Ep. 134 - Surprising Small Business LLC Tips

Thriving The Future Podcast

My friend Kevin Brubaker from Dallas Media Productions, an independent film producer in Dallas, joins me to talk about LLC Tips (and lots of film stuff).

What does a film producer have to do with my usual content of homesteading? It fits into creating side hustles and businesses to Design Your Intentional Life.

We were having a conversation about LLCs and we decided to record it. We also talk a lot about film. How can you make money on film production in the streaming era?

We dove into these topics:

• Should you have an LLC for each project or side hustle?
• Should you wait to become profitable before forming an LLC?
• Do you have to be profitable after 3 years to be considered legit (or bear the wrath of the IRS)?
• Should I spin Grow Nut Trees into its own LLC?

To answer these questions, you have to ask yourself - why have an LLC?

Although you want to use an LLC to offset your expenses, an LLC is mainly to protect you in a hyper-suing culture that we are currently in. If I was sued (for some reason) on trees, I would lose all my businesses, including the podcast.

Tips:

• It is recommended that you have an LLC for each project or side hustle.
• You do not have to be profitable after 3 years if you are showing growth and an "intent to make a profit".
• Make sure that you create an LLC in a state where the application and charge is one-time only. (some states require yearly renewal). I have mine in KS (cost me $166). Kevin has his in TX and cost about $150. You can create the LLC and get an EIN on the state website - you don't need a lawyer or Legal Zoom.
• Find a mentor.

Disclaimer: This is not tax or financials advice. Discuss with your tax or financial planner for your situation.

Episode website: Ep. 134 - Surprising Small Business LLC Tips

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