Video instructions and help with filling out and completing Where Form 1065 Schedule M 3 Supporting

Instructions and Help about Where Form 1065 Schedule M 3 Supporting

Hey everybody this is Geneva Oh Geneva's calls it again and I decided to do this quick video is not gonna be that long at all and the reason why I'm doing this video how should you register your business as a sole proprietor LLC s core for C Corp is because I just received the email from a lady and she said that her husband and his friend is about to start a business and she wanted to know should she register her business as a partnership or as an LLC now I figured that it would be best for her to register the business as an LLC but first of all she wanted to even know how do you go about registering the business so I said that then I will show you off for the ones who have a business idea and you want to know how should you register a business does it cost money is it a lot is it difficult do you need to go somewhere and do this can you do it online well this is how you do it first of all you go to okay make sure this is shown to everyone first of all you go to irs.gov irs.gov and then you go to a player ID number this is where you get your EIN number and the ein number is like a social security number for your business so when you're on this website i or s gov then you come over here and click apply for an EIN number then once you do that you come down here and click it again apply online now then this is the actual the beginning process of is letting you know that your session will end in 15 minutes and you must complete this application in one session then you come down here and click begin application and then this is where you're able to put the legal structure of your business if you want it to be a sole proprietor a partnership or corporation LLC and a corporation there meaning an escort or a c-corp for your business so let's say that you decided that you wanted it to be an LLC then you would click that and then click continue and then it goes into what is an LLC so it gives you that information right here and LLC's are not incorporated and do not file articles of incorporation which is you know a wonderful thing and then right here you put how many members are for the LLC and let's say it is a partnership just like the lady was who email me then I will put two and then I'm in the state of Illinois and then I click continue and then it's letting me know since you are a multi-member LLC we must initially classify you as a part of the default classification of partnership you can file these forms and you can click on the forms and find out exactly what it is but if you are ok would be being an LLC partnership then you click continue and then right here starting as a new business then click continue and then I am this will be an individual business because it's not existing continue and then this is where you put your name and your social security number and am I one of the members or my third party I'm one of the members and do that click continue and that's when it would then take you to that's when then it'll take you to where you put your name and everything in that so if you've already figured out the name for your business and hopefully by the time you're doing this I am you have already figured out the name for your business a sole proprietor is if it's just you in the business you by yourself there is no one else you found as a sole proprietor and then when you go do taxes you'll be personal taxes personal taxes for your business an escort I've ran a business off the escort before and I wish I hadn't because it was a whole lot of work the reason why it was a whole lot of work is because first the the setup is a lie now as far as an escort business if I'm not mistaken let me see let me see escort businesses are the owners pay personal taxes on their profit right so I have my own personal taxes that I had to pay in the escort business a good thing about the escort business is if you get sued within your business the people are suing your business they are not suing you so they cannot come back to your personal assets they will be coming after the business assets so if your business doesn't have any assets and I guess they won't begin anything so they cannot come in sue you and then next thing you know you know they're coming for your bank accounts and all of that note is separate that's the whole business thing but what it was a lot about the articles on the escort as they want and articles of corporation now that is a whole lot of papers where you're talking about board members because an S corp is also saying that you have a president you know and CEOs and secretaries and stuff like that and then for that you have to have Articles of Incorporation saying who everyone is putting down the minutes that you are having board meetings or if you have any stock within the company all of that is put in there and that's a lot of work to do that and then come to find out when I was going to open up business accounts business chicken accounts for my businesses they want for the business they launched it the Articles of Incorporation like