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why hello hello everyone it's jonty titus here with profit mode financial services i hope that you are having an amazing day and today we're going to be talking about statuses as it pertains to the state of texas and your entity so it is very easy to figure out the status of a company if you're wondering about the status of your llc it's a very simple process it's literally a website you type in the name and you find it on the list that the query pulls up and it will tell you if the entity is in fact active or if it was forfeited or involuntarily closed and it'll tell you due to franchise taxes so i'm gonna go over to show you exactly what it is i also have a link in the description box below if you are unsure of the status of your entity um and the thing is you want to check this before you're doing any type of documentation like if you are about to do a real estate deal i see real estate deals um being held up because the status was inactive or it was forfeited also people have had their payments put on hold from their customers due to the fact that their their account with the comptroller was inactive so this a lot of times it means that your sales taxes were not filed on time or your franchise taxes weren't filed on time or you have outstanding penalties that need to be paid okay so it could be a number of things it could be a late franchise tax report penalties and information reports okay so this is what you do simply you go over to the comptroller website and what you do make sure you can check that and you can type it in i'm just going to type in a generic business to search and just pick this one and everybody you know different companies have different um situations but with this one it says the right to transact is not established registered agent not on files so this pretty much tells me that this company uh more than likely could have been terminated or you know they haven't kept up with everything so it might have been an old entity because a lot of these were established from long ago when i was checking this particular name earlier so um definitely to search for your entity you literally you just go to the mycpa.cpa.state.tx.us and i'll have a link in the description box below you will type in your entity name and then you will check to see if your entity is active or not and you definitely want to do that and a lot of times i've seen situations where people were denied um opening bank accounts due to the fact that their entity was not in active status okay so make sure that your company is an active status one of the things that we do for our clients is we make sure that they are always in active status and if they're not we quickly quickly make sure that we handle what we need to handle to make sure that their status gets into active status so if you are in need of help of getting your entity out of forfeiture status definitely reach out to us you can email me at ashanti at profit.modee.com you can also click the link below fill out the contact form and someone will reach out to you to get you helped out and get everything resolved for you all right and hopefully this video was helpful to you if you found that this video was helpful please give this video a thumbs up share with someone who is a business owner and don't miss out on you know your revenue or having your bank account you know and things pretty much pushed off or withheld or delayed because your entity is not an active status alright until next time stay profitable and stay great bye
Thanks for your comment Bernardo Dennie, have a nice day.
- Lupe Psomiades, Staff Member
hey gang jim hart back at you here from hawthorne law are you operating your business as an llc did you form an llc recently and are you wondering whether or not you're handling everything properly now that you've started your llc today's video i'm going to share with you all the things that you need to do once you start your llc to make sure you don't mess everything up with your business moving forward hey my name is jim hart i'm the founding attorney here at hawthorne law we help online businesses and entrepreneurs to get their legal house in order so that they can focus on doing what they do best and that's helping other people and building their business and building something that is truly magical and wonderful in the world that is going to really change lives and today i'm here to talk with you about the things that you need to do after you have started your llc to make sure that your business is protected moving forward now most online entrepreneurs will start out as a sole proprietorship and if you're not making any money and you don't have any clients that's probably the best way to go because god forbid i don't want you going out there and spending you know any money forming an llc if you don't have any money coming in yet and that's a big question that people ask me about when i get on calls with people is how to when to form that llc should they do it and i've talked to a number of people who are just not at that point in their business yet where they're ready to start an llc and and that's fine and and not everyone is at that point but what we want to talk about today is if you've just formed that llc and you're wondering okay now what do i need to do this video is going to be for you all right so there's a number of things that you need to do when you are starting out with a brand new business with a brand new llc probably the first thing you need to do is make sure that you have an operating agreement drafted and that's something that that you can do for yourself you can find something online for free we offer an operating agreement you can check it out here or if you use my services to sign up for your own llc or if you did use my services to sign up for your own llc then you'll get an operating agreement through that service as well but having an operating agreement in place is vital to making sure that if anything would ever happen with your business if you were to get sued and i've talked to a lot of people who are in very high risk businesses where it's very possible that they could get sued in their business and you need to have a good operating agreement because that is going to show that you're following the proper procedures the following the proper legalities to make sure that your business can be protected so that that plaintiff's attorney that's trying to sue you can't come in and say judge you know what they don't even have an operating agreement so clearly this is just a big you know this is just them and they formed an llc they formed some articles of incorporation or excuse me articles of organization that's what they're called for llcs and they form that and they really haven't done anything they're not operating as an llc so disregard the llc and let's get at those personal assets shall we anyway an operating agreement is going to help protect you from that so you definitely want to make sure you get an operating agreement in place number two and again this is something we do for you if you sign up through our service but you need to apply for your ein to apply for an ein you need a tax id number or social security number all in existence right now and there are services that will obtain an ein number for you if you're a foreign or if you're from out of the country and you do not have a social security number there's ways to go about that it takes a little bit more time that's not something we offer right now but i've thought about it in the future and but you need to get your ein number for your business this is vitally important because you need it before you can go to step number three and step number three is you need to go and open up a bank account for the llc so maybe you've been operating as a sole proprietorship up until now and you're switching to an llc and so you need to make sure you transfer all the funds and all the money from the bank accounts you've been using for your sole proprietorship which hopefully is segregated against your personal bank account that's very important to maintain that distinction between the two hopefully you've done that and but you transfer all the funds from your personal business account into the account for the llc but to do that you need the social security number which i just talked about so open another bank account that's very important and you might want to open more than one check out my video on profit first for entrepreneurs and you might want to open two or three or four in my case i've if i had to count on one i probably got like six or seven once i'm not sure i i've got a lot because they all have a purpose right so do that number fourth thing you need to do is you need to apply or reapply if you've already got them as a sole proprietorship for your personal business license and permits now in some states in some municipalities you're going to apply for those on a personal level anyway like for me for instance i've talked about this before as an attorney i have to get what's called a privileged license in north carolina well specifically in in wake county or or cary north carolina where i practice as an attorney we need to have a privileged license and that's something that i apply for it's for me personally as a lawyer so if i were to leave my firm and go join another firm then i would take that privileged license with me to the new firm it has nothing to do with my llc so but in other cases you need to have an actual license for the llc so make sure you apply for the proper things as again as part of the business formation package that we offer we have an upgrade that you can get which will basically we will do a search in your local area for all the different business licenses and permits you need and prepare a report for you so you can go and apply for all those and make sure you've got everything you need for your business all right number five you need to make sure that you've got your contracts in place for your vendors and your clients or whoever you work with and so if you had contracts in place previously for them with you personally you need to just that's pretty simple you just change them all and substitute for your name the llc name and then making sure that when you sign those contracts you sign it the proper way you want to sign it as the llc by your name as member of the of of the or owner of the llc something like that so that you make sure that every contract you enter into with either clients or vendors or service providers whatever that it's between that entity or person and your llc as opposed to you personally now you may need to go back with old clients and all vendors and say hey i just formed an llc we need to redo our
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- Lupe Psomiades
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I've studied education policy at Pepperdine University in Malibu and I am an expert in radiophysics. I usually feel drained. My previous job was advertising agency coordinator I held this position for 20 years, I love talking about go and fossil hunting. Huge fan of Wanz I practice wakeboarding and collect pin-back buttons.
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