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hey guys welcome back to the channel so a question that i get all the time is charlie what is the best way to start an llc so in this video i'm going to show you the best easiest and most affordable way to start your llc today this is exactly how i've created my business entities and it's crazy because you guys can literally set up your llc in like five or ten minutes so the first part of the video is me just going over what llc's are and why they may be beneficial to you as an entrepreneur or small business owner the second part is going to be me taking you step by step through inc file which is the website that i use to set up all my business entities so if you do want to skip directly to that part i will put the time code down below right now so without further ado let's get started so firstly what is an llc an llc is a type of business structure that stands for limited liability company it's perfect for startups and entrepreneurs and i always tell people if you want to take your business seriously it may be good to start an llc because there's so many benefits first of all they limit your personal liability what this means is that if your company gets sued they can't come after your personal assets creating an llc also allows you to raise capital from investors and of course they do carry some big tax advantages yeah diving a little bit more deeply into the whole limited liability part if your business does something wrong and they actually get sued by someone then only the assets that are inside that llc are at stake so this means that things like your house your cars and any other personal assets are safe that's where the term limited liability comes from now if you are creating a business and you are looking for outside funding llcs allow you to raise the outside capital and of course llcs can have very specific tax advantages rather than starting a c corporation which actually gets double taxed with an llc this is called a pass-through entity so you're only getting taxed one time now i'm not going to go into too many of the details about the whole taxation of llcs because you can be taxed as an lc or as an s corp but just know that when it comes to this tax stuff i recommend talking to your accountant and figuring out what works best for you yeah for 99 of you guys out there who are starting your own business i'd say an llc or an lc uh taxed as an s corp is going to be right for you it's very easy and affordable to set one up so in the next section i'm going to actually walk you through the whole setup process so i'm here in ink files main page you guys can get to this link by clicking on the link in the description below and what i'm going to do is i'm going to come up here and click start my business so it's going to take us this page where it's going to allow you to actually register your business entities so first i'm going to click entity type and i'm going to select which one i want we're going to be doing an llc and then you're going to select your state of formation so it's going to be a little bit different for each state but most of things are going to be the same i'm in california so i'm going to click on that here it's going to take us to the different i guess plans that they have so you have the silver one which is 75 this is basically completely free because you're only paying the state fee of 75 bucks no matter what you do you will have to pay the state fee so if you do want to you know not pay anything then you guys can choose this one and it's gonna come with pairing and filing the articles of organization it's going to allow you to do unlimited name searches and it's going to give you a free registered agent service for one year now that is not the most popular plan it's actually not the plan that i recommend so when i set up my business entities i always used the gold plan this one is a little bit more comprehensive and it just makes the whole thing a lot lot easier so especially if you're just doing this like this is your first time making a business entity then you know this one's probably going to save you a lot of time and headache so yeah this one is 224 and the package fee is 149 so that's basically what you're paying to inc file to set this up for you and then the state fee is about 75 which you have to pay this one's going to include the same things as the silver except it's going to actually automatically create an ein business tax number for you so that's going to save you some time it's going to file the irs form 2553 it's going to actually give you a bunch of these like documents like the operating agreement the banking resolution all these things are pretty cool to have and they just save you a lot of time so honestly in my opinion i think this one is probably the best for most of you if you're down to do all this stuff by yourself and figure it out then yes you can save that extra 149 package fee but as a business owner you want to focus on on building your business not all this really boring stuff and of course they have their platinum plan this is their most expensive plan but also most comprehensive this one's 374 dollars at the moment and that includes the package fee of 299 dollars and the mandatory 75 dollar state fee this one's going to be just like the gold plan except that you're going to have a little bit more support you're going to have expedited filing and you're going to get that domain name and business email so for this one i'm just going to go ahead and select the gold package because i think that's going to be the right one for a 95 percent of you guys watching this video so it's going to have you enter in your contact information as well as your mailing address so i'm going to do that right now but so after all that is entered in i'm going to click next it's going to process the information and now in the next section it's going to allow you to select your state filing time now the original time it takes for california is around four weeks it might change a little bit for depending on what state you guys are in but they are going to have an expedited filing option that you can add on as well so if i want to just keep the four weeks filing time with the estimated formation date that is right here then i can just select that or if i want the faster five day business filing time i can go ahead and select that so assuming that i don't care too much about the filing time then i'll select that but if you are in a rush then i would go ahead and select the faster one here it's going to allow you to enter in your company information so this is stuff that you'll want to at least brainstorm beforehand so i'm just going to enter in a biz entity prep services just as an example since i'm not actually setting up this llc right now then i'm going to select the designators so you can choose any of these does not matter but i'm just going to select this one and it's going to give you a preview of what your company name will display as so in this case biz entity prep services llc then it's going to have you select your business type or industry so for this one let's just say it's account acc
Thanks for your comment Carla Weiden, have a nice day.
- Benjamin Pesantes, Staff Member
how to start a garage business this video is designed to help you determine if your garage business idea is feasible to identify questions and problems you will face in converting your idea into reality and to prepare for starting your garage business the video features all the essential aspects you must consider before you start your garage business this will allow you to predict problems before they happen and keep you from losing your shirt on dog business ideas at the end of the video there are three valuable free gifts waiting for you a token of appreciation for watching this video operating a successful garage business will depend on the following four conventions one a practical plan with a solid foundation to dedication and willingness to sacrifice to reach your goal three technical skills four basic knowledge of management finance record-keeping and market analysis as a new owner you will need to master these skills and techniques if your business is to be successful identify your reasons as a first and often overlooked step ask yourself why you want to own your own business check the reasons that apply to you one freedom from the nine-to-five daily work routine to being your own boss three doing what you want when you want to do it for improving your standard of living 5 boredom with your present job 6 having a product or service for which you feel there as a demand some reasons are better than others none are wrong however be aware that there are trade-offs for example you can escape the nine-to-five daily routine but you may replace it with a 6 a.m. to 8 p.m. routine preliminary analysis major flaws yes response to questions such as the following would indicate that your business idea has little chance for success one are there any causes such as restrictions monopolies shortages that make any of the required factors of operation unavailable such as unreasonable cost or scarce skills to our capital requirements for entry or continuing operations excessive three is adequate financing hard to obtain four are there factors that prevent effective marketing a self-analysis starting a business requires certain personal characteristics this portion of the video deals with you the individual this next group of questions though brief is vitally important to the success of your plan it covers the physical emotional and financial strains you will encounter in starting a new business are you aware that running your own business may require working 12 to 16 hours a day six days a week and maybe even Sundays and holidays do you have the physical stamina to handle the workload and schedule do you have the emotional strength to withstand the strain are you prepared if needed to temporarily lower your standard of living until your business is firmly established is your family prepared to go along with the strains they too must bear are you prepared to lose your savings in case your plan fails finding a niche small businesses range in size from a manufacturer with many employees and millions of dollars in equipment to the loan window washer with a bucket and a sponge obviously the knowledge and skills required for these two extremes are far apart but for success they have one thing in common each has found a business niche and is filling it the most critical problems you will face in your early planning will be to find your niche and determine the feasibility of your idea get into the right business at the right time is very good advice but following that advice may be difficult many entrepreneurs plunge into a business so blinded by the dream that they fail to thoroughly evaluate its potential is your business idea feasible before you invest time effort and money the following exercise will help you separate sound ideas from those bearing a high potential for failure identify and briefly describe the business you plan to start identify the product or service you plan to sell answering yes to any of the following three questions means you are on the right track a negative answer to all of them means the road ahead could be rough one does your product or service satisfy an unfilled meet two will your product or service serve an existing market in which demand exceeds supply three will your product or service be competitive based on its quality selection price or location market analysis for a small business to be successful the owner must know the market to learn the market you must analyze it a process that takes time and effort you don't have to be a trained statistician to analyze the marketplace nor does the analysis have to be costly analyzing the market as a way to gather facts about potential customers and to determine the demand for your product or service the more information you gather the greater your chances of capturing a segment of the market know the market before investing your time and money in any business venture the following questions will help you collect the information necessary to analyze your market and determine if your product or service will sell this brief exercise will give you a good idea of the kind of market planning you need to do an answer of no to any of the questions indicates a weakness in your plan so do your research until you can answer each question with that yes one do you know who your customers will be - do you understand their needs and desires 3 do you know where they live 4 will you be offering the kind of products or services that they will buy five will your prices be competitive in quality and value 6 will your promotional program be effective 7 do you understand how your business compares with your competitors 8 will your business be conveniently located for the people you plan to serve 9 will there be adequate parking facilities for the people you plan to serve planning your startup so far this video has helped you identify questions and problems you will face converting your idea into reality and determining if your idea is feasible through self analysis you have learned of your personal qualifications and deficiencies and through market analysis you have learned if there is a demand for your product or service the following questions are grouped according to function they are designed to help you prepare for opening day name and legal structure 1 have you chosen a name for your business 2 have you chosen to operate as sole proprietorship partnership or corporation business premises and location 1 have you found a suitable building in a location convenient for your customers - can the building be modified for your needs at a reasonable cost 3 will you have a lawyer check the zoning regulations & Lace merchandize have you decided what items you will sell or produce or what services you will provide have you made a merchandise plan based upon estimated sales to determine the amount of inventory you will need to control purchases have you found reliable suppliers who will assist you in the startup have you compared the prices quality and credit terms of suppliers business records are you prepared to maintain complete records of sales income and expenses accounts payable and receivabl
Thanks Dallas your participation is very much appreciated
- Benjamin Pesantes
About the author
I've studied scientific history at Franklin Pierce University in Rindge and I am an expert in information economics. I usually feel frustrated. My previous job was military-enlisted personnel I held this position for 21 years, I love talking about writing and fiddling. Huge fan of Jessica Alba I practice baseball and collect patches (also badges).