Don't Make These Six Common Mistakes in Your Single Member LLC!

Starting an LLC? Then don't make these common single-member LLC mistakes if you want to avoid piercing the corporate veil or just unnecessary hassle.

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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 1580 N. Logan St., Ste 660, PMB 92925, Denver, CO 80203. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with 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.

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#AllUpInYoBiz #singlememberLLC #LLCmistakes

00:00 Intro
00:44 Consequences of these LLC mistakes
02:25 Forming the LLC in the wrong state
06:42 Making an S Corp election too early
08:05 Using a PO box for the business address or registered agent address
10:51 Not following corporate formalities like an Operating Agreement
12:24 Not signing contracts on behalf of the LLC
13:48 Not keeping personal and business finances separate
15:05 Outro

[thinkthoughtsforhours]

There is no reality other than what you put in your mind right now
So me watching these videos everyday means I already have my own LLC

[darylcee]

Thank you. Excellent information and right to the point. Great energy!

[ChopperYagyu]

OMG Aiden you're the 1st person I know to talk about the S Corp "false start" mistake! Thank you and all the best!!

[ingbyn]

Thorough, yet concise! Thanks so much!

[loriepearman]

Great information! Thank you! I found a couple of things I need to tweak before I go live.

[strohmeyerlawpllc]

100% agree on not forming in a "magic" state. You're just adding costs that won't add anything but complexity and compliance costs.

[crewdalews]

finally some solid info on s corp downside and focused on timing importance

[JenS.-scrg]

It is important for me to say thank you.! The reason why is so many people that are teaching and educating information Are leaving out one vital important piece of information? And that is SMLLC! While it is Vital to research and learn every single bit of information for llc's; When somebody is forming an smllc it is relevant that 'teachers' per say mention smllc within the llc videos! Ty Jen

[welovefootball]

Excellent presentation. New subscriber.... Will appreciate a video on how to pay yourself in a single member LLC.
Thanks

[jacolindo]

Thank you for such a god information. Blessings 😃

[swalter]

Thank you. Do you have any videos on how to change from sole proprietorship to LLC?

[LAKitchen]

WY is popular for holding company LLC not doing business or operating so for CA that is valuable

[yufhivs]

Instant like when you used the "straight to jail" meme LOL

[miketucker]

Hello. Could you do a video on sba grants? Thanks in advance. Content always direct .

[shawnturner]

Hi Aiden, thank you for this content. Great points to keep in mind. The only reason why I’ve decided to form a “parent” WY LLC, to then “house” the subsidiary LLC’s in other states, is because I’ve learned that many states, particularly MO, FL, CO, and others are considered “weak” states because they have “weak” charging orders. These “weak” charging orders would enable a plaintiff to more readily obtain the assets (ie, rental property) within the particular state’s LLC. My understanding is that the WY LLC has a bit stronger protections to help avoid this, or at least make it more difficult than the single LLC in said states.

[issiahbernaiche]

In terms of a virtual office address would that be the directive I’d take for beginning an online print on demand clothing brand? Once I get the expenditures I will order bulk and have a physical location. Though right now I currently don’t have the best way of shipment because I live in a Apartment building. Thank you! I love your content and has been greatly helpful.

[gaiustacitus]

Given that the majority of people who serve as officers and directors of LLCs and corporations either do not know about corporate formalities and how to adhere to them, it is very easy to pierce the corporate veil and attach the assets of the owner(s).

As to why people choose Delaware to register their LLCs or corporations, it is because of a history of judicial opinions about the operations of businesses dating back to the 1600s. Delaware honors these opinions even though the State did not legally exist until 3rd September 1783. If you choose to take a company public and your corporate entity is not registered in Delaware, the attorneys for the underwriter will register a new company in Delaware, perform a merger of the old entity into the new entity, and dissolve the old entity.

[egebars]

Thank you so much for your sharing Aiden, I live outside the USA and I am not a citizen of the USA, in which state do you think I should establish a company?

[Paper_and_Cloth]

Starting an LLC requires me to self fund my business purchases in order to run my business. At least until my business makes money

[FS-ychq]

Hi can you help if you have an LLC and you have Court violations towards the LLC and you're planning to dissolve to put as a sole proprietorship can you do that and can the violations go towards your own name as owner sole proprietorship so you can address the violations in your own name because as LLC you cannot represent yourself or your company you can only represent yourself in your name so was going to go back to sole proprietorship anyway might as well do it now can you verify what the violations currently also be transferred to my name or no?