Table of Contents
Written by : Jacinta Hagadorn |
Current : 5461 |
Write a comment |
Write a comment
creating an llc can save you thousands if not hundreds of thousands of dollars and a ton of headache down the road if you're a startup small business or a newer entrepreneur you should really think about creating an llc or you already are and you want to know the exact steps on creating one don't worry i got you covered in today's video yo yo yo what is up guys it's your boy faris and in today's video is going to be a little different from what i normally post because i get asked a ton of questions about llcs so i'm going to go over what an llc means the benefits of having one and how to obtain an ein number and walk you through step by step on how to easily create an llc on your own in under 10 minutes for free so what does an llc stand for it stands for a limited liability corporation now this is just a big fancy word for saying protection all you're doing is creating a separate entity for your business now you might be asking why create a separate entity why can't you just start a business and go from there well let's say you start a business under your personal name everything will be going well and then one day you get hit with the fat lawsuit in the mail saying they're coming after everything you own because you use your personal name on the business that means all the assets you own are liable so your home your car and everything else you own they can come and take those from you so the smart thing to do is create an llc with an llc if someone were to come sue you they can't come after your home or your cars they can only sue and come after what the business owns hence the name limited liability is only limited to what the business owns so since your business most likely doesn't own your home you don't have to worry about sleeping on the streets not only do you get the protection but you get a bunch of tax advantages that come with having an llc so good old uncle sam can't take all your money with an llc you're allowed to reduce your taxable income and write off business expenses so let's say you have a business and it's an llc and you make fifty thousand dollars in a year and you have to spend thirty thousand dollars on various expenses such as labor internet office cars etc you can deduct those expenses which would bring down your total taxable income now i'm not going to go too in depth on this because it can get pretty technical and i'm no expert on this stuff but there are a ton of youtube videos you guys can watch on different write-offs loopholes and all that fun stuff but you're here to see how you can set up an llc and get your ein number so let's dive into it and show you how you can easily set it up in under 10 minutes for free also before we get into it if you guys want to follow along step by step which i highly recommend i put the link to the exact page i'm going to be using down the description box below make sure you use that one as there are plenty of sketchy websites out there trying to take advantage of your personal information so just follow along with the link down below alright so setting up an llc once you're on this page the first thing i do is click start my business now this will open up a new tab you're going to choose entity type now this is what type of business do you want to create is an llc s corporation c corporation non-profit whatever you want to do you can just choose it and they'll handle everything for you but for this case we're going to be choosing an llc and you're going to also choose your stay of formation all right once you choose the type of business in the state you're in you're going to choose your package so going into the silver one this is the cheapest one and this is a very good option as well it's free all you have to do is state fees and you get all your paperwork so this is pretty much saying you get everything you need in terms of an llc you get unlimited name searches and you get free registered agent service for a year now if you want to go up to the gold package this is going to cost you 149 or 303 total now this is gonna include all your paperwork unlimited name searches uh free agent service so pretty much everything you get all these three things in the silver package but you also get all these extra stuff you get an ein business tax number which you guys can pay for if you want or i'll i'm going to be showing you how to get it for free as well so just stay around for that as well or like i said you get if you guys want the easy route you guys can pay for and they'll take care before you you can get the form 255.3 and you can get all these extra stuff as well and for those of you that want to go for the platinum package um it's pretty much everything here and i think you get a couple more stuff but um look at what it includes and see which one works best for you usually people end up going with the gold option if you want to go the free route then silver is the way to go all you have to do is pay the state fees so for this purposes i'm just going to go with the gold package as this is what a lot of people usually end up going with so you're just going to hit get the gold package and this is where you're going to put in all your contact information so i'm just going to put in my information over here once you have put in your contact information and your mailing address you're just going to hit next from here and it's going to pull up a suggested address i usually end up going with the suggested one so you're just going to hit use address and now this is going to pull up your state filing time so you have two options you can go with the traditional time so each state usually varies in how long it takes for them to file that llc so for me illinois is about three weeks so usually usually ends up coming back a lot faster so you can you guys can take that into consideration but if you guys are in a rush and need it faster you guys can get the one business day filing time it's 152 or if you guys want to go the free route you can just do three weeks usually like i said it's a lot faster i'm just gonna go with three weeks for this purpose all right now it's going to ask for your company information now this is where you're going to put in your llc name so for this example i'm just going to go with best accounting services for the designator it's going to ask you what type of ending do you want so do you want l.l.c llc limited liability company so i'm just going to go with llc and this is what it's going to look like as business type it's going to vary for what type of business you're doing but i'm just going to go with accountant number of members and owners usually for the people that's creating llc always starts with one but if you have multiple owners or members you guys can choose how many over here you're just gonna then provide a small business purpose so like a description of what your business does so for this example i'm just going to say we provide tax services for people taxes it doesn't have to be anything crazy it could be very simple it's just like you know it's just a little purpose for for them to know next you're going to enter your keywords for your busin
Thanks for your comment Thad Bulow, have a nice day.
- Jacinta Hagadorn, Staff Member
congratulations on wanting to start a new business so i don't want to see you paying for these things even though others try to upcharge you so you can get an ein an employer identification number for free also you can file your llc as s-corp status for free and that's a special tax status that you can get that can save you a lot of money down the line also banking resolution templates you can find that online as well as the banking resolution templates you can find business contract templates as well as the operating agreement online plus the business plan which is going to help you get everything organized so get your free things don't pay for them and thanks for coming to darcy's business
Thanks helsinkaz your participation is very much appreciated
- Jacinta Hagadorn
About the author
I've studied kinematics at Union College, Nebraska in Lincoln and I am an expert in neurochemistry. I usually feel drunk. My previous job was management consultant (analyst) I held this position for 17 years, I love talking about taxidermy and volleyball. Huge fan of Eric Porterfield I practice gymnastics: rhythmic and collect paper currency.
Try Not to laugh !
Joke resides here...