Sole Proprietor VS. LLC | What is a Limited Liability Company? | How to Start a Business

Let's look at two common legal structures used to start businesses, as well as the major drawback of one (and advantage of the other). Please watch the entire video before commenting, as some of your questions may be answered later on.

Also, sorry for the grainy quality, that is a result of poor lighting. I am not used to shooting indoors! :)

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[guitargain]

I read up on LLCs a while back and read several articles that said today's LLCs aren't the liability free havens they used to be. There was info there that stated that a good lawyer can drill through the LLC and come after you personally anyway. I am no expert on the subject by any means but it was eye opening for me. I will say that the articles did say all that hinges on how the LLC is set up so I guess there are good ways and bad ways to do them.

[surgev]

Dude! Cool video, I wish it was longer. Very cut and dry !

[danielwhite]

Great Stuff Brad! U was just having this conversation yesterday!

[scottuptain]

Are you LLC? My small engine repair shop in Nebraska is LLC. Attorney's not to worried about paying house bills from business account, but you have definitely made me rethink his advice. Thank you.

[BirchsLawnCareLLC]

Thanks so much for touching on piercing the corporate veil. So many peeps get on her and spout off about business structure and totally do not get how easy they can goof up the LLC protections.

[edwardmajka]

Marathon Watching 9/24/21 Very informative.... Very good video...

[fredc.c.]

Great job on this topic. More guy's in the lawn care community should do topics like this. Johnny from Florida tuff pros share Advice like this too.

[sisteke]

Good job at keeping it plain and simple 👌🏿

[georgemyers]

Great video brad.
I never understood the difference between dba and llc as far as benefits of the two until this video.you explained it very well.llc definitely the way to go.i have 2 other reasons for thinking that other than how you explained.
1.) if you can’t afford that little bit of money difference in filing fee between the two, you should probably hold off on self employment for a while.
2.) if you have the llc instead of the dba you probably won’t need it.better to do it and not need it than to not do it and wish you did do it.
Thank you for the info. I’m looking forward to more

[SinnerSince]

Great story. Thanks for putting this up!

[GrassNectar]

Gr8 Video thank you so much for sharing your knowledge really appreciate it

[mystorymylife]

This was a excellent video. Excellent

[robertjones]

Well said your are so correct a lot of people makes theses types of decisions. You have to separate your business account separately from your personal accounts. I have my business account at one bank. And I have my personal banking account at my local credit union bank. And it's also best to have personal experience accounting. To handle all of your financial business related to your company. I'm telling you it's worth it and it works out fine for me.

[moneymakingmikeg.]

You mean we're NOT supposed to be out there drunk??? That's the only way I was taught to make it through, and make my lines straight!!! But FOR REAL, JUST KIDDING to all!!! Brad, great video, very knowledgeable!!! I think this will help tremendously to younger guys coming up!!!! As, always God bless, have a Happy and Healthy Thanksgiving, and greetings from the Dirty Jersey!!!!

[louielopez]

Anyone wanting to start a business should consult with a well known tax advisor or an attorney that knows which is the best route to take regarding taxes and liabilities.

[dribeker]

Hi Brad, thanks for the great info. After this I went and applied for a sole proprietor here in Texas.

Any info on contracts for commercial work should say? I’m looking into bidding on some small commercial properties and need some advice on contracts. Keep up the great informative videos!!

[lawncarelittleguy]

Im going to have to see about my DBA. I didnt know they expire. Im only 4 years into it but eacg state/county could be different i suppose. Huh, always learning. You may hate my video on the same topic...lol. I say the same in that i cant tell, and i wont tell people what to do, but i like the DBA side for the smallest operations which i am.

[toddbehrends]

Very informative. Thanks for the video. Did you talk with a lawyer concerning what you needed to do when you started your business?

[bigalhammy]

Can't you just get general liability insurance while being a DBA?

[robras]

Not sure about your examples here. If you drink and drive then cause damage, the LLC will certainly be sued, but you can be sure you are personally on the hook as well for making a criminal decision personally. Same for making the personal and conscious decision to drive an unsafe vehicle. You can "pierce the corporate veil" for gross negligence and criminal behavior.