How to Start an LLC with $0 in 2024

speaking from personal story owning a business has changed my life it has given me the flexibility and the options if I were to lose my job today I would still be okay and I want that sense of security and stability for you as well and the best way to do that is owning a business of your own and so I'm going to walk you through step by step on how to form a business with Zim business and then I'm going to tell you the next steps that you should take after your business is formed to set yourself up for success I'm going to save you thousands of dollars in this video so pay close attention and make sure to click the like And subscribe button because you're going to want to be a part of this community at the very end of this video you are going to scroll down to the description section and you're going to click on Zim business the best WorryFree setup and so you're going to click this link it's going to take you to a homepage where you're going to have access to a special deal and so typically the first step is to enter in the name of your business but I'm going to show you an Insider look at some of the p packages they offer and so you can get the starter package for free and so I formed my business with Zim business 2 years ago and I can speak on this personally Zim business has amazing customer service and has been there for me every step of the way as I have grown my business and so they have the starter package the pro package which is what I bought includes worry-free compliance and so what WorryFree compliance is is basically each year you have to file an annual report with your state you won't have to worry about filing it yourself but actually Zim business will send you alerts and help you along the way and so that was really important to me is making sure I was in compliance every year so that they didn't have the chance to shut down my business and so if you don't fill out these forms your business could get shut down and so you have the starter Pro and premium and the premium just includes additional add-ons for building your website so if you want everything in one you can get the premium but the most popular one is the pro one the one I went with and so for today though I'm going to actually take take you through the started and so they welcome us first saying glad you're here are you ready to get started with your LLC first step is to click this and say yes I am ready to start my LLC and I want to personally say congratulations this is a huge step to the financial freedom and the flexibility that you want in life first up what do you want to name your business and so the name for the business today is subscribe to dark's business which I know you're doing right now and so it's going to be an interactive engaging conversation with you as they help you work through the process of forming your LLC and so what state are you forming your business in typically most people go with their home state but now with virtual business addresses you can choose anywhere you want across the us but for now let's go with the home state of Texas awesome it looks like the name is available cheers let's celebrate then they're going to ask for your first name and then they're going to follow up with some more questions and so it's very interactive they'll walk you along gradually through the process and so now it's asking do you have any a prior experience with running a business let's say know we're starting from scratch thanks for trusting us with this especially as it's your first time in this business will it have employees excluding you in the first year for the first year we're just going to be a single member LLC which is just one person so no we don't plan on having employees nice they're getting the next question ready for us will subscribe to Darcy's business have a physical location other than your home and so because you're watching me you know that you can get a virtual business address and so you can check out the video right up above and so I'll feature virtual business addresses at the end of this video where you can go to find to get that set up but what a virtual business address does is it protects your home if you list your home address as your business address it will be publicly listed which means that somebody could type up your business name and find your home address information so if you have any angry customers or any situation where you don't want your personal information public then a virtual business address is the protection that you need so we're going to answer this question with yes we we do have a address that's separate from our home what stage is your business in and so since we're just getting started we're going to say we're launching soon in one to two months and so Zen business has followed up with saying there's no better place to get your business launched than with Zen business and then it's asking what are the goals with this business and I want this to be the primary income source and then there's going to be a couple more taxt great and then it's going to ask you what industry is your business in and I'm going to say education Consulting and then hit send now it's going to say we formed a ton of Education Consulting businesses and helped them to achieve great success and so the text does move kind of fast once it gets going and so you can decide to save your progress if you need to go take care of other business or you can keep going and get this LLC done today so let's save the progress and continue great what's your last name perfect what is your email and so hello at Darcy's business next is going to ask for your phone number and make sure when you enter in your phone number it does not have any dashes in it just the numbers is thanks that's all they need now they're going to start calculating and formulating a recommendation that's perfect for you and your business so it is actually recommended that you are not your registered agent and so what a registered agent is is a person that takes official paperwork and documents for your business and so the reason why using your home address isn't the best for this is that sometimes mail does get lost but if the state does send you a notice regarding your business you have to be able to respond and so typically business owners hire out a registered agent for these services and so we will in this case appoint Zen business as a registered agent next is recommending the Ein and so an EIN is the employer identification number it's like the social security card number for your business and what I'm excited to tell you is that you don't have to pay for the $149 or for the $99 you can get an EIN for free through the IRS website I will include a link to getting a free Ein in the description below and so we're going to say I'm going to handle this on my own because when it comes to business documents you can also find contract templates and other templates online for free as well so we're going to get the Ein and the business documents all for free let's take a quick look at each package the starter LLC is $0 plus Texas filing fee of $300 let's go with that one that seems like the best it's going to give us standard LLC filing tax deduction tagging and give us automatic expense tracking we're trying to keep expenses pretty low this seems like a package that will be good to begin with and so let's see full package details with the starter LLC which will cost $300 it'll take about 2 to 3 weeks to get your LLC formed you can do iMac expense tracking tax deduction tagging and then they'll do a name availability search and so the main points to call out are the automatic expense tracking and the tax deduction tagy that's included in the free package one last note to mention is that Zim business's accounting partner is800 accountant and you can set up a free tax savings consultation so overall this seems pretty good to go it seems like I have the basics of what I need and now it says I can see the next package the pro LLC which is $199 a year that worry free compliance is really important but you can ask to have worry free compliance added on at a later date as your business continues to grow you can also decide to file this paperwork yourself through your state but as a new business owner you might not know what paperwork to file so later down the line as you continue to grow your business you might want to come back and get this WorryFree compliance and then it asks why is this the most popular package it'll let you know again the annual WorryFree compliance is really important as well as the best value and you can file your business at a quicker speed we're going to go with just the starter plan because it's free and we'll consider adding on the we free compliance later on next is recommending the Zin business money Pro in this case that's going to cost a monthly of $30 in annually $3 $100 and it's going to keep track of your expenses as well as your invoices personally for me I do this all within my business bank account and a really great bank for business owners is relay and I've included a video review in the description below on them but having a separate business bank account is crucial when getting started with a business and so in this case we're going to say no thanks to the Zim business pro we understand if you're not ready for money Pro you can still save more money at tax time using money essential it's 100% free and included in your plan great now it's going to ask for expedite or Rush filing in this case we don't need to rush we're going to say no thanks 2 to 3 weeks is enough time now it's going to ask about online tools do you want a custom website domain name domain privacy or email address no we don't need any additional tools we're going to build our website through another platform now it's going to ask if you want a customized operating agreement in this case you can find an operating agreement online for free so you're going to say no thanks I'll sort this out myself one last thing thing annual WorryFree compliance so and to add this on it's going to be $199 a year right now we're not going to go with worry free compliance but at a later date we can request that we get wor free compliance but today we're going to say no thanks okay now you're almost done it's going to ask for a bit more information about you and it's going to say company details and then you're going to continue to review your order and so at the very final review page it's going to let you know that $5,000 when it comes to the cost of business formation and setting up your business can be tax deductible so all of the money you're paying to start up your business can be written off when you file your taxes and so the starter LLC plan is $0 and we decide to skip past the upgrade and we just see now that it's $300 and that's because it's a tax estate filing fee one thing to note is that they do have a 60-day money back guarantee and once you're ready to go you can hit continue to payment and so now you officially have your LLC formed you're going to wait about 2 to 3 weeks to receive an email letting you know your paperwork is ready and what's nice about Zim business is that they have a very clean dashboard where you can access all of your business documents in one place and so after you've get that notification from Zim business that your business has been formed you're going to read over all of your business paperwork it's going to likely include the articles of organization that's the paper you need to have that says that your business is officially established congratulations you have an official business now in order to set yourself up for success so I want you to do a few things and so I know I mentioned earlier that you can get some documents for free and so I included a couple of links to free templates in the description below and so now that you have the business formed first off I want you to create an operating agreement whether you have a single member LLC or a multi-member LLC an operating agreement is a legal document that separates you from your business and it's important to have that separation especially if the tax ta man or a lawyer who wants to sue your business decides to come your way and so you have the operating agreement which is a legal document and it will include ownership details who gets what percentage of the profits and spells out the responsibilities of each member in your LLC and as you can see the operating agreement is crucial to any business once you have that then you can go to the IRS website and apply for your EIN once you have that EI in then you can open up a business bank account and relay is a really good bank for new business owners and so after you sign up for the bank account you're going to deposit some money so that you can begin business get started get building and I cannot wait to hear about your success and to keep this momentum going you can check out the video right here on relay Bank

Channel: Darcy's Business

Views: 34,642

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Id: zygN2JI6cM8

Length: 11min 41sec (701 seconds)

Published: Sat Dec 24 2022