Aiden, Hi there.
Bravo - Spot on. Thank you very much for the more than adequate, entertaining, and informative video presentation about how to LLC the right way. I have my Articles of Organization printed out and ready to send off to the SOS in California. I was actually looking for this information when I found you, funny huh. I think I was watching one of Eric Barstow's videos at Painting Business Pro and your video was there off to the side calling to me. Couldn't have been better timing. For the record, I have never seen your previous video, which I'm sure is still awesome too... As I was filling out my Articles I was looking for information on how to "appear" to be more than a one person LLC and wanted to make sure that it wasn't something I needed to include on the articles. Those forms are pretty cut and dry and basic in terms of required info. So I know that wasn't the case. You helped me tremendously. I heard about this concept earlier this evening but the source did not go into detail. One question I can think of is what is your take on the whole comma or no comma debate? (i.e. DP PAINTERS, LLC vs. DP PAINTERS LLC) I understand that from a legal standpoint those are two completely different entities altogether and once registered, has to be used exactly as registered. I can't decide which looks better, is more professional, or otherwise. What do you think? Lastly, the addition of the "Super duper important contract" and member meeting with yourself at the end... Classic. Loved it! Definitely subscribed.
DP PAINTERS LLC / DP PAINTERS, LLC
By: Dion Pyle, Owner
I'm forming an education business where i provide certifications and training for foodservice employees. What would you recommend as a good starting point for a corporation? I'm so lost on all the different kinds and have watched some of your videos, but this is all new to me.
Can they reverse the "pierce coporate veil" where they go after your llc's assets? Say student loan criminals for example, a friend moved all his personal savings and loaned it to his single member llc to avoid garnishments from any potential legal judgements.
That's a great question! The answer is yes, kind of. If somebody is using an LLC solely for the purpose of avoiding legitimate debts/liabilities or committing fraud, then some form of that could definitely happen. How it works and when a court would allow that to happen varies by state. But I think that would be a great video topic--I'm going to put it on the list and try to make a video about it soon!
Thanks for the information. I read in an article not to sing as owner even if you are and as much as cool as it sounds. It said to always sing as a member, because if you sing as owner you still can get pierced. How much true is that?
I was not planing on doing meeting, but after watching this gives me more strength in protecting my personal assets. I think i will record my self and on my phone i will ask google assistant for today's date and time while showing it to the camera and go over the meeting with my self then sing the meeting document in front of the camera for that extra protection.
Not only will I not “stop watching”.... I do U a total solid by letting the ads on your videos play the WHOLE WAY THROUGH. Cha-ching! Some AdSense love ❤️ 4 U dear Aiden! 😝
Cute AF, has a law degree, and knows asset protection?!? 😗🎶
BTW - very nice look with your hair pulled back. 🤩🤗
[for greater protection against piercing the veil] Wrap the LLC inside a Living Trust. Or, create and wrap a C-Type inside Living Trust. Or, elect C-Type taxation for the LLC and wrap the LLC inside a Living Trust. Make the entity a Nevada or Delaware LLC. This is an overly simplified structure, however. All Entity Structuring depends (heavily) on five (5) very important objectives:
- Asset Diversification
- Ownership vs Control
Personally own no high valued assets. Yet, have control and/or direction of all high valued assets. Diversify all high valued assets across entities appropriate for handling such assets. Own nothing of real value. Spread value among appropriate entities. Manage and/or control/direct everything.
Do you own your personal vehicle, or does a Leasing Company own vehicles available for lease. Are you a lessee, or the Fleet Manager of the Leasing Company and one of its authorized users. Do you own a personal aircraft, or does an Aircraft Leasing Company own aircraft available for lease. Is the Corporation you work for the lessee. Are you the Chief Pilot of that Corporation and thus the authorized user of the leased aircraft.
If you are truly serious about "asset protection" then you'd probably have to do what the Romans do (When In Rome). Who are the Romans you say? Here's a short list: https://itep.org/fortune-500-companies-hold-a-record-26-trillion-offshore/. Going so-called "offshore" is something the big boys do and for obvious reasons. What's good for the goose is also good for the gander - because the goose is the one who not only lays the golden egg, but also protects that golden egg from diving eagles and hunter falcons.
Is it Tax Avoidance or a Fiduciary Responsibility? Neither, if its legal. Whether it is legal depends (in large part) on how entities are set-up and business operations are conducted between entities. The social stigma tends to always be negative, but the reality behind "going offshore" does not have an inherent default negative connotation. As the EO of any business concern, one has a fiduciary responsibility to maximize the potential of that business. That means taking advantage of every ethical, moral and legal option available to maximize profits and protect the business from outside aggression.
Capitalism requires Capital. It also requires Labor. It requires Supply and it requires Demand. You have a choice in a Capitalistic society. You can be on the Capital/Supply side or Labor/Demand side of the equation but make no mistake about it - you will pick a side whether you like it or not. You might as well pick the side the offers the highest potential for having the most number of options to live a life that you desire to live - as opposed to the live you allow someone else to dictate to you.
Don't hate the game. Just learn how to play it well and remain within the rules where there are no ethical, moral or legal questions or concerns. Do that and Capitalism ain't all that bad. Fail to do that and you will spend the rest of your life complaining about living in a Capitalistic Society - when all the while you had the power to design your own destiny.
Ownership of assets is way overrated. Control and Direction of assets is far better. Own nothing. Control and Diversify everything.
So Aiden, when I have a meeting for my LLC should I dress up like a young attractive woman or can I just go looking like a 60 something rabbycacker (think Alaskan red neck type), you know, Carhartts, dirty work boots, truckers cap and needing a shave?
Loved the vid, liked and subscribed.
Promise I won't watch the original vid.
+180 Law Co. LLC
Thank you for the advice and the support should I decide to go with the flannel. Don't think I will go that way though as I usually prefer my flannel on an actual lady. Besides that I would probably have to gain another 40 or 50 lbs to have enough cleavage to achieve the proper look.
Either way I will peruse my operating agreement and state laws at my earliest convenience while taking special note of all fine print and hidden clauses.
Thank you again for your time and consideration of this important matter.
I fully support the Alaskan red neck meeting. But shoot if you want to slap on a ladies' flannel and go that route, I support that too. As long as your state and/or operating agreement doesn't have a dress code requirement. :-)
lol , most informative, was wondering how a LLC works..... still a little fuzzy on it.
the ending of the video is most informative . will still be watching.
lol, was not stupid, i found it to be interactive contract agreement no matter who does it.
and yes you do have great hair and perfect angles.
AWSOME VIDEO !!
Nice video. As an Enrolled Agent I have had many people come to me about taxes thinking that it's the LLC that owes the taxes not me. I ask them why did they become an LLC and they always say I save in taxes and I get liability protection as well. So I always ask them how do you manage the LLC's money. Almost everyone says I just deposited the money/ income into my account. I tell them what you said, a good Attorney can almost always pierce the Corp Vail. Then it's deer in the headlights. I tell them that an LLC has no value unless you follow the rules.
As a self starting small business owner it is extremely overwhelming to file paper work without the assistant of an attorney or a good tax person. Until my business is well funded and running, I will be referring to your tutorials. Thank you for shedding light on the various ways to structure a business. Very helpful very informative. Awesome job!👌👌🤘
On behalf of the men watching your video to learn, I apologize for the boys who have commented. Thank you for the video. Maybe this is in other videos, but how do you determine the amount you need to fully fund your business to keep in your business account? Is it just about overhead or should I reserve a certain amount of the company's revenue?
So stinkin cute! ... but i am over here like "wait...what video is she talking about!?? where's it. lol" Love the vid, new subie. And that last part was really cool 'monkey see, monkey do' kind of lesson! simple, effective, and so fun :D
Facilities for business continuity may include alternate workspace equipped for continuation of business operations. Alternate facilities may be owned or contracted including office space, data center, manufacturing and distribution.
Systems for emergency response may include detection, alarm, warning, communications, suppression and pollution control systems. Protection of critical equipment within a data center may include sensors monitoring heat, humidity and attempts to penetrate computer firewalls.
Every building has exit routes so people can evacuate if there is a hazard within the building. These exit routes should be designed and maintained in accordance with applicable regulations.
Business continuity resources may include spare or redundant systems that serve as a backup in case primary systems fail. Systems for crisis communications may include existing voice and data technology for communicating with customers, employees and others.
Equipment includes the means for teams to communicate. Radios, smartphones, wired telephone and pagers may be required to alert team members to respond, to notify public agencies or contractors and to communicate with other team members to manage an incident.
Many tools may be required to prepare a facility for a forecast event such as a hurricane, flooding or severe winter storm.
Materials and Supplies.
Materials and supplies are needed to support members of emergency response, business continuity and crisis communications teams. Food and water are basic provisions.
Systems and equipment needed to support the preparedness program require fuel. Emergency generators and diesel engine driven fire pumps should have a fuel supply that meets national standards or local regulatory requirements. That means not allowing the fuel supply to run low because replenishment may not be possible during an emergency. Spare batteries for portable radios and chargers for smartphones and other communications devices should be available.