Avoid These MISTAKES Before Starting an LLC!

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Unfortunately, many new business owners make a number of key LLC mistakes before starting their LLCs. If you open an LLC and if you make some of these mistakes, it can cost you severely. This is because it can slow down the growth of your business while exposing you to potential fines and other penalties from the IRS.

In this video, tax expert Karlton Dennis explains the top 5 LLC mistakes that all new business owners need to avoid before starting their LLCs. These mistakes involve EIN numbers, tax forms, income types, and more. Karlton also answers a question about LLCs asked by a subscriber to his channel.

When it comes to setting up an LLC it is far better to avoid making mistakes in the first place as opposed to making them and then trying to fix them afterward. For this reason, this video can be highly beneficial for anyone who will be setting up an LLC in the near future, but who wants to avoid making key LLC mistakes.

CHAPTERS:
0:00 Intro
0:36 Mistake #1: Not Using Your EIN Number
2:59 Mistake #2: Not Understanding Your Income Type
6:16 Mistake #3: Not Establishing an LLC Prior to Buying Real Estate
8:11 Mistake #4: Not Knowing Which Tax Forms to Use
12:19 Mistake #5: Not Knowing How to Reimburse Yourself as an LLC
13:27 Subscriber Question!
15:10 Outro

*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.

#llcmistakes #businesstax #startup