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many of you are going to set up new llc’s this year which is freaking awesome but many of you are going to make some mistakes I hope I get this video to you before you set up an LLC to avoid some [Music] mistakes I put them in a randomized order so we’re just going to go through this and I want you to bear with me here the mistake that I want you to avoid is setting up an LLC in the wrong State when you go into business most of the time that you’re going into business you’re either going to be selling products or you’re going to be providing services and the LLC should most of the time be set up in the state that you live in because if you’re in a state where you’re domiciled which means you’re just spending 6 months in one day out of the Year there that state is going to tax you regardless of where your business is so even though I may have an online store and I’m selling all throughout the United States I’m in California and I’m going to pay California state taxes or if I’m in Arizona I’m going to pay Arizona state taxes if I live in California or if I live in Arizona so nine times out of 10 most business owners should just have an LLC in the state that they reside in now on the other side of the table I want to make sure I talk about real estate as you guys know I’m an avid real estate investor big fan of real estate myself if you’re going into real estate you’re going to want to have your real estate properties in the LLC but you want the LLC in the state that you bought your real estate property because that’s where the business is going and that’s where the business is Flowing so if you have real estate this is the time in which we will set up the LLC in the state in which you have your assets now mistake that I see a lot of business owners making number two is using their own address it is super duper scary to think that someone would look up my business one day and then see my home address and then go on redin or Zillow or Trulia and be able to get into my living room and see my entire house where I live that would be a nightmare it would be scary especially since I’m on YouTube but maybe you’re not on YouTube maybe you have a doctor’s practice or you’re lawyer and you don’t want someone to know your home address I would encourage you to buy a virtual address you can go online and get a virtual address for less than 100 bucks and that is going to protect you and your business online I cannot explain to you how many clients that I’ve onboarded into my company and we’re on the call on zoom and the next thing you know I share my screen and I’m showing them on Zillow or Trulia what their house looks like and they’re like dude what’s going on how did you get my house and I’m like because you gave me the name of your LLC and guess what your llc’s address is online unless you set up your LLC in a state that does not require members names and addresses to be listed your LLC is going to have your primary address Associated to it and I can’t have that happen I would encourage you to buy a virtual address you know what else I would encourage you to do I would encourage you to open QuickBooks Online Qbo that’s my acronym there in the same day as your bank accounts open for your new business and I want you to start getting into the habit of of doing this because at the end of the day in order to work with an accounting company like mine or any other professional accounting company we don’t take bank statements we’re not going to go through your bank statements and categorize your expenses for you unless you specifically paid an accounting company to do the accounting you should be doing your accounting in real time if the month is June your accounting should already be done through May because you’re in the month of June you should not be waiting until the end of the year and saying okay I should go buy QuickBooks and then turn it over to some bookkeeper or an accountant to then categorize everything that is poor planning for your business and it’s really hard to make financial decisions as a business owner when your accounting is behind could you imagine being in the months of November and you’re trying to figure out how to reduce your taxes but you’ve only done bookkeeping for the month of January and February how is a tax strategist like myself supposed to come into your situation with 8 weeks left in the year and figure out how to reduce your tax bill it’s just not going to happen so I would encourage you to open QuickBooks Online the same day that you open up your bank accounts now to keep this going I want you to leave your name off of your LLC guys there are so many business owners that go into business and then regret the fact that they decided to put their name attached to their llc’s I even have business owners that sometimes will choose abstract names that doesn’t even align with what they’re doing we had this one client come in and he he wanted to name his marketing company Xerxes and I was like wasn’t that from the movie 300 and he’s like yeah he’s my favorite character and I’m like well sir what does Xerxes have to do with marketing and he’s like well it it more or less has to do with my spirit that I’m going to bring into marketing I was like listen as a customer I don’t care about your spirit I care about what are you going to be able to do for me on the marketing side and I don’t know what your business does when I see it or read it on google.com so if you’re going into business I would highly encourage you to one leave your name off your business people don’t care about your name as much as you think they do unless you’re a doctor or a lawyer you’re going to have your own practice sure then you can set up your LLP a limited liability partnership with you and your partner or have your practice in in your name since it’s going to be domiciled in that particular state but for 99% of business owners we have businesses that are going to hopefully be ran without us or at least that’s what the intention is and we want to be able to scale our companies and do so while keeping our name and information off of the radar keep your name off of your LLC and choose a name for your business that is direct to exactly what you’re servicing one of my clients is name is Eddie his company’s name is bad marketing he runs one of the top marketing agencies right so I love that name it’s creative it says Marketing in it instead of saying good marketing it’s bad marketing it makes you question what type of marketing agency is this I would encourage you to get creative as you’re choosing the name of your LLC and last but not least if you’re going into partnership with someone which is completely fine if you decide that you want to partner with someone and going into business I would highly encourage that you have a lawyer create an operational agreement be before you start making money the issue that comes up when I get with Partners is one person wants to take money out of the business and there was a verbal agreement over dinner at El Torito that you guys weren’t going to take any money out of the company well now that the company has a couple hundred bucks in or a couple hundred, bucks in it one of the partners wants to take money out of the business but wait a second was this written in your operating agreement when you guys were going to take distributions or what happens when one of your partners in the company goes through a divorce and now the wife wants 50% of everything what happens with the business if we haven’t discussed that in our operating agreement maybe one of you guys wants to leave the company maybe one of you guys wants to buy the other member out of the company a buy sell agreement these things can all be determined before you even get into business and to be honest with you guys this is how you run a successful business by having a tax professional that is on your team that’s guiding you through the steps of the process of running a successful business could be the difference between your business taking off and flaing glat on its face and your business soaring into the sky helping millions and millions of Americans across the world guys listen my name is Carlton Dennis thank you all of you guys who have ever watched any of my YouTube videos I put this video out there to help new LLC owners but if you’re an existing LLC owner or an S corporation owner and you’re looking for Advanced Tax Strategies I would highly encourage that you visit some of the links that we have below schedule a complimentary consultation with my team and see what we can do to help you structure your llc’s better you guys don’t know what to do like comment subscribe let me know in the comments what you think of this video and I’ll see you on the next one

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