Welcome everyone to the Main Street Business podcast. This is Matt Sorensen, joined by the great and powerful Mark J. Kohler.

Well, they say that after he just had to lower his chair because I had the lower chair. So I was like the kid at the Thanksgiving dinner.

I didn't want you to feel, you know, I needed you to feel big. Yeah. I need you to come in with a ton of confidence today. So you come out with a great and powerful. Yeah, I was trying to pump you up. A little kid's chair. Yeah. I was trying to pump you up. Yeah. Well, I'm excited for today because this LLC mistakes are so rapid. This is. Yeah. And I think the LLC is the most common business entity out there. You're going into business, main hustle, side hustle, investing in real estate.

You've probably heard about the LLC.

You're listening to this.

I'll bet you have one.

But did you do it right?

Because we do thousands of them every year setting up for clients.

We're actually real lawyers instead of this chat GPT lawyer you're talking to that doesn't know what

the hell they're doing or this online site or these people you talk to that aren't real lawyers.

We're real lawyers. We've been in the trenches. We want to make sure you know what to clean up probably.

Yeah. And I'm just going to say out of the five, only the two are, did you do it right?

The other three are once your LLC is up and going mistakes.

So you may say, oh yeah, I set it up right. I'm going to go to a different podcast. Whoa,

whoa, whoa. A little bit more to know here. We're trying to help you out. And it's not just an

infomercial sales pitch. These are easy things. You don't have to spend more money.

Just do it. Right. So, all right. Let's get into it. Matt, I will let you go first here.

Because I'm a giver. Thank you. You're welcome. What is your number one mistake?

Well, the number one mistake is you've got this one piece of paper from the state that you did online in 15 minutes and you paid 50 bucks to file and you're like, I'm in business, baby. I've got an LLC. And you know what? I'll bet you set up that LLC. One of the reasons you set it up was you wanted asset protection. You wanted to make sure that whatever's happening in that business. Something goes wrong in it. You get a lawsuit with a customer, someone you're working with, an employee, whatever. You don't want them to sue you all of your personal assets. You want to force them to have to sue the LLC and they can only get to that LLC. That's one of the main reasons. You said an LLC. But does that one piece of paper get me there? Okay. So what are all the parts I need?

All right.

You're going to need an operating agreement for your LLC. Okay. Operating. I'm writing these down because, I mean, this is a revelation. Operating agreement is critical. And by the way, when you go to set up a bank account, I just set up a bank account for one of my new LLCs for a real estate deal. And what they asked for? operating agreement.

Like they won't even set up the bank account.

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