#526 So You Just Formed An LLC... Now What?

Main Street Business

Mark J Kohler and Mat Sorensen

Management, Tax Tips, Entrepreneurship, Accounting, Business, Business Structure, Estate Planning, Tax Reform, Legal Compliance, Tax Prep, Tax Strategies, Financial Reporting, Irs Updates

4.8 • 584 Ratings

🗓️ 6 September 2024

⏱️ 34 minutes

🔗️ Recording | iTunes | RSS

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Summary

Join Mark J. Kohler and Mat Sorensen in this episode of the Main Street Business Podcast for a comprehensive guide on setting up and running LLCs and S Corporations. From crucial legal requirements to strategic financial practices, get equipped with knowledge on new BOI reporting rules and how these could impact your business in 2024. Here are some of the highlights: Mark and Mat stress the importance of properly setting up and maintaining LLCs and S CorpsMark and Mat advise opening separate ...

Transcript

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0:00.0	Welcome to the Main Street Business Podcast with your distinguished hosts, Mark J. Kohler and Matt Sorensen.
0:05.5	Both are best-selling authors and have over 25 years of industry experience with 10,000 client consultations,
0:12.3	making them the leading tax and legal experts in the nation.
0:16.1	Together, they'll unpack the most complex tax, legal, and financial strategies,
0:20.6	crucial for saving more,
0:22.1	stressing less, and building generational wealth. Today, they're your personal advisors.
0:28.1	Ready to break it down for you and make the tax and legal game easier than ever.
0:32.6	Here is Mark and Matt.
0:34.5	If your books are kind of a mess, it's going to cost you more. I promise you,
0:38.3	whatever you spend in good bookkeeping, you'll get back double in tax savings. Someone's going to say, hey, your LLC, the tenant slipped and fell, and they're like, I want to sue you. They're like, well, you can't sue me. You got to sue my LLC. They're going to be like, did you really treat it like an LLC? Did you have annual minutes? Did you actually keep your entity renewed?
0:55.4	Someone trying to sell you an LLC that it was simple and easy didn't tell you this. IRS is going to ask for it in an audit. It's on their list to get these documents. You're like, I don't have it. Did you really have a company? I'm sorry for the reality check, but there's thousands of people listening right now that have a rental property and an LLC.
1:11.7	Can I just say I actually disagree with you?
1:19.9	Welcome everybody to another episode of the Main Street Business Podcast with yours truly
1:24.2	Mark Kohler and the amazing Matt Sorenson, my incredible partner, glad to be here with you.
1:29.0	I'm excited.
1:29.7	I'm excited for today on the topic because people need to hear this.
1:33.3	Yeah.
1:33.8	Yeah.
1:34.0	How do you, we need to help you.
1:36.1	Okay.
1:36.4	Yes.
1:37.1	And if you haven't read, if you're multitasking, you can just hit play, let's tell you that topic.
	...

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