What owning an LLC with Bizee looks like AFTER purchase

After testing all of the top LLC services (actually buying an LLC from them) I've found Bizee to consistently be the best option. So in this video I'm showing you how the backend dashboard works for managing your LLC and growing your business. ✅ (ad) Click here to see State Specific LLC pricing with Bizee ➡️ https://bizbuddy.com/bizee-llc Check out our LLC Cost Calculator here ➡️ https://bizbuddy.com/llc-cost/ ‼️ LLC Terms You Must Understand ‼️ I'll try my best to use normal language to explain annoying lawyer terms that you should known. 🔹 Corporate Veil 🔹 An LLC draws a division between your personal and biz assets. That division is known as the Corporate Veil. It's what protects your personal assets when you're sued. If your LLC is compliant it means someone can only come after your biz assets. The corporate veil is your friend and is the reason you setup your LLC. 🔹 Piercing the Corporate Veil 🔹 When your LLC is out of compliance (I'll explain more below) the attorney suing you will try and pierce the corporate veil. This means they're trying to find cracks/issues in your LLC so they can come after your biz AND personal assets. That's why it's important to be in compliance. Let's discuss ways people are out of compliance at times. 🔹 Registered Agent 🔹 A registered agent (sometimes goes by other names like resident agent or statutory agent) is a 3rd party that handles important documents/communication if you were to be sued. You're required to have a RA on file and they must have a physical mailing address in your state of formation. One of the best parts about Bizee is they offer this service free for your first year and then the cheapest amongst all the services I've tested at $119 a year after that. If you don't have a proper RA you could be out of compliance. 🔹 Commingling Funds 🔹 When you start your biz I'd suggest setting up a biz bank account ASAP. That's because if you run your biz operations out of a personal checking account you're "commingling funds". This could potentially lead to a crack in your LLC (aka piercing of the corporate veil) which would mean you personal assets could be liable. So setup a biz checking account ASAP. 🔹 Annual Report 🔹 Most states require you to file an annual report for your LLC. This is like renewing your LLC. Some states it's every year, others it's biennial (every other year). If you check out our LLC Cost Calculator you can see in the 2nd block if your State is Annual or Biennial. Again I prefer Bizee over Tailor Brands because they offer to file this for you a la carte. So they'll remind you about it and then for $99 they can file this for you or you can do it yourself. Tailor Brands and other services try and just put you into a subscription service that is more expensive. It's especially ridiculous if you're in a state that only requires renewal every 2 years. ... Now some tax considerations... 🔹 Pass-Through Entity🔹 An LLC is considered a "Pass-through Entity". This means that the business itself does not pay federal income taxes. Instead, the profits and losses are "passed through" to the owners (or members), who then report the income on their personal tax returns. This is one of the reasons people like LLCs because they're easier come tax time. 🔹 S-Corp Election🔹 Just something to be aware of in the future. When your biz starts doing around 50k of net income a year you may want to elect to have your LLC to be taxed as an S-Corporation (usually called an S-Corp). At that level of income you can put yourself on payroll an then pay yourself distributions as well. Those distributions are not hit with the 15.3% self-employment tax so you save on taxes. Every 10k you pay yourself in distributions saves you about $1,530 in taxes. Don't worry about this today if you're just getting started... but I really want you to remember this when your biz starts making 50k net income. You should talk to a CPA about S-Corp classification to save on taxes. The reason I recommend people to use a service like Bizee is that it starts at $0 plus State fee but they help keep you in compliance. Personally I forget everything and I love getting reminders and making the annoying part of biz ownership easier. Thanks for your consideration of using my Bizee affiliate link. I truly appreciate it. Bizee LLC Setup Starts Here ➡️ https://bizbuddy.com/bizee-llc #llcs #bizee #tutorial