Welcome To The LLC Mini Course!
My name is Lee Phillips, I’m an Attorney. Over the next 5 days, I am going to debunk many of the myths about LLCs and show you some tax “loopholes” that will allow you to make and keep more profit in your business.
LLCs are being created every minute…
Almost every small business owner puts an LLC or S Corporation in place and then they begin turning the crank as fast as they can to try and make money.
They paid their lawyer $1,500 (I like that), or a few of them filled out the 5 easy questions on some internet site, and Shazam, they got an LLC.
There’s not a lot of Magic in that! Also, there’s not much asset protection, and there’s no more money. When you have a form LLC all you get is what turning the crank produces – after taxes.
Almost everybody – everybody except the smart people – sets up their LLC, and that’s the last thought they give it. Lots of them don’t even bother to choose a tax structure, and they get the default structure. And let’s face it, that is not tax planning,
If you manage to pay the annual fee and file a tax return, you probably figure you are “using” your LLC and doing a good job. But it turns out that, you won’t get the asset protection you could out of your LLC.
You’ve probably never even looked at the operating agreement, or you don’t even have one. You’ve never issued membership certificates. You’ve never done anything to “beef up” your charging order protection. You may not even know what charging order protection is. But, you’ll make another attorney who’s going to sue you some day very happy!
Did you know your LLC design dictates how much “extra” money you get and what happens when you get sued?
Take a minute to read through the 5 mini courses and see the things you need to have to put a proper business foundation in place.
FACT: Most small business owners end up losing a ton of personal assets, if not declaring personal bankruptcy, because their small business isn’t structured to protect them. The sad truth is that with proper structuring and maintenance this doesn’t need to happen.
Big dreams are in every new business owner’s head. But, according to the SBA over 50% of businesses fail in the first 5 years. Then the big dreams turn into nightmares.
What have you done to protect yourself against the losses, or the complete failure of your business? What legal foundation have you put in place to insure your business succeeds and you make more money off your efforts?
It turns out there are lots of things you can do to “hedge your bet” and insure success in your little company.
Don’t find yourself saying those
Famous Last Words
“It won’t happen to me.”
Over the next 5 days, you’ll receive this Mini Course where I will cover these basic LLC concepts:
1. Which state, which agent and which manager do you want to form your business in and what you need to do to make the filings.
2. Getting the right name and protecting it.
3. The silent killer of many LLC”S and how you get maximum tax opportunities.
4. The Mistake that Invalidates Many LLC’s
5. How the Operating Agreement is acts as the Heart of your LLC- saving your from lawsuits and making you more money.
See you tomorrow,
Lee R. Phillips, JD, Counselor to U. S. Supreme Court