Avoiding the Risks of a Single-Member LLC - All Up In Yo' Business
For more on single-member LLCs, watch 'How Do I Pay Myself in a Single-Member LLC?' at • How Do I Pay Myself in...
Forming a limited liability company can be a great way for business owners to avoid personal liability for the debts and liabilities of the company. However, being the sole member in a single-member LLC carries with it an enhanced risk of personal liability by creditors piercing the corporate veil and the alter ego doctrine. If the assets and the actions of the LLC are so intertwined that the LLC is merely the "alter ego" of the business owner, creditors may be able to pierce the corporate veil and go after the personal assets of the business owner to satisfy debts of the company.
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Пікірлер: 249
FitForChaos Thank you so much for the comment and the kind words! I'm very happy I could help.
Many of you have been asking about how you are supposed to pay yourself when you're in a single-member LLC. Well, I made a new All Up In Yo' Business answering that question! View it here: kzread.info/dash/bejne/mIufxKysY7uyotY.html
@LalaSpecific
8 жыл бұрын
+The Law Office of Aiden H. Kramer, LLC I am a local hip hop artist and poet. I would like to start sellling my music, brand, merchandise, concerts etc. I was told that I needed to register my stage name as a Company under an LLC. Do you know if this correct? Is it a good Idea to file on my own or through a lawyer?
@iamchelamarie
8 жыл бұрын
+The Law Office of Aiden H. Kramer, LLC Thank you so much!!! You are a God send... I now have clarity !!!
Thank you for taking the time to put together these great videos. You are obviously very good at video editing, skilled in your line of work, an amazing graphic artist and absolutely beautiful too. Big props for Yo' videos 👍🏻
Thank you very much for this! I am beginning an on-line business, and while I haven't decided what I'm going to be selling, I have been persuaded to be an LLC before I knew why I should. (and that may be another problem!) Your presentation, however, is most helpful. Frankly, for such a person as myself, who really hasn't had his own business before, your advice about the dangers of commingling funds, and that I should be keeping minutes of my conversations with myself, for my LLC's benefit, is invaluable. Thanks!
You have really grown as a KZreadr. Looking back at some of these earlier videos really shows how much (not that you were bad, just that your delivery is much more polished now).
Thank you for this helpful video! I just subscribed and will be watching all of your videos before I start my company. I appreciate all this info that you're sharing.
Love everything you upload on LLCs! So informative!
Love this better than the new for the sharing purposes ! 😁 I have shared it with 2 thousand members 2 groups ! Thank you for finding it here ... and thanks for your nice easy and humble way of illustrating things in your all videos ! 😍😇😍😇😌😌.. Keep going Best wishes 🙏
Thank you for this great information. I would have never thought about an Operating Agreement or Minutes or the Signature for a single-member LLC. Adequate Capitalization and no co-mingling of funds was already a no-brainer for me as I have run a small business in the past and had been given that great advice by a college professor. Thank you for the guidance and explanations for everything.
I just launched my LLC today and you are giving me great advice. I do know most of this but damn you are giving quite a bit of information out that you could be charging for lol. Thank you so much from this Wisconsinite.
Thank you Aiden. You are a good person. I really appreciate what you do on your channel.
idonthaveacoolname1 Great question! That may provide an extra layer of protection, but you would still have to follow to same corporate formalities and record keeping requirements. Plus, in order to retain the ability to control and manage the business, you may need to retain some % of ownership in the LLC yourself. The money and effort it would take to create and maintain an irrevocable trust solely for the purpose of protecting your liability would be much more than the effort it would take to run the business in a manner that would likely do the same.
I have been enjoying your videos. Soon I will choose the kind of LLC that is best for me. Your various videos are helping me decide.
Just put your dog's name as a partner and pay him with $3 bags of treats Minute meetings: sit, good boy, woof woof, get the ball
@allupinyobiz
9 жыл бұрын
Solid advice!
@valeeshahamiora306
9 жыл бұрын
All Up In Yo' Business by The Law Office of Aiden H. Kramer, LLC Honestly can that be done?
@sunshineloveyasharal4768
5 жыл бұрын
@@valeeshahamiora306 I'm wondering myself 🤔
@entrepreneurshipforfreedom8569
4 жыл бұрын
3 min meetings with your dog?😂😂😂😂😂😂🤣
Thank you for sharing this. Answered many questions I had but couldn't find answers to. Fantastic information and value.
Thank you Aiden, this was really informative!
Aloha Aiden from Oahu! I am in the process of forming a single-member LLC and I found your content to be very helpful. Thank you for deciding to share your valuable expertise with the rest of the world. I am now a subscriber. Michael Dillard
@keytlaw
6 жыл бұрын
very helpful
Thanks for this information, Adrian! This is very helpful for me who's contemplating forming my LLC. Much appreciated and God bless!
THANK YOU!! very good. thanks for doing this.
Oh gosh. This video is so valuable! I wish I had discovered your channel sooner. I will be catching up during quarantine, watching all of them. I have a question: what happens if you haven't been following all the rules you just laid out? Is it there ever a time it's too late to start while already running the LLC? Thank you for your time!
Aiden, thanks so much for that information and for putting it out free of charge.
@allupinyobiz
9 жыл бұрын
You're welcome! Thanks for watching!
Amazing useful information for starting out in a single-member LLC. Thank you Aiden!
Aiden, this video was so helpful. Thank you for explaining the process in detail. Denver, what a great city!
Thank you very much for taking the time to put together this presentation. The information you provided was excellent and invaluable to people setting up a new LLC! If I every need a lawyer I know who to call... Cheers, Greg
@allupinyobiz
9 жыл бұрын
Greg Allen Thank you so much for watching!
@davidhenriquez1109
9 жыл бұрын
All Up In Yo' Business by The Law Office of Aiden H. Kramer, LLC can i become a single owner LLC for a driving service i have given up on uber.i want to run my own company.is this llegal?
@Oshuin9
8 жыл бұрын
+david henriquez I heard about Uber and how frustrating it is. It's good to know that you are stepping out into your own. Good for you and I wish you the best!
@raysmobileonsitecomputerre2983
8 жыл бұрын
+Greg Allen This is valuable information and I very much appreciate it as well!
Well organized and well said. Thanks for sharing your in wisdom and information. You answered a lot of questions I had.
Thank you so much for your videos! Your channel is so valuable
Wow! Much needed information! Thank you soooo much!
Thank you very much for making this video. I look forward to speaking with you soon.
@allupinyobiz
9 жыл бұрын
Roddy Evans Thank you so much for watching!
Wonderful! Thank you so much for an awesome video. It answered my questions regarding LLC.
Old video yet still very relevant! Thank you!
Very helpful, thanks and blessings back at You!
Great Job Thank You For Sharing. I like both videos...
Excellent advice!!! I'll have to watch this again with my notepad!!!
@allupinyobiz
9 жыл бұрын
Brian Bradley Glad you found it helpful! My videos are definitely notepad-worthy!
Thank you for making this video it has been very helpful and educational!!!!!!
Thanks for your advice!
Sweet! I was going to watch the video again to make notes, but BLAM! You already put them in the description.
love this channel.
Thank you so much! I’m working on starting an Healthcare Clinic in Seattle Washington and this was very informative! ❤️❤️❤️
Thank you so much! Insightfully helpful. Thank you!
i like her she seems to know whats up
Aloha Aiden! I'm an accounting/tax professional, but I'm having a question that I'm pretty certain you will know. I'm working with someone who has a SMLLC and bought a vehicle in his name, to be completely in the business. So for tax purposes the SMLLC is disreguarded (as I'm sure you know!) but I'm assuming that the business can't pay his vehicle payment and the insurance - because they are in his name. However, he purchased the vehicle for the business, so could he put the vehicle in the business name? Or would lenders not do that because it's a SMLLC? If he could get the vehicle in the business, then could the biz pay the bills? Otherwise, with the van in his name, we have him pay the car payment and insurance and then reimburse him through the biz, which is the route I've been thinking we should do for maintaining the LLC... I appreciate any input! If you ever have tax Qs - feel free to send them my way!
The Law Office of Aiden H. Kramer, LLC very informative vid. It has made me aware of issues that I had not previously taken into consideration. Glad I came across your vid prior to forming the LLC. Thanks!
GREAT JOB ON DELIVERANCE...THANKS
Great video ! Thanks !
@maliaowens7302
2 жыл бұрын
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thank you for the help!! im going to look through more of your videos.
@allupinyobiz
9 жыл бұрын
You're welcome! Thanks for the comment!
This is amazing info! I'm getting ready to start an LLC in CA for a tour business and even though this is CO so much translates over. Thank you for posting! Also if anyone reading this has already formed their LLC (esp in CA) what info belongs in the "Entity Information" section of your Mail Submission Cover Sheet to the Secretary of State's office?
I may need to visit you. I'm located in Fort Collins but am down in Denver from time to time. I am on route of starting my own company and could use all the knowledge I can get. Thanks for posting the video, definitely helped me understand things a little bit better.
@allupinyobiz
7 жыл бұрын
I am happy to help! Feel free to shoot me and email or give me a call if you want to chat. Thank you so much for watching and for the kind words!
Thank u for your sharing info with public
You are awesome! Thanks for the information.
Thank You!
Thank you! Subscribed!
@allupinyobiz
4 жыл бұрын
Thank YOU!
Thank you!
Thank you! Great video!
That last tip was on point
Thank you for sharing your knowledge =]
Thanks for the info
Great information. Thank you for sharing.
Thank you for sharing...
This was very good info, thanks!
Very informative and easily understood. Great Job.
Thanks for such wonderful videos! I had asked and asked for help even of my own CPA and no help, no information on these topics. Can you talk to us a little bit about how to set up FICA for an LLC? Like how to calculate what you need to set aside for Medicare etc... is it something that I can do as an LLC member or does my CPA have to do it for me? And also how can I pay myself a weekly or when biweekly salary when I don't seem to be producing enough to give myself that money?
Aiden, On my bank cards and credit cards, my business name comes first, then my personal name. What is the best practice for entering the "Name" in a web form for online purchases or setting up direct deposit? Thanks so much, your video are SO informative and your are excellent at explaining these complicated concepts.
Awesome video. Thanks.
Your awesome. Thank you. ( a person who is starting up a business )
@allupinyobiz
9 жыл бұрын
Thank you! I think you're awesome! :-)
Keep up the good work shipmate.
This older video recirculated for myself. I am wondering if you would suggest as a family business ( Myself) sole owner - member, to try and bring on board another "member" such as my spouse?
Very Informative! Thanks!!
Such a hot lawyer!
Thank you. Thank you. Thank you 😘
AMAZING VIDEO!!!! THANK YOU!!!
Hey Aiden, great information!
Awesome job and great info...
Hi Aiden, I watched the new video you made on this same topic but you left out the part where you mention "making a capital contribution." I had to come back to this video in order to find it. Just thought I'd let you know.
How much capitalization is considered "adequate"?
thanks again
Thank You Aiden although I live in New Zealand I still found Your Information valuable. When googling for Register an LLC in NZ there wasn't much at ALL for or from New Zealand here in You Tube. ^_^!
What are you supposed to do if you've already paid for certain things (website etc) from your personal paypal? Is it possible to rectify this oversight after the fact? Is the rectification process different if you've already created the LLC vs. if you're creating it after the expense (such as building the website)?
Hello..Very informative, entertaining presentation..I was thinking of starting a company in which I would promote shows or parties. I was leaning toward a single member LLC but on the fence because of the risks as you explained so was thinking of adding a member with small percent ownership. I would be renting venues so if someone were to get hurt at one of the events could they sue my company or would it fall on the venue? I am aware that if someone sued me for something personally they could go after the business finances, but if the scenario I explained fell on me would someone be able to go after my personal finances?
Thanks Aiden! This informative video was fantastic and just what I was looking for. Do you have any other videos to assist "Members" of LLC 's which provide professional services? I.e., how Members should pay themselves salaries, etc.?
@allupinyobiz
9 жыл бұрын
Thank you so much for the comment. I am very glad to hear you found it helpful! I do not currently have anything that addresses that specific topic. But if you have a few general questions that you would like me to answer, please email them to me at aidenkramerlaw@gmail.com and I will try to make a video answering them very soon!
Does choosing my LLC to be taxed as an S-Corp vs sole proprietor help with avoiding personal creditors piercing the corporate veil? Can I choose to taxed as a sole proprietor and later change to be taxed as and S-Corp?
I know you want to get rid of this vid soon but this info seriously helped me! The new vid is nice too though - don't worry, you look great ;)
Hi great video .. question - I wan to open my business to work on getting government contracts ( I’do this for my boss) so I know the ins and outs. Being it’s close to the end of the year. Should I get my llc sole proprietor then once I get sales up move to a c Corp? Is it worth to get it done now end of the years or wait till next years so I don’t pay extra fees to keep my llc going or should I just wait?
Very informative.
Good Evening Mrs. Kramer, I am a active duty service member that has been renting my properties out in Florida. After return from a recent 8 month deployment i have decided to purchase more properties in FL. However, i am struggling with the idea of should i start an LLC to protect myself. thank you your assistance,
You just helped me soooo much thank you :)
Very helpful. Thank you
Thanks!!
Great information! If I live in Florida & my business is Ohio, where should I file my LLC? Thanks in advance
Thanks
Aidan, I meant. Thanks!
Thanks you so much so much good information I was just still here wondering what would be the best way to start a .llc
What if we just became an llc in January and made a lot of these mistakes but are trying to get correct now.
Very Good!
Thank you......
@vickiewoods7134
6 жыл бұрын
I truly thank God for your office and you. I believe he's using you in such a great way to help other. Truly bless you.......
Cool videos. Very informative..thanks for this
great info
If you choose a SMLLC with pass-through Taxation do these rules apply? (keeping minutes, paying signing as if your doing it for the company etc.) Or if I choose pass through will that all be a waste in the event the company is sued
Thanks so much for sharing that! Very very very helpful! Just one quick question. Im starting an at home business. When I register my business as a Single Member LLC will I have to file two federal taxes each year? Personal tax and the LLC separately?
@allupinyobiz
9 жыл бұрын
Great question! No, you do not need to do two separate tax returns. The LLC is a pass-through entity, which means all the profits to the business are treated as personal income. You will just have to use Schedule C to show the profits & losses to the business. Thanks for watching!
@haleemasboutique
9 жыл бұрын
Thanks for your response. you videos are very helpful
Hi, I am in the process of forming a single member LLC for publishing, and I have a quick question to ask. I've been told to have insurance, personal, in the event that I should be taken to court and that either the court/judge decides to pierce the corp. veil. Would you happen to know what type of insurance plan I should have? I highly doubt it would happen, but it is always better to be prepared. Thank you to whomever answers my question.
I'm semi-retired, just moved to a different state. In setting up an LLC in Arizona, is it necessary to get a PO Box or can I use my home address? I realize it's public record, I never used a different address when I was a sole proprietor. Like to not have to use a different address. Also, I've always used my personal email. Can using your personal email and home address possibly cause a problem with the corporate vale?