It’s an 8 minute video and you explain everything well, lol people are just complaining. Thank you!

@jimhart

Жыл бұрын

Glad it helped!

YOU NAILED IT. Finally pulled the plug, and my exact words were, “Time to build something Great”, on my time, on my dime, on my terms. Taking things to the next level, here in FL, and you said exactly what I had said, WORD 4 WORD..... Cheers

@jimhart

4 жыл бұрын

😊

@nickcangelosi1836

4 жыл бұрын

Hawthorn Law Registered Agent? Filing this week, FL. Connect - shall we? ncang001@fiu.edu I’ve got great funnels in FINTECH, would be stupid if we didn’t connect. Cheers NJC

out of all the videos on KZread this is the guy that truthfully tells you the business and not just a business plan, and all the money starters he gets to the legal stuff and I love

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Thank you for your uploads, opening a Hydroponic System Installation and service business here in Illinois. This is my 1st business and learning about LLC’s and such have been a challenge but your videos have simplified alot. Thank you

Man these videos are an amazing help. I gotta say thank u. Im a young entrepreneur and these help ALOT

As a new business I don't make a lot of money yearly, yet. Apparently I have been doing it wrong as I have not been paying myself, I was and still am caught up in just building the brand name over the last 1.5 years. I appreciate your straight forward and easy to follow advice.

Definitely binge watching these. Very informative and helpful. Thanks. Peace, love and joy. Godspeed.

Good stuff, Hawthorn Law. Lost me a few times thou when you started talking about an S-corp, and then back to Single Member LLC.

@sincerejusticeallah5679

4 жыл бұрын

A s-corp is not a separate entity. It's only a tax status.

great video and always informative! wish you nothing but success!

Your videos have been very helpful. Thank you!

Your videos are freaking AMAZINGGGGGGGGGG subbed and notifications on!!!!!!

Thanks for the last 3 minutes of the video.

i loved how you made a joke at the end. very humble of you sir. on another note, you explain everything very well, you have an organic way of presenting the information. i devoured every bit of info i could.

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Thanks for sharing! 🙏🏾

First off, this information is incredibly helpful and valuable! Second, the audio sounds great compared to the office videos and it's much more enjoyable visually with the serene backdrop of the forest. Thank you for making these videos.

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3 жыл бұрын

I like the bird sounds - super easy to relax to!

So refreshing. Thank you for sharing this valuable information that I needed for closer to a confusing definition for "disregarded entity"

@jimhart

3 жыл бұрын

You are so welcome!

Thanks man ! This gives great insight for navigating first tax year for how to pay myself.

Thanks so much for these videos. They are so helpful. :)

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Info starts from 2:27...Real info starts around 7:00...

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4 жыл бұрын

Arina Savva -thank you for the info. Too much rambling

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4 жыл бұрын

Omg so much rambling Jesus

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4 жыл бұрын

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4 жыл бұрын

@@The99dragon 3 drinks was just enough for me.

@AS-zn3zd

4 жыл бұрын

Meta u could use ur advice to yourself. And, logically.. having channel doesn’t give right to waste people’s time.

so glad I found you!

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I needed this information

Thanks for sharing. Very easy to follow, but I got lots more research. Want to start my own business and this is a great jump start. Thanks again.

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Hey great video!

In a start-up, I worry about siphoning off cash flow as income rather than reinvesting back into the fledgling business.

Excellent presentation. Thank you

Nice job, Jim...will be in touch with your firm.

Great content

Thank you!

Very clear. Thx

Omg so if I am as busy as I am LOL in my business I barely have time to do anything it's such a high demanding job I guess I just got to get some legal help it's just too much but your advice has helped me greatly and I really appreciate your videos thank you for that

Great job. Very helpful. I have a question... I have an LLC in Louisiana, can I operate in Oregon as a foreign entity or should I just start a new LLC in Oregon?

I have a question when you mentioned having four bank accounts. DO you mean having your own personal bank account where you transfer the money from the LLC to yourself? The other three bank accounts for Taxes, Expenses and Profit, Those three accounts are checking accounts for the business? and lastly Can you add a savings account to the equation for your LLC ? When you say Taxes do you mean the money you have to pay for taxes preparing , accountant and a bookkeeper? is that what you mean by that? Thank you I love your channel.

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Great information

When are your next round of classes starting? I’m on the waiting list

I really like the birdsong and the background of this location, a pro for sure!

Thank you!!!!

educational and entertaining

Wouldn't "owners pay" be your regular checking account? Or is that different?

Nice coffee mug.

Thank you so much

Very helpful

What if the LLC started makes less than $10,000 annually and the product it makes can't be insured?

Hello, I just applied for my LLC, currently waiting for approval, if I'm understanding correctly I can still be classified as an LLC and elect S Corp and my filing status and use GUSTO to pay myself a salary?

thanks MUCH!

Thank you for your help, just opened my llc was lost how to pay me. Thank you

So are you saying that if and when I start paying myself I have to switch my LLC over to a S corporation?

I'm looking forward to reviewing your series. I have a question, if I may...Do you have any advice or can you point me in a direction to understand more w/ this scenario... I'm currently building a marketing business to eventually fund a move to Hawaii, of which I plan to start a specific agricultural (farming) business, of which I would purchase some acreage & also live on the same property...The objective is to keep the property & business separate (and protected) from my personal income. Is there a way to set it up so that I won't have to worry about tax mistakes from my past haunting my retirement plan, which would be this property & business? I'm not being perused in any way at the moment, not do I have any judgement liens. My only concern is that once I show the assets or income, then they might take an interest. Any advise would be helpful. Thank you.

@jimhart

5 жыл бұрын

Feel free to schedule a call and we can talk this through. www.hawthornlaw.net/consult/ Thanks!

I’m so confused about having multiple bank accounts because I’m wondering which banks actually allow all of that .

@stephencollet7070

3 жыл бұрын

Wells Fargo

@narafcis7234

Жыл бұрын

@@stephencollet7070 😂😂😂 the shade

i just bought my first investment property! i have to live here for 1 year because it’s fha- with that said, should i transfer the deed to an LLC before i rent it out? or should i leave it with my name?

Referring to owners pay, can that account just be my personal banking account. And I just set up different accounts for mt taxs, profit, expenses? Also is profit not my money that I would be paying myself ?

also if you suggest that i don’t form an LLC for my first investment property, my question is, At what point should i form an LLC?

Like the ideas on paying yourself. I'm basically a farmer or rancher. I have expenses all year long but 100% of my income comes in with in a 2 to 3 month period. Any hints or tips for me?

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Say Jim..... did ya ever get that white board?

Yes!! That's the fear! Not understanding how to file taxes and how I get paid or if I get taxed twice.

Trying to avoid double tax .

If you pay yourself as an S corporation you will have withholdings, state tax, FICA, FUTA and SUTA taxes to pay. On the other hand, if you pay yourself by writing a check wouldn't you still have to pay those taxes? How do you pay those taxes in this case?

So if I pay myself in a single member LLC does that mean 1) My LLC would give me a 1099-misc for taxes? 2) Would I still file my taxes with my LLC on my personal taxes? (California)

Question, what if we are two partners but I applied for a LLC EIN with the IRS. Is that ok ?

Great information but get straight to the point

I have a single-member LLC Holding company. I have 3 LLC's under the one holding company. I work as a managing director of 2 and my new wife work for the third one. How would we pay ourselves when some months are better than others financially.

Correct, I am scared I am going to pay myself wrong, too much or too little

Thanks

Yes the concerns are around income tax burden...

Hey magnolia is right down the street from me! My bosses other business is actually doing work there.

So, if you have an umbrella company (UC) that has 3 businesses (non-profit and for profit) under it, can I set the UC as the operational for all monies to funnel through so that I do not do a financial statement for each one?

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Where to find the free training “everything about LLC”

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Can I set up a business Trust and write the business Trust a check instead of myself and use the Business Trust to pay my personal bills instead?

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Can I file my single member LLC separate from my W2

when u say 4 accounts u mean 4 different bank accounts? also do you have to pay yourself the same amount each time or can it go up and down depending on sales

@jimhart

5 жыл бұрын

Yes - 4 accounts. No - You don't have to pay yourself the same amount.

@matt8953

5 жыл бұрын

Ok thanks!

@VoodooPriestMan

5 жыл бұрын

@@jimhart you just gained a new sub .. Are these bank accounts checking or savings?

@33ladyRAM

4 жыл бұрын

I'm glad I found your post as I was like...dang I need 4 different accounts now and was totally confused.

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It seems like its way easier in most cases to not opt as an S-Corp. Less paperwork, stress over what is "reasonable", etc. Plus, you can allow the company to pay for things. Unless your company is making like a ton of money.

@GetHelpTax

4 жыл бұрын

Easier in the sense of less paperwork but if you're making enough money having an S-corp can be a great way to save in taxes!

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I think the audio quality was fine in the office. Here I notice a little bit of ambiance, e.g., birds, white noise, but it's not bothersome.

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Why not just have a two personal checking accounts. One for the owner's pay, and one for the taxes on the profits of the business, for which the business owner will be responsible for? Business expenses can be paid out of the business's checking account.

How do i get my investment capital back- outside of a salary?

My husband and I want to start our business and it’s just us two as owners at least at first, do we need an LLC or one of the other corporations? I’m just starting with my product idea and dont know where to go next Thank you! 🙏🏻

@Mjandnaddie

4 жыл бұрын

I believe an LLC protects you. It makes the business its own entity, separate from you, from the world of lawsuits. You want that especially as a small business owner. My husband and I are starting as well. This is all overwhelming. But he is the sole owner. Not even sure if I should add my name or not. But good luck to you guys.

@KarawithaK

4 жыл бұрын

Ne Williams thank you! I wish you the best in your business as well!

@GetHelpTax

4 жыл бұрын

There's no requirement to set up an LLC. Sometimes it's better not to be a corporation or LLC and just be a DBA (doing business as). At least until your business starts making money.

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So a handyman business would want to be an individual llc?

So if you choose to do the second option for paying yourself as the owner. What happens during the next year when its time to file your taxes?

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I have a friend who has a disregarded LLC & pays himself through payroll & his tax at the end of the year is very low , is that legal ? Lol

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How do i pay myself back from initial investments i did to open the business? I don't want to have to pay taxes on my money again.

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Is there a way to pay yourself as a subcontractor? Avoiding the payroll taxes and being taxed twice...

In the video, you said, "...make sure your LLC is properly capitalized..." what exactly do you mean by that?

@jimhart

3 жыл бұрын

You can’t take all your money out of the LLC to avoid liability

I live in NYC. Can I create a LLC in another state such as Delaware or Wyoming?

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Does paying youserlf in a Single Member S Corp follows the same protocol?

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What’s the link to the bookkeeping service for $50 per month, please and thank you?

@GetHelpTax

4 жыл бұрын

We'd like to find that out too. Wow!

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What happens if I decide not to pay myself and leave the money in my LLC business account? How can I proceed in that case? How would that work?

@angelaburress8586

3 жыл бұрын

Why would you do that??? In essence then you’re working for free

So you're taxed on both the "owners pay" and the "owners profit" correct? And the "owners profit" is really there to show that you have money in your business to continue running it aka the business is capitalized...correct?

@GetHelpTax

4 жыл бұрын

That depends on how your business is taxed. You'll pay tax on your profit either way. The difference will be on the amount of Social Security and Medicare you end up paying.

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What if I’m so new I haven’t started anywhere... I want to invest all the profits to help the new LLC to grow. Do I still have to pay myself?

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@SoirEkim

4 жыл бұрын

Terry Asiedu, Got it, thanks.

What sort of law office should I look for to find local help

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hey wanted to say love your videos but i do have a question i'm hoping you can answer. can you become a tax preparer with an LLC

@rodgeralien4684

4 жыл бұрын

CluelessQube that’s my question as well I’m starting a LLC and ima tax preparer

@WATTASTACK

4 жыл бұрын

Rodger Alien yah man sucks my answer still wasn’t answered

@WATTASTACK

4 жыл бұрын

Rodger Alien how long have you been a tax preparer?

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can you speak to those first few years where you are not making enough money to pay yourself. For profit

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I have a llc carpet installation business I get a 1099 tax form after deductions.I am left with nothing can't get a home loan what's your best recommendations for my situation

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4 жыл бұрын

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4 жыл бұрын

@@user-zt6bt8dp2c I rather not go that route guess I'll just pay back for 2 years show at least $40.000 income tax for 2 years for the traditional mortgage

@rodgeralien4684

4 жыл бұрын

pops1 pops1 I think u should have done it as a LLC pass through entity where u file it on ur taxes and not you being paid through 1099

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Wondering why your talking about scorps when the title involves llc...

@SAVAGEoLIFE

3 жыл бұрын

Because with an llc you can elect to be taxed as an scorp

Hi I just opened a single member INC how I pay my self

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You mean there will be Money 😁

This video pretty much refers to other videos the watch

Do you engage in 1 on 1 consultation by chance?

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Is it legal to pay yourself once a year?

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Can I send you a coffee mug?

@jimhart

5 жыл бұрын

Absolutely!

That's the exact fear that I was worried about!

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3 жыл бұрын

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