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Avoiding the Risks of a Single-Member LLC (Again) - All Up In Yo' Business

4446 ratings | 130171 views
Contact Aiden and learn more at www.180lawco.com. For more on single-member LLCs, watch 'How Do I Pay Myself in a Single-Member LLC?' at http://youtu.be/fWkbJs3XLrs?list=UUNh... Forming a limited liability company can be a great way for business owners to avoid personal liability for the debts and liabilities of the company. However, being the sole member in a single-member LLC carries with it an enhanced risk of personal liability by creditors piercing the corporate veil and the alter ego doctrine. If the assets and the actions of the LLC are so intertwined that the LLC is merely the "alter ego" of the business owner, creditors may be able to pierce the corporate veil and go after the personal assets of the business owner to satisfy debts of the company. Some of the most important steps that need to be taken to attempt to avoid a creditor being able to pierce the corporate veil are: 1. Follow legal formalities: even in a single-member LLC, the LLC still needs to keep records and meeting minutes, and follow a well-drafted operating agreement; 2. Adequate capitalization: under-capitalizing an LLC is a sure-fire way to open yourself up to personal liability; 3. Never commingle funds: EVER! Business funds pay business expenses and your personal funds pay personal expenses. No "borrowing" from the company to pay your mortgage. 4. Always act on behalf of the LLC: when you sign documents on behalf of the LLC, make sure you are signing documents ON BEHALF OF THE LLC. For example, I would sign paperwork as "The Law Office of Aiden H. Kramer, LLC, By: Aiden Kramer, Member." I am not signing in my personal capacity. These are just some of the most important steps that need to be taken to attempt to avoid personal liability in a single-member LLC. Contact Aiden and learn more at www.180lawco.com. [email protected] | 720-379-3425 Thumbs up & subscribe if you want more AUIYB! Follow Me! IG: @allupinyobusiness Twitter: @_AllUpInYoBiz www.facebook.com/180lawco www.google.com/+aidenkramerlawAUIYB www.pinterest.com/AUIYB The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by 180 Law Co. LLC, with its principal office located at 50 S. Steele Street, Suite 250, Denver, CO 80209. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship 180 Law Co. LLC or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice. All Up In Yo’ Business® is a registered trademark of 180 Law Co. LLC. ©180 Law Co. LLC. All rights reserved.
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Text Comments (409)
I love your style!!! Don't Worry I Would Do The Same!
AX4N TRANS (7 days ago)
HAVE MY BABY LOL
Paul Harvey Jr. (8 days ago)
You are smart and soooooo funny :)
Jude Khan (8 days ago)
Wow thanks so much for all the information shared.... sending love from from nj.
Sherry Caraway (9 days ago)
A bit of verbal frye in the voice.
T.G Ganpurev (9 days ago)
Still sucks... too many cuts
180 Law Co. LLC (8 days ago)
Well shit.
Benny Chane (17 days ago)
Your the best😍
cristian hernandez (17 days ago)
Yay for vanity
Peaked and Tuned (19 days ago)
Teach me
Nathan Pust (25 days ago)
I get caught talking to myself often so from now on I'll just respond, "I'm having a meeting with myself, it's a smart business move"
spunky181 (25 days ago)
How do you sign the minutes or refer to the other person in your minutes? Both as yourself or two different titles?
Christian Longoria (26 days ago)
you are my favorite lady
f K (27 days ago)
I am a new private security owner. wanted to be LLC or S corp? I don't know which one i go for. I don't have no employees yet?
DP Painters (1 month ago)
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
Foodservice Education (1 month ago)
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.
eric cervantes (1 month ago)
Nvm that’s not a lisp
180 Law Co. LLC (29 days ago)
Yes it is :-)
eric cervantes (1 month ago)
Your lisp is sexy and annoying at the same time
180 Law Co. LLC (29 days ago)
I find it mostly annoying, but thanks
Annette Tucker (1 month ago)
Soooo how will I apply for the EIN as a single person LLC and not get in tax trouble by applying as the member and manger? The IRS will need each members info, right?
Nomad Black (1 month ago)
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.
180 Law Co. LLC (29 days ago)
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!
Mason Matthews (1 month ago)
Now all I can think about is watching the other video. Haha
180 Law Co. LLC (29 days ago)
My plan really backfired, huh?
SR HD (1 month ago)
Awesome! Thank you
chechodallas (1 month ago)
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.
onewoman empire (1 month ago)
lol I loved it.
Sp Sp (1 month ago)
Thanks for your help. I just subscribed. The best was at the end; It shows that you still have the human touch in you, albeit you r a lawyer. Keep up the good work.
jesse perry (1 month ago)
That was funny...i like how spunky u are....good info...
Steve V (1 month ago)
So pretty....and those eyes....bet she gets tired of guys staring at her.
Tina Copple (1 month ago)
Great video and I loved the meeting. I might just video mine too! thank you for the information.
Christopher Gray (1 month ago)
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. 🤩🤗
180 Law Co. LLC (1 month ago)
Thank you and thaaaaank youuuuu for watching the ads the whole way through. You're the real hero :-)
Scott Anderson (1 month ago)
You are awesome! Thanks for all the info!
Vann Hamby (1 month ago)
I like your style.
N7ST (1 month ago)
[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: - Taxation - Liability - Asset Diversification - Ownership vs Control - Succession 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.
SEDRICK WELLS (1 month ago)
Another awesome vid wish I had of found this earlier
Caley Steyaert (1 month ago)
I had to go back and find the original video to see what you were talking about... looks like its about time to phase that old one out...
Chunda Zeng (1 month ago)
If I operate my business from my own home, can I pay my utilities and internet bill using my company money?
TDJ Audio (1 month ago)
Consider all goals regarding vanity to be achieved! =^.^= meeOOww :) hahaha ty for the vid very useful!
nicholas lee (1 month ago)
Hey. do the members have to be adults ? I thought about putting my kids on.
rabbycacker (1 month ago)
S 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? Please advise. Thanks Loved the vid, liked and subscribed. P.S. Promise I won't watch the original vid.
rabbycacker (1 month ago)
+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. Sincerely, Rabbycacker
180 Law Co. LLC (1 month ago)
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. :-)
Stupid Storm (1 month ago)
Hilarious! Excellent points.
David Birdno (1 month ago)
She's hot and smart👍😁
Eric Graham (2 months ago)
You are toooo cute!! I enjoyed the video. Great information was given! Great Job!!
SawseMasterA (2 months ago)
Good info. Thanks for taking your time to reamke.
JaCk nickolstine (2 months ago)
Lol you a goober lol
JaCk nickolstine (2 months ago)
Thank you, this is helping me understand better :)
Scorp (2 months ago)
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 !!
Howard Duck Harmston (2 months ago)
First off your beautiful, I'm sure everyone will agree So dont worry about your angles, All said respectfully. 2nd thankyou for all your help and videos.
Saudi Mike (2 months ago)
Love the video.. The meeting example was great... Good edit...
JOHN JONES (2 months ago)
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.
180 Law Co. LLC (2 months ago)
You're completely right! Very well said. Thanks for the comment!
Boam Boam (2 months ago)
great work
slipperyking (2 months ago)
That meeting at the end was the best thing I've seen all week lol
Annette Tucker (2 months ago)
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!👌👌🤘
Hai L (2 months ago)
Do Uber driver need LLC ? Thank
Paul P (2 months ago)
Next time please go topless
Desert Logger (2 months ago)
No double chin in this video very beautiful woman. Keep up the great work. It really does halp. 🤔🤔🤔
d v (2 months ago)
Thanks so much, this is quite helpful.
Br3anna Thomas (2 months ago)
i love this... ur meeting at the end is anazing. keep doing u girl. u rock 💜💙💚💛🧡❤
Azariā Azariā (2 months ago)
subscribed because of the meeting with yourself LOL
Afro Senpai (3 months ago)
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?
Jennifer Castellano (3 months ago)
Hoe are these minutes written up though? It’s just one member present.
Elijah Prince (3 months ago)
You make boring legal talk really fun and digestible. Thank you
James Dujardin (3 months ago)
So this means any contract/ agreement with any subcontractors, banks, employees, etc? Trying to wrap my head around when I should sign as the owner & as the business itself...
Adonis Castaneda (3 months ago)
thank you for making adulting easy and enjoyable. that meeting with yourself made my day
Tom A Hawk (3 months ago)
Smart and beautiful ! Very well done and no I won't watch the old one LOL. BTW can you make a video on becoming a registered agent ?
WattsUpDev (3 months ago)
@180lawco.llc What If you’d like to form a non profit LLC for the privacy & protection of your personal residents?
Bun Bee (3 months ago)
I have to get a operating agreement.
Thank you for that good info.
Cosmo Kwong (3 months ago)
Great info w/ humor! I'm newby & need to know the details & you explain it so well. Love the graphics.
Teisa Sterling (3 months ago)
OMG, so hope I hear of you moving to Texas. You need to be my business lawyer *weeps*
Charles A Townsend (3 months ago)
Luv it.😃
Charles A Townsend (3 months ago)
Use a mirror, it helps. "What's that mirror, you 2nd the motion." Ok😁
Charles A Townsend (3 months ago)
I LOVE THAT VIDEO!!
James Conley (3 months ago)
ily
A P (3 months ago)
She has a great way of breaking everything down and making it easy to understand , plus a great sense of humor to boot , so glad I stumbled on her videos ,
Mo Johns (3 months ago)
She's like a low budget actress found in videos about "basic bitches"
Mo Johns (3 months ago)
;-)
180 Law Co. LLC (3 months ago)
REALLY low budget
Dan Thornton (4 months ago)
Your hot.
TheJess Ylleg (4 months ago)
I keep looking at the bottom of the screen. Don't know why.
Wes W-B (4 months ago)
Thank you for putting these videos out. Looking forward to watching more of them they’re helping me so much.
patrice373 (4 months ago)
LOL (the intro)
Roland Beckles-Lamazon (4 months ago)
you r a mess lol
Ty Cole (4 months ago)
This would be a much better video if you didn't waste my time complaining about the old one
Jennifer Pyles (4 months ago)
Sign ‘my name, owner’ GOT IT! 👍🏼
Gotspade (4 months ago)
yall are creepy as fuck
mirage 12 (4 months ago)
maybe less intro?
Wladimir Ewald (4 months ago)
If you have a provider from out of seas. Those that consider as a partnership for your LLC?
Ashfaq Sheikh (4 months ago)
How likely is that courts will pierce the veil of a family LLC in which husband, wife and/or a son/daughter are members?
Ashfaq Sheikh (4 months ago)
Thanks for the reply. Do you mean that a family-owned LLC would be evaluated like a multi-member LLC?
180 Law Co. LLC (4 months ago)
Depends on the state and a lot of other factors. A family-owned LLC would be evaluated in the same way as any other LLC.
Lawrence Briggs (5 months ago)
lol--the video @ the end
William Lockard (5 months ago)
will you go to prom with me!
180 Law Co. LLC (5 months ago)
You don't want to take me, I'm an old lady and don't know any of the cool music you kids are listening to these days.
Mike vann (5 months ago)
can an LLC with two members but operatinging agreement state one member control the LLC?
Jon Totaram (5 months ago)
super helpful
Careem Robinson (5 months ago)
Aiden is absolutely delightful. I'm scheduling a meeting with myself right away.
me too (5 months ago)
So exactly who all signed the meeting minutes?
Antonio J Maldonado (5 months ago)
What are organisational documents and resolutions?
180 Law Co. LLC (5 months ago)
Articles of Organization, Operating Agreement, Organizational Resolution, just to name a few.
Slick Willy (5 months ago)
You're awesome!! Thanks for taking the time to explain this stuff.
opticaldvd123 (5 months ago)
In addition to an informative video...camera placement was excellent!
richard myers (5 months ago)
OOO I love it!!! THANK YOU SO MUCH!! you have helped me more in a couple hours watching your videos than anyone in the last six years of me trying to start my business!! plus you are gorgeous!!
Verse Onee (5 months ago)
Very informative and amazingly entertaining. 😆 If I move to Coloroda like I am planning, I'll defiantly need your services. I'll look ya up.
Fit Phillips (5 months ago)
The meeting with yourself is extremely informative yet comedic lol great info thx!
Great video. Very good information. Thank you.
breezy503 (6 months ago)
Aloha Aiden, Thanks for the awesome vids and excellent information and being concise with such complicated topics - forming a LLC and you've been a tremendous help in the process. Mahalo nui, C
SirenaJones (6 months ago)
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
King Adamus (6 months ago)
You are beautiful even if you had 15 chins ;) .
Bad Dinosaur (6 months ago)
Great video, in my self meeting I was inappropriately touched and talked too, but some great ideas came out of it. keep up the good work. the lumber jack looks good on you.

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