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Speaker 1: When you're filling out your paperwork, and it comes to
Speaker 1: that part where it says address, right, don't use your
Speaker 1: personal address because everything that you fill out with the
Speaker 1: Secretary of State, you fill out with the IRS. People
Speaker 1: can google it and at Google. Not you Google, and
Speaker 1: people will google it. Okay, they will look you up
Speaker 1: certifyed botified, and your address will pop up there. So
Speaker 1: a good solution, what we're recommending is that you use
Speaker 1: a virtual address, okay, and this will help you keep
Speaker 1: your personal information private and it'll keep your address off
Speaker 1: the big old web. Okay, you look more like a professional.
Speaker 1: And it's a secured fixed address and guess what, the
Speaker 1: mail that's going there can be forwarded to you you.
Speaker 1: So it's like a all in one Okay. Now, I
Speaker 1: know it's some shade out there by ipostal, but there
Speaker 1: are some people that have great success with it. Okay.
Speaker 1: You can go back and check on a study hall
Speaker 1: for some suggestions or the workbook, the participant work GUD
Speaker 1: is what I like to call it. So again, when
Speaker 1: you get this business telephone number the same that you
Speaker 1: did with the virtual business, make sure that you get
Speaker 1: a different, a different telephone number other than yours. I
Speaker 1: don't want to bring into your cell phone unless you
Speaker 1: have like dual numbers, and you could probably get that
Speaker 1: from your carrier. This keeps your personal information private and
Speaker 1: you look like a professional. Okay. So another helpful hint too,
Speaker 1: when you do get your business telephone number, be sure
Speaker 1: to register it with four one one Okay. It helps
Speaker 1: people to find you when they searching your entity. And
Speaker 1: it just when they say people find you, the banks
Speaker 1: they do they research too, Okay, So if you are
Speaker 1: googleble or searchable, banks will definitely open up the door
Speaker 1: and say welcome, come on in. We have other products
Speaker 1: behind these other doors. Okay, just keep that in mind,
Speaker 1: especially when we're out here building these relationships with banks.
Speaker 1: So this course we're going to go over to LLC's
Speaker 1: real quick. This course, you know, recommends that you choose
Speaker 1: an LLC is the entity type which lets you takes
Speaker 1: advantage of the benefits of both a corporation and a
Speaker 1: partnership business structure. Okay. Now, to register your LLC, you
Speaker 1: need to submit your articles of incorporational Formation. You can
Speaker 1: choose to have a service set this up for you,
Speaker 1: or you could do the DIY method that we went
Speaker 1: through in this course. You know, if you want to
Speaker 1: use a free service, totally up to you. Okay, nobody's
Speaker 1: judging you. You could do it on your own. However you
Speaker 1: want to set this up. Just know that you know
Speaker 1: there is a fee sometimes associated with following your business
Speaker 1: with the state. Okay, So just keep that in mind.
Speaker 1: So even if you use a free set up service,
Speaker 1: they're still going to have to charge you the fee
Speaker 1: that you're setting the state, the fee that the state
Speaker 1: charges that you're going to set your LLC up in. Okay,
Speaker 1: So even though everything else is free, you're still going
Speaker 1: to have to pay for that regardless of how you
Speaker 1: set your business up. All right, So I want to
Speaker 1: know what state are you dropping or creating your LLC
Speaker 1: and what state are you creating it or have you
Speaker 1: created it? And you can drop that in a check
Speaker 1: for me. Indianapolis. All might be coming out in summer, Tennessee, Michigan, Nevada,
Speaker 1: Come on, Nevada. But y'all knows no is it no tax?
Speaker 3: Yeah?
Speaker 1: I think y'all like the no tax state or something
Speaker 1: right like Delaware, Michigan, Texas.
Speaker 3: Yes, DC, absolutely, y'all know me.
Speaker 1: I love me some DC. Come on, come on, I
Speaker 1: love me some DC. Colorado Awesome, awesome, only federal Texas. Yep,
Speaker 1: that's exactly why I go a little bit down the
Speaker 1: street and around the corner and over the bridge right
Speaker 1: to Delaware. Boom. So okay, just you know, quick question
Speaker 1: to see if you remember some of your articles of
Speaker 1: articles of formation information right. I just want to make
Speaker 1: sure that you know that. So just real quick, what's
Speaker 1: the difference?
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Speaker 1: Sponsored by the United States Department of Homeland Security. Between
Speaker 1: a member managed and a manager managed LLC like when
Speaker 1: you put those people designate those people, do you, guys,
Speaker 1: remember the difference between a member managed and a manager managed.
Speaker 1: When you choose your business. So, yep, I like that.
Speaker 1: I like that. I'm gonna get some other people a
Speaker 1: chance to type in because I'm a slow typer myself.
Speaker 1: So member equal partners. Okay, I likes it. I likes it.
Speaker 1: I like that. Anybody else want to take a stab
Speaker 1: at it. What's the difference between a member managed and
Speaker 1: a manager managed? Set up for your business when you're choosing?
Speaker 1: Come on, Whitney, what you're saying? Member managed is controlled
Speaker 1: by the member and the manager managed is controlled by
Speaker 1: the appointed manager. Come on, come on, people, she said it.
Speaker 1: You must be got you must you must have my notes.
Speaker 1: It's cool, but I'm gonna say it anyway. So a
Speaker 1: member managed is where all the own owners of the
Speaker 1: LC have a voice and how the business will operate.
Speaker 1: Everybody has a voice. A manager managed is where you
Speaker 1: elect one or more members to make the decisions for
Speaker 1: the company or select a professional company or persons. So
Speaker 1: ding ding ding, my people's you got it? You got it?
Speaker 1: So which is gonna be the choice for you when
Speaker 1: you set up your business? Or which one did you
Speaker 1: choose when you set up your business?
Speaker 3: Now?
Speaker 1: Just being flat out newsy okay, because we sharing because
Speaker 1: we're gonna help somebody to night. Which one did you
Speaker 1: choose for your business? A member managed? So lo, yollo,
Speaker 1: I got you. I'm not mad at you. Okay. Holding
Speaker 1: company is a manager manager managed yep, manager managed member. Okay,
Speaker 1: listen you you have to choose the right structure for
Speaker 1: your business. Some people are a little bit further along,
Speaker 1: some people are just starting out. Some people already got
Speaker 1: clients before they even got a business, and some of
Speaker 1: us are looking for clients. Okay, just being real, all right,
Speaker 1: So as you set up your LLC, you need to
Speaker 1: obtain your ei in. Again. If you are new and
Speaker 1: I'm going too quick, I'm sorry. We have replays for
Speaker 1: you and we have a study hall, so feel free.
Speaker 1: I'm talking about there are tons of well experienced people.
Speaker 1: I done read through all those threads. They are amazing. Okay,
Speaker 1: so just remember, just like your social Security number, your
Speaker 1: business needs an ei IN. That's kind of like your
Speaker 1: business's Social Security number. And you can establish this document
Speaker 1: by going to the IRS website. And it's free. It's free.
Speaker 1: So if you go somewhere and somebody try to charge you,
Speaker 1: they can because you're using their services. But if you
Speaker 1: do it on your own. It's free, just putting out there. Okay.
Speaker 1: The state gotta pay some states, but the food is free. Okay.
Speaker 1: So you need to create an operating agreement which tells
Speaker 1: how your business is going to be run. These are
Speaker 1: just some things that we need and so think of
Speaker 1: it as laying like your business foundation. Okay. Many states
Speaker 1: have like a default operating agreement when businesses failed to
Speaker 1: create one. So let's say you get real business. You
Speaker 1: got all these clients, and you're running and you're hustling,
Speaker 1: you're doing all these things, and you forget to create one.
Speaker 1: Maybe you're in one of those states where they already
Speaker 1: have a default one. I know my state probably is
Speaker 1: not one because I went in the bank and the
Speaker 1: bank created one for me. So yeah, me so, But
Speaker 1: don't rely on that though. Don't don't get too you know,
Speaker 1: caught up in business that you're not taking care of
Speaker 1: your fundamentals and your foundation. So you definitely want to
Speaker 1: establish this on your own. And we're going to be
Speaker 1: doing bank banking, so you definitely want to make sure
Speaker 1: that you have one. Okay, you could update your operating
Speaker 1: agreement at anytime. This is an internal document, so you
Speaker 1: can you know change it to say, you know, we're
Speaker 1: going to be doing you know, quarterly Texas. But this
Speaker 1: is just the operation of your business. Okay, this is
Speaker 1: an internal document. This is not something that everybody's going
Speaker 1: to be scrutinized and looking at like that. All right,
Speaker 1: but you do want to have one earners.
Speaker 3: What's going on?
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Speaker 5: We got yes twenty twenty three. We've got a lot.
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