“The 10 Overlooked LLC Issues People Often
Screw UP!”
Issue No. 2
Registered Agent Requirements and Scams
We talked last time about some of the unique asset protection you could get out of an LLC in addition to the “corporate shield” protection you get from a corporation. (Get the How to Double Your Asset Protection eBook for all the details.)
There’s no question. You should use an LLC or a corporation if you are doing any type of business activity – including professionals and real estate investors.
A major problem is a lot of people sink a ton of money into setting up their LLC or corporation, and they are basically flushing their money down the toilet.
They want fast, painless, and get-it-out-of my-face LLC set up and maintenance. In fact, they totally ignore the formalities. All they’re getting is a facade and a business card with “LLC” on it.
You’re going to set up an LLC, or you got your LLC for specific reasons. Is it going to perform as advertised? Will it do what you want?
Your LLC will protect your assets, give you more money, and make your life easier, but most people never realize any benefits from their LLC. They don’t make a dime more in their business than they would if they operated it as a sole proprietorship.
If your LLC is so important, do you really want to rely on the internet services or a quick and dirty law office? They’re easy. Just answer three questions, give us your name, pay your money, and you’ve got your LLC – no time, no thought.
When one of my “students” (someone using one of my legal courses designed for everybody) calls and tells me how they picked up the fine points of using an LLC and made a ton more money or avoided financial disaster, it’s really satisfying.
I would love to help everybody, but that’s impossible. Of course, if you don’t take action, you’ll never even have the chance. So, learn what to do, and set up or clean up your LLC.
Most small business men and women learn their lessons the hard way – on the street in the school of hard knocks. If that’s were you’re learning your lessons, you’re paying too much for your education.
It may take more than 15 minutes to “get your LLC,” but if you spend a little time, it’ll pay huge dividends in money and security.
Would you spend an extra 5 or 6 hours studying how to use your LLC, if you got an extra 10% boost in your income from the company?
You can work harder in your little business, real estate investing, or whatever you’re doing, and you might make more money. The fastest and easiest way to make more money is to step back and learn how to use the laws associated with your business.
You can’t rely on your attorney or CPA to do it all for you. You’ve got to at least know the basics and get what you want, rather then being sold a bill of goods.
This leads to Issue #2 in the 10 Overlooked LLC Issues People Often Screw UP! Series.
There’s a whole industry out there suckering thousands of people every day into setting up a corporation or an LLC in Nevada or Delaware or Colorado, or some other sexy state.
The key word in the last sentence is “Sucker”!
I talk to hundreds of people every year who have set up a Nevada corporation or LLC. They are paying their registered agent $500, $1,500 or more every year to act as their glorified mail drop.
Many people complain to me that they are paying more to the registered agent than they are making in the company. They admit they were told there was more “privacy” in Nevada, no state income taxes, and “better asset protection,” so they did their LLC or corporation in Nevada.
It’s basically all a myth. It’s a sales job. If you could get $1,500 a year for filing one boilerplate form with the state, getting one letter a year from the state and forwarding it onto someone, and having your door open just incase the sheriff ever served your client papers, wouldn’t you sell that service any way you could?
Thirty years ago, Nevada and Delaware had “better” laws. Today, they are basically just like everybody else.
Having spoken face to face with over a million people about their businesses, I have never had one – not one – who has said that they got any advantage out of a Nevada or Delaware corporation or LLC.
The tax thing is a total myth. If you make money in Indiana, you will pay tax there, not Nevada.
You will have to pay all the fees in Indiana, plus the fees in Nevada, plus the registered agent fees in Nevada. When you get sued in Indiana, the sheriff will serve you in Indiana. You will go to court in Indiana, and the court will apply Indiana law.
Now why did you form your LLC in Nevada and not in Indiana, where your LLC is doing business or owns property?
You can act as your own registered agent in Indiana. I’ll teach you what you need to know. There are no requirements for a registered agent.
Obviously, I am not just talking about Indiana, I’m talking about the state where you live, own property, or are doing business.
If you are really going to do business in every state, consider Nevada as your primary filing state. If you are going to make a public offering of stock in your company, you need to incorporate in Delaware.
But for most businesses, just form your business entity (LLC) in the state where you live, are doing business, or own property.
Tomorrow: Ownership of Your LLC
You Can Get Double the Asset Protection
I’m seeing more people lose their business these days, because they get in trouble personally, than I am seeing people losing their personal assets because their business gets into trouble.
How do you protect your business from your personal problems? There’s a whole world out there that your advisers have never warned you about.
If you haven’t done so already, pick up the How to Double Your Asset Protection eBook, and get all the details your lawyers never showed you. If you aren’t enlightened and think you can get the double asset protection, just request a refund. It’s that simple.
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Tomorrow : LLC Overlooked Issue No. 3, “Who’s the Owner?”
Everything You Need to Know to Double Your Asset Protection Using a
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