WEBVTT - Advance Placement: How to Get a Virtual Address for Your Business

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<v Speaker 1>Money.

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<v Speaker 2>It comes with a lot of questions and Fidelity can

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<v Speaker 2>help you get answers. Visit Fidelity dot com slash black

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<v Speaker 2>Wealth to learn more.

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<v Speaker 1>When you're filling out your paperwork, and it comes to

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<v Speaker 1>that part where it says address, right, don't use your

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<v Speaker 1>personal address because everything that you fill out with the

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<v Speaker 1>Secretary of State, you fill out with the IRS. People

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<v Speaker 1>can google it and at Google. Not you Google, and

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<v Speaker 1>people will google it. Okay, they will look you up

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<v Speaker 1>certifyed botified, and your address will pop up there. So

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<v Speaker 1>a good solution, what we're recommending is that you use

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<v Speaker 1>a virtual address, okay, and this will help you keep

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<v Speaker 1>your personal information private and it'll keep your address off

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<v Speaker 1>the big old web. Okay, you look more like a professional.

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<v Speaker 1>And it's a secured fixed address and guess what, the

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<v Speaker 1>mail that's going there can be forwarded to you you.

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<v Speaker 1>So it's like a all in one Okay. Now, I

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<v Speaker 1>know it's some shade out there by ipostal, but there

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<v Speaker 1>are some people that have great success with it. Okay.

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<v Speaker 1>You can go back and check on a study hall

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<v Speaker 1>for some suggestions or the workbook, the participant work GUD

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<v Speaker 1>is what I like to call it. So again, when

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<v Speaker 1>you get this business telephone number the same that you

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<v Speaker 1>did with the virtual business, make sure that you get

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<v Speaker 1>a different, a different telephone number other than yours. I

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<v Speaker 1>don't want to bring into your cell phone unless you

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<v Speaker 1>have like dual numbers, and you could probably get that

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<v Speaker 1>from your carrier. This keeps your personal information private and

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<v Speaker 1>you look like a professional. Okay. So another helpful hint too,

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<v Speaker 1>when you do get your business telephone number, be sure

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<v Speaker 1>to register it with four one one Okay. It helps

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<v Speaker 1>people to find you when they searching your entity. And

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<v Speaker 1>it just when they say people find you, the banks

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<v Speaker 1>they do they research too, Okay, So if you are

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<v Speaker 1>googleble or searchable, banks will definitely open up the door

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<v Speaker 1>and say welcome, come on in. We have other products

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<v Speaker 1>behind these other doors. Okay, just keep that in mind,

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<v Speaker 1>especially when we're out here building these relationships with banks.

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<v Speaker 1>So this course we're going to go over to LLC's

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<v Speaker 1>real quick. This course, you know, recommends that you choose

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<v Speaker 1>an LLC is the entity type which lets you takes

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<v Speaker 1>advantage of the benefits of both a corporation and a

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<v Speaker 1>partnership business structure. Okay. Now, to register your LLC, you

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<v Speaker 1>need to submit your articles of incorporational Formation. You can

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<v Speaker 1>choose to have a service set this up for you,

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<v Speaker 1>or you could do the DIY method that we went

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<v Speaker 1>through in this course. You know, if you want to

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<v Speaker 1>use a free service, totally up to you. Okay, nobody's

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<v Speaker 1>judging you. You could do it on your own. However you

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<v Speaker 1>want to set this up. Just know that you know

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<v Speaker 1>there is a fee sometimes associated with following your business

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<v Speaker 1>with the state. Okay, So just keep that in mind.

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<v Speaker 1>So even if you use a free set up service,

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<v Speaker 1>they're still going to have to charge you the fee

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<v Speaker 1>that you're setting the state, the fee that the state

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<v Speaker 1>charges that you're going to set your LLC up in. Okay,

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<v Speaker 1>So even though everything else is free, you're still going

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<v Speaker 1>to have to pay for that regardless of how you

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<v Speaker 1>set your business up. All right, So I want to

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<v Speaker 1>know what state are you dropping or creating your LLC

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<v Speaker 1>and what state are you creating it or have you

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<v Speaker 1>created it? And you can drop that in a check

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<v Speaker 1>for me. Indianapolis. All might be coming out in summer, Tennessee, Michigan, Nevada,

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<v Speaker 1>Come on, Nevada. But y'all knows no is it no tax?

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<v Speaker 3>Yeah?

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<v Speaker 1>I think y'all like the no tax state or something

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<v Speaker 1>right like Delaware, Michigan, Texas.

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<v Speaker 3>Yes, DC, absolutely, y'all know me.

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<v Speaker 1>I love me some DC. Come on, come on, I

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<v Speaker 1>love me some DC. Colorado Awesome, awesome, only federal Texas. Yep,

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<v Speaker 1>that's exactly why I go a little bit down the

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<v Speaker 1>street and around the corner and over the bridge right

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<v Speaker 1>to Delaware. Boom. So okay, just you know, quick question

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<v Speaker 1>to see if you remember some of your articles of

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<v Speaker 1>articles of formation information right. I just want to make

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<v Speaker 1>sure that you know that. So just real quick, what's

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<v Speaker 1>the difference?

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<v Speaker 2>But, ernest, what's up? You ever walk into a small

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<v Speaker 2>business and everything just works like the checkout is fast

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<v Speaker 2>or seats of digital tipping is a breeze and you're

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<v Speaker 2>out the door before the line even builds? Odds are

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<v Speaker 2>they're using Square? We love supporting businesses that run on

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<v Speaker 1>Trump's leader.

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<v Speaker 1>Sponsored by the United States Department of Homeland Security. Between

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<v Speaker 1>a member managed and a manager managed LLC like when

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<v Speaker 1>you put those people designate those people, do you, guys,

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<v Speaker 1>remember the difference between a member managed and a manager managed.

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<v Speaker 1>When you choose your business. So, yep, I like that.

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<v Speaker 1>I like that. I'm gonna get some other people a

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<v Speaker 1>chance to type in because I'm a slow typer myself.

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<v Speaker 1>So member equal partners. Okay, I likes it. I likes it.

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<v Speaker 1>I like that. Anybody else want to take a stab

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<v Speaker 1>at it. What's the difference between a member managed and

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<v Speaker 1>a manager managed? Set up for your business when you're choosing?

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<v Speaker 1>Come on, Whitney, what you're saying? Member managed is controlled

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<v Speaker 1>by the member and the manager managed is controlled by

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<v Speaker 1>the appointed manager. Come on, come on, people, she said it.

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<v Speaker 1>You must be got you must you must have my notes.

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<v Speaker 1>It's cool, but I'm gonna say it anyway. So a

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<v Speaker 1>member managed is where all the own owners of the

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<v Speaker 1>LC have a voice and how the business will operate.

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<v Speaker 1>Everybody has a voice. A manager managed is where you

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<v Speaker 1>elect one or more members to make the decisions for

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<v Speaker 1>the company or select a professional company or persons. So

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<v Speaker 1>ding ding ding, my people's you got it? You got it?

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<v Speaker 1>So which is gonna be the choice for you when

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<v Speaker 1>you set up your business? Or which one did you

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<v Speaker 1>choose when you set up your business?

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<v Speaker 3>Now?

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<v Speaker 1>Just being flat out newsy okay, because we sharing because

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<v Speaker 1>we're gonna help somebody to night. Which one did you

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<v Speaker 1>choose for your business? A member managed? So lo, yollo,

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<v Speaker 1>I got you. I'm not mad at you. Okay. Holding

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<v Speaker 1>company is a manager manager managed yep, manager managed member. Okay,

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<v Speaker 1>listen you you have to choose the right structure for

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<v Speaker 1>your business. Some people are a little bit further along,

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<v Speaker 1>some people are just starting out. Some people already got

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<v Speaker 1>clients before they even got a business, and some of

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<v Speaker 1>us are looking for clients. Okay, just being real, all right,

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<v Speaker 1>So as you set up your LLC, you need to

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<v Speaker 1>obtain your ei in. Again. If you are new and

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<v Speaker 1>I'm going too quick, I'm sorry. We have replays for

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<v Speaker 1>you and we have a study hall, so feel free.

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<v Speaker 1>I'm talking about there are tons of well experienced people.

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<v Speaker 1>I done read through all those threads. They are amazing. Okay,

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<v Speaker 1>so just remember, just like your social Security number, your

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<v Speaker 1>business needs an ei IN. That's kind of like your

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<v Speaker 1>business's Social Security number. And you can establish this document

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<v Speaker 1>by going to the IRS website. And it's free. It's free.

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<v Speaker 1>So if you go somewhere and somebody try to charge you,

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<v Speaker 1>they can because you're using their services. But if you

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<v Speaker 1>do it on your own. It's free, just putting out there. Okay.

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<v Speaker 1>The state gotta pay some states, but the food is free. Okay.

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<v Speaker 1>So you need to create an operating agreement which tells

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<v Speaker 1>how your business is going to be run. These are

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<v Speaker 1>just some things that we need and so think of

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<v Speaker 1>it as laying like your business foundation. Okay. Many states

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<v Speaker 1>have like a default operating agreement when businesses failed to

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<v Speaker 1>create one. So let's say you get real business. You

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<v Speaker 1>got all these clients, and you're running and you're hustling,

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<v Speaker 1>you're doing all these things, and you forget to create one.

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<v Speaker 1>Maybe you're in one of those states where they already

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<v Speaker 1>have a default one. I know my state probably is

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<v Speaker 1>not one because I went in the bank and the

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<v Speaker 1>bank created one for me. So yeah, me so, But

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<v Speaker 1>don't rely on that though. Don't don't get too you know,

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<v Speaker 1>caught up in business that you're not taking care of

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<v Speaker 1>your fundamentals and your foundation. So you definitely want to

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<v Speaker 1>establish this on your own. And we're going to be

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<v Speaker 1>doing bank banking, so you definitely want to make sure

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<v Speaker 1>that you have one. Okay, you could update your operating

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<v Speaker 1>agreement at anytime. This is an internal document, so you

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<v Speaker 1>can you know change it to say, you know, we're

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<v Speaker 1>going to be doing you know, quarterly Texas. But this

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<v Speaker 1>is just the operation of your business. Okay, this is

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<v Speaker 1>an internal document. This is not something that everybody's going

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<v Speaker 1>to be scrutinized and looking at like that. All right,

0:12:14.880 --> 0:12:17.240
<v Speaker 1>but you do want to have one earners.

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<v Speaker 3>What's going on?

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