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so you want to learn how to start an llc in this video i'm going to show you all the resources that you have to access to start an llc and qualify for more grants loans credit and other forms of funding so you can operate your business more efficiently so you can save and feed your families to ultimately save this country an llc is a limited liability company it's a business structure in the united states whereby the owner is not personally liable for the business debts or the businesses liabilities there are basically six steps overall that you have to follow in order to start your llc first you have to pick the state in which you're going to file your llc for most people you want to file that llc in the state in which you reside and operate your business you know the laws and procedures of that state for some of you you have contacts in that state state offices are all nearby and potentially you don't generate enough business in the states in which you plan to file your llc to make it even worth it to file llc elsewhere also if you indeed go with filing llc in another state then you may potentially have to register your business as a foreign entity in your own state i actually had to do that because i had my llc filed in florida i also have some residences in florida however i was operating my business in new york i had to do that in order to qualify for four thousand dollars of funding through citizens bank also if you intend to file your llc in another state you also have to potentially pay for a registered agent a registered agent is a person or a corporate entity that operates in the state which you plan to file that llc where the court or the state government can send official documents so for instance if someone is filing a lawsuit against your llc the court has to have an address for the llc for a registered agent in the state in which you file that llc to which it can send the court summons the plaintiff complaints and the state also has to send for instance annual notices to that particular place where somebody that represents either the corporate entity or someone who lives there can receive documentation on behalf of your llc second you need to pick a name for the llc and you have to name your llc following the naming conventions required by the state in which you file that llc it could be my business llc my business l.l.c as per the rules in that particular state number three you have to select that registered agent that i just told you about one service i'm going to show you about right here you actually could pay the organization to serve as your registered agent however if you have a residence in that particular state then you you yourself can be that registered agent then you have to file the articles of organization you have to file your llc in that particular state then you have to draft what's called an operating agreement an operating agreement basically outlines all the financial and functional decisions of the llc and it provides for the it also lists the rules the regulations and the provisions of the llc and finally you apply for an employer identification number i've mentioned that on previous videos you can do that for free on irs.gov however if you want to facilitate this process you can go ahead and use this service that i've listed on the spreadsheet to which i link you to information on which i link you excuse me to information resource and applications to grants for everyone i've gone ahead and adjusted that spreadsheet and i've renamed it to business you know all my spreadsheets i've got you you've got the llc tab we've got the small business resources tab where i list cdfi's community development financial institutions that can help you start your llc help you all the paperwork et cetera and all the steps that you have to take small business development centers is a search engine that allows you to find one in your area access to score they can also help you the list of department states you saw that list of grants for everyone resources where you can find free education with some of the most iconic educational institutions on the planet including but not limited to mit with their free university classes stanford google it support professional certification program google ads this is the tax prep super sprint program that i told you about where they give you a small business tax workshop you got another you got another you got more free education sources here you can learn how to be a journalist a fact checker etc got a couple of grants for students for your high school students information resources for the economic injury disaster loan information resources for grants and information portals to grants for individuals and free money for individuals i'll go ahead and hit the strikethrough on this one real quick for nonprofits for veterans added a few more resources for veterans including but not limited to free bank accounts over at chase meaning no fee bank accounts excuse me you don't have to pay for money orders which are quite expensive over at chase last i checked they were like what three bucks a piece we can get it for a buck at the post off you get it for free as a veteran at chase grants for non-profits this is one source for business credit i'll go ahead and list more resources for that and case studies on how people have been successful in applying and being awarded grants that i've listed on this spreadsheet click the subscribe button and click the bell notification to stay on top of all the business resources that i encounter and i've created this new tab called llc and the first link you'll see is zen business zenbusiness.com i have not used this service myself nonetheless there's raving reviews about it and i went and reviewed and i gave them a call today and looks like a service that's worth promoting i'll probably become an affiliate i'm not associated with this business excuse me with this organization absolutely as of now so they make it pretty simple for you to go ahead and facilitate the process of filing your llc so for instance let's say we're going with an llc let's go ahead and reload this because not selecting llc for some reason llc and let's say we're going to delaware right which is among some of the more popular places where organizations want to file their llc and some of the reasons are that delaware does not tax out-of-state income it also has low franchise taxes and filing fees in comparison to other states and it has what's called the chancery court the chancery court is a court that exclusively deals with business legal issues or business cases basically and they have they refer to 300 years of case law in order to do this they're experts at it where other states they'll go ahead and take a business case for instance you're you have to encounter a lawsuit in another particular state then they'll go ahead and take your legal case and they'll package it with the rest of the docket together with all kinds of other cases so where another state may take years to go ahead and deal with your lawsuit or whatever case over which a court is presiding in delaware it could take weeks it's a lot faster and a lot more efficient in that regard another popular place where you may want to file your llc is nevada nevada does not tax business income capital gains inheritance the it has no franchise tax it and also it doesn't have hold uh information sharing agreement with the irs so if you value your privacy and anonymity you can execute public filings in nevada anonymously another popular state to go ahead and file your llc is wyoming wyoming is quickly becoming popular because there's no business tax yeah there's no tax on business income there's no franchise tax and you could select what's called a private proxy if you value your privacy anonymity where you can select someone else to represent your stocks or shares and they can vote for you on your behalf so you can basically an owner of an llc in the state of wyoming can rene remain anonymous the other good thing about nevada by the way that i just missed that i want to tell you is that you do not have to draft an operating agreement that i'll tell you about shortly or you don't have to hold an annual meeting although you may want to do so okay so let's say you want to set up an llc in delaware's then business will charge you only 49 bucks in order to do it after the 49 they'll go ahead and bill you 119 now this is so they can serve as your registered agent in that state again it's for service of process service of process means that it's a place to which courts and the state can send official documentation and this organization will receive that documentation on your llc's behalf so it's standard filing speed they automate the whole process for you the filing name selection etc operating agreement template you want to draft an operating agreement that again outlines all the functional and financial decisions and the rules regulations and provisions of your organization 100 accuracy they have these other packages here which may or may not be worth it like for instance they got this premium stuff and they got like you know business domain business website business email address 100 guarantee the representative over at zen business told me that if you were to buy these services a la carte they're about a buck 60 which is very expensive because you can get that for i mean not very expensive but you can get it for less than half that i mean you could buy a shared hosting plan for about i don't know 100 bucks or whatever the case may be and that and you could host an infinite amount of websites potentially depending on the package that you buy you can do that through hostgator and bluehost if i'm not mistaken a number of hosting organizations business domain business domains they only cost like about they could be as low as eight dollars seven dollar two dollars sometimes depending on the extension that you're selecting you can get through godaddy or namecheap and for this pro plan they do that employer id number for you but you can do that for free right on irs they give you a banking resolution template which is just basically a document that you go ahead and submit to your bank once you open your business bank account and it authorizes other people to sign checks on the llc's behalf where we free compliance so this is something that typically the department of state handles where they'll tell you listen you got to pay for your annual filing again and they'll send you an email in regards to that 100 accuracy so it's basically unnecessary this pro plan with a little digging you could do all this stuff yourself but this is pretty good 49 bucks and then you're paying a buck 19 every single month just to to maintain that registered agent it appears to be a good deal and i'll go ahead and partner and feel free to let me know of any questions that you may have i have a page over here that tells you exactly how the irs regards limited liability corporations excuse me limited liability companies so you know it's a business structure allowed by state statute although the irs may consider the llc for tax purposes as a corporation or as a sole proprietorship and that's something that you also have to work out with your tax advisor remember don't take all of this information as concrete feel free to go ahead and seek legal advice and ensure that whatever you're doing complies with the law the other thing with the zen business thing that is with this package they give you a 20-minute consultation for free with a tax advisor so and i and on the free resources i believe i gave you a link i link you to hello alice where they have like a full tutorial on business taxes so that's back on the business uh spreadsheet now this is the same grant spreadsheet i just went ahead and rearranged the place hope you like it if you don't want to use business zen business excuse me then business.com you can go ahead and go to the department of state as well it's a tedious exercise nonetheless so for instance you go ahead and take a look at delaware there's a popular place to go ahead and open to file your llc i believe i already have it open let me see i'll just open up this cracker right here so i don't have to search and waste your time on it all right so how to form a new business entity they basically tell you everything they outline all of the steps you have to take in order to do that and then you have to look to where the when you visit these department of state's website you have to find the link to the online filing form and then you got to pay all of these you have to ensure that you cross all your t's and dot all your eyes back on the spreadsheet i've gone ahead and listed the exact this is the upload service information so depending on how well designed the platform is in order to take or the whole department of state actually has been structured to be able to take applications you may have online filing forms in this particular case you have a document upload service right here so you operate it through here so it's a bit more tedious if you don't want to pay the 49 bucks through zenbusiness.com but it's good to have all these department of states websites handy so you can know exactly what you need to do so this is form 8832 so basically if you want the irs to consider your llc as a corporation you go ahead and ask your tax advisor why you want to do that what are the benefits of doing that this is the form that you have to file now gonna have gone ahead and listed that in the business spreadsheet also if you wanna do let's say your operating agreement by yourself this is a hack by the way so you go to rocketlawyer.com right and they want you to do they want you to take a free trial of their service which costs a fee but before doing that they allow you to go ahead and fill in some information that they will draft in your customized operating agreement so you basically fill in that information i went ahead and created this fictitious llc sky i llc you say that you want it in delaware whatever state the address that's with starbucks at which i ate my pandey bono on a road trip a couple of months back i love it love pandit bono if you don't know what it is ask somebody baby i'll take it up to my favorite spot in jersey anyway when will this operating agreement take in effect so when the llc will take an effect all right so basically the hack is that you go ahead and fill in all the information that this form asks you however there's no way that you can copy and paste this form itself so you're gonna have to go through every single page once you're done you go all the way to the end right to the end of this form and i think this is this the last one yeah so i believe this is the last one and you'll have to go through all these pages and go ahead and copy this stuff word for word and you'll essentially have your operating agreement for free so it takes some work but you can get it for free or you can go ahead and use this template from trueic it's a single member operating agreement i've also linked you to this template on the spreadsheet on the llc tab okay so you just basically fill in the information the name of your llc etc right the other thing that with a number of these pro plans on a number of these pro plans on zen business they'll also cover what's called an amendment so you want to make changes to your articles of organization so you want to change your name they actually include that i believe with the pro plan if i'm not mistaken worry free compliance where if we compliance business name banking resolution template they don't say that i'm not sure if they offer it with the 49 plan nonetheless so i would have to go ahead and research that feel free to call them they actually have their phone number but amendments are any changes that you want to make to the llc any changes to the article of organization i guess the key thing the the amendment that most people may want to make is for instance is to change the name of the llc you don't like the name i may want to change the name of my organization i don't like it as much as i did when i first selected it so for instance you go to the state of delaware right this is the page where you find out how to actually f le the llc right it lists all the steps and then this is the document upload service and then this department of state page where it has the amendments so let's say you want to change the name right you click on this one limited liability company and you would have to file this document with the department of state with one of the packages over on zenbusiness.com i'm not sure if it's the starter package or the pro package they actually do that for you i believe it's twice a year if i'm not mistaken go ahead and call them up to find out exactly what they will do on your behalf in regards to amendments this is the nevada secretary of state if you want to go ahead go directly to the horse's mouth and file your limited liability company with the state of nevada which is another state that's popular among entrepreneurs due to you know no taxes on business income capital gains etc no information sharing this is for texas number of you i know we're from texas illinois getting a call right now i'm not going to take it no it's potentially a robo caller and if you want to find out the website to your department of state simply go ahead and take this go ahead and google this you actually actually listed the guide right here right here so you go right here google query for department of your state your state department of state file llc so that keyword in bracket you will go ahead and replace that with the state in which you operate your business or the state where you want to file your llc so again let's say you are in the state of minnesota first thing to come up i still saw penguins there in may all right so right here and you have all the information resources to how to file your llc in minnesota or whatever state in which you want to file your llc as always our business spreadsheet is free for all of us to use and you can access it by visiting bit dot lee slash biz ss2 one talk soon