How to Set Up an LLC: Step-by-Step, Affordable Guide
In this video, I'll guide you through the benefits of an LLC, the various filing options, and ultimately share what I believe to be the easiest and most affordable option. My goal is to help you save both money and time. If you're planning to start a business this year, you won't want to miss this!
I recently went through the process of creating an LLC and I wanted to share the information I learned and guide you through the steps. Many of you are starting new side hustles or businesses (myself included!), and forming an LLC is a great way to formalize your business, take advantage of tax deductions, and limit your liability. Follow along as I demonstrate how to easily and affordably create an LLC using Bizee. If you're interested in using Bizee for your LLC formation, this video is for you!
Bizee - https://www.bizee.com/
Banking - https://mercury.com/
Anytime Mailbox - https://shrsl.com/4ke55
I recommend the gold or silver plan for most business owners. The gold plan ensures that most of your needs are met with minimal effort on your part, while the silver plan requires a bit more legwork but helps you save money. Choose the option that best fits your needs and budget!
There are many benefits to creating an LLC, and it's more affordable than people often think. For example, in California, the state filing fee is $75, and using Bizee to set up your LLC can be free. Additionally, there's an annual minimum state fee of $800, though this varies depending on your state.
Tax Benefits Down the Road
If you're creating an LLC, it might be beneficial to elect S Corporation status for tax purposes. You can make this election later, and for those earning five figures or more, it could save you thousands in taxes. It's an option available with an LLC which I discuss in the video the impressive flexibility. Consulting your accountant can provide insight into when it makes sense for you to open an LLC or elect S Corp status. If you decide to be taxed as an S Corp, the Gold and Premium packages include filing Form 2553, which is necessary for this election. This can also be done on your own by visiting the IRS website.
I hope you find this video valuable! Don't forget to like and subscribe for more content like this. As a small business owner, I'll continue to share what I learn, along with my insights on investing, personal finance, and budgeting.
Timeline:
Time Stamps
0:00 Intro
0:52 Benefits of an LLC
1:32 LLC Filing Options
3:27 Why I Chose Bizee.com
3:50 LLC Step-by-step Walkthrough
7:32 Last Steps after you receive your docs!
Topics covered: form LLC online, setting up LLC, LLC benefits, Limited Liability Company, Business formation, LLC vs S Corp, LLC taxation, form an LLC, start an LLC in California, best way to start LLC, LLC formation guide, llc walkthrough, llc tutorial, guide to starting LLC, LLC tutorial
Disclaimer -
I am not a financial advisor. I do not offer tax, legal, or accounting advice. The concepts discussed in this video are for entertainment purposes only. Please conduct your own thorough research before making any financial decisions."
The Anytime Mailbox link in the description is an affiliate link that I do receive a commission for & helps support the channel!
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