Thanks for the quick simple advice. This answered most of my big questions about forming LLC after sole prop.
@ChristyA-uz5kz
5 ай бұрын
He kinda brushed over this but if you have an EIN number designated as sole proprietor with he IRS you will need to file a new SS4 form; print and mail it in to get a new EIN number. You cannot change the business designation. It takes several weeks so plan ahead. I learned this the hard way. Hope this helps.
@jimhart
5 ай бұрын
You can apply for a new EIN online after you receive your LLC paperwork back from the state where you formed it.
@I-1-0-light-me-4-7-9-Me
2 жыл бұрын
so basically you have a brand new business
@HemiMuscle
3 жыл бұрын
This the video I been waiting for 👍
@xRamim
3 жыл бұрын
u should add timestamps in your vid, great for us viewers & it benefits you in the youtube algorithm :)
@TechLeadEngineer
2 жыл бұрын
Is this really about the 10 requirements of LCC? I really thought I would find out how to convert from sole proprietorship to LCC. Any idea?
@rosellebn
Жыл бұрын
I have so many questions even after I watched this video. I wish it’s easy to get the questions answered. I’m a sole proprietor and wanna switch to an LLC
@jimhart
Жыл бұрын
Here's a link if you would like some help. 😉 www.hawthornlaw.net/services/
@shantalmoto8502
2 жыл бұрын
Love the step by step approach.
@GabeCuello
Жыл бұрын
5:25 yes... Happens to me all the time lol. Great video, by the way.
@Twon808
Жыл бұрын
Can you have a sole proprietor under one EIN and then create an LLC to build credit on both entities since they would both have their own EIN?
@AmyandBaby
Жыл бұрын
No one ever answers the question, If I have an EIN for my sole prop. I am aware I have to make a new one for my LLC but what happens to my old one. How can I cancel it? if I switch over all to my LLC n all platforms will I still have to file a quarter sales tax DR-15 for my old EIN if I am no longer doing business under it?
@jimhart
Жыл бұрын
Answered your question on my recent live stream!
@TrainTracks614
3 жыл бұрын
Just what I needed, thank you!
@jeanalexandre1105
3 жыл бұрын
PO box at the post office in most cases it's only like $100 for the year
@sunflowersandsand
3 жыл бұрын
It's best to open a USPS po box as they have a physical mailing address you can use on your LLC application. That or pay for a "virtual office" which doubles as both a PO box where you can safely receive mail but also register as your address for your place of business.
@DamselInAllure
Жыл бұрын
Thank you for this
@jimhart
Жыл бұрын
My pleasure!
@RicoGG
2 ай бұрын
Half way in and it’s the first time you mention this is for the states. 😅
@jimhart
2 ай бұрын
Sorry, are you in a different country?
@camilo11315
3 жыл бұрын
Did anyone know where is the link for the operating agreement template he mentioned for a single member LLC
@SangDaNoble517
2 жыл бұрын
Thank you, You're the best!!
@AllAboutPurple
2 жыл бұрын
Start @3:18
@oveazeus1
10 ай бұрын
Thank you!
@happyreality244
2 жыл бұрын
Great tips.Tips.. have a question started a online small business no making much yet, started a sole Should I switch to LLC or should I wait??????
@user-vr8ht3hr9e
3 жыл бұрын
Ein# I was 🤔 I was told when I file my llc taxes to take that tab with your ein# or else they won't recognize your company Sol-member LLC in here
@StarlynsAgency
3 жыл бұрын
I registered my self as an agent. created an llc, got the EIN, even the operating agreement. but my credit is so bad banks just give me risk checking accounts. when I try to open an account for the llc the moment I use my social to setup as the owner the banks automatically cancel the application. When to Chase in person why this happens and an agent told me am seen as a "high risk customer" and they can't open accounts for me. How can I have a biz account!? am not looking for loans or anything I just need an account so clients write the checks to the biz and see they are dealing with a business not just a freelancer.
@Wallewallaby
Жыл бұрын
New business from NJ here prepared to register my business. One of my main questions regarding the name is can you keep the same business name from the sole proprietorship or do you have to choose a new name? I'd much rather keep my business name for the LLC.
@user-kd4wu5fg8x
Жыл бұрын
Does this mean with the new ein, there would be a new credit history for the business? I was hoping to keep the credit history/credit lines or amount of available credit carried over.
@TreseLashun_
3 жыл бұрын
I watched your video on why you should not get an LLC before this one. You said there was not tax benefits with LLC vs sole
@user-el6ls3xz8n
10 ай бұрын
the bank account for the sole prop. has its own EIN and once you have an LLC you dont need to the sole prop so do you simply stop using the EIN and cancel the associated bank account or do you have to file a cancellation of the sole prop EIN?
@Raeleen
2 жыл бұрын
Sooooo straightforward and clear. Thank you so much :)
@user-kd4wu5fg8x
Жыл бұрын
Also, if basically you’re creating a different business but taking over the existing business from family, is it better to just create everything new or try to transfer the existing sol proprietorship into my new llc? Like I said, new business will be replacing old business.
@destinyjordan5526
4 ай бұрын
What happens if you have a business line of credit under the sole prop EIN
@jimhart
4 ай бұрын
What do you mean exactly?
@RoyalTea54
3 жыл бұрын
Where's The link? For the Steps you said 3 Pages for the DIY.?
@bigfatcody
Жыл бұрын
So can you put yourself as the registered agent or not?
@sergiogutierrez6091
2 жыл бұрын
I filed online thru legal zoom and it said I could not use a P.O. Box
@RobbyGoodwin
3 жыл бұрын
Do you have to open a brand new bank account? Can you tell the bank to switch your EIN number on the current account?
@jimhart
3 жыл бұрын
That would depend on the bank. I'm not sure, but I suspect that you probably have to open a new one.
@rmj212
3 жыл бұрын
What 8f you are an single member llc is that basically a sole proprietorship
@ekanimity
7 ай бұрын
How the ein works with retirement accounts? Do you can you change that?
@jimhart
5 ай бұрын
I'm not sure what your question is. What does an EIN have to do with a retirement account?
@Crocodonk
5 ай бұрын
Can you transfer a net operating loss from your sole proprietorship to the LLC?
@jimhart
5 ай бұрын
I don't think so - it would just be a separate schedule C on your tax return. But I'm not a tax lawyer, so check with your accountant.
@newphone4474
Жыл бұрын
Does getting a new ein reset the clock on your your years in buisness in particular when it comes to funding?
@iwalkerpreston873
Жыл бұрын
Did you figure this out?
@keitrahinton9984
3 жыл бұрын
Can you speak on Series LLCs?
@shundellefraser8299
Жыл бұрын
i have a question hopefully youll respond, i had an llc registered with the state, Virtual address, registered agent etc, however due to the business not making alot of money in its first year, i was told to file together ( personal and business as one), therefore it was filed as an sole proprietorship as opposed to llc, can i still move forward with my business as a llc next year filing. , if so what are the steps
@antoninorex5857
Жыл бұрын
My business is not online.
@vboites1403.
5 ай бұрын
Anybody please once you become a new business to LLC Do banks have to give you a loan to start business? Is that true ?
@jimhart
5 ай бұрын
No - that is not true. And if you are just starting out, the banks would loan you based on your personal credit anyway.
@cutiefruba4
3 жыл бұрын
I thought picking a registered agent was picking your address
@Viper2132
3 жыл бұрын
Would I also have to re-file my trademark application when going from a sole proprietor to LLC?
@KatieKirkendall
Жыл бұрын
I am obsessed with Cobra Kai!
@jessicafisher1188
3 жыл бұрын
If I have a DBA under my sole proprietorship can I switch to an LLC with just my DBA name? I don't want to add the LLC after my brand name
@Eduardocruz003
3 жыл бұрын
Have you found the answer to this. I'm barely starting as a teen and would appreciate the knowledge.
@jessicafisher1188
3 жыл бұрын
Yes I did! Thankfully I found a great lawyer on fiverr that helped me and I am not sure of laws in your state so of course do your own research for your state but I was able to get a DBA and upgrade my sole proprietorship to an LLC. Now I can market myself as the name I chose for my DBA which means doing business as " what you want to be called".. Also for general information for you're area you can look up your local small business Association. Hope that helps.
@berniesands6201
3 жыл бұрын
Do you get the same tax benefits and write offs with a sole prop. as an LLC?
@jessicafisher1188
3 жыл бұрын
What if you have a virtual address?
@belens8453
7 ай бұрын
Thank you so much! Question? How does it work for quarterly taxes with the department of revenue? Do I have to file the taxes for sole proprietor separate from the taxes for the Llc if I changed in the middle of the month? For example sole proprietor continued until 1/25 and LLC started on 1/26?
@jimhart
5 ай бұрын
I would talk to an accountant to make sure you handle this correct. And I recommend Gusto for running payroll once you set up your LLC. hawthornlaw.net/payroll (Affiliate)
@user-vr8ht3hr9e
3 жыл бұрын
Gooker left?
@ChopTheViking
3 жыл бұрын
So you can use a PO Box for your business address when you file for your LLC? (In Florida here, and yes, I know you're not my Lawyer rofl)
@ethanhassinger291
4 ай бұрын
My new ein paperwork doesn’t have LLC in the name as my new entity does, is this okay?
@jimhart
4 ай бұрын
Did you apply yourself or did you use a 3rd party?
@ethanhassinger291
4 ай бұрын
@@jimhart 3rd party.
@danielgil9747
3 жыл бұрын
If you file for a DBA being a sole proprietor to choose a name and later you create an LLC, the name you chose is protected or it's only protected when you create an LLC?
@pressurewashingandmylife
Жыл бұрын
good question, you ever figure out an answer?
@danielgil9747
Жыл бұрын
@pressurewashingandmylife As far as I know, to protect the name of your company, you need a trademark. The level of protection a DBA gives you us very low.
@surveygirl4989
Жыл бұрын
I like your video but too many interruptions. Coffee drinking, mug brand, Netflix, blowing leaves, battery died. Viewers just the info as quick as possible. As we’re all busy. I still appreciate the professional advise.
@colettedubose
Жыл бұрын
I currently have a EIN# as a sole proprietorship, and recently incorporated my business as a LLC. Do I need to create a new EIN# or file a form with the IRS of the change?
@iwalkerpreston873
Жыл бұрын
Dis you get an answer for this?
@colettedubose
Жыл бұрын
@@iwalkerpreston873 nope
@axelbrambila2802
11 ай бұрын
@@iwalkerpreston873he answered that in the video around 8 mins
@cutiefruba4
3 жыл бұрын
do you have to create a new account for your website domain ownership? I want to just update my website domain account and registration with my llc contact details instead of creating a new account and transferring it
@bandmillbob8907
3 жыл бұрын
I recently have reason to change my position on Liability. In the past my risk to liability was low. No I have a increasing personal asset liability due to inheritance. I greatly desire to continue my business however recognize that I need to clearly separate my business and my assets. I'm slow as a rock can you suggest some books or literature that can help me move to a LLC. I am a sole owner and a one man show I suck at accounting. "Lazy" but my work is good and I love what I do. Any help Thanks.
@Eduardocruz003
3 жыл бұрын
Hey man, can you answer my biggest bottleneck question for me real quick. Just starting as a teen and I'm thinking about starting off as a Sole P. cause I'm working with very little capital and don't have any assets to protect at the moment and just wish to get started. With your experience what do you recommend?
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