You have your LLC formation documents. Now what?

Continuing the conversation with Michelle Mendoza, BoomX Show host Darol Tuttle provides explains further the legal requirements of forming a limited liability company and the annual compliance rules. He also answers Michelle's questions as she reviews the LLC operating agreement Darol drafted for her. Key points include:

Limited liabilities are created by state law. Once formed, the LLC owner may make elect to be taxed as an S Corporation with the IRS. This will allow a portion of profits to be taxed free of self-employment tax.

The LLC operating agreement is the business playbook. With the mandatory annual meeting, the document can create the business' swim lane and set the framework for an envisioned future.

You can join BoomX Academy for free and will be automatically enrolled in the BoomX Show Companion Course. The Companion Course offers enhanced content. For this episode, you may find samples of the documents Michelle received to form her business. Learn more at www.boomxacademy.com.

You also may request a FREE BoomX Retirement Roadmap from SC Financial Group.

BoomX Retirement Plan:

Click this link to receive the FREE BoomX Retirement Plan provided by SC Financial Group.