You Should Start an LLC if...
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- Опубліковано 28 чер 2024
- One of the most frequently asked questions my clients ask me is whether and when they should set up an LLC. In today's video I share 6 of the most common scenarios in which you most definitely SHOULD form an LLC for your business.
2:56 - When you are just getting started
4:12 - When you are using your personal checking account for your biz
5:29 - You are earning between $25-50k per year in profit
6:36 - You operate a "high risk" business
7:51 - You have partners
9:31 - You are ready to get serious about your business
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ABOUT JIM
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Jim Hart is a lawyer, entrepreneur, UA-camr and online business coach. Jim created the LOCK it Down™ (legal) Protection System, which has helped hundreds of online entrepreneurs to get their legal house in order. In addition, provides monthly coaching and training through his OB Foundations Membership Program.
Meet Jim at jimhartcoaching.com/. Join his coaching community at obfoundations.com
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#jameshart #LLC
"I probably better than your average google search" .. 🙂 Thanks for the valuable information.
This the video we needed
Can you explain what the potential downsides may be to forming an LLC vs a sole proprietorship?
An LLC costs money to set up and maintain. Operating as a sole proprietorship is free - but you get what you pay for.
Hey Jim how are you sir, loved the video and have binge watching a ton of your stuff. A few bumps I've stumbled into trying to become a private label amazon FBA seller. 1).Please correct If i'm wrong, I recently found out that if you go to a manufacturer in china to make your custom product then I become a manufacturer and have to then get more expensive insurance. 2.) When you start an llc and make an order of a large shipment of goods, then that all become tax deductable. 3.) When filing for design/utility patents and trademarks I would use the llc as my representation or owner of the IP goods.
Helped thanks
You definitely should!
Thanks
Thank you so much for your videos! I am starting an online gift box business. Would it make more sense to start with Sole Proprietorship or a LLC?
Great video Tom, thanks. Would someone need an LLC if they are going to write a book one time only?
You’re are super cool or this is “something cool.” Don’t be afraid to be you. Thank you for your time.
Great content, thoroughly enriching and informational! I appreciate the time you have allocated to these resources. If you have already set you llc with your home address, how do you change to a virtual address?
You would need to update that with your secretary of state. It usually requires filing an amendment.
@@jimhart Thanks for the speedy communication. Would you use an email address or what kind of address would you use?
Hello Jim, I don’t know how to ask this but I hope you can understand what I’m trying say. I’m trying to put my youtube channel under LLC because I want to separate my youtube channel revenue to my my personal income and also to protect my assets. I just wanted to know how LLC works. I tried to fill up the application but I didn’t see any form describing what businesses you are going to put under your LLC. I saw one of your video that said I need to open a business bank account. Here’s some questions on my mind: Do the bank will ask you if you have LLC before opening a business account?
And if I already have a business account and I use it to deposit my YT revenue, does it consider under my LLC?
Any response will help me. Thank you! 🙂
Hey man. I’m just starting out and I’d like to get your advice for a new comer. What piece of advice would you give me when starting a company. And what do u do ?
Hello, I started a transportation business 2month ago by buying a new van. however i learned in one of your videos that I need to register my business in the state where i live. but my question is what should I do for the time I work with out registaring my business ????please help me or guide me on how fix this???
Thank you for all your wonderful and very informative video.
Hi Jim! I came across your you-tube videos and I'm that person who is doing things the wrong way (example, I co-mingle my finances). I started selling online beginning in 2023 on the popular marketplace platforms like ebay, etsy, etc.. I am beginning year two and still in the negative, but trending in the right direction. I work out of my home and sell 95% clothing. I am confused by LLCS's and wondered do I really need an LLC as a clothing reseller? I know I need to correct my finances, but wanted to ask this question. Thank you in advance for your time.
I'm a big proponent of forming your LLC as soon as possible... if you are serious about your business. It makes everything easier later.
Hi Jim your advices are much appreciated, I have a question, what is an S corp , I read explanations on google but is very vague,and highly gibberish for me could you explain in plain layman terms pls thanks, problem is I live in UK and it’s not sure based on what I read that even exists, google says something about c corp gibby gibby….
Lisbon bound? We’re headed there in late August and would love to see what parts of the Lisbon you’re enjoying
Send me a DM on Instagram when you get there! I'm happy to give you some tips!
@@jimhart - You got it. We've got all the touristy things planned so $$-$$$ restaurants recommendations are always appreciated. Have you checked out São Miguel Island? Seems like heaven!
Do you have vids Comparable to businesses that are not online but need the advice for sole proprietor ie. Mobile locksmith?
I want to start an architecture PLLC in NY, but California where I also want to do work do not allow PLLC, what is your advise?
For the entity section skincare is not an option …if there another way
Hey Jim, this really useful information....can I still form an LLC and still put in a rental property under it?How and should I form LLC first before buying a rental property? Thanks
Hey Moses what business are you in. And what piece of advice would you give to us up and comers ?
If the revenue for the LLC only comes in one quarter of the year, do they still need to do quarterly tax filing for the other quarters where there is no revenues?
I Would love to start an LLC Jim but I had just launched my Affilate marketing website, and it maybe several months before I start to see any money from this website let alone a good amount of money. I don't have the money right away to start an LLC. Can I get by for few months till I start making any money without the LLC? If the website does make a decent amount of money? Thank you for the excellent information on your channel!
Is LLC & a S Corp the same? You get an LLC and then you have to get an ein # from the IRS correct? What's all this cost? If I don't have any money to start, where do I get funds to start the biz?
My business isn't online. I wanna start and mow and snow removal business in Michigan. I don't have anything atm. My credit has suffered the past 3 years too. I wanna hire 2 people to work for me and I can do estimates and the books.
Thank you for the video.
What about moving an LLC, say from CA to TN?
What are your thoughts on using something like northwest registered agent for a startup business?
They are fine. Here is my registered agent service: hawthornlaw.net/diy-llc
Hello, if you are in Portugal now can you take clients from the US?
Great video, I filed my llc for property management company how do I go about doing an operating agreement. Do I need to hire a lawyer for that?
Hey boss I was wondering if your company buys rental properties. Since your company can fix and maintain one. And is it better to own an asset like a home through a business or personally ?
When forming your llc on incfile should one consider using a virtual address or should your home address be used if you do not have a physical business address? Thanks
I recommend a virtual address always for privacy reasons. But ultimately it is up to you.
How do you setup a virtual address? I setup my LLC they the Virginia SCC
I am in the process of transitioning to Earth Class Mail. Here is my affiliate link: www.hawthornlaw.net/virtual
Can we talk? I feel like I need a professional conversation like this. How can I hire you?
Hello, i want to start affiliate marketing. Should i have an LLC ?
Thanks
Nikolas
I would say yes - with very rare exceptions.
@@jimhart Can an LLC be used both for drop shipping and affiliate marketing ?
Seems contradictory from your "LLC not required" video. You said there's no tax benefit compared to LLC vs Soleprop and that LLC is not required when there's no revenue. Confused 🥲
It is and it isn't. I updated my advice from the original video.
Hey Naomi. I was wondering if you had a business of your own. I’m reaching out too many people looking for answers and you seem like your on that route. Please get back to me thanks
I agree With the other person.
you mentioned in few of your videos if you just started and you don’t have any revenue you don’t need LLC and now you saying we do need LLC. ITS VERY confusing.