What is an LLC ? - Limited Liability Company
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- Опубліковано 10 лип 2024
- We Recommend using Northwest to form your LLC which includes 1 year Free Registered Agent Service.
💼 Northwest 75% 𝗗𝗶𝘀𝗰𝗼𝘂𝗻𝘁 link - go.truic.com/46SvCNT (paid)
($29 + state fee)
What is an LLC and why is it so useful? LLC stands for Limited Liability Company, it is one of the most popular business structures and helps with Personal Asset Protection.
TIMESTAMPS
0:00 - What is an LLC
1:09 - Main Features of an LLC
2:07 - How an LLC protects your personal assets
3:02 - How LLCs are taxed
4:19 - The Importance of an Operating Agreement
5:11 - Using a professional LLC formation service
6:34 - Conclusion
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Below we have some paid links from our partners. If you decide to use their services through our exclusive negotiated deals, we get paid a small percentage. Thank you for your support in our efforts to make business information free for all!
We Recommend using Northwest to form your LLC which includes 1 year Free Registered Agent Service.
💼 Northwest 75% 𝗗𝗶𝘀𝗰𝗼𝘂𝗻𝘁 link - go.truic.com/46SvCNT (paid)
($29 + state fee)
📙 Read our free 'What is an LLC?' guide :
howtostartanllc.com/what-is-a...
🚀 Learn How to Form an LLC here:
howtostartanllc.com/form-an-llc
🏷️ Check out our Business Name Generator to make a great name for your LLC
epicbusinessnames.com/
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This video explains the unique advantages of an llc, which makes this business structure so popular. We will go over Limited Liability Company’s Advantages including Personal asset Protection. We also cover related topics to help you understand what you need to know, such as:
- Corporate Veil
howtostartanllc.com/maintain-...
- LLC Taxation
howtostartanllc.com/taxes/llc...
- LLC Operating Agreement
howtostartanllc.com/what-is-a...
- Cost to Form an LLC
howtostartanllc.com/cost-to-f...
- EIN number:
howtostartanllc.com/what-is-a...
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🔥 At TRUiC we are dedicated to providing the most useful information for small business owners, and would love to see your feedback in the comments on what other information you need to help follow your entrepreneurial dreams.
#llc #smallbusiness #startingabusiness #whatisanllc #smallbusiness
We Recommend using Northwest to form your LLC which includes 1 year Free Registered Agent Service.
💼 Northwest 75% 𝗗𝗶𝘀𝗰𝗼𝘂𝗻𝘁 link - go.truic.com/45wKVe7 (paid)
($29 + state fee)
📙 Read our free "What is an LLC?" guide : howtostartanllc.com/what-is-an-llc
🚀 Learn How to Form an LLC here:
howtostartanllc.com/form-an-llc
🏷️ Check out our Business Name Generator to make a great name for your LLC
go.truic.com/3JJMdY6 (paid)
You just earned a new subscriber
I cried when I watched this because I was so confused and now it looks so clear. Thank you. I will share this because more people need to see this.
You’re not getting anywhere, if your response to the unknown is an act of cowardice… who the fuck cries cause they don’t understand something. 😂
You cried?
👍👍👍👍👍
@@andrewparks751 me too 😅
🤔🤨
It's sad to see that there are so little views and so little comments on this video, Just goes to show that people don't want to achieve more and/or don't know how to do it
Guess that's why we will be so successful :/
people have different careers my guy
@@animetrash9110 .
Lol that's such a stupid take wtf
Covid 19 is an LLC
How’s your business going Elisha 😁
took me longer than 7 minutes to get all that into my head lmao.
It's not you, there is slurring of words going on.
The more you look over the more sense. Take your time
Staring my journey today on my entrepreneurial dreams. Thanks for the details
How’s that going
How’s it goinf
Good luck !!!!!
I wish you all the best. And stay strong 💪 and remember not to give up because of one failure try and try until you succeed 💯
Hows it going?!
Thank u so much..for a 7 minutes..this is more than enough
Wow. I never heard anybody explain it so well. Thank you
Barbz, I think Im streaming the wrong LLC song
Ayooo 🦄🦄🦄🦄🦄🦄
@@queenc2209 im outside US so my streams won’t count😭
@@mdelatorre1177 me too girl
AHHAHA
I was reading my classroom text, and was having trouble- I guess I'm more of a visual learner. Your video helped a lot, thank you.
Glad I looked at this. Made up my mind to start my own business.
my dad gave me this as an assignment and this video helped so much thank you
This is great information. I filed on my own, have an operating agreement, EIN, separate business account, and have worked out my state taxes. This is a very helpful video. I’ll be sharing it with my friend who is interested in starting her LLC.
Thanks Travis! Glad to see you starting your entrepreneurial journey, we are so excited for you! Glad you enjoyed the video and thank you for sharing with your friend.
Can you give me some advice and/or tips about filing taxes? I’m about to start and I’m really nervous about the taxing part.
Hello, sorry we missed this message. Were you able to file taxes confidently?
I think this video was truly informational and helped me understand greatly compared to when I started the video. Thank for this and I pray my brand will only go up from here. I will still do more research to gain more knowledge on what i need but thank you for bringing clarity to what an LLC essentially means.
You're so welcome!
Very clear video. Now I just have to watch it 50 more times for it all to stick.
😂🤣🤣
Same same 😅😂🥲
Same 😂
Thank you very much for the treasure that you are sharing public much appreciated ☺️🙏🙏✌️
THIS WAS SO WELL DONE! THANK YOU!
The straight-forward resource I found on LLC. Deserves many likes!
This has helped with my small business management course. Thank you.
Thank you fro the information! It's time to rise!
What a great content. You have just saved me so much time and answered so many questions. Appreciate it TRUiC!!!!!
Glad to help! Thanks for watching!
Just filed my first LLC. Thank you! Wish me luck! :D
Best of luck!
Man I always had trouble understanding this but it took me 5 videos like this to actually know how business structures work . And which one is the best
We love you guys to send more UA-cam videos the information is very helpful
Glad you guys are enjoying the content! We are very busy pumping out new videos, stay tuned! :)
This video is perfect I started a partnership recently so I’m trying to see if an LLC or an LLP is a better option. Wish I found this video when I took business law 😭🤦🏽♀️
what is llc "?
@@shammaalali352 watch the video
Thank You for making this so easy to understand🎉🎉🎉
A TRUE BLESSING !!! THANK YOU FOR ALL YOU DO, ALL YOU HAVE DONE, AND ALL YOU WILL DO. We greatly appreciate you. God bless (;
Thank you so much! Nothing makes us happier than to hear something like this from a viewer. Please let us know how else we can help!
Great video. Thank you for taking the time to prepare such easy-to-understand guidelines for people like me. Great job guys!
Damn. This is really well made!
Thank you for this!!!
great video ty I subscribed this makes it easier then it was long ago when I had my own buss......
Very nice for the basics. Thanks so much for sharing. I will definitely be checking out your web site.
Hey, this video really helped . Keep it up!
you just earned a subscriber and like because of this wonderful video
Thanks a lot for sharing this video :)
Great video! Very well narrated.
Thank you!
Thank you sir, from India 🇮🇳
You're welcome! 😊
Great to hear about systems around the world, in Europe it is quite similar 👍👍
what's the difference in Europe
Great Presentation. I Loved it 😍
LLC is a song by Nicki Minaj on her album “queen”
Thank you, I am wanting to open a carpentry business in the state of south carolina, this information was very useful for me.
Happy to help!
When the time comes, you can use our How to Start an LLC in South Carolina page to get started: howtostartanllc.com/south-carolina-llc
Or use a professional service for only $29 plus state fees: go.truic.com/3PAsy1O
@@HowtostartanllcOfficial Thank you, I will go to this page to study the topic. I have a partner who will work with me in SC, and if necessary I will contact your service.
This series is very helpful and easy to understand. I'm going to form an LLC this week. Thanks!
How did it go?
@@hpj2146 it went great.
Thanks for the info!
Thank you!
Good one. Thank you
Oh my god thank you I'm trying to start a pool cleaning business this helped so much.
We're so glad that we could help!
If you need help forming your pool cleaning business, check out our guide: howtostartanllc.com/business-ideas/pool-service?ref=ytwllc
Thank you 🙏🏾
Very well done !
thank you for sharing this great information i will like to apply for LLC on this months 👍
Thank you and wish me luck!
Good luck!
thank you!!!
You're welcome! Thank you for watching.
3:31
(This is a timestamp for me, ignore it)
very helpful information thank you for sharing!
Anytime! Thanks for the comment!
gracias por tu rapida eficaz informacion :]
Great video!
Thank you
Very informative video thanks.
Glad you liked!
Very informative, thank you for taking the time to create an educational video that we can learn from. I found the website first then UA-cam came second!
Glad that both have been helpful!
very helpful
Great video
thank you
Very helpfull video
The video was helpful
Thank you for sharing the information!
Just FYI, "maintenance" is misspelled towards the beginning of the video. It was very informative though! Thanks.
Thanks
No prob :)
Hello
Can anyone please tell me whether Audit is required for LLC if its incurre loss in year ??
Nice video
Does anyone know if a marriage and family therapist with a private practice needs an local or a different kind of business credential? I am about to for my masters in MFT and I’m curious.
Go ahead
nice video
Thank you!
📈
Question so at the end of the day if the LLC gets sued by an individual who you will have to represent the LLC because your the representative of that LLC not the owner even if your are the owner ? Im confused.
You will want a professional attorney to represent the LLC if you are sued. Watch our video on the Corporate Veil (ua-cam.com/video/NDnvZ3HmEAU/v-deo.html) to get a better understanding of personal liability protection, and how an LLC protects its members (aka LLC owners) in the event of a lawsuit.
Question... In NY would I have to pay for an LLC and then pay for my business to get registered?
To register your LLC in New York, you will need to file your LLC's Articles of Organization. There is a state filing fee.
To learn more about forming an LLC in New York, read our free guide: howtostartanllc.com/new-york-llc
Been doing self employed Landscaping going on year 3. I have had a few guys working but really wanted to get legit and protects my assets. Is it ok to just have 1 to 2 official employees ?
Hey I have a question: I've setup an LLC here in NY. Is it legal for me to do business in another state even though my LLC's registered here in NY? I've opened up a real estate business and would like to do some remote fix & flips as well as get in the practice of being adaptable in this remote world. I've looked this up online but keep getting mixed answers. Thanks for taking the time to read 🙂.
The laws for doing business as an out-of-state LLC vary depending on the state. However, it is likely that an NY LLC that buys, renovates, and sells property in states other than New York must register as a foreign LLC in those states. We recommend checking each state’s specific laws and consulting an attorney for registration requirements.
Would you recommend a multi-member llc where profits go to the members? Is this a good idea for taxes?
Choosing the right business and LLC structure is going to be dependent on what your needs are.
Check out our guide on LLC Partnership Taxes, which describes a tax breakdown of multi-member LLCs: howtostartanllc.com/taxes/llc-taxes/multi-member-taxes?ref=ytllc
I'm still a bit confused. I'm planning on buying a 4plex to live in and house hack. Would I need a LLC for that? If so, please explain why. Thanks
LLC’s are basically insurance for whatever cash flow you may receive, You don’t technically need one to become a landlord, but it does protect you from being personally sued in the event someone is injured on your property, as well as the tax benefits that come from owning an LLC in regards to real estate.
so when you say keep personal and business transactions apart does that mean i have to make a bank account just for my business? I film and edit videos for people and just get paid into my personal account.
Yes, please create your business checking account with one of your local banks that offer business products.
Hi, first of all thanks for the video. I have got a question, i would be great if you could help me. So i created an LLC company in January 2023, when do i need to file taxes and stuff. AND FORMS SUCH AS IRS 1120 and other forms that are supposed to be filed. Thank you in advance
The forms that an LLC files depend on the LLC’s tax classification. For tax purposes, the LLC may be treated as either a corporation, a partnership or a disregarded entity.
To file a tax return, a corporation will use Form 1120; the owner will use Form 1040. A partnership will use Form 1065; the owner will use Schedule K-1 and Form 1040. A disregarded entity-the owner and the business are one and the same-will use Form 1040.
Also, in general, business entities make estimated tax payments quarterly. For that purpose, a corporation uses Form 1120-W. Partners and sole proprietors use Form 1040-ES.
Please note that the information provided by us is not, and it is not intended to, constitute legal advice or tax advice. All content is exclusively provided for educational purposes. For the most up-to-date legal advice, we advise deferring to a professional attorney or certified public accountant.
Does it make it more complicated if we want to do an LLC but my husband is Canadian (I'm an American) and we live in Canada but opening a US shop?
Canadian residents can form a U.S. LLC. But LLCs are formed under state laws, and so rules vary. For U.S. federal tax purposes, a U.S. multi-member LLC is assumed to be a partnership, and must file Form 1065, U.S. Return of Partnership Income. Each partner’s share of the partnership's income, deductions, credits, etc. is reported on a Schedule K-1, part of Form 1065. If the LLC earns income in the U.S. and has a foreign partner, it has to file a Form 8805 Foreign Partner's Information Statement of Section 1446 Withholding Tax for that partner.
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Whay books are you currently reading?
Thank you very much for the guidance✌️✌️ very helpful 😊
By the way I would like to figure if you're provide legal advice about which type of LLC will be suitable for non US citizen??
Warm greetings from Morocco
We are currently working on a whole new set of content for non US citizens. We will let you know when it is ready! In the meantime check out our "How to Open a Company in the USA" page: howtostartanllc.com/open-a-company-in-the-usa?ref=ytwllcc
@@HowtostartanllcOfficial thanks for the feedback kind regards
Recommend correcting "maintance" 1:54
Do u have to have a LLC to get a sba loan?
Do you need an llc if it’s a small company like a detailing business?
You could do a Sole Proprietor instead of an LLC, but LLC offers liability protection.
To learn about the differences between these two business structures check out our guide: howtostartanllc.com/taxes/business-taxes-llc-vs-sole-proprietorship
To learn about business structures in general and how to choose one go here: howtostartanllc.com/choosing-a-business-structure
If I purchase an LLC for my small lawn mowing business route do I still need to purchase a city court County business license?
Yes, if a business license is required for your type of business, then you will still need a license, even if you have an LLC. An LLC is a business structure. An LLC is created by business owners to protect their personal assets in the event that a business is sued. We highly recommend an LLC for lawn care. A business license, on the other hand, is like a driver's license for a business. It says you have done what it takes to operate your type of business, in your area and in some states, business licenses are used to keep track of businesses for taxation, etc.
To learn more about starting an LLC for a lawn care business, check out our guide: howtostartanllc.com/should-i-start-an-llc/lawn-care-business?ref=cc
what is the difference betwen DBA or self employee and LLC ? thank you
Check out our article to learn more about the difference between a DBA and an LLC: howtostartanllc.com/form-an-llc/dba-vs-llc
Yea what he said
I have to have my own business to get LLC?
I live in Wa but want to start a business airbnb in Vegas. Do i file business under Wa or Nevada??
In general, any advantages to be derived from filing either in WA or NV depend on factors such as the difference in the tax regime, formation fees, laws relating to limited liability, etc.
Someone who lives in WA and registers and operates a business in NV may still be required to file in WA if the business has a physical presence nexus in WA, which could be one employee, i.e. the owner. If the owner is managing the property from Washington, then technically, a WA LLC would be required. On the other hand, if the business is registered in WA, to operate in NV it would need to be registered in NV.
Registration is likely to be required in both states. One LLC could be considered primary where as the other would be a "foreign LLC". We recommend consulting with an attorney to find the best scenario for your unique situation.
Are all llc legit? Because i got hired to work a llc just inspecting packages and delivering them but im a little skeptical because its seems so easy and they pay 2500 for a base salary. The name of the llc is ryfds delivery service and its in Kentucky.
An LLC must be in good standing with the state and federal government to operate legally. You can do a search on the Kentucky Secretary of State database to find more information: app.sos.ky.gov/ftsearch/
Is the doctrine of piercing the veil of a corporate entity applies to LLC?
Thanks for the question.
Yes, LLCs have a corporate veil. Protecting your LLC's corporate veil can help ensure that your personal assets remain protected by limited liability.
if you have a llc and you lose your lisene for the companty do you lose your llc too
Losing your business license can incur significant penalties to your business, preventing it from functioning.
If you are having specific problems with your business license, please reach out to your state government's business division or Secretary of State.
If I get an LLC in Georgia can I start a remodeling business or do I need a different license
If you are curious about business licenses and permits in your local area, you may want to contact your local Chamber of Commerce.
I make music with a couple people we are trying to form a crew. Is this what we need to be officiall? M
Thank you for commenting! While it is not required, we do recommend registering your band as an LLC. This can protect your band in the event of any lawsuits and provide some tax benefits.
Learn more about starting your live band here: howtostartanllc.com/business-ideas/band
I trusted to join how can I join av. Reddy garu
HI! I am using Tailor Brands formation service to form my LLC. I am completing some information and need clarity on a question asked. The question asks if my LLC is a Master Series LLC. I am not familiar with this term. What is the difference between a regular LLC and a Master Series LLC? How do I determine if my business is a Master Series LLC? This is my first business. Thank you!
A Master Series LLC is an LLC under which other LLCs, called “series”, are created. A master series LLC is the holding or parent company that owns the series or subsidiary companies.
Not many people form series LLCs with master LLCs-- it's rare. Not all states allow such a business structure-Delaware was the first-and in the states that do the laws differ. Generally, a series is not a separate legal entity but, notably, its liabilities are its own. A creditor cannot sue one series for the debts of another.
@@HowtostartanllcOfficial Thank you so much for your detailed explanation. This was very helpful.
I seached llc by nicki minaj and this popped up🥵🥵
Good info but the music in the background is way distracting...