Thank you for watching! I just announced a new FREE training that reviews the exact 10 Step Process I use for starting an Online Business: www.obfoundations.com/10steps

@FreeTraderFREEMAN

5 жыл бұрын

Can you create a LLC when you are a stock market trader?

@angellove8233

5 жыл бұрын

Aw man very good video thanks

@moneyfindersllc6236

5 жыл бұрын

Can you go over how you pay yourself in an "S Corp" scenario?? I know you did a talk for the Single Member LLC. Thanks!

@alexrileyfoxhound5453

5 жыл бұрын

Hawthorn Law In a single member LLC are you tax on gross sales or, after all business expenses, net sales?

@overthis

4 жыл бұрын

If your LLC gets a fine, and it bankrupts it, what is your personal liability?

Your videos are very informative and straight to the point. Thank you so much for helping us small business owners, I also appreciate the simplicity of your explanations. I never leave your sight wondering... and for whatever reason if I do have a question, guess what? You made a video for that too

Awesome videos!!! Quick, clear, and to the point. Really appreciate this advice! Especially from an attorney!

I’m so glad I found you! Thank you so much for your videos! They’re very helpful

thank you for speaking clearly and staying on point, you're awesome at explaining this. keep it up :)

great stuff man. thanks. as a newly LLC i will definitely consider this as well as your business.

I really appreciate you speaking about Profit First, I think it's a book/syster everyone should know about.

thank you for taking your time and sharing this information I do appreciate it.

Great video! Thank you so much for the break down of accounts! Love the sip at the end too lol

@jimhart

5 жыл бұрын

You're welcome!

Excellent informative video. I like how you mentioned a threshold for S corp netting etc. Many people will start to learn from this video.

Due to your recommendation, I purchased Profit First. Thanks for this great info, and the solid book recommendation.

@jimhart

5 жыл бұрын

Yeah - it's a good one!

So, this is why I was having to file quarterly. Thank you for the education. Great video!!

Thank you so much for the information I so needed that course!

Got an LLC for a t shirt business, I’ve been too busy to get started. Since I’ve bought the equipment little by little and I work 70 hrs a week. I don’t know what to file since I’ve actually not made any money yet.

@Stealthyz420

3 жыл бұрын

did your biz succeed?

@rufus5208

3 жыл бұрын

How has your business performed?

Thank you for this video it reminded me of back in 1992 when I began working in the computer industry I wanted to incorporate and looked around at various ways to do that. I was at a meeting with the IRS where a fellow engineer had formed a K Corporation and it was the worst thing he could have done for various reasons, mainly Healthcare options. I then began to do research for the companies that I would work for and I found some striking similarities that Intel, Oracle, IBM, Microsoft, McAfee, all of the Silicon Valley companies except Hewlett-Packard back then were C corporations based in Delaware. I found a place that would incorporate me as a C corporation for $300 and I Incorporated. It was a great learning experience I will also never forget the day that Intuit threatened to sue me when I reverse-engineered their QuickBooks Pro database to fix a bug in their program regarding employee training tax! The other humorous moment that sticks in my mind is when my contract at Intel had finished and I went to collect unemployment at the local EDD office she asked me what happened I said those horrible corporate moguls let me go! We then commiserated for a few minutes I didn't have the guts to tell her I was talking about myself! Even though I realize now there was some minor double taxation which I minimized it was still a great ride!

Hot damn! I'm definitely calling you when I need help. I live in FL!

Thank you for this super helpful video! I'm doing research on LLC's. Your video popped up on my home page.

Thank you Sr for all that great information, has been really helpful!!👍🏽

Thank you so much for all your great information! I will definetly consider booking a call with you as your fee is very reasonable, and you are knowledgeable and sincere. I just formed a single member LLC and yes its for ECommerce.

@BTFOOMNY

4 жыл бұрын

talk to a local CPA as soon as possible. You will probably have to collect sales taxes on the sales in your state. That means you need to register and file sales tax reports.

I'm listening, keep it coming, thank you! !

@jimhart

5 жыл бұрын

Thanks!

you guys have to keep posting, much more about Corps etc

Love the videos keep them coming, just joined the notification squad

@jimhart

5 жыл бұрын

Thanks Tammy! I’ve been taking some time off this summer but will be back at it when kids go back to school!

MAN, I COULD HV LISTEN TO U ALL DAY ON DAT NOTE !¡

I’m still confused. 🤪

Great information and thank you!

So the LLC needs to have 3 business accounts: Expense, Taxes and Profit. To avoid a high tax on all profits, what is needed?

Thank you very much for the information in this video.

5 seconds into this video, love it already "hey there party people" haha ; thanks for advice in rest of video!

@jimhart

5 жыл бұрын

Welcome aboard Gabe S! I just want to let you know that if you have any questions or a topic that you want me to make a video about, just include the hashtag #hawthornlaw in your comment and I'll see what I can do! If you haven't already, please check out my channel to see all of the topics that I have covered so far: kzread.info/dron/6t5e6r-JEVoz_yn6SdvLRw.html I look forward to seeing you on the channel!

Amazing video… Thank you so much for this really insightful information! God I needed to hear this❤️💯👍

Thank you. You just confirmed that I need an accountant

@BTFOOMNY

4 жыл бұрын

good answer.

This is so so helpful thank you !

@jimhart

5 жыл бұрын

You are very welcome!

Great advice Mr. Hawthorne. I always thought about paying myself and I didn't know how to now I know.

@nicoleforbes876

7 жыл бұрын

BIG DICK WILLY d thanks but no thanks. I'm doing very well!

@haviporaqui6332

6 жыл бұрын

She's a cutie

@hitman17021

6 жыл бұрын

Havi Por Aqui thanks

@jimhart

6 жыл бұрын

Thank you!

Very informative video and helpful tax tips on doing this as an LLC vs. a S-Corp.

Very helpful info. Thanks for your time on this matter!

Thank you by the way. Appreciate the information!

Hi Jim. First, thanks for all your informative videos! I've learned a lot! Secondly, while you were discussing that 'profit first' method, you spoke of categories how you could safely manage all money coming in. I caught the 30% for op expenses, and the 3-6% for taxes, i think it was. What are the other recommended categories? Thanks again!!

Thanks man. Great tips!

Thanks. You make me feel better. I thought I was ripping myself off on my taxes by not having a s corp for all these years. 35k to 50k net income is reasonable salary at the minimum. Nobody else has that answer. 👍🏻

@jimhart

5 жыл бұрын

You're welcome Jeff! Thanks for the comments.

VERY Helpful! Thank You

@jimhart

5 жыл бұрын

You are welcome Austin!

i wish there was a way to pay yourself distribution through intuit payroll. Great content and straight to the point man. Worth subscribing for sure.

@jimhart

5 жыл бұрын

I think you can do that too. I was just illustrating how easy it is to pay yourself with an LLC.

Awesome video thanks! I subscribed.

Wow, Jim, I'm very glad that I chose your video. You are very informative. I might have a few questions. Here maybe within a few days or so. But I am trying to start my own LLC Business.

@jimhart

9 ай бұрын

Glad it was helpful!

Thanks for this great information it’s really helpful. God bless you 🙏😊❤️

Question if provide a service also working with my team of contractor - do I pay my self like the other contractor or after profits of any are left over ? Some guidance is very much appreciated

1:30 that's a check. Slow down I'm taking notes...

@howardOKC

4 жыл бұрын

I am still waiting on you finishing the notes

I am a single member LLC for a rental property. When the rental income goes to my business checkings and I write a check to myself, will I get taxed for that at end of year?

Great useful info presented clearly! Thanks

Hey thanks so much for these videos. I am starting a Epoxy countertop and Table business and I'm using Legal Zoom to get my paperwork completed. But I have no idea how to pay myself or how much. Also, my expenses will largely be materials from Home Depot and an online distributer. Should I get a business credit card and then pay from my business account every month?

So for an LLC, since LLC has to pay self-employment tax of 15% on gross income, with the way you allocate money into 4 separate accounts described in this video, which I think is a great way to do it, besides allocating that 20% of 30% of your Expenses account for paying tax, shouldn't we add another 15% for self-employment tax? Thank you.

In an LLC can I set up a separate "contingency" account with, say, 2 months of operating expenses in case of an emergency? Would the LLC be forced to distribute those funds or the member(s) pay taxes on them at the end of the year? I am really trying to start this next venture right...

thanks for your video I just switch my company from S-Corporation to Llc . I was told Llc is better.

Could you make a video about LLC file taxes? such as payroll taxes? thank you

@sethmacomber3497

7 жыл бұрын

Hong Sok There is no need for payroll taxes if you're paying yourself in a single member LLC.

@sethmacomber3497

6 жыл бұрын

they better not have a c corp lol that would be horrible haha s-corp would be good though

@raseanpowell5695

6 жыл бұрын

Honest Sok

@jimhart

5 жыл бұрын

If you elect S-Corp status you may need to pay yourself a salary.

@cinnamonbagel5914

5 жыл бұрын

Hong Sok I would like to know as well

Very useful Info. Direct to the point.

that intro tune is LIT!!!

I've learned a lot and I recently am a new subscriber. I noticed a lot of times in your videos you talk about S corporation and LLC I'm not sure what really those mean or if they're any different from regular incorporation or regular proprietorship.. I would like to have more details on what these letters and types of businesses are.

Thank You Very Much, Brother, Good Stuff!!!!!!

@jimhart

5 жыл бұрын

You're welcome!

Hi. So when I write a check from my business to me for some spending money in the note section of the check I just write member distribution? Correct? Now I use Quicken to keep track of everything. What would I list paying myself as in Quicken? Would be considered an expense to my business? What do I put for the memo and category. So confused :-(

Awesome videos and info. You have a new subscriber!

Hello, thanks for the info. Here is my question How do you create a holding company and baby llc's for your bank account.

Great info - thank you for the video!

Good stuff thanks man

You are the man 👍🏾

Can you do a single at first and then as it grows if I need to have employees switch it?

#hawthornlaw what software do you recommend using when you have LLC for accounting and tax purpose?

Thanks a million!

Thank you!

im a film maker and designer I just formed an LLC and opened a business account please give me any advice

THANKS THIS HELPED

Cool intro. Great video, thank you.

Great vid. Do you only help entrepreneurs in PA? Or nation wide

Wow. I paid a guy $300 for this info a few months ago. Smh 😩

@sophisticatedlady6352

4 жыл бұрын

br3wskee 🤫🤫🤫🤫🤫

@sirshortsalot117

4 жыл бұрын

Yeah that's accountants for you every minute is billable.

@xlClampy

3 жыл бұрын

Evil Ghandi dude why are u mad

@sirshortsalot117

3 жыл бұрын

@Evil Ghandi Well they might as well be fast food employees cause they just got this info for free. So the $300 might not have been worth it.

@sirshortsalot117

3 жыл бұрын

@Evil Ghandi I understand free market and that's why this dude on youtube giving free advice quicker and better than what a scheduled in person, and potentially unhelpful appointment is. I want more market competition with lower prices and better service so that would be a no for Biden. Nothin for nothing. Don't worry I'll still be paying my competent accountant a nice fee for his expertise this april. Not trying to discredit but there are some situations where free KZread is better and others where you need the pro no doubt.

what if host 2 events per year (as a single member llc) january & july. when would i have to file my taxes? quarterly or is there a once per year "at the end of the year" option? since i'll have a 6 month gap without no income // 8 overall months without business income.

@jimhart

5 жыл бұрын

Every situation is different. I would talk to an accountant.

A good infomation. Thanks. I have a question. I incorporated my LLC at Michigan state but EIN have an address at Illinois state. Where should I pay taxes?? MI or IL??? I'm so confused

Intro is the best.

@jimhart

5 жыл бұрын

Thanks for watching Richard Lorion! I appreciate it!

great info. thanks a lot for making those videos

@jimhart

5 жыл бұрын

You're welcome!

Good Stuff Brother, Thank You, straight to the point.

@jimhart

5 жыл бұрын

You're very welcome!

Thank you sir! You were very helpful. I needed someone to break down how to pay yourself...not knowing what items should be withheld; taxes, owners profit. I am very new to running my own business. Are there forms out there that will help you see what percentage you should be withholding? Or samples to learn off of?

This is a good one!

@jimhart

5 жыл бұрын

Thanks!

Love your videos

very good, let's hear about, How to Pay Yourself in a S Corp.

Can you do a video with specific focus on S-corp paying yourself, tax, and other legal nuance please?

@jimhart

5 жыл бұрын

Hi William - Thanks for the suggestion! I'll add it to the list of videos I'm working on.

Awesome Video!!!

How do I apply for ownership of a slogan of which I will also use as the name for a support group and eventually ,a non for profit organization. I'm in Ga.

great info.

You mention member distribution, does this also apply to if one chose the manager managed type for their LLC? 🤔

thanks for the valuable information!! may you consider doing a video on How to Operate a small business as a veteran owned business??

Thanks for the video. Question. Can I start S corporation without ssn. I have only ITIN number.

What are your thoughts on the TDA

Thank you for this wealth of information. Is it ever better to choose sole proprietor status? What are the benefits of choosing a sole proprietorship?

Is 25% of the company's funds, salary to the functioning owner/mgmt/exec reasonable?

So DBA/LLC (sole proprietor) is pretty much the same. Which do you suggest to save on taxes?

Thank for you video.

Do all the members have to sign the operation agreement in CT, 4 members One of the member refuse to sign?

@BTFOOMNY

4 жыл бұрын

all members have to sign. make him an employee.

I started an multi-member LLC as a contractor and was asked by the contract hiring agent if I pay workman's comp. Is this necessary and how do I go about setting this up? Thank you.

Ok. I was able to follow .Thx

@jimhart

5 жыл бұрын

Thanks for watching Y. Voghn! I appreciate it!

I know this is an old video. But question, as a single member LLC, do I also need to pay the reemployment tax from Florida. Or unemployment tax if I am in another state?

@BTFOOMNY

4 жыл бұрын

Only for employees other than yourself, and only in the state the employee is working.

I'm confused, under a Sole Member LLC, wouldn't you get taxed on all profits, not just those you put into an "expense" Account?

New subscriber thanks so much!!

@jimhart

5 жыл бұрын

Thank YOU!

Great info!!

Just sub. Love your info