How Can I Sign Missouri Banking PDF

Industry sign banking missouri document online

today we're talking about how to start an llc in missouri my name is eric and in this video what i'm going to do is i'm going to give you three different paths that you can choose from to set up your llc but more importantly we're going to be talking about terms and things that you need to be familiar with when you're setting up your llc to make sure it's legit so if you're not familiar with terms such as piercing the corporate fail registered agents or commingling funds i'm going to explain what all these mean throughout this video so that you make sure that you have a legit llc that's going to do what it needs to do for your business and that is to limit your liability so starting off if you're on google and you search missouri llc the first listing that's going to pop up is going through your state website so if you open that up it's a little bit congested most state websites are not as clean as you know business websites but if you click on this you have the option to go to download forms or online entity registration most people are going to want to go with the online entity registration and the reason for that is unlike most states in missouri it's actually cheaper to register online it's going to be about 50 52 to register online versus if you want to actually fill out the forms yourself and mail it in it's going to be 105. so i'm going to click on online entity registration it's going to kick you down the page a little bit and then it has a click here for more information so what happens is it's going to open up your missouri secretary of state it's kind of interesting because it starts with this business entity search but really if you want to set up the llc what you're going to have to do is make sure you go up in the upper right hand corner here and you can create an account i'm already logged in but this is what the dashboard looks like but what i want to show you is is after you create an account by going in the upper right hand corner this is what it's going to look like when you go inside of your account so you'll continue to log in and then once you're inside it's going to look like this so what you want to do is click here to start and create an llc now this is kind of interesting you probably do not have a reservation number already set up so we'll click no so this is an important step because you need a unique name for your llc and what i did is actually kind of looked up some restaurants in missouri and lambert's cafe seems to be a popular one in the ozarks so if we go here and i were to put in uh lambert's cafe llc what you would see is check name availability and it says that there are similar names that are requested to this name so they already have an llc set up so if i was to change this and just put in you know just crazy text like that what you're going to see is that's available so you're going to want to see that it's past the initial name compliance check when you're doing this so the next thing that you want to do is a principal place of business then your general info about the llc and then you can go to the next page now we're on to the next page and this is a lot of times where i'm a little bit disappointed with state websites and the reason for that is it says do you wish to use an existing eligible registered agent individual or company yes then you can search for an existing eligible registered agent but they don't really do a great job of explaining what a registered agent is it says it may be an individual who is a resident of the state or domestic forward corporation authorized to do business in the state and the registered agent's address must be a physical street address so that's really all the information they give you about a registered agent so what i'd like to do at this point of the video is explain exactly what an llc is so you can understand how a registered agent plays into the llc so some people think there's a tax advantage with setting up an llc there is not it's simply for limiting your liability so you've started the business and you start to accrue assets as a business but then there's also your personal life your personal assets those things being your car your home your personal bank account now when you create an llc the purpose of doing that is to create a division between your personal and business assets now this is important because it helps to limit your liability in the unfortunate situation if you were being sued so the person who is suing you the attorney going after your business your llc what they're going to try to do is pierce the corporate veil now what that means is just kind of legal jargon for essentially finding cracks in your llc and one of the ways they can do that is if you don't have a proper registered agent now on this page some people may just kind of like throw in a name and an address of a friend or a family member not really thinking much about it but a registered agent is actually pretty important to your llc and the way that it is set up and then also continues to run so why don't we take a look at this article over here from ink file the ink file if you're not familiar is an online legal tool that allows you to set up llc's through it as well but if we scroll down here it explains what a registered agent does so official letters and correspondence from your secretary of state service of process notices so this is basically if you get sued they're going to make sure that you get that notice and that you're showing up in court and i should mention that the registered agent acts like a third party with a separate address so it's kind of like this middleman between you and important information and they make sure that you're getting that important information and acting as that filter for your business and it is required to have a registered agent on file if you have an llc in the state of missouri it's also required that this person have a local address not a po box in missouri official federal government correspondence tax forms and requests for payment and requests to complete permits company filings or reports so again if you don't have a proper registered agent that is something that can create a crack and it may open you up to additional liability if that registered agent is not doing a good job maybe they're not you know updating you on company filings or annual reports again you may not have a proper llc and there's going to be cracks in it and you may be opening yourself up to personal liability that personal home personal car bank account etc so that's why it's really important having a good registered agent on file so that's always my kind of biggest issue with going through these state websites is they don't make that easy i do have a link for this ink file service which makes it a little bit easier the link in the description below is an affiliate link so i get a commission if you were to use it but i always recommend this service because of this right here it's zero dollars plus state fee to get set up so there's actually no cost in their lowest package and you may be wondering what the catch is i'll explain that in a little bit but do know that they have created over a quarter million businesses since 2004 and they are the uh entrepreneur magazines listed 360 best entrepreneurial companies in america so if you're to go here and click launch my business what you would do is you would click your entity type llc and 80 of all new entities set up our llc so you're in good uh company with that and we're going to go down to missouri and what you'll see is the silver package here 52 for the state fee not getting around that you know whether you go through an attorney this go through the state website but zero dollar package fee so the way they do that is they will prepare your filings and articles of organizations unlimited name searches just like you'd have through the state website but then they have a free registered agent service for a year so this is pretty cool because if you're to go through the state website and you were to search for somebody i don't know i'll try to find if i can find a gym so these are all people who offer registered agent services but it's going to cost you money right out of the gate to use these services as opposed to ink file where that service is going to be free for the first year now the way that they get you is that year two year three there is going to be a fee if you go through ink file for that service uh so if we go back to this article here and we scroll down towards the bottom i'm going to highlight a certain line of text here and it's talking about the registered agent service fee and it says it's even free for the first year when you incorporate with ink file in just 119 annually after that so the cheapest way that you could really go through setting up your llc would be go through ink file have a free registered agent for the first year then you can make a decision after that if you want to keep that registered agent service through them or go through another route you can always change that after the fact if you are curious the gold and platinum packages that's where you actually start to see them charge a fee of 149 and 299 respectively so the things that i think are worth highlighting in the gold package are the ein business tax number so when i got my llc set up i actually went through and set up the ion business tax number myself i'll be honest it's a pain in the butt you got to go to this url here again this will be in the description below but it'll walk you through all the questions you need to know and then you can click here to apply for that ein and that is necessary for most businesses getting set up but the other thing that i want to talk about too is the business banking account down here in the gold package so currently through inkfile that's set up through bank of america and the interesting thing about that is in the beginning of this video we talked about a term called commingling funds so if you have a personal bank account and you start to run your personal uh finances and your business finances through that personal bank account you're doing what's called commingling funds and as you can guess you're creating a crack in your llc so that if you were sued the attorney might be able to pierce the corporate fail and remove that division between your personal and business assets because they're saying you're co-mingling funds this is not an official llc and that's why it's really important to dot your eyes and cross your t's when you're setting up your llc of course you can do this on the side as well you can get set up with bank of america or somebody else but it is nice to kind of package this all together so if you were to choose this particular package that's where you would see the actual package fee and then the state filing fee if you were to go back and go to the silver package that's where you would just see it's just the state filing fee now one other thing i want to highlight here is the tax savings benefit so this is a fully deductible business expense no matter how you get set up whether you go through an attorney or through the state website so make sure you keep good records of the expenses that you're doing to set up your llc so i just mentioned going through an attorney uh that is definitely recommended if you have a business model where you're doing business in and out of state you're not sure if you need like representation in those other states that you're doing business in if you have a more complex business model definitely consult with an attorney that may be the way to go one of the services that i like for them and i'm not affiliated with them in any way as of making this video is called avo i've just used them a lot in the past and what you can see here is it's missouri limited liability company llc lawyers and 51 results now that's a lot of you know attorneys to kind of sift through so what i like is they have a function here that's called free consultations so this is a filter that you can add i'm going to click that and now you can see we're going from 51 results down to 16. so now what you have is a list of 16 attorneys that are willing to give you a 15-minute free consultation to talk about your business so this is really helpful because you're not like running up that expensive meter right away but do know if you do end up going through an attorney typically you're looking anywhere between 800 to 3 000 to get set up with an llc so it can get pretty expensive and that's why some people kind of don't want to go that route but if you do have a complex business model you may want to go this route instead of going through the diy route of going through the state website or through ink file again links in the description below i appreciate you using my links to support my youtube channel but if you go through this video up here an important thing about the 2 30 mark of that video i talk about llc's versus s corpse and how you might be able to save on taxes if you use one or the other so that's a great video to check out and i'll catch you in the next video