Jennifer, Jennifer Angler, $120 discussed on Laying Down the Law

Automatic TRANSCRIPT

I'm not gonna What's Jennifer Angler is with me from the Orlando Law Group as she is every single Sunday because without her, we'd be short on the loss side of things. I could talk for an hour, but I don't think we'd get much legal stuff done so It's always good to talk to Jennifer every single week here on the show, Jennifer, how you doing? I'm doing good. How about you? I'm doing good goat yoga is is going to get scheduled. My my wife heard you talking about it last week and go goat yoga. Is it go? Um so I I could not talk her out of it after after your Ian endorsement last week. We're going again on the We're going again before my show on the 28th sell. Um maybe I'll see you there. All right, The 28th. Okay. All right. So you're signed up for a second goat yoga? Um, I am. I mean, my my wife has put the go and go now. I guess that's it. She just wants to get there. So we will, uh We will see. Maybe we'll be there on the same day. If you have a question for Jennifer, Of course, you can get your calls in at 84458093 to 6. That's 84458093268445809326 will answer your legal questions there at 844580932. Six and and, of course today, just like every single week we're gonna go through some of the questions that Jennifer has gotten throughout the week and your phone calls as well at 8445809326. Jennifer, Where would you like to start? Because last week we talked a little bit of real estate law. I'll probably even have a couple of questions as well as I continue to shop for a home so plenty of questions have come up so Where would you like to start? Okay, well, today, I know we're going to start out with some business questions about either starting your business or on if you have a business what you need to do to renew a lot of people are asking about fictitious names and that sort of thing and renewing them and all that so Basically every year if you have a business that you've organized and that means basically going on SUNBIZ and actually getting a business A lot of people run businesses, and they don't have a specific business entity, and they just kind of run into their personal bank account. Now I've talked a lot about if you do have any type of side hustle, or even if you drive for uber, whatever you do, you sell stuff on SC any of that kind of stuff. Most people have a second business or some sort of thing that they're doing. It is really good to formalize that. There's a lot of good things about doing that tax wise. Um And right now, if you would have had a business formalize, you could get PTP money in the second round. All that kind of stuff, But a lot of people don't even know how to begin to go about that. Or if they are already have a business, and they did it on Sundays a year or two ago. They don't know that they have to renew it every year. So yet and then and then that stinks because then if you forget to renew, you've got to pay a huge tree. Um, so basically organizing your business is really easy. We do it for people all the time. And usually when we do what we get. People come to us because they went extra advice about taxes and that kind of stuff, But you can definitely do it for yourself. And if you do it for yourself, you just go to Sunday's dot com. It's like the secretary of state's website and you're at me. Pay to organize your business. Um, once you do that you do have to do it every year and you have to do it by They first of the next year. So a lot of times like if it's close to the end of the year, we just have people wait until the new year. But if you started something in 2020, or you're starting something in this year now is the time to go and put your and start your business. Now, if you have to make a change that you have to change the address, or you change over whatever you've got to pay every time you do that to make sure if you're a little bit uncertain, Make sure you're certain before you do it, because you've got to pay like 35 bucks to get it done, Um, to make changes. Also, the state is really slow this year. So, um Usually you used to get them like in a day or two. Like you just have your business. It's all done online, and they'd email it to you a couple days later, and then you'd be set. But now it's taking up to about a month. I think so. Because, like covid shutdowns and stuff. We do have related quickly get it for you with curry ear's and stuff If you need it, um, so we've had to do that, for some people that are either like buying a business and then they just kind of way that for the last minute to get the new business started, um or if they bought real estate. We talked a lot about buying real estate in an LLC. Um, And that's another way to to real estate rental, real estate, and then they're about to close. And then they suddenly don't have the LLC Forbes. So give yourself about a month if you're doing it, um, otherwise, if you need a rush, like I said, you could call us and we can give you the tips on how to do it. Or we could just help help do it for you. It involves a courier just kind of like the capital. So that offices open like one hour a day it but we know how to get in there. Um, but there's all kinds of reasons to open businesses. And that's like I said, owning real estate or any type of side hustle. Um, but the first step is to open the LLC. Um, if you forget to renew by May 1st, then it's almost $400 to renew. I'm normally It's like, Yeah, it's like it's $120 fish. If you're a nonprofit corporation, you also have to do the same process, but it's a little bit cheaper to be a nonprofit. Um, if you are there going to be a business, you should always be a profit biscuits. Um, I've gotten people that try to do in that start themselves as non profit for some reason, And you really shouldn't do that. Unless you're like doing a charitable organization. People don't do it right because it doesn't help you because if you make a profit, you make a profit, but some people kind of get confused about what for Often is and what not for profit is which I know. Sounds weird, but it happens. Um If you are starting a nonprofit, we do help people with that, too. I actually do get a lot of questions about that. And maybe we could talk about that a little bit today, Depending on what the colors we get. But basically you set your business and you renew it every year. Now Some people do a fictitious name or they say that and they don't really know what that is, but they think it's They just think they should have it. Um, a fictitious name is basically it can be a really good thing, especially if you run lots of things out of one business like, say you might drive for uber, But you're also a photographer. And then maybe you also make crafts or something I'm in sell them on at sea. You can have one main business and get a fictitious name for each of those and the money. You make it the fictitious name all kind of flows up to the same big Main business. Um, and that's good, because then you don't have to have so many like each business that you have. If it's making money, you need bank accounts and tax returns. And all that..

Coming up next