What Is an Llc

An Llc Is a Limited Liability Company

Llc's Limited Liability Companies Are New

Reason We Have Llc

Partnership

A General Partnership

An Llc That Just Has One Owner

Issues with the Llc

Tax Planning

To Form an Llc

What Does LLC Stand For?

What Does Forming An LLC Mean?

Understanding Limited Liability

Do I Need An LLC?

Risks of Not Filing an LLC

Filing an LLC is Quick and Easy with Incfile

LIMITED LIABILITY COMPANY

HERE ARE SOME BASICS

LEGAL SERVICE PROCESS

PERSONAL ANNUAL INCOME TAX RETURN

RESPONSIBILITY

LIMITED LIABILITY PROTECTION

1. Choose a name

2. Choose a registered agent

3. File articles with state

4. Determine necessary licenses

5. Create an operating agreement

6. Get an EIN

Intro

Agenda

Creating the LLC

How to Make Money in a Single Member LLC

How Do I Pay Yourself?

Things to Consider When Paying Yourself

What is a Schedule C?

Taxable Income Example

Pass-through Income

Conclusion

Forming an Llc in Texas

Choose a Registered Agent

File some Information about Your Llc with the Texas Secretary of State

Step Is To Draft an Operating Agreement

Employer Identification Number

Introduction

3 Different Income Types

Ordinary Income

Establish an LLC before buying a property

Not Using EIN Number

Set Up Business Bank Account

1065 Partnership Form

EIN Number

When to 1099 employees

Importance of Accountable Plans

Forming an Llc in Florida

File some Information about Your Llc with the Florida

Articles of Organization

Fourth Step Is To Draft an Operating Agreement

Employer Identification Number

Single Member Llc Taxes with an Update for 2021

Taxation

Individual Taxation

Refresher on Tax Rates

Pass through Taxation

Member Llcs Do Not File a Separate Corporate Tax Return

Self-Employment Tax as a Single Member Llc

How Do You Pay Yourself as a Single Member Llc

How Estimated Taxes Work

How To Calculate Your Income

Choose a Name

Choose an RA

File Your Information

Prepare an Operating Agreement

Get an EIN

Determine Necessary Licenses

Intro

Partnerships

Operating Agreement

State Filing Timeline

How To Create An LLC Name

Name & Purpose

Choosing A Registered Agent

Reviewing Your Order

Hosting & Domain Name

Closing Thoughts

Introduction

What is an LLC Statement of Purpose

What are the minimum requirements for an LLC's listed Purpose?

How to Update your LLC Statement of Purpose

Does the IRS need to know when I've updated my Statement of Purpose?

Intro

What we'll cover

What is an LLC? Pros and Cons

How to set up your LLC full walkthrough

Final thoughts and outro on LLCs

WHY YOU SHOULD SWITCH FROM A SOLE PROPRIETORSHIP TO AN LLC

WHY DO PEOPLE ESTABLISH LLCS?

WHAT IS THE PURPOSE OF HAVING AN LLC?

AUDIT PROTECTION

PUT YOURSELF AT A LOWER AUDIT RISK WITH AN LLC

THE GOVERNMENT LIKES TO GO AFTER EASY WINS WHEN AUDITING

BOOKKEEPING

THE SOLE PROPRIETORSHIP CANNOT CLAIM A PAYROLL TAX DEDUCTION

YOU NEED TO BE GENERATING ENOUGH PROFIT TO JUSTIFY PAYING YOURSELF A SALARY

ESTABLISH BUSINESS CREDIT

Topic - How to pay yourself with an LLC

Questions I will be answering

What changes from a legal and tax perspective when you form an LLC?

How to pay yourself when you're a sole proprietor or single member LLC?

What taxes does a single member llc or sole proprietor pay?

What taxes do you pay as an S Corporation?

How to pay yourself as an S Corporation?

Visit navimarajcpa.com to learn more and sign up for course waitlist

When you are just getting started

When you are using your personal checking account for your biz

You are earning between $25-50k per year in profit

You operate a "high risk" business

You have partners

You are ready to get serious about your business