Fat Cat Secrets the Power of Filing LLC and Getting EIN (Articles of Organization)

Fat Cat Secrets the Power of Filing LLC and Getting EIN (Articles of Organization)

If you don’t want to read it, you can watch this video.

I am building out Hustle Camp right now. I will be going up on the  price, not dropping the price in the future. For the person who said I should not charge for my information, here is what I have to say. I started five businesses that failed before I became successful. There was huge emotional cost to that. There was huge financial cost to that. There was also a huge time cost to that.

There are people out here who want it for free. The reason you want it for free is because you know you’re not going to do anything with the information. It doesn’t matter if it is a dollar or if it’s free, if you aren’t going to do anything with the information it is worthless. That’s where a lot of people are because they are looking for hustler porn and ways to cheat. They are looking for ways not to work hard, and I don’t have any of that for you.

When you are working on your life, the long hard way works faster than the quick “hack” way. It’s also durable. Once you build something of substance, it just does not disappear overnight.

If I can give you one piece of advice, it is to not sit around and wait for something to fall in your lap. Make something happen. Push for something.

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Question: Do I need an attorney to start an LLC?

Answer: No.

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If you’re broke, you should find some stuff to sell. Get some used stuff and flip it. That is the easiest way to make money when you don’t know what you want to do yet.

Okay, back to the discussion of getting an LLC. Here’s why you need an LLC. Let’s say you have employees. You are going to have to file payroll taxes. You need to find one of those companies that handles all that stuff. Maybe your CPA can handle it. Payroll can get very time-consuming. Before I hired ADP, which tis the payroll service I use, I was spending about 25 hours a month on that. My advice to everyone is to get yourself a CPA.

If you try and do it yourself, it will take a lot of time. You will have to learn how to do it. The time you spend learning about tax rules and regulations, you could be running your business and marketing to earn more income. Plus, the tax rules change and you will have to keep up with it. When I first got started, my business partner was an accountant. She did all that stuff. I’m telling you, it’s rough. If you aren’t an accountant already, then you should turn it over to an expert. It’s worth the money.

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Question: Is Legal Zoom okay?

Answer: Legal Zoom is fine. I’m just going to say that many people will charge from $600 to $25,000 to form an LLC. I know many of you will say, you can go online and get it for a lot less. That’s true. You can go online and fill out a few forms to form an LLC, but you have a very flimsy LLC. You have an LLC that doesn’t have Articles of Organization. You have an LLC that doesn’t have an Operating Agreement. Now, you can fill that stuff out later, but every time you make a change you have to complete a change form and they charge you for that. Eventually, that extra money can add up.

The first thing you should do when starting a business is to set up a budget. People never want to hear that, they simply want to know the secret for making more money without having a foundation established for how to handle the money once they get it. The problem with that way of thinking is that if you don’t learn how to manage your money, your money is going to manage you. If you make more money, you’ll have more problems if you don’t learn basic money management skills.

It’s also important to declutter. When you work out of a cluttered home or office, you rob yourself of energy. That’s something you need to work on as you get started with a new business. I will be working on that in Hustle Camp.

A good strategy for getting started is to keep your job and start a side hustle. You should explore various side hustles. If you leave your job and try and start a business, you are trying to do too many things at once. Number 1 – You’re trying to start a business. You are also trying to make enough income to support yourself and the business. That’s why so many people fail. That’s just too much stress and it can just crush you if you’re new to these types of challenges.

Hustle Camp is designed to provide practical information for building your business. It is a comprehensive course that goes into great detail.

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