Speaker: 00:00:00

Hey friend, listen, if you formed an LLC recently and you think that's

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00:00:09,181 --> 00:00:12,220 boss and have your LLC in order to guess what?

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Hey, it's a break into you, but there are a few more steps that

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but have no fear. I am going to break all of that down in

00:00:21,841 --> 00:00:24,340 this video, so let's jump right in.

00:00:24,341 --> 00:00:27,540 Now, if you're new to the channel, my name is Temi Siyanbade.

00:00:27,541 --> 00:00:30,040 I'm a huge sub-based attorney in the host of Ask Tami Live.

00:00:30,400 --> 00:00:33,260

But we discuss the best ways to establish your business, protect your name and

00:00:33,261 --> 00:00:36,040 keep your own profits. And today's question of the day is,

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how do I maintain my limited liability company?

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Essentially, what you're asking is, how do I maintain my limited liability?

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How do I stay protected? Because isn't that the point of getting the LLC

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It's to make sure that you are protected from a legal standpoint,

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right? Guess what? That protection will fly away from you if you

00:00:58,481 --> 00:01:00,820 don't maintain your LLC the right way.

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So let's talk about it. First thing I want to talk about are what

00:01:04,281 --> 00:01:07,920 are some of the potential things that could happen if you don't protect or

00:01:07,921 --> 00:01:11,860 maintain your LLC? Well if you enter into some type of,

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let's I'll give you a couple of scenarios. Things that I've seen.

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I've had individuals who want to file a trademark application and then we'll be

00:01:20,161 --> 00:01:23,100 wanting to file that mark application in the name of the business.

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But then when we do the research we find out that hey your business

00:01:26,001 --> 00:01:30,820 is not actually formed. What does that mean that means if they continue with

00:01:30,821 --> 00:01:35,360 forming that trademark or registering that trademark with an LLC that

00:01:35,361 --> 00:01:40,360 is out of status, that's going to finally avoid that trademark application

00:01:40,361 --> 00:01:44,060 because it wasn't a legitimate business that submitted the application.

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That's one area where if we see this come to play.

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Another area that this comes into place, let's say you are doing business in

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And you're getting ready to go to the court and file this lawsuit from

00:01:58,261 --> 00:02:01,780 your business perspective. But then you get there and you find out that your

00:02:01,781 --> 00:02:03,820 LLC is not an existence. Yes,

00:02:03,821 --> 00:02:06,540 what? You're going to run into issues because again,

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you are out of status, right?

00:02:09,021 --> 00:02:12,420 So you need to make sure you maintain your LLC.

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I mean, this is a huge thing. And then when you don't maintain your

00:02:16,221 --> 00:02:19,900 LLC open up, opening yourself up to a discourse.

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So those are some of the major things that I want you to keep

00:02:22,941 --> 00:02:26,560 in mind when we're talking about why you should even care about it.

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All right, so what do you need to do now that you know that

00:02:28,701 --> 00:02:31,200 I don't want to lose that? All right,

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so the first thing you need to do is you need to make sure

00:02:33,161 --> 00:02:35,880 that you maintain your annual report. What do I mean?

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In every state where LLCs are allowed, which is an office state,

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you require you to do some for an organization that annual report

00:02:44,941 --> 00:02:49,020 is you basically let it know, hey, this is the updated information about the

00:02:49,021 --> 00:02:52,380 owners or the managers. This is how much we made,

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this is our registered agent information, things like that.

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If there are any changes, they want to know. Because part of the reason

00:02:59,181 --> 00:03:02,400 why you have an LLC registered is so that people can have access in

00:03:02,401 --> 00:03:06,180 terms of if there were some type of lawsuit and so if something happens,

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they need to notice information. Now, different states also may have a fee

00:03:11,041 --> 00:03:15,820 that's associated with it, so states like California has an annual $800

00:03:15,821 --> 00:03:19,340 fee, but you just gotta pay. Delaware has a similar fee,

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but it's not as expensive. California is very much similar to high-end.

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Texas does not have an annual fee that you need to pay unless you

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So if you, it's closer to $2 million at this point,

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so if you're making around $2 million in terms gross revenue,

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then you're going to be responsible for what they call a franchise text.

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I know the name is very deceitful because you hear franchising,

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you think, oh, this is just where people are franchises,

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but no, in the state of Texas, it's for LL season as well,

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it's if it's dependent upon how much your annual revenue is,

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okay? So you, again, have to make sure you are doing the annual reporting

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Okay? Now the second thing that you want to do in order to maintain

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right, that comes with your liability company,

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is you want to keep your documentation separate.

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If you've watched my videos on LLCs in the past,

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you probably heard me say this like 1 million. And it's still the same.

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Keep your personal asset separate from your business.

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Okay, right? So separate bank accounts,

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right? It's a contract. It's keep it cool.

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It's going to help you too. It's going help you with some time for

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keep them separate. All right,

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so that's the second thing that you want to make sure you do.

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The third thing that you want to do and this one nobody talks about

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we know that as you're starting your business, you might not have any income,

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you're just getting started, you might even be operating at a bit of a

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But then there comes a certain point where it's like, if you're engaging in

00:04:56,701 --> 00:05:01,580 certain types of contracts or in certain types of behavior has a business that

00:05:01,581 --> 00:05:05,740 basically sounds like you've got a lot of money and this sounds very vague

00:05:05,741 --> 00:05:09,380 what I'm trying to say. But essentially what I'm trying to articulate is you

00:05:09,381 --> 00:05:12,100 need to make sure that you're thinking about ways of keeping your LLC funded.

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One thing that I see people do is you know you have your LLC

00:05:14,621 --> 00:05:17,640 and you generate your income but then you take all that money out you

00:05:17,641 --> 00:05:20,940 put in your personal business or in your personal account and I mean that

00:05:20,941 --> 00:05:23,020 you get to keep your profits for sure.

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But in terms of responsible LLC maintenance there should

00:05:27,841 --> 00:05:32,360 be money in the LLC That is, at least enough to maintain all

00:05:32,361 --> 00:05:35,640 of the ongoing fees associated with your LLCs.

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So you want to make sure you're keeping it funded.

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Now again, these three steps that I spoke about are critical.

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There are a couple of other things that you can do in terms of

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What do I mean? I mean, if you're entering into a contract,

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don't enter into the contract as a person as yourself.

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Enter into the contract in your professional role for the business.

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00:05:56,341 --> 00:05:59,800 So I'm not going to sign any least agreements to say Tamishia about it.

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00:05:59,801 --> 00:06:02,880 I'm going to say this agreements are for the law office of Tamishia about

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00:06:02,881 --> 00:06:05,720 it and it's signed by Tamishia about a managing member.

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Do you know what I'm saying? So like signing your document on behalf of

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00:06:10,001 --> 00:06:14,680 the organization and putting on your specific cap as it pertains

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00:06:14,681 --> 00:06:18,540 to your role in the LLC. Those are the things that you do that

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00:06:18,541 --> 00:06:20,700 maintain that separation say, hey,

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I'm serious about my business. Okay? You really want to make sure you do

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00:06:24,801 --> 00:06:27,100 that. Now, if you're hearing all of this,

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you're like, oh my gosh, I've never done that.

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What is Temi talking about? I formed an LLC about 20 years ago,

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and I've never submitted a document.

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Okay, let me tell you, your LLC probably doesn't exist anymore,

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you're really playing around your big,

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00:06:46,381 --> 00:06:50,860 pretty risky. But I also want to encourage you that you can reinstate your

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00:06:50,861 --> 00:06:54,920 LLC. What does that mean? That means you can go back and re-submit filings

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00:06:54,921 --> 00:06:57,880 and catch up with your late fees and do whatever it is that you

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00:06:57,881 --> 00:07:00,620 need to do that you didn't do in most states. So they will allow

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00:07:00,621 --> 00:07:03,820 you to submit documentation and says, okay, I haven't filed in the past three

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00:07:03,821 --> 00:07:07,020 years. Here are my late fees and they don't need to be super significant,

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they're very from state to state. But you pay up the late fees if

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00:07:10,461 --> 00:07:14,200 their taxes do, you pay the taxes and then you receive some communication that

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00:07:14,201 --> 00:07:16,860 comes from the Secretary of State, you fill out whatever forms you need to

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00:07:16,861 --> 00:07:20,040 fill out there, you also need to fill out some forms with your Comptroller's

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00:07:20,041 --> 00:07:24,100 office and we submit the forms through the respective parties and they they don't

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00:07:24,101 --> 00:07:27,080 always communicate with each other so that's why there's all this back and forth

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00:07:27,081 --> 00:07:30,540 but essentially by the time you receive the information and submit it to the

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00:07:30,541 --> 00:07:32,440 right person in this group and that group and I have all the groups

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00:07:32,441 --> 00:07:35,760 that get all their paperwork and all that stuff they will reinstate your LLC

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Here's where I see it come up often where people are like you know

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00:07:42,341 --> 00:07:45,120 I'm going to reinstate my LLC. Maybe you're trying to get some type of

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Right? If you start a French, you might not be able to qualify for

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And so to have the longevity of the time that you've had in the

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All right, so that's where I see it come up. It's when people are

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And that's in a lot of instances. All right,

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now I hope that this didn't scare you. I hope that this helped you,

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and you're like, okay, now I know what I need to do.

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00:08:16,781 --> 00:08:19,380 like do not play games with maintaining your LLC.

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It's critical, it's critical, it's critical.

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Now, if this video has been helpful to you,

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you might want more information. You might be asking,

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hey, Timmy, how can I stay connected with you?

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Download our level up your business checklist.

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It's a great checklist that tells you exactly what we do for our businesses

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00:08:36,441 --> 00:08:39,960 and how we help them to make sure that they are protected and established.

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Essentially, we want to help you protect what you create.

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And that's what the checklist talks about. And when you sign up for that

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00:08:46,081 --> 00:08:50,640 checklist, When you download that checklist, you will also receive an exclusive bonus invitation

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00:08:50,641 --> 00:08:54,760 to our new private community where we have a growing resource hub.

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You have access to free courses that I've made.

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You have access to articles that I've made and you have access to videos.

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You have access to a whole lot of stuff in this resource hub and

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00:09:05,421 --> 00:09:08,760 it's all available to you for free. If you download the checklist,

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so go ahead and do that. Now before we go,

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I'm going to ask you in the comment section below.

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00:09:14,721 --> 00:09:17,740 Let me know, let's be honest, let's be honest out here.

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How many of you struggle with keeping up with maintaining your LLC?

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And what are one or two things you think you can do to improve

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00:09:25,981 --> 00:09:28,020 that? We have some things that we do for our clients,

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essentially, we do it for them. And that's one thing that you can look

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00:09:31,461 --> 00:09:34,300 into. But what are the things that you have found that have helped you

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00:09:38,081 --> 00:09:40,100 to mess up? We want to hear it. All right,

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that's all I have for you today. Talk to you soon.

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Bye.