESS account and deposit it into your personal account... on the check write draw so you separate yourself from the BUSINESS!!!!!!
Hello, what do you mean write draw on the check?
@@ThatManDWill ..when you pay yourself from your single member llc..I believe it is called an "owner's draw" ...or what he was referring to as "owner's distribution". That is what the line item should be recorded as in your biz checking account.
Great idea
@Cherish Barry Shopin On the memo line
@Cherish Barry Shopin You can write in the memo line and also in your ledger
This was perfect! Just what I needed. I been running my trucking company for going on 7 years. I started out grossing 6 figures out the gate, but didn’t have no structure with allocations, and just spent money out my business account for personal, entertainment, other investments, ect. Even they I was spending my like that I always made sure I had enough money in my business account just in case my truck break down. With what you just taught me this is a true game changer that’s fixing to take my trucking company to the next level. Thank you!
This is a great breakdown on a single person LLC for newcomers, like myself. Thank you.
Thanks Prince Donnel. Your the only person on UA-cam who broke it down in details about how to pay yourself as a LLC - that I could understand. This is why it's good to listen to several people because everyone interprets it differently. Other people I listen to left out critical details. I subscribe to your channel. Peace.
Agreed. I stayed and watched without leaving the video
I agree...it makes all the sense in the world!! Gems 💎
Thank you 💕 Thank you! Thank you!
Someone that laid everything out in plain language! May God richly bless you for taking time to give this detrimental information for free!
Real talk
After scrolling on to the 5 different bank accounts for an LLC I found this video.... Easily rung the bell and hit that subscribe button! Great content 💯
LOL. I've managed a single member LLC for a number of years but this video is a GREAT review of the basics, above all about keeping good records of all your transactions!!
Didn’t even watch it yet and I know it’s a gem 💎
.....because he wears glasses and has a neat beard🤔
Same
Hood Humanitarian LLC definitely took notes! Thank you
Could you possibly do another similar video that shows how this will differ for an LLC with more than one member?
This is great. As a New Business Owner and a Business Owner in the past, I was never good at paying my Taxes and end up owing the IRS. Thank You for this info! I will Subscribe. Yes, CASH IS KING!!! Save 10 Percent on all Profits. I would be in much better situation financially has i known this Years ago. 🙏🙌🙏🙌
How do they calculate how much you owe them if they don't know exactly how much your business is making.
Or use a payroll company to do it for you.
@@nadirahcroom1938 You self report it on you tax return. Underreporting income and overstating expenses is tax fraud.
Essential Signing Solutions LLC appreciates you and is taking notes!
Thank you!
Jesus loves you and he wants you to accept him as your lord and saviour
Priceless information for young and old small businesses owners.This information should be taught to young minorities at the age 14 so they can understand intricate of running a business and learn about creating you own businesses to create generational wealth
Absolutely!
❤
Junior achievement and finance park
Very well done thank you. This is one of the best videos on paying yourself as an LLC that I have seen yet. Most videos I see spent about a minute or two talking about paying yourself as an LLC and then they go in about 5 to 10 15 minutes on becoming an S corp.
Thank you, you just save me a semester in 12 minutes
Dude, you nailed it! I've helped several hundred clients set up LLCs and many are SMLLCs. I briefly explain how they will be paying taxes if they opt out of getting taxed as a Corp but I recommend they get a tax accountant (I don't do taxes). You have a real knack for explaining a not-so-simple process. If you ever get into setting up a hard wallet for Bitcoin, bring it on. I messed up along the way and help is hard to find.Good day to you.
Maybe because I have viewed and listened videos related to this subject many times before but, this was so well explained and easy to follow. Truly, it was a class. It can be written down in bullets while normal playback.
Donnell, your channel is a complete blessing to me. As I start my journey for my organization, your videos have been so helpful. Thanks for your time and wisdom
@Prince Donnell PLEEEAAASEE drop that S-Corp heat ASAP. God Bless You and the Family, keep up the great work 🙌
I have been looking for a breakdown like this for so long. I appreciate you, brotha! Just subscribed.
You're welcome. Thanks for watching!
I enjoy your style of teaching! It’s very easy to follow.
You’re also easy on the eyes. 😍
Thanks a lot!
Dude I just wanna say thanks! Thanks for opening my eyes. When I thought I was ready to start, I’m now regrouping to make sure I’m actually ready ! So thanks
this was great information! This is the kind of info that needs to be given to our youth as they venture out into the world of entrepreneurship. This was very easy to understand and straight forward. Thank you for this!
You're welcome. Thanks for watching!
This video didn't have any gimmicks, no music that's louder than your voice, and clear concise information. The best part is that I have realistic figures that I can apply when calculating my taxes (15%, 22%, 70%, and 30%), etc... Thank you for the knowledge!!!
The breakdown of the accounts/expenses was great. I love emphasizing the savings account.
Love the way you teach and explain all the information you take your time and realize that people are following your steps not just physically but mentally as you speak on one subject it allows us to get a visual in our head before you move to the next subject I appreciate that didn't you him watch some other channels and they just moved too fast not allowing you to even digest the info keep doing with your doing in just the way you do you are appreciated for that🎉🎉🎉
Brilliant!!! Prince Donnell, easy to understand and follow along. Thank you for demystifying taxes for single member LLCs, Sole Proprietors, Entrepreneurs. Stellar delivery!!!😊
Thanks again and God bless❗💯🙏🎚️
Love this advice, I paid my employees first before myself, my credit suffered because I would pay to keep my business afloat and pay my great employees before myself. Now I'm blessed so be able to pay my bills and my employees comfortably
ʟᴇᴛ'ꜱ ᴛᴀʟᴋ ɴᴏᴡ📝☝️☝️,
ʏᴏᴜ'ʀᴇ ᴄᴏᴍᴍᴇɴᴛꜱ ᴀɴᴅ ʀᴇᴠɪᴇᴡꜱ ᴀʀᴇ ᴀᴘᴘʀᴇᴄɪᴀᴛᴇd°°°°°
I’m in the same boat! This gives me hope!
OMG I've been struggling with this whole how much to pay myself. I don't have many friends who have successfully businesses or accountant friends. This really broke it down. I had no idea about the SE Taxes or Federal taxes. I was taking out my state taxes of course but this really put it in perspective. So glad I was able to find this and help me set things up properly. Thanks for also mentioning the operational funds.
The strategy should work regardless of how much your business makes each month. Thank you, this video was very helpful. I took a small business course and didn’t even learn this much in four hours that you just taught in about 12 minutes.
Finally decided today to start my own business and been researching LLC and your videos came up. Thank you for getting straight to the point your a life saver.
Watched several videos about this, best one by far.
This is the most importation information I have come across so far in starting my business. Thanks!
You're welcome. Thanks for watching!
This was the best LLC video I’ve watched so far. Thank you SO MUCH. Opening my tax and savings account asap!
Love the break down. Learned something new. My husband is growing his business and I will definitely share with him
Thanks for watching!
Great video, but I have to disagree on cash being king. Credit is king! Especially when we are talking about business credit lines & how you can leverage 0 percent APR cards to use for your business.
I agree. If you're in cash then your money is not working for you.
You are a very intelligent man! Thank you for this video! I am starting a new business and needed to hear ALL of this. None of my business classes broke it down like this. Blessings to you!
This was awesome! Just started my LLC and wasn’t sure how to allocate funds. Thank you much! I’m a subscriber!
This breakdown gave me so much life!!!! !!!!!!!!!! Thank you so very much brother. I’m trying to do this right and I’m on the right track. Thank you for the confirmation 👏🏾😭👏🏾💃🏾 thank you so much you have no idea.
I appreciate you.
This was helpful dawg✊🏽I appreciate you for this
This opened my eyes wider. Thank you, sir! I just started my company last year in June and didn't pay myself, nor my partner yet. I wanted to make certain to tread lightly on our revenue. Again, many thanks!
Just started a 3 member LLC with my son and wife...great advice about the separate accounts. Now call the bank and setup the accounts, 0 revenue right now but best advice I've received so far! Especially with DBA's for each type of businesses we opened!
Be careful. Doing business with friends and family can drive a wedge between you. Not saying it will.
It’s so crazy how I literally woke up giving thanks to God as usual before I start my day. And I was just asking him to show me certain things to better prepare me for my finances then as soon as I got on UA-cam this was the very first video I saw pop up! All I could do was smile because God really has away he deals with us! Thank you for this video it was very helpful. Also new subscriber! God bless 🙏🏽
Thank you!! very concise and easy to understand. You answer the quesions most people that are starting out are afraid to ask or don't know who to ask. I will be watching all of these. Thanks
☝️ʟᴇᴛ'ꜱ ᴛᴀʟᴋ ɴᴏᴡ📝☝️☝️,
ʏᴏᴜ'ʀᴇ ᴄᴏᴍᴍᴇɴᴛꜱ ᴀɴᴅ ʀᴇᴠɪᴇᴡꜱ ᴀʀᴇ ᴀᴘᴘʀᴇᴄɪᴀᴛᴇd°°°°
I ABSOLUTELY luv this video ...But, you forgot (1) thing tithing & offering !¡ Trust , tht helps too..if they want to eventually see a bonus in return !¡ ♡
Wow. Where in the entire Bible did you read tithes was money? Seems you have been misled by a pastor looking for filthy lucre.
It’s very sad that you haven’t read the Bible for yourself to understand that you have been duped.
There is so much passion and value in your videos. "Thank you" seems so far from the level gratitude due.
Good information you're giving. More than a year ago, I read a book, Profit First. This is a lot of the information this author suggested; separate bank accounts. That was the best thing I have done.
Facts! It’s changed my accounting practice.
Who wrote the book
Just got my LLC from Incfile last week and hooked it to my work from home business… thanks for the education on entrepreneurship.
For now I'm only paying myself with food and doordash 🤪 because all income I want to invest back in the business🤑
Bro!! I just found you on UA-cam recently and I can’t say enough about how much your videos have helped me! You have a very good, comprehensive way of explaining things in order. I wish I would’ve found your channel a long time ago because for the first year or so I have made a mess of my LLC books. I was also running everything from my personal account and we all know that’s a recipe for disaster. I still have a lot to learn but, because of you and your knowledge I have made some monumental progress. You are a great educator. I can’t thank you enough! Take care!
This is a word! I’ve been living that for the past year and finally able to scale. Thanks for speaking reality.
You explained this so well. I understood everything you said fa'real
Love it! Many people think having a business is easy. It takes a lot of work and forward thinking Thank you so much for all your videos. Great value!
Well thanks 🙏🏾 for sharing. I’m launching my candle and spiritual line and have had my LLC since 2015, but just now relaunching what I offer. Now for the first time I have a spiritual line of products for sale which will be on my website and Amazon store is being set up and bc I’m operating out of my home I don’t have the overhead of extra insurance or location overhead. I’m very excited. And I use this same logic. Nice 👍🏽
This was very informative, because I did start a single member LLC in May 2019! Thank you🥰 I also shared with other family entrepreneurs!
I am a new enterpreneur and this video is so informational. Thank, Prince for your knowledge and honesty.
Love this! I’ve been doing hair and make up under my own name for years and just decided to finally start my LLC due to my increase in business the last 2 years. My partner is super business savvy and I’m trying to catch up now. This makes me feel so much more in the loop!
My Mother was a beautician. Cash based businesses are the best. That's why Warren Buffet is a billionaire. Because he bought Geico back in the day.
Jaray
Ur a cash business S u know
IRS STATE FEDERAL ETC CRACKING DOWN
5 ACCTS FOR LLC
1.OPERATING ACCT
2. TAX ACCT
THESE 2 ARE AMUST...
3.RESERVE ACCT
4.MARKETING ACCT
5.INNOVATION ACCTS NEW PRODUCTS SERVICES FOR HAIRSTYLING ETC.
GET A BANK CHARGE NO FEES
OTHER WISE YOU WILL BE PAYING
HEFTY FEES MONTHLY ON ALL FIVE
ACCTS ADDS UP..
YOUR WELCOME
jb.ok
You need to talk to a asset protection attorney and a tax accountant. If you have employees then a LLC may protect you. If your the one that gets suid for mixing hair die chemicals and burning someone scalp? Your going to have a hard time claiming your not responsable for your actions, its your LLC fault. Bottom line is. The asset protection a LLC gives you is your last line of defence. There is a lot of bad things that have to go wrong before the protection comes into play. 1.) You have to make an honest mistake. 2.) You decide you wont fix the mistake. 3.) You dont carry enough insurance to cover your mistake. 4.) Then your LLC might protect you if your employee made the mistake but it probaly wont protect you if you made the mistake unless your LLC "hires" YOU. Dont take my comments as leagal advice. Ps i dont have spell check and im not going to proffread
My uncle owned a barbershop for 40 years. Never had a phone because he was too busy to answer it. Someone said they didnt know if they could afford to work so cheap. He said its easy. You put back a little bit of your profits every day to pay your taxes and you never spend more money today than you made yesterday.
The best free content on how to professionally run your business ! 👍🏽
Nothing but game man. All the knowledge is greatly appreciated. Keep it up
So proud of you my brother. This was masterfully done. Thank you.
I just subscribed loved how you broke everything down. I have my our trucking business (LLC) and just celebrated our 1 year in business. Boy it was a struggle having no clue what to do, but we made it. With that being said, this year I am trying to learn more about how to grow the business, and better bookkeeping. Any advice on bookkeeping? Currently I just use excel to keep track of our profit, loss / expenses. I would also like to begin paying myself slowly but surely. Would you possibly be able to do a video on what all we can claim as small business owners as deductions/expenses?
I am so grateful for watching you until the end. I am in the process of starting my own business.
This was one of my Morning blessings. Thanks for this simple advice
Prince has a great example... it's not the only strategy but it's a "solid" starter example. So if you're new to the game, this strategy is a tried and true way to getting moving in the right direction! Great vid man!
Appreciate this info! On a late night it was easy to understand, love it even more that its advice from a brotha ✊🏾✊🏾✊🏾
I appreciate this video Prince Donnell! I am a new business owner I just got my EIN number and business name literally on Friday so I am doing a lot of research on what that number actually does also what LLC actually means, and just everything from A-Z. I have subscribed to your channel and look forward to your other videos so I can learn as much as possible. Thank you and congratulations on being one of the fastest virtual tax preparation companies in the country!
This was straight to the point and so easy to understand!!! Thank you
You're welcome. Thanks for watching!
Thank you, Prince! I am going to start my Coaching business and found your insight very helpful. I subscribed to your channel today and look forward to leaning much more about setting up my small business and understanding small business taxes.😊
Thanks Definitely needed this. I’m going to save it as well. In case I missed anything
Amazing... I needed this. I guess I've just been sitting on my single member LLC and being confused. This guy just broke it down so effortlessly. I have the spark for my improving my business.
Mannn these business videos are sooo informational 🙏🏾
Thank you, I just subscribed to your channel and I'm right in the birth of my business. This was Golden Prince.
Needed this king thank you so much.
Excellent Video Prince Donnell!!! Thank you for your thorough explanation of how to pay yourself with your LLC .
Thank you for this and thank you for keeping the $ amounts low for us that just started. So I can relate.
As some truly just took a hobby and turned it into a business, I still have a work from home job 3 nights a week for a full 40 hrs a week and that's to continue to live but still have 7 days a week I'm constantly working to grow the business!
Great info
I have a new startup LLC that I formed mostly for asset protection. So will file as single member LLC.
However, if profits take off in a year or two, then will change filing status to S Corp.
Thanks to your video, I now know to limit my income from profits to no more than 30%.
Thanks for watching!
Very important video, I needed to learn everything on this video. I’m a new entrepreneur and I’m learning everything I can before I have any employees.
Donnell this was simply incredible. I love how you broke down setting up specific accounts for specific categories and the percentages and dollars. Process...Process.... Process!!! I'm a new subscriber!!! #whatsgoodmediallc @whatsgoodmediallc
You are a nice sharp man in a simple background and that is what makes the video really special for men👌🏼 good lesson for those who got the message right.
Thank you I'm really trying to understand the break down I'm about to start a few businesses and i don't know much but i do a lot of research so I am learning step by step sihirli appreciate videos like this
I love following you and your wife on Instagram. And I just stumbled on your jumping jack taxes video. I am over the moon excited. I love working but hate thee tax part of things because it always sounds complicated. Or you have to go to 5 different websites to put together all the info. This video makes me so excited to keep working and know when I’m seeing my business grow, profit for myself and get those taxes completed. Great information, thank you for being straight to the point and easy to understand.
Can you do videos on LLC husband and wife partnership in NJ? How to pay yourself?
That would be great!
Awesome video. Young entrepreneurs NEED exactly this exactly the way you put it forth
Thank you, sir! Answered my questions and more. Keep the info coming. More on non-profit, hiring for small business, 1099. Please!
OMG!! Glad I came across you. Just started single member LLC. This is helpful.👍🏽😁
@Prince Donnell/ As soon as I started watching this video, you described me-as I’m about start my very first LLC, I sell products online. You described this so very clearly. Keep teaching!!
Note: One problem with your example-as applicable to me, is wether my incoming Monthly Profit, will allow me to pay for everything in my LLC. Especially if I don’t come up with the necessary Loan money to purchase my source materials. As I’m at the raw starting line, not having investment to acquire my products, becomes a daunting issue.
It’s the which came first, the chicken or the egg problem. I’ll figure it out...somehow. I hope.
Thank you, for a great Tutorial.
Good explaining brother... llc really looks good behind a business name, but sole proprietor is what a lot of entrepreneurs should be doing unless their worried about getting sued. Like you said just separate all of your duties to it's own account, you can find these numbers on your state's website, check often because they will change things in a heartbeat. It takes dedication and discipline. The business is you
I’d definitely love that S Corp video!
Coming soon!
Thanks for these videos, it's a life saver for a new guy starting my LLC.
Hey man this was a very informative video...can’t wait to see more of your content. We are building an E-commerce company and are a young company. So this is good to know as I have been consuming tons of information on all aspects of running a company!
I watched several different channels on these topics this morning that still left things a little unclear. Yours were by far the easiest to understand. Thank you sir!