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That's a good question, thanks for asking it. No, you do not need a SSN to start an LLC. Nonresidents and resident aliens can start an LLC in the US and do business in the US. Here's our most discounted link for starting an LLC in Florida: go.truic.com/45hplKy 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.

This is an important question, thanks for asking. Northwest is transparent. The only time you could be charged for mail is if you use their business address as your business address and they have to forward anything that isn't from the state or federal government. Items from the state or federal government are forwarded for free. Here's our most discounted link for LLC formation and free registered agent services for a year with Northwest: go.truic.com/45hplKy 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.

Very happy to help. Thank you for watching and subscribing, and best of luck with your business! Also, please know that we are here to provide you with resources. Feel free to reach out with questions.

That depends on how much profit you're earning annually. At about 80k a year in profit, the tax savings from the S corp will be greater than the additional costs of operating as an S corp. Also, to clarify, S corp is a tax election that an LLC can choose. So you'll need the LLC regardless. Here's our most discounted link for LLC formation with Northwest Registered Agent: go.truic.com/45hplKy Thanks for watching and best of luck with your business! 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.

@@HowtostartanllcOfficial I most likely won’t be making a profit of 80 K this year the goal is that. So maybe start off with an LLC and then progress to an S Corp. once my profit margin rises?

@@HowtostartanllcOfficial thank you so much for this information and the link I will definitely look into it

That's exactly right :) Once you form your LLC, I'll be reaching out via email to help with next steps, info about electing S corp, and lots of other good info. You'll be able to email me with questions, too.

The IRS doesn't provide a defined set of rules, regulations, or tax calculations that can be used to determine how much is too much to take in distributions. That said, there is an arbitrary 60/40 rule for S corps that many CPAs use. That's 60% salary, 40% distributions. You aren't far from that. The best thing to do is to consult with a seasoned CPA who can guide you in saving as much as possible in taxes without flagging your file for audit. 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.

Happy to help, thanks for watching! We appreciate the kind words. Here's our most discounted link for LLC formation ($29 plus state fees): go.truic.com/45hplKy Best of luck with your small business. 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.

Thanks for the question. Distributions will be taxed as short term or long term capital gains depending on stock basis. Short term capital gains tax will be very close or the same as the owners income tax rate.

@@HowtostartanllcOfficial Thank you! Can you refer me to the IRS document that outlines this? Is it instructions to 1120-s, or....?

Thanks for watching! A North Carolina LLC will cover every county in NC.

Like, fossilized algae blooms? Yeah!

Thank you for watching and subscribing!

Are you trying to start a partnership in Ohio or are you wanting to convert a partnership into an LLC?

Thank you for watching!

Many online business owners form an LLC in the state where they operate their business from. Some states may require that you register with their tax authority. Here's a list of guidelines for that: www.salestaxinstitute.com/resources/economic-nexus-state-guide

LLCs are best for eCommerce, including Amazon, eBay, and Walmart. Here's why: LLCs and corporations will protect your personal assets if the business is sued or defaults on a debt. A business run as a corporation or LLC becomes its own legal entity, separate from you and your SSN. Compared to LLCs, corporations face double taxation and many complicated and expensive procedural requirements. Because of their taxation, only businesses that need funds from outside investors should consider a corporation. This almost always rules out using a corporation for an eCommerce business. The other options are sole proprietorships and partnerships. Neither of these will protect your personal assets because, in these types of business structures, you are legally no different than the business in the eyes of the courts. LLCs also allow you to file taxes as an S corporation (which can save you money). Then there are other benefits, like credibility and business name registration. ***** You can form your LLC for $29 (plus state fees) and get a free registered agent for a year with Northwest Registered Agent. Here's the most discounted link available online: go.truic.com/45hplKy I'm a big advocate of using a service to form an LLC, and Northwest is hands down the best. They have very knowledgeable US-based customer support that will be there for questions and help after you form your LLC. In my opinion, that's invaluable. ***** 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.

Hi, sure, please email me directly at info@truic.com Thanks for reaching out!

Hi there, if you lost your EIN confirmation number and haven't used it to file taxes or get a bank account, then you will need to call the IRS. Here's the number: 800-829-4933 And here's some info from IRS.gov: www.irs.gov/businesses/small-businesses-self-employed/lost-or-misplaced-your-ein Best of luck and thanks for watching!

Hi, this is a great question. On April 18, 2024, FINCEN issued this clarification: Reference: www.fincen.gov/boi-faqs#F_12 F. 12. What address should a reporting company report if it lacks a principal place of business in the United States? If a reporting company does not have a principal place of business in the United States, then the company must report to FinCEN as its address the primary location in the United States where it conducts business. If a reporting company has no principal place of business in the United States and conducts business at more than one location within the United States, then the reporting company may report as its primary location the address of any of those locations where the reporting company receives important correspondence. *****If a reporting company has no principal place of business in the United States and does not conduct business functions at any location in the United States, then its primary location is the address in the United States of the person that the reporting company, under State or other applicable law, has designated to accept service of legal process on its behalf. In some jurisdictions, this person is referred to as the reporting company’s registered agent, or the address is referred to as the registered office. Such a reporting company should report this address to FinCEN as its address.***** [Issued April 18, 2024] Back to top

So glad it was helpful. Thank you for watching and subscribing!

You're welcome 😊 Thanks for watching!

We'll get that fixed. We have our web guide in the description but that's really not enough. It's always helpful to have fresh eyes on these videos, thank you!

@@HowtostartanllcOfficialgood example of how to handle a disgruntled customer 👍🏾

Sure! If you have $29 to spare, I would highly recommend using a service. We partner with all the major services and Northwest Registered Agent is our top choice. They handle the communication with the government, they guarantee their work, and they are always there with *US based customer care* during and after the LLC formation process. Can't say enough good things about them. They also include a free year of registered agent services. Here's the most discounted link online for that: go.truic.com/45hplKy If you are on a budget, we can help you and guide you through the process to DIY. You can get started with our web guide here: howtostartanllc.com/arizona-llc And, if you have questions or need support, you can comment here on UA-cam or email me at info@truic.com. Best of luck and thanks for watching! 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.

Thanks for the feedback! I'll pass it along to our producers.

We're happy to help and thank you for watching!

Hey, good point! The cost of setting up an LLC in California is $70 to file the Articles of Organization and $20 to file the Statement of Information. Thanks for watching and best of luck with your business.

Thanks for the question. A Delaware LLC can organize a Texas LLC but a trust cannot. In general, a trust is not regarded as a legal entity itself. Instead, it is a relationship between three entities or persons-grantor, trustee, and beneficiary-involving property. The grantor is the person who sets up and funds the trust arrangement by transferring ownership of the property to the trustee for the benefit of the beneficiary. Registering a Texas LLC would have to be done by either the grantor or trustee as individuals. Setting up a trust in Delaware does not require registration with state authorities, unless the trust is a Delaware Statutory Trust (DST). A Texas LLC can have a Delaware LLC as a member, so it’s possible for a Delaware LLC to organize a Texas LLC. ** 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 entertainment purposes. For the most up-to-date legal advice, we advise deferring to a professional attorney or certified public accountant.

Hi! Thanks for the suggestion - I'll send it over to our producers. Best of luck!

LLC stands for limited liability company. An LLC is a type of US business structure that is used to An LLCs create a legal shield between a business and its owner(s). When a business owner runs a business without an LLC (or corporation), the business owner's personal property is exposed to the business's creditors and any lawsuits brought against the business. So, business owners form LLCs to protect their personal assets (like their homes, cars, and savings). Thanks for the question!

Thanks so much for watching!

You are so welcome! Thank you for watching.

You can just get an EIN but you'll want to get an LLC set up once the timing is right. An LLC protects your personal assets if anything happens with the business. Here's a video to help you get started on the EIN: ua-cam.com/video/tweKtxRnaJI/v-deo.html

Nope, she's human for sure :) And, we agree, she could talk a bit slower to improve the video. Thanks for the feedback!

Thank you for pointing that out! The price is $119 after the first year. We will have that fixed right away.

LLC stands for limited liability company. An LLC is a type of US business structure that is used to create a legal shield between a business and its owner(s). When a business owner runs a business without an LLC (or corporation), the business owner's personal property is exposed to the business's creditors and any lawsuits brought against the business. So, business owners form LLCs to protect their personal assets (like their homes, cars, and savings). Thanks for the question!

Yes, it IS expensive to have an LLC in California. California requires that any person doing business in or from the state pay the $800 annual business tax regardless of where the LLC is registered. Doing business can be as simple as making phone calls for the business.

@@HowtostartanllcOfficial which when to be paid on a 1099 for a few hours a week requires you to have a LLC make working not worth it.

Yes, it would be nice to see things become more small business friendly in California.

Thanks for watching? Here is a link to our "What is an LLC" article: howtostartanllc.com/what-is-an-llc

Here's a link to get started: www.fincen.gov/boi

So happy to help. Thank you for watching.