Thank you for this information I’ve been looking forward specific to videographers!

@ryansnaadt

2 жыл бұрын

My pleasure!

Thank you for these videos. I am trying to start up a videography business and hope to be able to grow enough to do this full time.

@ryansnaadt

2 жыл бұрын

That’s what my whole channel and online courses are meant to do, you are in the right place!

Thanks for the helpful information! I want to make sure I am doing everything legally with my business and you put me in the right direction. I appreciate it

@ryansnaadt

4 жыл бұрын

Glad you got some Value! What other questions do you have?

Thanks man, super cool video and well done.

@ryansnaadt

3 жыл бұрын

Thank you!

Wow this is extremely helpful. I’ve been stressing out big time on all of this info

@ryansnaadt

2 жыл бұрын

Happy to help!

Thanks man, I love it and this helped me TODAY!!!!!

@ryansnaadt

3 жыл бұрын

Glad to help!

I operate under Paramatrix Imaging LLC. I just started and wasn’t sure. But, I did this immediately starting. Main reason for this was to establish early as possible so in the future as I scale, I will have that time established with DUNS and Bank if I need to take on A little debt debt to fulfill the business plan goals if the customer base supports it. My thought process is right now it is slow growing but in 3-5 years i will have that time documented and established and not wait until I need that documentation to make the change and start documenting it. Hope that makes sense. I really enjoy your content. Thanks for your knowledge!

This was super helpful, much appreciated!

@ryansnaadt

2 жыл бұрын

You bet thanks for watching

This is exactly what I needed. Minus QuickBooks, eff those em-effers.

@ryansnaadt

2 жыл бұрын

Who hurt you from Quickbooks? Lol

Aye i appreciate you making this video!

@ryansnaadt

4 жыл бұрын

That’s why I’m here my man

Definitely needed this

@ryansnaadt

3 жыл бұрын

Thanks for watching !

Super helpful!

@ryansnaadt

Ай бұрын

Glad you like it

Awesome advice dude!

@ryansnaadt

2 жыл бұрын

Glad you liked it !

Thank you! Subbed!

@ryansnaadt

3 жыл бұрын

Thanks for watching!

Thanks man I needed this 🤝

@HermanCaesar

3 жыл бұрын

Cool shirt btw!

@ryansnaadt

3 жыл бұрын

No doubt!

Single Member LLCs and Asset Protection In some states, it's not clear whether single member LLCs will receive the same liability protection from personal creditors of the LLC owner as multi-member LLCs. The rationale for limiting an LLC member's personal creditor's remedies to a charging order is to protect other LLC members from having to share management of their LLC with an outside creditor. There are no other LLC members to protect in a single member LLC so the rationale for limiting creditors' remedies to a charging order doesn't apply. For this reason, courts in some states have found that single member LLCs are not entitled to the charging order protection and creditors are entitled to pursue other remedies against the LLC member, including foreclosing on the member's interest or ordering the LLC dissolved to pay off the debt.

As someone who runs a finance and accounting business, 100% agree on all of your info. I’m happy to see that you covered the three main points on why to form an LLC: 1. Risks, 2. Finance, and 3. Official.

@ryansnaadt

2 жыл бұрын

You bet?

really helpful and concise. thank you

@ryansnaadt

4 жыл бұрын

No problem!

iowa born and raised, hawaii livin

@ryansnaadt

4 жыл бұрын

Rep! 🌽

Personal Liability for Your Own Actions There is one extremely significant exception to the limited liability provided by LLCs. This exception exists in all states. If you form an LLC, you will remain personally liable for any wrongdoing you commit during the course of your LLC business. For example, LLC owners can be held personally liable if they: personally and directly injure someone during the course of business due to their negligence fail to deposit taxes withheld from employees' wages intentionally do something fraudulent, illegal, or reckless during the course of business that causes harm to the company or to someone else, or treat the LLC as an extension of their personal affairs, rather than as a separate legal entity. Thus, forming an LLC will not protect you against personal liability for your own negligence, malpractice, or other personal wrongdoing that you commit related to your business. If both you and your LLC are found liable for an act you commit, then the LLC’s assets and your personal assets could be taken by creditors to satisfy the judgment. This is why LLCs and their owners should always have liability insurance.

@TowerDog112

4 жыл бұрын

pfwinbar I agree with most of what your saying. I agree that just simply establishing a LLC does not protect anything. But In my state (VA). Sole member LLC does offer protection if done And continue to operate correctly. For example, meetings, following a good operating agreement, following and updating a business plan, having a strong article of organization, etc.). It will definitely help defending the corporate vail. Your point about insurance is right on! And with that said. Having your business structured as a legal entity such as LLC it permits more options and better rates when you can prove a good structure. Your points about negligence, fraud, illicit activity can go to any individual or entity. But in my opinion a well operated LLC will definitely help to challenge any accusation. So I’m off the opinion that LLC is better. But your right, it’s definitely not a 100% security blanket.

@pfwinbar

4 жыл бұрын

Jason B the example he used of hitting a kid in the face with a drone would be gross negligence and also criminal. The LLC would offer zero protection against a lawsuit. And there could be criminal charges. Against FAA law to fly above people and to fly reckless.

I have a full time job and I make decent money. But I started a (slow-going) video production business-as more of a side hustle and as a means to pay for gear. The idea is to avoid having to spend money from my regular income or credit cards or whatever. Whatever money I’ve made thus far has gone right into (very expensive) filmmaking equipment. And I’d like to also use it as some extra walkin’ around money for personal/family stuff as well. So as of now I’m a sole proprietor. Do you think that it’s cool to hang on this model for a while or is it wise to form an LLC immediately? When you talked about having to pretty much cut a check to yourself as an employee, that’s where I was kind of like “yo, it’s money I made for services. That shit goes right into my account”. Also, part of me is turned off by the idea of even owning a business because I don’t really want to shoulder the…responsibly, for lack of a better word. Again, my end-state is just to buy gear so I can continue to make movies and be a guy with experience and equipment to work on projects with other filmmakers. I only created a business name, website, cards, etc. so I would be a little more legitimate. But I’m not necessarily sure I want to own a business for the rest of my working life.

@ryansnaadt

2 жыл бұрын

I think you need to look at it differently. 1. If you start an llc you have more risk protection and keeping your personal assets protected. Once I made an llc and separate bank account, I was able to see the profit I was making each year, easily track business expenses and that saved on taxes. I just published a book review on profit first on my channel, good one to watch to learn more about this. Also if you only want to be in business to cover your gear, this sounds like a hobby and not a viable business. It’s ok to want to make money from this! Money and large profit is not a bad thing to chase

Thanks for the explanation. When do you recommend is a good time to get the llc and to register your business since i am just about starting out.

@ryansnaadt

7 ай бұрын

I would wait till you make $50,000 a year in revenue with the business before making an llc

what NAICS code did you use to for your LLC?

Walk us through the sales tax option. My accountant says no sales tax if there's nothing tangible being delivered. Thx!

@ryansnaadt

3 жыл бұрын

1. Trust your accountant over a guy on the internet (me lol) 2. In my area, I pay sales tax on all projects where my services are invoiced to the end customer. If I subcontract for another company, I only charge my costs without sales tax since the end customer will pay sales tax on the final video. Taxes are my least favorite thing to cover, but talk with your CPA and they can answer any questions you have!

nice

@cameroncamrah

4 жыл бұрын

@@ryansnaadt learned a lot keep going...

Hey I have a question

Is there a certain percent you are supposed to pay out to yourself? How does that part work when paying yourself

@ryansnaadt

Жыл бұрын

Good questions! I started with a percentage of revenue but now follow profit first accounting practices. Full details in my video about it here kzread.info/dash/bejne/aWSXqqqagNStp7g.html

Hey! I do photography and I’d love you chat and ask you a few questions.

@ryansnaadt

2 жыл бұрын

Nice. What questions do you have?

Would you recommend using legal zoom?

@ryansnaadt

4 жыл бұрын

I have never used it but if you just need the documents that’s a good place to look. I needed to talk to a cpa and discus which organization was the best option for me.

what if you need to pay a helper for the day.. do you HAVE TO get a w9 from them or can you just track like a zelle payment to them as a write off? Thanks

@ryansnaadt

3 жыл бұрын

Just pay them as a contractor. W-9 would be a good place to start

@DirectorParada

3 жыл бұрын

@@ryansnaadt who do i give the w9 to? i havent started my llc but im going to. i just wanna make sure i cover my grounds

@ryansnaadt

3 жыл бұрын

Director Parada you keep it and deliver to your accountant during tax time

@DirectorParada

3 жыл бұрын

@@ryansnaadt what if im using something like turbo tax.. and not using a physical cpa

do you have a video about how to do quarterly taxes? Im starting to get an llc going and I know 1/4 taxes are the way to go better than waiting till tax season.

@ryansnaadt

4 жыл бұрын

You are on the right path already! I would ask and accountant in your state to take a look. My firm does it for me which is great cuz it’s not my forte

If you just get insurance as a sole prop would u just be covered

@ryansnaadt

3 жыл бұрын

You will be insured for whatever you have covered but if another cause is the reason a person took you to court your personal assets are on the line still

@Zion504HD

3 жыл бұрын

@@ryansnaadt you have to ask yourself what can a person sue u for besides a injury? I heard sum weird stories , but why people don’t lik to go the llc route is it too expensive?

@ryansnaadt

3 жыл бұрын

@@Zion504HD there are a ton of instances where you could be liable. Someone trips on a light chord, crash a drone into their business, you are negligant in any way, you are accused of slander, etc. Setting up an LLC costs about $550 in Iowa (where I live) you set it up with a law firm, are issued an EIN tax number, and go to a bank to open a business bank account with that number. Buy everything through that bank account for your expenses for easy tracking and write off anything you spend. Then pay yourself monthly from this account as an owners stroke

Ryan why aren’t you commenting of pfbarwins comments?

@stealthstar4

4 жыл бұрын

Usually when someone sounds like they know more than you, you tend to ignore it and act like you don't hear it. In this case, Ryan got called out and I think he knows he is wrong about lots of things. At the end of the day, Ryan is just making videos to get money. No matter if he is wrong or right.

@stealthstar4

4 жыл бұрын

And I was thinking the same thing too.

@stealthstar4

4 жыл бұрын

Also, Ryan sees these comments too. I just saw a comment Ryan has responded to about 5 days ago and the comment he didn't respond to was 9 months ago.

The example he used of hitting a kid in the face with a drone would be gross negligence and also criminal. The LLC would offer zero protection against a lawsuit. And there could be criminal charges. Against FAA law to fly above people and to fly reckless.

@TowerDog112

4 жыл бұрын

pfwinbar not necessarily. It is possible an inflight emergency or something like that could cause an injury. You could follow all the rules and a incident happen. And in that case it would be better to have a little protection.

@pfwinbar

4 жыл бұрын

Jason B an in flight emergency into a kids head? Really! Tell that one to the jury. Flight emergencies only allow you to vary from some flight restrictions cannot be used as a defense against negligence. Plus you’re going to attempt to hide behind an LLC. - LOL that’s a stretch and it would still be negligence and potential criminal. The LLC will not protect you in that scenario. I use corporations for all my businesses. They offer some protection against some incidents, but definitely not in this example. The premise of this video is in error

@TowerDog112

4 жыл бұрын

pfwinbar we are not far from agreement. I understand where your coming from. But I will stand firm with my stance that a catastrophic incident can happen without negligence. Batteries fail, birds can attack the drone, signal interference.... I could go on. You can be way from people following all the rules and something happen causing the drone to enter a populated space. Corp and s-Corp are definitely an option to consider. But I don’t see how a Corp will protect any better than LLC on the incidents you describe. Anybody can be sued for anything. I have specific criminal immunity in my job as a paramedic. That’s like the best protection you can get. But even that does not protect me from negligence. I carry malpractice insurance for that reason and many in my profession do not. I have been sued (unsuccessfully) on completely false premise. My point is only I think LLC is better than sole proprietor for the reasons I described in above posts. A debate can be had on the specific structure. And LLC does provide much better insurance underwriting opportunities as some insurance companies will not even consider covering a individual without LLC or CORP. No matter what you set up. When your sitting at the long table at a deposition it’s all under scrutiny. And in today’s legal climate there is no telling what can happen. Most are going to settle anyways even if completely innocent just to save the expense. You couldn’t be more right about insurance. Specifically an good insurance that is going to stick by your side and defend you with big time resources. In the big picture. I think that’s most important for protection. Don’t really know of any defense or protection for true negligence to be honest with you.

@pfwinbar

4 жыл бұрын

Jason B I am not arguing about the virtues of a corporation or LLC corporate form. They are useful. I am commenting on the statements made in the video. His assertions are wrong and very misleading. There is also a difference between negligence and gross negligence. In any event the defenses you outlined would not dismiss negligence. It’s the licensed drone operators responsibility to foresee the hazards you listed and to operate safely in all circumstances. The drone pilot should have a spotter and be aware of the possibilities of people entering the flight zone and take precautions. There are a lot of laws covering drones and more coming. The laws are geared towards protecting the public, not the drone operator. The parents of the boy hit in the head could litigate suing the LLC as well the owner (assuming he was the owner and drone operator). I would predict a victory for the parents and would attach the owners personal property. I think we have kicked this horse enough. But the fact remains, if the drone operator was negligent the LLC would not release the owner from liability. Thus the statements in the video are false and misleading. People need to know the facts regarding the limits of protection afforded an LLC. This video is ridiculous and the author should not be offering legal advice even with the flimsy disclaimer. The author lacks knowledge in this area and should post on topics he is knowledgeable about

@_gatsby

4 жыл бұрын

@@pfwinbar ..thx!! great points

You need to talk to a qualified attorney. Big myth. Your personal assets are not protected if you use an LLC. In a small corporation, the aggrieved party can sue both you personally as well the LLC. For example, If you knock over a light stand and someone is injured, both you and the corporation will be sued. Which means your personal assets are subject to being attached. You learn this in law school. Even in a large corporate setting, the board of directors and executives can be sued individually. But they have massive insurance policies and a team of lawyers. A good lawyer will also “pierce the corporate veil.” Can’t explain all the nuances of law to you here, but your personal assets are still exposed. You are definitely over your head on this subject.

@Herstyleseduier

4 жыл бұрын

Hello. What would be the better choice other than an llc?

@pfwinbar

4 жыл бұрын

Business totally depends on the business and what you plan on doing. Nothing wrong with any corporate structure, just making a point that it is not some magical armor that will protect you from lawsuits. It’s a complex subject and something to discuss with a knowledgeable attorney you trust.

Do I really need and LLC when I just starting as a freelancer in Fiverr, Upwork and other freelancer platforms. Some people says start a LLC right from when you start a business but these registration cost a lot and also the maintenance are so high. Do Fiverr and Upwork and other freelancer platforms provide the freelancer any legal protection. I just want to create a digital marketing now but in future want to expand it like a digital marketing for musicians, creators and other creative people and also want to create a media house but that's for future but should I register my company as LLC when I just starting my career as freelancer.

Single Member LLCs and Asset Protection In some states, it's not clear whether single member LLCs will receive the same liability protection from personal creditors of the LLC owner as multi-member LLCs. The rationale for limiting an LLC member's personal creditor's remedies to a charging order is to protect other LLC members from having to share management of their LLC with an outside creditor. There are no other LLC members to protect in a single member LLC so the rationale for limiting creditors' remedies to a charging order doesn't apply. For this reason, courts in some states have found that single member LLCs are not entitled to the charging order protection and creditors are entitled to pursue other remedies against the LLC member, including foreclosing on the member's interest or ordering the LLC dissolved to pay off the debt.