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as of 2021 there are 31.7 million business owners in the united states many business owners are setting up llcs one out of every six taxpayers that comes to my office owns an llc i own six llcs and ive set up over 5 000 llcs for my clients l to the l to the c i love saying llc because it reminds me of ll cool j llcs are the most popular business vehicles that business owners set up why is it that most business owners who have llcs arent sure if they should be in llcs my name is carlton dennis and in todays video we are going to go over what you need to consider before setting up an llc llc owners make a lot of mistakes im sorry and in todays video i need to point out some of the mistakes that you need to be conscientious of before establishing your llc lets dive [Music] in [Music] mistake number one is not knowing the type of income youre receiving prior to setting up your llc this is really important and reason why is because there are three different income types you cou