How to Create an LLC for Social Distancing Business (3 Free Ways) - MalkamDior
How can you create an LLC for social distancing and also create a business bank account in less than 10 days? (MalkamDior)
Now a lot of people including accountants and LAWYERS might tell you its not possible that you have to pay for filing fees and also labor fees, but actually found a way around everything. And in this video I'm going to teach precisely what I did to legally create an LLC for free and not have a to pay a penny of my own money.
So stick around till the end of this video.
What is an LLC: It’s a limited liability company and protects, and your assets in case anything happens, and you get sued. That’s the simple answer.
Who should Open an LLC: -
Anyone that’s conducting business, yes you can run the entire business through your personal taxes but this way you are more protected and can sleep better at night. Plus it's free.
Story: To put it into perspective, say you own a company, and someone got injured on the job, well now they are suing you for 1.7m million dollars; well they can only take what the LLC actually owns and cannot come after your personal assets. It's an extra layer of protection.
How did I create an LLC while under quarantine for free (3 ways you can do it)
- Subtract the Cost of Forming an LLC from your taxes, everything is deductible.
Explanation: IF your business grosses a profit, you can deduct the cost of the LLC from the business taxes and that way you pay less in taxes. So in a way, it's free.
- Use Zen Business:
Explanation: This company doesn’t charge you a penny to form the LLC, and the only is the State fee for your state. So the labor cost is free, and then you can just deduct it from your taxes.
- Open a business account with a Bonus Explanation:
For example, Chase gives you $300 bucks when you open a business account and fulfill a few steps. So you can open the LLC and get the bonus to pay for it. Free. Yes, you can do more than one business account.
What I did to Create a Free LLC? I did a combination of all three, so in reality, I made a profit, let me explain.
- I’m going to deduct the entire cost from Taxes
- Used Zen Business (avoided paying them, only paid the $200 filing fee)
- I’m getting a $300 bonus from chase ] So, in reality, I made $100 to create my LLC and saved money on my taxes Extra Details: In New York state I have to make a publication saying I form the LLC, and that’s going to cost another 250 bucks, so the total cost was really 450, and I get to deduct all from my profits and if I open up another business account, I can also get another bonus to make another profit.
Conclusion: It’s one of the easier ways to open an LLC and save money while doing it. I would recommend Legal Zoon but they charge a mandatory fee, that’s why I used Zen Business instead. Do I recommend it? Yup.