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Written by : Mafalda Kientzy |
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hello this is marshay mayfield the owner of financial services plus and i wanted to just drop in as you already know really really quickly i try to make sure that any information that i bring to you guys is very um easy to understand and straight to the point so that you can actually take action today on what i'm sharing with you all so again i'm the owner of financial services plus i help beauty industry leaders make and maintain multiple six figures and so the purpose and the reason for this particular i'm training today is of course there's always several conversations that i've had with prospects or even clients of mine and it gives me the idea that i think that maybe it's more people that would like additional information in this area and so what it is today i want to talk to you about really briefly is about llc's i've seen so many people not fully understand the purpose of an llc and how to maintain their llc and the benefits of the llc so i want to come to you and just share some information to enlighten you always remember if you have any questions comments or concerns please always comment always send me a message always text me however it is that you would like to communicate um you can find me on any social media platforms i am here to serve and support you guys in the industry so i'm really excited about that so let's just jump right in an llc is a limited liability company so to be very clear glad guys is that a llc is not a corporation okay so when you have an llc your ad says your personal assets are protected don't get me wrong your assets are protected but you're not operating as a corporation you're operating as a a company okay so i'll go into that a little bit a little later all right so i got my notes here because i don't want to get sidetracked and i know that i will um so one of the first things i want you to know is when you apply for your llc you do this through the secretary of state your particular state that you live in okay and so you register your business name and you make sure of course first that it is available for you to register and so once you register it this is the conversation that i've had actually this week is that i get on the phone a person i asked do you have your llc in the first they say oh yes i have an ills and i asked when was the last time you renewed your life well that's the problem and they see most times they say well i set it up um i said look you know two or three years ago i was like okay when was the last time you renewed your llc and most time guys once the person set up the llc they do not go back to renew it annually so this is what i want to mention to you guys you may think you are protected you may think that you still have an accurate llc on fire with your state and it's not if you haven't went in to renew it and to pay your annual fee now keep in mind that each state does changes so your state may be annually or every two years to make your own renewal fee so what i advise you to do is to contact your state and to find out what are those um what fees do you owe how much you pay and when do you pay okay so again i'll screw up so let me make sure i'm going down the screen completely so the first thing i guess i would say is what is an llc and what's the purpose and the benefit of an llc as i said earlier the llc is a limited liability company and it protects your personal assets versus as a sole proprietor if you are sued if you're in a lawsuit or if you have a major debt and a debt collector try to come after your personal things your personal belongings your llc protects you from being sued from your personal assets they can only then sue the company so let's just say if the company is worth um let's just say you were your net worth your personal network me your home your your vehicles you know land and real estate that you have may be worth a million dollars but your business because you're just starting maybe only worth two or three hundred thousand dollars so with your llc guys they cannot take your million they can only get asset to essex to the two or three hundred thousand that you own that the business owned that the llc owns okay so again you want to make sure that you are protected in that way so i advise every business owner to at least be an llc now um if you feel that you should be changing to a corporation because you may you're in a higher pay grade you're making more money your business has excelled and it's growing then i encourage you to let's move up to the next level and we can have that conversation if you guys are wondering like marcia is it time for me to to change to a corporation versus the lfc okay so let's stay on track so my notes just say um so how to create llc if you don't currently have one again i said that to contact your secretary of state or call me and we can assist you guys with getting an llc done some of the states are fairly simple some of them are highly complex and i will be completely honest with you on that um also you want to file your orders for oracle or file articles or organization with the secretary of state that's your paperwork that you have to do um and you'll receive a certificate after you receive your certificate then you want to apply for your ein number this is very important make sure that your ein number is exactly what's on your certificate from the secretary of state okay it cannot be different guys and reason is because when you go to the bank open up your business bank account if any of those numbers or the name is not correct or is not accurate or exact as it is on your certificate then a lot of times the bank will not honor your end number and it's extremely hard and difficult to change your ein number it's active congress it's possible but it's difficult okay so if you're having that problem and do need to amend your ein number again you can reach out to us to support you with it as well um staying on task because that was not on my notes is hi to you how do you avoid the solution of your lfc so as i was saying earlier when i started this call is that a lot of people once you start your llc and if you don't go back to renew it yearly or every other year whatever your state requires then the state automatically dissolve your business so you're no longer protected okay so to prevent that is you want to contact them see what your payment is your annual payment is or your you know however your state is make sure you make those payments make sure you complete their paperwork and keep it accurate yearly okay so um each each state fees are different okay so i honestly i cannot say uh mississippi's 50 dollars which is extremely cheap some states are eight hundred dollars so go from fifty dollar gas to up to eight hundred dollars depending on your state okay um filing requirements some states require a lot of paperwork and as i said earlier and some do not some states and make sure you notice some states require a statement of information this is a different form a little bit different from your organs articles of our organization now i know california for sure requires this statement of information um and if
Thanks for your comment Wendell Grayson, have a nice day.
- Mafalda Kientzy, Staff Member
Thanks for this interesting article
Thanks kesahmuJ your participation is very much appreciated
- Mafalda Kientzy
About the author
I've studied aerobiology at College of Saint Mary in Omaha and I am an expert in data management. I usually feel cranky. My previous job was economics professor I held this position for 22 years, I love talking about meteorology and jumping. Huge fan of Aretha Franklin I practice shooting and collect football cards.
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