Creating an LLC is NOT enough to stay protected; you must maintain it. However, few business owners know what that means and what LLC maintenance entails. Failure to maintain your LLC could open you up to significant risks.

In this video, Attorney Temi Siyanbade breaks down exactly what you must do and the best practices to maintain the LLC protection you enjoy.

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Hey friend, listen, if you formed an LLC recently and you think that's

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Hey, it's a break into you, but there are a few more steps that

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but have no fear. I am going to break all of that down in

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But we discuss the best ways to establish your business, protect your name and

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how do I maintain my limited liability company?

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Essentially, what you're asking is, how do I maintain my limited liability?

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How do I stay protected? Because isn't that the point of getting the LLC

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It's to make sure that you are protected from a legal standpoint,

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right? Guess what? That protection will fly away from you if you

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So let's talk about it. First thing I want to talk about are what

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let's I'll give you a couple of scenarios. Things that I've seen.

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I've had individuals who want to file a trademark application and then we'll be

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But then when we do the research we find out that hey your business

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That's one area where if we see this come to play.

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Another area that this comes into place, let's say you are doing business in

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And you're getting ready to go to the court and file this lawsuit from

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you are out of status, right?

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I mean, this is a huge thing. And then when you don't maintain your

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So those are some of the major things that I want you to keep

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All right, so what do you need to do now that you know that

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so the first thing you need to do is you need to make sure

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In every state where LLCs are allowed, which is an office state,

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you require you to do some for an organization that annual report

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this is our registered agent information, things like that.

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If there are any changes, they want to know. Because part of the reason

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they need to notice information. Now, different states also may have a fee

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but it's not as expensive. California is very much similar to high-end.

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Texas does not have an annual fee that you need to pay unless you

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So if you, it's closer to $2 million at this point,

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so if you're making around $2 million in terms gross revenue,

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then you're going to be responsible for what they call a franchise text.

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I know the name is very deceitful because you hear franchising,

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you think, oh, this is just where people are franchises,

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but no, in the state of Texas, it's for LL season as well,

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it's if it's dependent upon how much your annual revenue is,

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okay? So you, again, have to make sure you are doing the annual reporting

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Okay? Now the second thing that you want to do in order to maintain

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right, that comes with your liability company,

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is you want to keep your documentation separate.

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If you've watched my videos on LLCs in the past,

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you probably heard me say this like 1 million. And it's still the same.

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Keep your personal asset separate from your business.

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Okay, right? So separate bank accounts,

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right? It's a contract. It's keep it cool.

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It's going to help you too. It's going help you with some time for

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keep them separate. All right,

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so that's the second thing that you want to make sure you do.

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The third thing that you want to do and this one nobody talks about

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we know that as you're starting your business, you might not have any income,

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you're just getting started, you might even be operating at a bit of a

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But then there comes a certain point where it's like, if you're engaging in

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One thing that I see people do is you know you have your LLC

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But in terms of responsible LLC maintenance there should

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So you want to make sure you're keeping it funded.

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Now again, these three steps that I spoke about are critical.

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There are a couple of other things that you can do in terms of

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What do I mean? I mean, if you're entering into a contract,

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don't enter into the contract as a person as yourself.

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Enter into the contract in your professional role for the business.

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Do you know what I'm saying? So like signing your document on behalf of

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I'm serious about my business. Okay? You really want to make sure you do

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you're like, oh my gosh, I've never done that.

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What is Temi talking about? I formed an LLC about 20 years ago,

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and I've never submitted a document.

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Okay, let me tell you, your LLC probably doesn't exist anymore,

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you're really playing around your big,

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they're very from state to state. But you pay up the late fees if

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Here's where I see it come up often where people are like you know

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Right? If you start a French, you might not be able to qualify for

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And so to have the longevity of the time that you've had in the

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All right, so that's where I see it come up. It's when people are

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And that's in a lot of instances. All right,

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now I hope that this didn't scare you. I hope that this helped you,

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and you're like, okay, now I know what I need to do.

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It's critical, it's critical, it's critical.

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Now, if this video has been helpful to you,

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you might want more information. You might be asking,

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hey, Timmy, how can I stay connected with you?

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Download our level up your business checklist.

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It's a great checklist that tells you exactly what we do for our businesses

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Essentially, we want to help you protect what you create.

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And that's what the checklist talks about. And when you sign up for that

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You have access to free courses that I've made.

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You have access to articles that I've made and you have access to videos.

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You have access to a whole lot of stuff in this resource hub and

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so go ahead and do that. Now before we go,

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I'm going to ask you in the comment section below.

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How many of you struggle with keeping up with maintaining your LLC?

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And what are one or two things you think you can do to improve

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essentially, we do it for them. And that's one thing that you can look

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that's all I have for you today. Talk to you soon.

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Bye.