Forming your Florida LLC? Use our free guide or for convenience use a professional service, we have negotiated the best deals for you. *Best Value Bundle Package for LLC formation is with Northwest ($29 + state fees)* go.truic.com/3UJ0oV5 🔥Includes 1 FREE Year of Registered Agent Services Or, check out this $0 LLC solution from Tailor Brands: go.truic.com/48Jgu7R 📙 Free LLC Checklist howtostartanllc.com/downloads/truic-llc-checklist-youtube.pdf *Secure the Domain Name for your Business using our discount link* go.truic.com/3xJVzTD If you use our discount links, you get a discount and we receive a small commission. Thanks for supporting our work!
My mom took me to her insurance company where she pays her car insurance at by our house and I was checking the place out trying to see how this Haitian man started his own insurance company especially since he came from Haiti. I didn't ask him any questions because some people will call that copying someone else, so I kept quiet he named his insurance company after his name and he excepts all types of insurance besides car, but I was trying to see how he started it especially since he's a migrant in the U.S. because it should be easier for me since I am American and a U.S. citizen.
Basically, you start an LLC. Then, you elect S corp status with the IRS with form 2553. Or you can use a service like Northwest for $89 to do it for you, which includes a free year of registered agent services: Here's that link: go.truic.com/3V1JUYi At TRUiC, our mission is to offer free resources and information. We support our work by partnering with service providers, earning a percentage on some of the offers we’ve negotiated on your behalf. Northwest is one such partner.
If you have an operating agreement, it should describe the LLC's internal process for removing a partner. If the partner is withdrawing, they should provide a signed and dated later stating this. You'll need to report the change to the state of Florida here: dos.fl.gov/sunbiz/manage-business/update-information/ You'll need to amend your operating agreement if you have one. DISCLAIMER: Please note that the information provided by us is not, and it is not intended to, constitute legal advice or tax advice. For the most up-to-date legal advice, we advise deferring to a professional attorney or certified public accountant.
But what if you are starting an insurance company? What if I want to start my own car insurance auto company? A Haitian man name his insurance company after his name.
What if i have multiple businesses I'm running? How do I even go about that? Do I open ONE main and then add the others under that one name? For example, I do photography, videography, film , makeup & hair , i play music in several bands and i book two different types of music events. How can i organize this madness? XD
That's a really good question. Yes, you can do that. And, you can give each business a different name by registering DBA names. There are pros and cons to this approach. Here are the more important ones: Pros: You'll only have to manage one LLC and file one tax return. You won't pay fees on multiple LLCs. Cons: If one business under the LLC suffers a loss, the liabilities could impact the LLC and all of the businesses under it. It could be harder to get loans. Bookkeeping can get complicated. Best of luck!
An S corp is a tax classification that an LLC can elect. So you'd need the LLC first, regardless :) S corp makes sense for business owners who distribute most of the business's profit back to themselves as earnings. The work you do does seem to fit in this regard. S corp can be tricky from a bookkeeping and accounting standpoint. You'll need to hire a payroll service and you'll want to have an accountant (unless you have an accounting degree). I can't give you specific advice on the matter but I can tell you that for business owners who can pay themselves what the IRS deems a "reasonable salary" and a distribution of at least 20k annually, S corp usually saves them enough to cover accounting and payroll. That said... Electing S corp is something that can be done after the LLC is formed. 1800accountant offers free phone consultations if you want to talk to a professional about S corp: go.truic.com/47spLPd At TRUiC, our mission is to offer free resources and information. We support our work by partnering with service providers, earning a percentage on some of the offers we’ve negotiated on your behalf. 1800accountant is one such partner.
Florida asks for three different addresses: - the principal place of business (street address required) - the LLC's mailing address (can be a PO box or the same street address as the principal place of business) - registered agent address (can't be a PO box) If you'd like to keep your information as private as possible, you'd want to use Northwest as your registered agent and also, use their business address. The cost would be $29 (plus the fee from the state) for the first year. After that, registered agent services cost about $11 a month. Here's a exclusive link for that pricing: go.truic.com/45hplKy If privacy isn't a real concern for you, then you could use your own address for all three and start the LLC yourself. If you do choose to use Northwest's address for privacy, you'll want to be sure to have only government correspondence going to the address so as to avoid mail forwarding costs. Most business owners just need to set up e statements for banking to take care of this. Also, if you'll be applying for a unique identity number through SAM.gov, you'll need to use your own address as your business address. This number is most often used by contractors who want to bid on government contracts. Most business owners don't need this. Thanks again for watching and best of luck to you. Feel free to reach out with questions if you have them. **At TRUiC, our mission is to offer free resources and information. We support our work by partnering with service providers, earning a percentage on some of the offers we’ve negotiated on your behalf. Northwest is one such partner.
TRUiC offers free information to small business owners. Most of the people we help are trying to start and run a business on their own. We support our work through partnerships with service providers like GoDaddy, Northwest, LegalZoom, and Quickbooks. I found one review for TRUiC on Trustpilot: Five stars. An amazing resource for small... An amazing resource for small businesses and prospective entrepreneurs. They have a UA-cam channel and website with guides, templates and tools for registering businesses and non-profits and provide an extremely useful service for the public. Date of experience: July 11, 2020 Maybe you were referring to Northwest Registered Agent? We've been working with LLC service providers for more than 15 years and we know them all very well. I personally started my LLC with Northwest because I know their customer service to be the best available and I know their pricing is completely transparent. That said, you can find bad reviews on the web for any of the millions of businesses in the US. If reviews have left you feeling leary, it seems that the best way to know if a company will do a great job for you is to call them directly. Get a feel for their customer service and how they treat you on the phone. Send an email, too. We have a new LLC service review video coming out soon that really breaks everything down in an insightful way. I think it will help break through the noise for a lot of folks. All the best and thanks for the opportunity to share these thoughts. AND most importantly, best of luck with your small business!
@@HowtostartanllcOfficial I dunno, i think she talked fine. I have a small attention span, and hard time focusing on certain things. I have ADHD, so for her to talk at this speed and very thoroughly it helped me stay focused on the information I needed
Forming your Florida LLC? Use our free guide or for convenience use a professional service, we have negotiated the best deals for you.
*Best Value Bundle Package for LLC formation is with Northwest ($29 + state fees)*
go.truic.com/3UJ0oV5
🔥Includes 1 FREE Year of Registered Agent Services
Or, check out this $0 LLC solution from Tailor Brands:
go.truic.com/48Jgu7R
📙 Free LLC Checklist
howtostartanllc.com/downloads/truic-llc-checklist-youtube.pdf
*Secure the Domain Name for your Business using our discount link*
go.truic.com/3xJVzTD
If you use our discount links, you get a discount and we receive a small commission. Thanks for supporting our work!
Thank you for your advice on open a LLC
I just registered and its very user friendly and took less than 5 minutes
Thank you again
Excellent service
Thanks for the feedback and congrats on the new LLC!
My mom took me to her insurance company where she pays her car insurance at by our house and I was checking the place out trying to see how this Haitian man started his own insurance company especially since he came from Haiti. I didn't ask him any questions because some people will call that copying someone else, so I kept quiet he named his insurance company after his name and he excepts all types of insurance besides car, but I was trying to see how he started it especially since he's a migrant in the U.S. because it should be easier for me since I am American and a U.S. citizen.
I clicked on this on accident😭😭
Same
@@DMG2013-o9k lol
After you got done crying, did you find yourself wanting to start an LLC in Florida?
I just did but it helps because I need to open a LLC
Same
This video helped streamline the process for me, This was great !
Great to hear! Thanks for watching.
Perfect input, thanks guys !
We are happy to help!
Hi would you pls do how to start an Scorp in FL next.
We have content on our website on that topic and I can help you.
Do you already have an LLC?
Why does it take so long in Florida to form a corp
I have a. Orp and fla is making me wait to authorize opening of bank account.
Basically, you start an LLC. Then, you elect S corp status with the IRS with form 2553.
Or you can use a service like Northwest for $89 to do it for you, which includes a free year of registered agent services:
Here's that link: go.truic.com/3V1JUYi
At TRUiC, our mission is to offer free resources and information. We support our work by partnering with service providers, earning a percentage on some of the offers we’ve negotiated on your behalf. Northwest is one such partner.
LLC = Limited Liability Company
Thank you!
Thank you for the information 🙏 😊
Hello, how do I remove a partner from an L.L.C?
If you have an operating agreement, it should describe the LLC's internal process for removing a partner.
If the partner is withdrawing, they should provide a signed and dated later stating this.
You'll need to report the change to the state of Florida here: dos.fl.gov/sunbiz/manage-business/update-information/
You'll need to amend your operating agreement if you have one.
DISCLAIMER: Please note that the information provided by us is not, and it is not intended to, constitute legal advice or tax advice. For the most up-to-date legal advice, we advise deferring to a professional attorney or certified public accountant.
Thanks for the great info! Do I need to register a fictitious name as well?
Thank you i really needed this info👍🏿
Happy to help, thanks for watching!
Great video pretty lady ! Whats your take on getting a virtual office? I want to have a biz address first so that everything matches up
Thanks!
How can I speak with someone to make sure I am setting this up correctly?
You can email us at info@truic.com with questions regarding your LLC formation!
But what if you are starting an insurance company? What if I want to start my own car insurance auto company? A Haitian man name his insurance company after his name.
What if i have multiple businesses I'm running? How do I even go about that? Do I open ONE main and then add the others under that one name? For example, I do photography, videography, film , makeup & hair , i play music in several bands and i book two different types of music events. How can i organize this madness? XD
That's a really good question.
Yes, you can do that. And, you can give each business a different name by registering DBA names.
There are pros and cons to this approach. Here are the more important ones:
Pros:
You'll only have to manage one LLC and file one tax return.
You won't pay fees on multiple LLCs.
Cons:
If one business under the LLC suffers a loss, the liabilities could impact the LLC and all of the businesses under it.
It could be harder to get loans.
Bookkeeping can get complicated.
Best of luck!
@@HowtostartanllcOfficial Someone also suggested i do it as an S-Corp too. Thoughts?
An S corp is a tax classification that an LLC can elect. So you'd need the LLC first, regardless :)
S corp makes sense for business owners who distribute most of the business's profit back to themselves as earnings. The work you do does seem to fit in this regard.
S corp can be tricky from a bookkeeping and accounting standpoint. You'll need to hire a payroll service and you'll want to have an accountant (unless you have an accounting degree).
I can't give you specific advice on the matter but I can tell you that for business owners who can pay themselves what the IRS deems a "reasonable salary" and a distribution of at least 20k annually, S corp usually saves them enough to cover accounting and payroll.
That said...
Electing S corp is something that can be done after the LLC is formed.
1800accountant offers free phone consultations if you want to talk to a professional about S corp: go.truic.com/47spLPd
At TRUiC, our mission is to offer free resources and information. We support our work by partnering with service providers, earning a percentage on some of the offers we’ve negotiated on your behalf. 1800accountant is one such partner.
This is the first I've heard of a boi. I did not file it at the beginning of the year I knew nothing of it
Here's a link to get started: www.fincen.gov/boi
Can I use my home address for my business address?
Yes, you can. It will be on the public record though.
@@HowtostartanllcOfficial WOULD A P.O. Box be better?
Florida asks for three different addresses:
- the principal place of business (street address required)
- the LLC's mailing address (can be a PO box or the same street address as the principal place of business)
- registered agent address (can't be a PO box)
If you'd like to keep your information as private as possible, you'd want to use Northwest as your registered agent and also, use their business address. The cost would be $29 (plus the fee from the state) for the first year. After that, registered agent services cost about $11 a month.
Here's a exclusive link for that pricing: go.truic.com/45hplKy
If privacy isn't a real concern for you, then you could use your own address for all three and start the LLC yourself.
If you do choose to use Northwest's address for privacy, you'll want to be sure to have only government correspondence going to the address so as to avoid mail forwarding costs. Most business owners just need to set up e statements for banking to take care of this.
Also, if you'll be applying for a unique identity number through SAM.gov, you'll need to use your own address as your business address. This number is most often used by contractors who want to bid on government contracts. Most business owners don't need this.
Thanks again for watching and best of luck to you. Feel free to reach out with questions if you have them.
**At TRUiC, our mission is to offer free resources and information. We support our work by partnering with service providers, earning a percentage on some of the offers we’ve negotiated on your behalf. Northwest is one such partner.
Watch out for scammers that contact you after you file your LLC. They want to charge you for something you can do for your self.
Why Florida? Does Florida protect businesses like Delaware or Wyoming?
Do yo plan on setting one up in any of those?
@Deeconsultancy I would go with Wyoming. Not right now but in the future.
@ Alright then, Anytime!
Darling speak a little slower 😂
😘😘🥰😍
So pretty ...😊
I agree
This company has a lot of negative reviews, mostly for lack of communication and not refunding even when its within the eligible amount of time.
Thanks for the comment. Which company are you referring to?
Truic. Or whatever the link is in the description
TRUiC offers free information to small business owners. Most of the people we help are trying to start and run a business on their own. We support our work through partnerships with service providers like GoDaddy, Northwest, LegalZoom, and Quickbooks.
I found one review for TRUiC on Trustpilot:
Five stars. An amazing resource for small...
An amazing resource for small businesses and prospective entrepreneurs. They have a UA-cam channel and website with guides, templates and tools for registering businesses and non-profits and provide an extremely useful service for the public.
Date of experience: July 11, 2020
Maybe you were referring to Northwest Registered Agent? We've been working with LLC service providers for more than 15 years and we know them all very well. I personally started my LLC with Northwest because I know their customer service to be the best available and I know their pricing is completely transparent.
That said, you can find bad reviews on the web for any of the millions of businesses in the US. If reviews have left you feeling leary, it seems that the best way to know if a company will do a great job for you is to call them directly. Get a feel for their customer service and how they treat you on the phone. Send an email, too.
We have a new LLC service review video coming out soon that really breaks everything down in an insightful way. I think it will help break through the noise for a lot of folks.
All the best and thanks for the opportunity to share these thoughts.
AND most importantly, best of luck with your small business!
Same😅
I hate it😡😡😡😡😤😤😤😤
Is she AI? Yakity yack. She talks wayyyyyy to fast
Nope, she's human for sure :)
And, we agree, she could talk a bit slower to improve the video.
Thanks for the feedback!
@@HowtostartanllcOfficial I dunno, i think she talked fine. I have a small attention span, and hard time focusing on certain things. I have ADHD, so for her to talk at this speed and very thoroughly it helped me stay focused on the information I needed
@nicertexxSoulz
@@VortexxSoulznice