Sign Banking Form Pennsylvania Online

Industry sign banking pennsylvania form online

hey my name is eric in today's video we're going to be talking about how to start an llc in pennsylvania so this is going to be a meaty video but there's going to be a lot of free resources for you in the description below i'm going to walk you through exactly all the different ways you can do this so there's really three main methods to setting up an llc you can do this through your state website pa.gov or you can hire an attorney and i'm going to show you how you can vet attorneys and also get a free consultation with them and then the third method is using free online tools and as we go through this video we'll be talking about a lot of topics and things that you should be aware of we're going to be discussing what an llc actually is because a lot of people are misinformed on what an llc actually does for you we're going to be talking about a term called piercing the corporate veil if you don't know what that term is you've never heard of that you're definitely going to want to stay on till the end of this video to figure that out to learn more about that we're also going to be discussing why a registered agent is important as it pertains to piercing the corporate veil and one of the first things i want to talk about are learning center resources for you as you're going through this process so i have set up with my own business and i know when you get started it is really overwhelming and one of the resources i have found helpful is inc file because they have a learning center over here and they have a start a business checklist there's lots of resources for you here if you're starting out with your business and as you go down it's just going to walk you through on all the steps you need to know for setting up your business just a helpful free resource for you that you can find in the description below so another resource i would like to give you is the irs.gov website for small businesses where this really comes into play for you is you may find this helpful for establishing your ein your employer identification number if you're planning on creating a business and you're going to have profits you're going to need an ein this is going to walk you through if you do need an ein and how to apply for it online this is helpful because if you go through an attorney or an online tool or your state website there may be an up charge for doing this if you go directly through the irs.gov website there's not going to be any kind of extra fee for going through their website so that's why i make mention of this so as far as going through your website you'll find the url here in the description below this is going to take you through the registration forms i found the pennsylvania state website to be a little bit messier what you can see here is you're going to go down to domestic business corporation and articles of incorporation and what you'll do is you'll fill out this form a couple things that i do want to highlight in this form is that there's a 125 filing fee in the state of pennsylvania there is no way to get around that filing fee you are paying that filing fee whether you go directly through the state through an attorney an online tool there's going to be a 125 filing fee but one of the things i don't really like is they don't give you a lot of information on here on how to fill things out like it's very confusing uh a lot of times some of the states will have these helpful online tools that walk you through and there's like info boxes you can click that's not the case with this particular service they do have this website right here so what happens is you're gonna open this up create a pen file login and that's how you'll actually be able to upload this completed document what i wanted to highlight on here though is section two it's talking about a proposed registered office along with the name of this corporation's commercial registered office provider so what is the registered office why is that important well that really goes back to what an llc actually is so at this point i think it'd be important to establish this because sometimes people aren't familiar with this but basically what llc does is it creates limited liability for you and the way it does that is it creates a division between your business and your personal assets so in the unfortunate case if you're sued the person suing you can only go after your business assets and not your personal assets such as your car your bank account or your home now if your llc is not set up correctly and there are cracks in your llc what that attorney is going to try to do that is suing you is pierce the corporate veil they're going to try to find cracks in your llc one way that they do that is they'll look at your registered office and your registered agent for that office so another ink file resource here in the learning center is about registered agents and what a registered agent does is they make sure that they're a third party that is taking all your important documents paperworks if you were to get sued they're going to make sure that you have that paperwork as well but they're also going to make sure that your tax forms and requests are up to date requests to complete permits company filings reports are all up to date so if you need to renew in the state of pennsylvania they're going to make sure you're doing that essentially a registered agent acts as a third party to make sure that you're dotting your eyes and crossing your t's with your llc and as we just discussed that's really important because if you do get sued that person that's suing you is going to look for cracks in that llc so they can pierce the corporate bail and then go after your personal assets as well so i don't love the fact that that's just kind of haphazardly thrown in here with no kind of explanation of that on this form but that's just my personal opinion i don't love these forms like this i like online tools that actually walk you through the steps and explain everything to you so another way that you can get your llc set up is you can go through an attorney uh you can always look up something on google locally but one service that i like is called avo and i'll explain why i like this service i'm not affiliated with them in any way i've just used them over the years to find good attorneys and what i would recommend is if you're using this tool i'm going to give you this link with all these filters set up what i want to do is i want to look for attorneys that specialize in limited liability companies but they also offer a free consultation and then what i'm going to do is i'm going to look for attorneys with a 9 and up rating on avo so what we've done is we've filtered this down to a list of attorneys in pennsylvania that have a good auto rating you can see their reviews but they also focus in limited liability companies and setting them up so if you use the link in the description below again it's not an affiliate link or anything like that but it will open up to this page to attorneys that specifically offer free consultations with good ratings on avo and they have experience setting up llc's in your state so this is also a good point in the video to explain that i am not an attorney or a cpa but i have set up my own business and i've gone through the painful process of this i just want to give you as many resources as possible so that you can streamline and make the best decision for your needs if you do have a very complex business situation so maybe you're making sales out of state your business is doing well but there's a lot of moving parts to it and a lot of liability i would definitely suggest going with an attorney but if you're just getting started and you don't have a very complex business that's where you can just do things online whether it be through the state website or a free online tool now probably the most popular free online tool that everyone's familiar with is legalzoom where you can start your business and get set up with an llc the downside of a tool like legalzoom is there's a 79 fee on top of your state filing fee 125 so that's why i like ink file is that you can actually get set up for zero dollars with them which i know kind of sounds like how are they making their money which i'll explain in a minute but they've been around since 2004 they've launched over 250 000 businesses and their entrepreneurs and magazines listed the top 360 entrepreneurial companies in america so if you click incorporate now or launch my business on their site what you would do is you'd select llc you would scan down to pennsylvania and what you'll see is that your 125 dollar state fee is on there but it's a zero dollar package fee and this is a silver package the way they're making their money here is that they have a free registered agent service for a year but if we go back to this article here on ink file about registered agents and as you scroll down what you'll find is that it's 119 every year after your first year your first year is free but then it's 119 year two year three i think that's important to know on how they're making their money on the service but as mentioned before what that registered agent is going to do is making sure that you're compliant in your business and that you don't have cracks in your llc because they're going to be taking care of a lot of the paperwork and legal for you and making sure that you're a legit llc so it's well worth that price each year just to make sure you're set up and legit with what you're doing so a couple other quick tips i mentioned in the beginning the ein business tax number that's probably the biggest advantage into upgrading your package and if you don't want to deal with the headaches of going through that irs website that i mentioned the link for the irs website is in the description below but going through that myself it was a pain in the butt uh but a couple things on here they offer a business tax consultation and a business banking account i found from going through the silver package that those things were actually included in that package the reason for that is the business bank account is through bank of america currently but that's really important because again you don't want to create any kind of co-mingling of funds with your llc if you were to have just a personal uh bank account that has your personal finances and your business finances in that account what's going to happen is if you were to get sued they'd say you know what this llc isn't legit because they're co-mingling funds that's another way that they may try to find a crack in your llc so very important that you get that set up and you do that correctly you can do that on your own but what i found is that's available in the silver package as well now the last thing i want to suggest is tax savings if you are generating a net profit of over 40 000 a year in your business already you may want to consider an ask corp and in the review video you see on the screen for inkfile i go through an s corp tax calculator and how you could potentially be saving on your taxes if you're set up as an s corp instead of an llc and again thank you for using my links in the description below as some of them are affiliate links which helps to support my channel so i can make more helpful content for people just like you alright guys i'll catch you in the next video