Single Member LLC Mistakes You Should Avoid - 4 Biggies

Single Member LLC Mistakes You Should Avoid - 4 Big Problem Areas //

If you decide to form a single member LLC, you are probably doing so for the limited liability protection they offer. However, if you make one of these mistakes, someone who sues your business could "pierce the corporate veil" and get at your personal assets regardless.

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#LLC #HawthornLaw

[ThriftDiving]

1. Operational agreement for how your business will operate.
2. Meeting minutes with yourself, especially when you make decisions, like buying new equipment.
3. Good tax records.
4. Separate bank accounts, and draw and deposit money appropriately.
5. Enter into business contracts as the name of the LLC.

[Nyyre]

Single-member LLC:
The person who owns an LLC is called a “member” (vs owner of corp is called “shareholder”)

1. Have an operating agreement to make sure LLC is run certain ways

Keep good legal records, follow legal formalities

2. Make sure biz is adequately capitalized to pay for biz expenses

3. Separate bank accounts

4. Act as owner of LLC (whenever entering into contract as business… with property stuff, contractors, etc)

[williammorton]

One of the best presentations on LLC's I have seen. Not polished, not pretentious, not pretty, just good information from someone who clearly works for a living.

[sambarsketis]

Awesome thanks man! Business school really doesn’t give you this knowledge in such a straight forward way. This is why YouTube is a beautiful community! Keep it comin’.

[polishx]

You're awesome, the fact that real life was happening the entire time you did this was very endearing. Thanks for the info.

[deborahtchester]

You had me cracking up at 6:15, love your personality. You making learning about business enjoyable and not a drag. You do a great job of communicating all the important information. Thank you so much ! :)

[chaseykaluha]

Honestly, I had no clue about taxes or business. If it wasn't for my will to learn taxes (basic knowledge so far) and my boyfriend recommending me a few books about business, I would still be clueless. This video along with many others that want to inform people to reach their goals is priceless, much better than college classes when you can find simplified advice in a video. Thank you, sir!

[ncjim]

Thank you very much for this video! Your charisma and logic flow is much greater than any of the other videos regarding the topic of single-member LLCs. You intelligently encapsulated each area into four logical, distinct categories, and summarized them well towards the end. This makes it so much easier to remember all the nuances to look out for.
EDIT: Just realized you had another updated video, will watch now. Sorry about that.

[tblankin]

I needed this video. I started my business almost a year ago and I am almost clueless on the legal side of business. I made the business a single member LLC a couple of months ago but I don't have a separate bank account yet. I had no clue about meetings with myself or operating agreement. I just have a simple contract for the customers. Maybe this channel can steer me in the right direction.

[tamekajones]

I’m so happy that I found your channel it will help me as I file for my LLC today!

[jpierce]

My wife and I are getting ready to start our own company and we're thinking of forming an LLC. Your videos are really helpful and get me thinking of all the things we need to research. Thanks for the info.

[humblelifeoutdoors]

I honestly can’t thank you enough, best of luck to all future endeavors.

[yourtraditionalnaturopath]

This was VERY helpful. I actually watched the whole playlist in this series. EXACTLY what I needed🙏🏾🙌🏾❤️

[marclarouche]

Thank you for this, direct and clear and just what I needed as I start my next venture!
Marc

[ChristaBello]

Thank you so much Hawthorn. Learnt massively. Having meeting with myself and documenting it stood out with me. Thanks again.

[davidguo]

Just wanted to say thank you for these very resourceful videos. Amazing content, keep it up!

[tauheedahmuhammad]

Ooo this was great content! Thanks!
P.S. I just read some of the other comments....personally I like the random interjections and humor....especially when you say “twitters”🤣🤣🤣. I was informed and entertained 😊. Subscribed and hit the bell “thingy”😉

[keishamariedouglas]

I’m so glad this came up on my newsfeed!!!! Needed the laugh and the info! Thank you!

[lauraaviles]

That’s the simplest explanation I’ve heard for an LLC. Thank you for that ! 👍

[jimhart]

Do you have an operating agreement in place? Drop a comment and let me know! And follow me on Twitter @hawthornlg