If your LLC consists of one sheet of paper, you need to listen.

This podcast is for you, and we know that's two-thirds of you with an LLC.

Welcome, everyone, to the Main Street Business Podcast with Matt Sorensen and Mark Kohler.

It's an amazing day today.

We're so excited for the topic today talking about LLC's baby.

Yeah, well, you've seen the the title your LLC can be worthless now

before we go any further let me explain who you might be where your LLC could be worthless let's just

so that way you know should I listen to this thing watch this on YouTube whatever it is I'll throw

on a couple if you're here give me your yellow pad damn look it. Okay. If your LLC consists of one sheet of paper, you need to listen. Okay. That is not an LLC. You may have thought it was when you went to the state. This podcast is for you. And we know that's two thirds of you with an LLC. All right. One sheet of paper. That's not an LLC. An LLC is a bundle of documents. We're going to explain this a little later. We got three options of how you can tidy up and clean this problem, fix this problem. But the first one is, if you got one sheet of paper, you don't have a complete book, you don't have a membership certificates, you don't have an EIN. We'll talk about maintenance here in a minute,

but if you don't even have the basic structure of an LLC, you may go, well, you don't have to have to have that to have an LLC. Well, you don't have to floss your teeth either, but you're going to lose your teeth. Yeah. Yeah. I mean, I, there's no law. Yeah. Good analogy, you know, and nine out of ten lawyers recommend that you have all these documents in the LLC.

And you know what that one other lawyer is, who he is? No. I don't either. So Dennis and lawyers are together on this. Yeah, yeah. He doesn't know what he's doing, okay? So it's really important. But let alone, let me just say this, having the right documents in order.

It's also, how did you structure it?

How is this coordinated with your estate plan?

How is this coordinated with your tax planning?

How does this coordinate with your asset protection planning?

Did you even get the right any?

Did you put it together right when you did it online?

Yeah.

The ownership.

Yes, yeah. The ownership, the tax election you made. Yep. Love it.

Then third. What did you use it for? What assets did you put it in? Are you running multiple things into it? I mean, got Matt started here. Okay. Yeah. I love it. I love it. Okay. Third,

I'm going to say this. Let's say you got lucky and you set it up properly and you had the right structure. Have you even maintained it? Yeah. Have you used separate accounting? Have you done your annual minutes? Again, well, I don't have to do that. No, you do. You want the real asset protection. Have you funded it properly? Have you used the name and the lease

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