how to add employee to llc [Expert Answers]

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Last updated : Aug 16, 2022
Written by : Cherilyn Demirchyan
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how to add employee to llc

Comment by Merlyn Mullis

what's up youtube family it's prince donnell the founder of jumping jack tax franchise i appreciate y'all for watching another video on the five rules of a ceo before hiring your first employee this is going to be a really cool and quick segment for all of my new business owners that are out there or aspiring this should really help you but before i get into that first things first i just want to shout out our 67 000 subscribers in our family right now we are growing at a very massive rate and i thank all of you for watching the videos our most recent video on the five bank accounts that you should open before starting at llc just hit 100 000 views and i can't be more excited that so many are watching these videos and getting this knowledge and hopefully you're applying this information to your business so thank you all so much from the bottom of my heart and my team here club content uh we're putting out so much value and we just thank you for for listening to this information lastly if you need your taxes done or you need life insurance as you know i own a franchise so we can help you with your personal taxes your business taxes uh we also do bookkeeping and we also assist you with getting a life insurance policy because as you know i talk about life insurance and how valuable it actually is so if you need any of those things you can send a text send info to 267-765-5749 text info to 267-765-5749 if you need personal taxes uh business taxes bookkeeping or life insurance you know my team and my company would love to assist you and provide you with value all right at jumping jack tax if i've provided you with any value i would love to exchange the service with that being said let's go ahead and get into it and if you uh if you if you love this video at the end please like comment and subscribe if you love this video because i'm going to be dropping so much more for you as an aspiring new entrepreneur so let's get into the five rules of a ceo before hiring your first employee as you all know i am not the traditional uh teacher i don't just talk about the laws behind things i like to do what's called business finance really give you the financial side of what you should be looking at but also give you the real life understanding of an entrepreneur and the things you got to do and maneuver through in order to get to a place where you can hire where you can provide opportunity where you can grow where you can indeed do this full time so i bring a different route to this and i'm going to bring a different route to this one as well so let's go ahead and get into it uh first things first right when we talk about hiring i need you to get into the framework that there's going to be a point of time where you're going to have to do this yourself before you could begin bringing other people on and there's nothing wrong with that i think many times we like to jump the gun and we like to try to hire quickly and you know i got to do this and that because this is what the books told me the textbook doesn't matter right because you got to remember the textbook is talking about businesses that have funding okay and a lot of times with me as an african-american specifically we have underfunded businesses meaning that we can't get funding from central banks we don't get funding from investors a lot of times that type of funding is locked up for individuals like us and i don't make excuses for that but that's just how central banking works so so if you're watching this and you have an underfunded business the textbook may not work for you with them telling you that you need to hire right here on the spot and do this you don't got the money to do it so you got to stretch yourself to capacity and you have to do it yourself and you have to build your own funding through your own sweat equity in order to have the ability to hire and by the way hiring is a privilege because the individuals that are coming to work with your company it is a privilege and it's an honor because they have the ability of working anywhere and they chose your company specifically a small business when they could have went to a more corporate environment that is more structured that has more longevity uh that has benefits all of these things so i need you to get and get it in your mind today that it is a privilege and that you are not some type of god or this or this uh whatever this thing is that goes across the internet right now where we try to downplay individuals who work nine to five i need you to understand that if you possess that type of mindset you're never going to have people on your team that love and appreciate you and are willing to go off of a cliff with you so please change your mindset that's first because i hate what i see on the internet with all of that information about nine to five it just it it boggles my mind anyway off on a tangent back to that let's go into number one of these five steps first things first is p l w uh dan what was p uw push yourself learn the process and write it down push yourself learn the process write it down just to take it back to what i said in the beginning you're going to have to push yourself to capacity because you have an underfunded business so you have to put your sweat equity in and you're going to have to stretch yourself in when i originally started my business i didn't have anybody at all right i had to push myself i had to literally do everything i had to be up late nights sometimes until two o'clock am in the morning answering emails being custom like listen to me i was the email person i was the customer service person i was the sales person i was the shipping person everything and and it seems like a lot but hey you got to do what you got to do and push yourself so that you can get the enough equity that you need to be able to hire somebody now l is for learning the process as you're going and pushing yourself you're going to be learning this process you're going to be learning the things that you like the things that work and the things that simply don't work you're going to learn certain processes that you can probably hire somebody for and you might say okay this part of the business i can hire somebody for because if i focus more of my time on this side of the business this is what produces more revenue so the way that i see it when we talk about learning the process is that i more so like to focus on the part that earns where where's the money being made i need to focus more attention there and then i hire somebody with uh for a task that they can take off of my hand so i can focus more time on more revenue right so i'm learning the process and as i'm pushing myself i'm doing that and then the w side is to write it down so that process that you now are going to begin hiring for over time and that you carved out and said this piece right here is what i need a position for so i can focus more on the money side i'm going to start writing down that process as i'm working it so the way that i'm doing it i'm going to write it down literally how many times i blink how many times i breathe how many footsteps did i take so

Thanks for your comment Merlyn Mullis, have a nice day.
- Cherilyn Demirchyan, Staff Member

Comment by Decs3

hi everybody I'm attorney Aiden Kramer with the law office of Aiden Kramer in Colorado and you're watching all up in your business in this episode of all up in your business I'm going to talk about how you add a member or an owner to your LLC let's say you've been operating an LLC as a single member LLC but now you want to take on a business partner there are a lot of reasons why this might come up either you need capital and you're looking for someone to invest money into your business or this potential partner has some valuable skill or knowledge that you want a part of your company and that's best achieved by taking them on as an additional owner or an additional member of the LLC if you decide for whatever reason that you want to add a member to the LLC the first thing you should do is look at your LLC's operating agreement if you don't have an LLC operating agreement make one if you still don't have an operating agreement then look at your state's laws most if not all states are going to have some statute explaining how and under what circumstances an additional member can be added to an LLC Colorado for example says that members can be added to it LLC upon unanimous consent of the existing members so as a single member LLC your consent is unanimous consent so yeah you can check that box you've already got that part done but you still want a document in writing signed by you that you are as the sole owner as the single member consenting to the addition bringing in this new member if your operating agreement says something different or if your state says something different if it's a majority consent that's required document that in the same way still as the sole owner you are the majority so whatever your operating agreement or the state says is what you need to follow when you're adding a new member and particularly going from single member to multi-member LLC this is a time when you would want to amend your operating agreement or if you didn't already have one you definitely need one now the operating agreement for a multi-member LLC is going to look pretty different from a typical operating agreement for a single-member LLC there are a lot more variables now in play there's percentage ownerships voting requirements one of you might die or get a drug addiction or get divorced or disabled and all of these things are not only going to affect the LLC but they're also going to affect the other members and that's what the operating agreement does is it addresses all of those factors and provides guidance on what should happen in those situations amending the operating agreement is also probably going to require some sort of written consent your state might require that all members consent to amending the operating agreement before you can actually amend it so whether you're the sole owner or there are already other members in the LLC make sure that the proper number of members are consenting to amending the operating agreement you may also need to amend your articles of organization this is going to depend on your state some states require that the articles of organization list all the members who are a part of that LLC Colorado for example doesn't require that so if you add new members you can but don't have to amend your articles of organization to add those additional members and then you also need to alert the IRS that you've added another member if your LLC was a single member LLC taxed as a sole proprietorship now that there are two members it's going to be taxed as a partnership so in that instance you would need to file IRS Form eight eight three two to tell the IRS that the tax status of the LLC has now changed from a disregarded entity which it was previously to a partnership so the IRS is aware that it's now going to be taxed as a partnership depending on your exact circumstances and the exact details surrounding this transaction there might be other legal or tax issues that could arise from bringing in an A shanell member so because of that since it always varies it's a best to work with an attorney to help you with this process and if you are the new member who's coming into the LLC it's also a good idea to have an attorney of your own to help you because the interests of the LLC as it exists now may not be the same as your interests coming into it so you want to make sure you have an attorney who's looking out for you while the LLC's attorney is looking out for the LLC and then hopefully the two of you can come together on an agreement of how you coming into the LLC is going to affect you the other member and the company as a whole if you're in Colorado and would like some assistance with bringing in a new member to an LLC or if you're going to be joining in LLC please feel free to contact me my phone number and email are below thank you all so much for watching I'm Aiden Kramer and I'll see you next time

Thanks Decs3 your participation is very much appreciated
- Cherilyn Demirchyan

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