Podcasts about Limited liability company

Joshua E. French and Elizabeth S. Meyers of Nutter McClennen & Fish, discuss what to consider when faced with the possibility of changing form of entity for a business, excerpted from MCLE's 6/10/2024 live webcast: LLC v. Corporation Decision Tree & Drafting Tips. The full program is available as an on-demand webcast or an MP3 here.  Get 24/7 instant access to hundreds of related eLectures like this one—and more—with a subscription to the MCLE OnlinePass. Learn more at www.mcle.org/onlinepass and start your free trial today! Connect with us on socials!Instagram: mcle.newenglandBluesky : mclenewengland.bsky.socialX (Formerly Twitter): MCLENewEnglandLinkedIn: Massachusetts Continuing Legal Education, Inc. (MCLE│New England)Facebook: MCLE New England

Understanding how to analyze self-employed borrower income is a key skill for every loan officer, especially when it comes to LLCs. In this episode of Loan Officer Training, we dive into the specifics of evaluating income for borrowers operating under a Limited Liability Company structure.Join us as we unpack essential documents, explore common challenges, and share proven strategies to confidently assess eligibility. Whether you're a seasoned professional or just starting out, this episode will equip you with the tools to navigate the complexities of LLC borrower income and help you close more deals.Stay tuned for practical tips, expert insights, and real-world examples to sharpen your skills and take your loan officer expertise to the next level!Join The Mortgage Calculator at https://themortgagecalculator.com/joinAbout The Mortgage Calculator:The Mortgage Calculator is a licensed Mortgage Lender (NMLS #2377459) that specializes in using technology to enable borrowers to access Conventional, FHA, VA, and USDA Programs, as well as over 5,000 Non-QM mortgage loan programs using alternative income documentation! Using The Mortgage Calculator proprietary technology, borrowers can instantly price and quote thousands of mortgage loan programs in just a few clicks. The Mortgage Calculator technology also enables borrowers to instantly complete a full loan application and upload documents to our AI powered software to get qualified in just minutes!Our team of over 350 licensed Mortgage Loan Originators can assist our customers with Conventional, FHA, VA and USDA mortgages as well as access thousands of mortgage programs using Alternative Income Documentation such as Bank Statement Mortgages, P&L Mortgages, Asset Based Mortgage Programs, No Ratio CDFI Loan Programs, DSCR Investor Mortgages, Commercial Mortgages, Fix and Flip Mortgages and thousands more!Our MortgaCatch all the episodes of the Loan Officer Training Podcast at https://themortgagecalculator.com/Page/Loan-Officer-Training-Series-Podcast Catch all the episodes of the Loan Officer Training Podcast at https://themortgagecalculator.com/Page/Loan-Officer-Training-Series-PodcastLoan Officers for Unlimited Free Non-QM Leads & Trainings Join The Mortgage Calculator at https://themortgagecalculator.com/joinThe Mortgage Calculator is a licensed Mortgage Lender (NMLS #2377459) that specializes in using technology to enable borrowers to access Conventional, FHA, VA, and USDA Programs, as well as over 5,000 Non-QM mortgage loan programs using alternative income documentation! Using The Mortgage Calculator proprietary technology, borrowers can instantly price and quote thousands of mortgage loan programs in just a few clicks. The Mortgage Calculator technology also enables borrowers to instantly complete a full loan application and upload documents to our AI powered software to get qualified in just minutes! Our team of over 350 licensed Mortgage Loan Originators can assist our customers with Conventional, FHA, VA and USDA mortgages as well as access...

Working for cash off the books is illegal. But there are routes to work for immigrants who don’t have permission to in the U.S. as an independent contractor or by establishing a Limited Liability Company, or LLC. Today, we’ll hear from one young man who’s seeking a visa that would allow him to work — but he’s looking to start an LLC in the meantime. But first: Tesla is losing ground overseas.

Working for cash off the books is illegal. But there are routes to work for immigrants who don’t have permission to in the U.S. as an independent contractor or by establishing a Limited Liability Company, or LLC. Today, we’ll hear from one young man who’s seeking a visa that would allow him to work — but he’s looking to start an LLC in the meantime. But first: Tesla is losing ground overseas.

John D. Colucci, Esq., of McLane Middleton, Professional Association, shares insight on the purpose that buy-sell agreements serve, excerpted from MCLE's 10/12/2023 live webcast: Deconstructing & Negotiating Buy-Sell Agreements. The full program is available as an on-demand webcast or an MP3 here.  Get 24/7 instant access to hundreds of related eLectures like this one—and more—with a subscription to the MCLE OnlinePass. Learn more at www.mcle.org/onlinepass and start your free trial today! Connect with us on socials!Instagram: mcle.newenglandX (Formerly Twitter): MCLENewEnglandLinkedIn: Massachusetts Continuing Legal Education, Inc. (MCLE│New England)Facebook: MCLE New EngalndThreads: mcle.newnengland

Utah has been named the best state to start a business in 2024; this is your sign to start your LLC! And with Business Rocket's personal guidance and registered agent services, it couldn't be any easier!Learn more and get started at: https://www.businessrocket.com/start/register-an-LLC/Utah/ BusinessRocket City: Los Angeles Address: 15442 Ventura Blvd Website: https://www.businessrocket.com Phone: +1 310 4245558 Email: info@businessrocket.com

In this episode of the Stuff About Money podcast, Xavier Angel, a Certified Financial Planner (CFP®), Chartered Financial Consultant (ChFC), and Certified in Long-Term Care (CLTC), sits down with CPA Keith Raymond to discuss common questions from business owner clients about LLCs and S-Corporations. Keith Raymond simplifies the key differences and misconceptions about LLCs and S-Corporations, providing valuable insights into how business owners should navigate tax considerations. Whether you're a seasoned entrepreneur or just starting out, understanding the tax implications of being taxed as an LLC versus an S-Corp is essential. With the complexities of tax codes, having a knowledgeable CPA like Keith Raymond as a guide is invaluable for business owners. Tune in to this episode to gain clarity on LLCs, S-Corporations, and make informed decisions for your business's financial future. Episode Highlights: Keith discusses his career beginning in accounting with Ernst and Young in New Orleans, facing early challenges due to Hurricane Katrina. (1:53) Keith explains the distinction between an S Corp (tax status) and an LLC (legal structure), highlighting misconceptions about tax implications. (7:57) Keith emphasizes the protective benefits of an LLC, which safeguards an owner's personal assets from business liabilities, such as lawsuits or bankruptcy. (15:25) Keith discusses S Corp benefits, including tax savings on earnings above a reasonable salary with certain limitations. (18:19) Keith shares the key differences in business structures: sole proprietorship for simplicity, partnerships for flexible profit allocation, and S Corps for equal distribution among owners. (22:21) Keith discusses the importance of considering both direct and indirect expenses when operating or planning to start a business. (28:04) Keith mentions that it is important to understand deductible expenses, including recent changes to meals and entertainment rules, and encourages consulting professionals to ensure correct tax deductions. (29:47) Key Quotes: “The whole purpose of the LLC, the Limited Liability Company, is to protect the assets that are in the business, to the business.” - Keith Raymond, CPA “The benefits of an S corp, for the most part, comes down to a popular strategy that is used where earnings within an S Corp are generally not subject to self-employment taxes.” - Keith Raymond, CPA Just make sure you're capturing all of your business activity. Because, if you miss some expenses, that's tax dollars, that could be in your pocket that you're ultimately could be paying into government, that you just don't want to miss out on.” - Keith Raymond, CPA Resources Mentioned: Keith Raymond, CPA Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

In this episode of the Stuff About Money podcast, Xavier Angel, a Certified Financial Planner (CFP®), Chartered Financial Consultant (ChFC), and Certified in Long-Term Care (CLTC), sits down with CPA Keith Raymond to discuss common questions from business owner clients about LLCs and S-Corporations. Keith Raymond simplifies the key differences and misconceptions about LLCs and S-Corporations, providing valuable insights into how business owners should navigate tax considerations. Whether you're a seasoned entrepreneur or just starting out, understanding the tax implications of being taxed as an LLC versus an S-Corp is essential. With the complexities of tax codes, having a knowledgeable CPA like Keith Raymond as a guide is invaluable for business owners. Tune in to this episode to gain clarity on LLCs, S-Corporations, and make informed decisions for your business's financial future. Episode Highlights: Keith discusses his career beginning in accounting with Ernst and Young in New Orleans, facing early challenges due to Hurricane Katrina. (1:53) Keith explains the distinction between an S Corp (tax status) and an LLC (legal structure), highlighting misconceptions about tax implications. (7:57) Keith emphasizes the protective benefits of an LLC, which safeguards an owner's personal assets from business liabilities, such as lawsuits or bankruptcy. (15:25) Keith discusses S Corp benefits, including tax savings on earnings above a reasonable salary with certain limitations. (18:19) Keith shares the key differences in business structures: sole proprietorship for simplicity, partnerships for flexible profit allocation, and S Corps for equal distribution among owners. (22:21) Keith discusses the importance of considering both direct and indirect expenses when operating or planning to start a business. (28:04) Keith mentions that it is important to understand deductible expenses, including recent changes to meals and entertainment rules, and encourages consulting professionals to ensure correct tax deductions. (29:47) Key Quotes: “The whole purpose of the LLC, the Limited Liability Company, is to protect the assets that are in the business, to the business.” - Keith Raymond, CPA “The benefits of an S corp, for the most part, comes down to a popular strategy that is used where earnings within an S Corp are generally not subject to self-employment taxes.” - Keith Raymond, CPA Just make sure you're capturing all of your business activity. Because, if you miss some expenses, that's tax dollars, that could be in your pocket that you're ultimately could be paying into government, that you just don't want to miss out on.” - Keith Raymond, CPA Resources Mentioned: Keith Raymond, CPA Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

With BusinessRocket (+1-310-424-5558) filing your new business venture in Utah is a breeze. In just four steps, you'll be up and running, ready to start dominating the market! Find out more at https://www.businessrocket.com/ BusinessRocket City: Los Angeles Address: 15442 Ventura Blvd Website: https://www.businessrocket.com Phone: +1 310 4245558 Email: info@businessrocket.com

LLC, or Limited Liability Company. This business structure protects you from personal responsibility for the company's debts or liabilities. An LLC gives you protection from debt collectors and lawsuits involving the company, just as a corporation would. But unlike a corporation, the LLC allows what's called “flow through” for tax purposes. The LLC doesn't pay corporate income taxes. The company's profits and losses (or deductions) are passed on to the members of the LLC. With an LLC it's easier to set up than a corporation . An LLC may have to be dissolved if a member dies or files for bankruptcy. The ownership or equity stake of an LLC cannot be publicly traded. But for many folks starting a business, forming an LLC is a great way to get started.C-corp … the C-corp is different from LLC as it does not allow a “flow through” treatment of profits and losses for tax purposes. A C-corp is subject to corporate income taxation. A C-corp requires you to hold annual meetings and have a board of directors that's voted on by shareholders. A benefit to a C-corp is that it lives beyond the life of an individual owner, since they have many owners called shareholders. C-corp also allows for passive income for the shareholdersS-corp … This structure has the best features of both the LLC and the C-corp. The S-corp provides you with liability protection, but also allows you to pass profits and losses directly to shareholders, so you're only taxed once.The S-corp avoids the double taxation inherent in the C-corp. Filing as an S corp can also reduce personal income taxes for the business owners, by characterizing money they receive from the business as salary or dividends to owners. Those are the advantages and disadvantages of the 3 most common company structures … just in case you're thinking about starting your own business one day.   On today's program, Rob also answers listener questions:Jordan from Florida has  investments with Fidelity and Vangaurd, and he wants to know which one is better.Sherilynn from Idaho recently was widowed and has sold a house and bought another cheaper one and wants to know what is the best way to invest her funds.Ann in Akron is looking for a used car and wondering if this is a better time to buy.Dora has a small ira, and would like to give some to her church, and is curious about the qualified charitable distributions. Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.  Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network and American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community and give as we expand our outreach.

Get fast LLC application and formation support for California startups with BusinessRocket! More details at https://www.businessrocket.com/start/register-an-LLC-form/ BusinessRocket City: Los Angeles Address: 15442 Ventura Blvd Website https://www.businessrocket.com Phone +1 310 4245558 Email info@businessrocket.com

In 1977, the first LLC statute was enacted in the United States thereby creating what we know as a Limited Liability Company. The LLC has become the business structure of… The post A Spiritual LLC first appeared on Broken Door Ministries. The post A Spiritual LLC appeared first on Broken Door Ministries.

In this month's AskALLi Member Q&A with Michael La Ronn and Sacha Black: Should I create a limited liability company?  Other questions include: If I hire someone to illustrate 3D models for illustrations, do I own the copyright? Any advice on distributing children's books? How can I connect with other ALLi members who are local to me? Is it worth entering my book into a literary contest? And more! Find more author advice, tips, and tools at our Self-Publishing Author Advice Center, with a huge archive of nearly 2,000 blog posts and a handy search box to find key info on the topic you need. And, if you haven't already, we invite you to join our organization and become a self-publishing ally. Now, go write and publish! About the Hosts Michael La Ronn is ALLi's Outreach Manager. He is the author of over 80 science fiction & fantasy books and self-help books for writers. He writes from the great plains of Iowa and has managed to write while raising a family, working a full-time job, and even attending law school classes in the evenings (now graduated!). You can find his fiction at www.michaellaronn.com and his videos and books for writers at www.authorlevelup.com. Sacha Black is a bestselling and competition winning author, rebel podcaster, speaker and casual rule breaker. She writes fiction under a secret pen name and other books about the art of writing. When Sacha isn't writing, she runs ALLi's blog. She lives in England, with her wife and genius, giant of a son. You can find her on her website, her podcast, and on Instagram.

This episode gives you the ins and outs of visiting the amazing Andasibe area of Madagascar with some tips on hotels, which parks to visit, what you will see there, and our recommendations about the area.We love Andasibe and even if you are only in Madagascar for a couple of days, this is the one area that we recommend that you visit.  If you are on an extended tour of the country, do not miss to add Andasibe to your itinerary...My episodes are becoming less and less frequent I am sorry, and, they are becoming less and less edited, so, you have to excuse my ummmms and ahhhhhhs as I quite brutally record these podcast episodes whenever I get a moment and publish them without much polish... Support the Show. Dadamanga Facebook Dadamanga Instagram Dadamanga Website Dadamanga TikTok Please note that all mention of foreign currency in this podcast refers to the three main currencies accepted in Madagascar, namely Euro, US Dollars and Pounds Sterling. Very important note: Australian Dollars are not exchangeable in Madagascar, cannot be used to pay for your Visa on Arrival, and cannot be changed at banks or foreign exchange offices. Thanks for listening. Please feel free to submit questions and we will answer them in subsequent episodes.Dadamanga SARL is a Limited Liability Company and a licensed Tour Operator, registered in Madagascar.Contact us by email on contact@dadamanga.mg

Quickest way to open a haunted house - use an already haunted house! In this 2015 found-footage film, five friends will overlook every red flag to open their house of horrors on time. Even if it kills them!

Heute sprechen Catherine & Sebastian über das US-Transparenzregister der wirtschaftlich Berechtigten, das zum 1. Januar 2024 an den Start geht.  Die USA als neues Europa? Transparenzregister sind in der EU längst Normalität. Im Zuge der Antigeldwäscherei-Verordnung 4 und 5 werden EU-weit schon seit geraumer Zeit sämtliche Daten zu Firmen und deren wirtschaftlichen Berechtigten offengelegt.  Anonymität und Privatsphäre waren deshalb jahrelang einer der Hauptgründe für Unternehmer, ihre Geschäfte in die Staaten zu verlegen. Kein Wunder also, dass die Aufregung um das neue US-Transparenzregister, den sogenannten Corporate Transparency Act, groß ist und viele verunsichert zurücklässt. Mit dem neuen Corporate Transparency Act, dem Transparenzgesetz, scheinen es die USA der EU gleichtun zu wollen. In ihm wird festgelegt, dass von nun an die sogenannten Beneficial Owners, die tatsächlich wirtschaftlich Begünstigten, von Unternehmen bekannt gegeben werden müssen. Sämtliche Informationen werden in einem System gespeichert, das die FINCEN (Financial Crimes Enforcement Network), eine Behörde im US-Finanzministerium, verwaltet.  Die Anforderungen der Meldungen für die Beneficial Owner ist so definiert, dass all jene Personen, die mit mindestens 25% beteiligt, direkt oder indirekt in das Unternehmensgeschehen involviert oder begünstigt sind, im Register eingetragen werden müssen. Ob es sich bei der Firma um eine C-Corporation oder zum Beispiel eine Limited Liability Company dreht, tut nichts zur Sache. An der Meldung der wirtschaftlich begünstigten Eigentümer führt künftig kein Weg vorbei. Ausnahmen gibt es lediglich für ausgewählte Branchen wie Banken, Versicherungsunternehmen und einige andere.

Matt explains, in detail, how to start your own business. Seriously, you can be a business owner today following these steps. This podcast is brought to you by TurnKey Coach. Enhance your coaching effectiveness and efficiency with TurnKey Coach. You can learn more by going HERE. Here is Matt's presentation on how to officially start a business. Check out the Barbell Logic podcast landing page. How to Start A Business This applies to starting a business in the United States. If you're in another country, the specific details differ. That being said, find out what those simple steps are, and go crush them. There are 3 steps to start a business in the United States. File an Articles of Organization in your state (LLC) Get an Employer Identification Number (EIN) Open a business bank account File an Articles of Organization in You State Do this online, not on paper, to avoid delays. To begin, Google search "Articles of Organization + [your state]." When sorting through the results, make sure it's the Secretary of State official government website (e.g. .sos.mo.gov). You may need to Register as an Agent with your State (free). Do a quick business name search (in State) for conflicting names. You likely should also search the US Trademark Office. "Register a Business" or file "Articles or Organization for a Limited Liability Company." You just completed Step 1. Get an Employer Identification Number (EIN) This is essentially a Social Security Number for your business. Go to this website. Click on "Apply Online Now" and answer the questions. It's easy, free, and fast. Don't overthink or stress out about the questions - just answer them to the best of your abilities. Step 2 is done (that was fast)! Open a Business Bank Account Pretty much all you need to complete this step are documents from the first 2 steps. Gather your Articles of Organization, EIN, personal identification, and maybe an Operating Agreement. You should only need an operating agreement if you have a partner. That being said, you can use this template. An operating agreement answers simple questions about ownership percentages, initial personal investment, etc. Again - don't overthink it. Answer to the best of your abilities. Matt recommends setting this business account up with a local bank. Why!? Because to a local bank, you can be an actual person whom they've met. This may help, if you need to acquire a loan or some other issue arises. Okay, you've completed step 3. You're a business owner. Using Your Business Bank Account Once you have the account open, deposit all coaching revenue into this account. All business and business-related expenses should be spent from the business bank account (tax free - these expenses come right off your income so that you don't pay taxes on that income). Below are some business expenses: Equipment (lifting gear) Travel Mileage Car used specifically for business Laptop for online coaching Internet for online coaching Business meals (50% tax free) Marketing expenses Additionally, if you have a home gym and/or home office that square footage is tax deductible each year for things like utilities and renovations. If you are a sole proprietor, you may pay yourself anything you want out of the business bank account (best practice is to write a check with "payroll" in the memo line for easier accounting). GET STARTED with one-on-one online coaching FOR FREE! Get your FIRST MONTH FREE on all strength and nutrition coaching plans. There's no contract and you can cancel anytime. Start experiencing strength now: https://bit.ly/3EJI18v  Connect with the hosts Matt on Instagram Niki on Instagram Andrew on Instagram Connect with the show Barbell Logic on Instagram Podcast Webpage Barbell Logic on Facebook Or email podcast@barbell-logic.com

Incorporation and charter competition. The process of starting up a new corporation is quick, though each state differs. A corporation is not the only kind of business organization that can be chosen. People may wish to register a partnership or a Limited Liability Company, depending on the precise tax status and organizational form that is sought. Most frequently, however, people running major enterprises will choose corporations which have limited liability for those who become the shareholders: if the corporation goes bankrupt the default rule is that shareholders will only lose the money they paid for their shares, even if debts to commercial creditors are still unpaid. A state office, perhaps called the "Division of Corporations" or simply the "Secretary of State", will require the people who wish to incorporate to file "articles of incorporation" (sometimes called a "charter") and pay a fee. The articles of incorporation typically record the corporation's name, if there are any limits to its powers, purposes or duration, and identify whether all shares will have the same rights. With this information filed with the state, a new corporation will come into existence, and be subject to the legal rights and duties that the people involved create on its behalf. The incorporators will also have to adopt "bylaws" which identify many more details such as the number of directors, the arrangement of the board, requirements for corporate meetings, duties of officer holders and so on. The certificate of incorporation will have identified whether the directors or the shareholders, or both have the competence to adopt and change these rules. All of this is typically achieved through the corporation's first meeting. One of the most important things that the articles of incorporation determine is the state of incorporation. Different states can have different levels of corporate tax or franchise tax, different qualities of shareholder and stakeholder rights, more or less stringent directors' duties, and so on. However, it was held by the Supreme Court in Paul v Virginia that in principle states ought to allow corporations incorporated in a different state to do business freely. This appeared to remain true even if another state (for example Delaware) required significantly worse internal protections for shareholders, employees, or creditors than the state in which the corporation operated (for example New York). So far, federal regulation has affected more issues relating to the securities markets than the balance of power and duties among directors, shareholders, employees and other stakeholders. The Supreme Court has also acknowledged that one state's laws will govern the "internal affairs" of a corporation, to prevent conflicts among state laws. So under the present law, regardless of where a corporation operates in the 50 states, the rules of the state of incorporation (subject to federal law) will govern its operation. Early in the 20th century, it was recognized by some states, initially New Jersey, that the state could cut its tax rate in order to attract more incorporations, and thus bolster tax receipts. Quickly, Delaware emerged as a preferred state of incorporation. In the 1933 case of Louis K Liggett Company v Brandeis J Lee, represented the view that the resulting "race was one not of diligence, but of laxity", particularly in terms of corporate tax rates, and rules that might protect less powerful corporate stakeholders. Over the 20th century, the problem of a "race to the bottom" was increasingly thought to justify Federal regulation of corporations. --- Send in a voice message: https://podcasters.spotify.com/pod/show/law-school/message Support this podcast: https://podcasters.spotify.com/pod/show/law-school/support

En este episodio, te guiaré paso a paso en el proceso de cómo crear una LLC en Estados Unidos. Si alguna vez has considerado iniciar tu propio negocio en Estados Unidos, la creación de una LLC puede ser la opción ideal. Una LLC, o "Limited Liability Company" en inglés, ofrece una serie de beneficios y protecciones legales para los propietarios. En este episodio, te explicaré en detalle los requisitos y pasos necesarios para establecer una LLC en Estados Unidos. Comenzaremos desde cero. Programa una U.S. Business Consultation hoy mismo: info@visafranchise.com Solicita ser cliente: https://www.visafranchise.com/es/client-application #ComoCrearUnaLLCEnEstadosUnidos #FranquiciaAmericana Puedes seguirnos en: https://twitter.com/FranquiciaAmer https://www.youtube.com/channel/UCY6IFpdAMOJIvlHhL3sUskg https://www.tiktok.com/@franquiciaamericana --- Send in a voice message: https://podcasters.spotify.com/pod/show/visa-franchise/message

How To Start Your Own LLC In Less Than 24 hours! Easy explanation. No State LLC Tax & More.❤️️Opus Virtual Office Address. Phone and a Fax Number are Included along with Business credit reporting. Get the $99 Special from Opus Virtual Offices: https://www.opusvirtualoffices.com/ida/idevaffiliate.php?id=688_2_3_6 . Promo Code YG1 to get $100 off setup fee❤️️Bluevine Business Checking. Nothing but documents and id to get an account: https://www.bluevine.com❤️️IRS EIN Number 7am to 10pm you can get an ein number today: https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online❤️️Get your LLC with state of Florida at Sunbiz.org: https://dos.myflorida.com/sunbiz/If you have employees or don't have employess you need to signup for Reemployment tax. Here is RT-6 quarterly form: https://floridarevenue.com/Forms_library/current/rt6.pdf

Michael Wedaa - Augmentus Business Solutions You start a business because you want some time and money freedom.  You know you need to start an LLC, or is it an S-Corp?  Who knows what needs to be done to keep your business protected, while also keeping your business on legal and tax compliant ground, while also minimizing what you pay to the IRS? Michael Wedaa is a great help here.  He explains, from his book, Corporation & LLC Secrets how to set yourself for success by putting the pieces of the business puzzle together. Listen as Michael explains some of the rules of the game for incorporating your business and how to make sure you do it right.  Also of interest is how to minimize your tax bill, all within legal and ethical bounds. Enjoy! Visit Michael at: https://www.linkedin.com/in/michael-wedaa-1765693/ Podcast Overview: [00:02:08] LLC is versatile and flexible, great starting point. [00:04:05] C corporations face double taxation, avoidable. [00:08:46] Contradictory professional advice inspires DIY expertise. [00:12:58] Missed thousands by not understanding tax rules. [00:16:15] Criteria for choosing a creative tax accountant. [00:20:56] Legal and tax advantages vary by state. [00:24:36] Remote hiring hindered by California payroll laws. [00:28:30] Expanding yoga Pilates studio faced challenges. [00:30:43] Started a corporation to house income streams. [00:33:53] Entrepreneur shut down a Texan restaurant. Partnered and consults for other eateries. [00:39:49] Vending business requires home run locations. [00:42:17] "Create contract with duties to avoid misunderstandings." [00:45:07] Tax savings and asset protection tactics for entrepreneurs. [00:48:40] Legal tips for avoiding IRS audits. [00:52:15] Tips on travel saving and corporation secrets. [00:54:08] Business podcast with guest Michael Wedaa. Business Podcast Transcription: James [00:00:02]: You have found Authentic Business Adventures, the business program that brings you the struggle stories and triumphant successes of business owners across the land. We're locally underwritten by the Bank of Sun Prairie. If you're listening for the or looking for the downloadable podcast episodes, you can go to drawincustomers.com and click on that fancy little podcast link. My name is James Ketaman and Authentic Business Adventures is welcoming slash preparing to learn from Michael Weta, the incorporation specialist of Augmentus business solutions, author of Corporation and LLC Secrets, which he's gonna share more here today, teacher at UCLA on corporations and LLCs, and speaker at business events across the nation. So needless to say, we have an expert in the room here with Corporations and LLCs. So Michael, how are you doing today? Michael Wedaa [00:00:50]: I'm doing very well, James. I'm glad to be here. So yeah, thanks for being on the show. It is so interesting. It's very timely James [00:00:57]: that this is going on because I was just at an event 2 days ago, and somebody was giving some advice, I'll use advice air quotes, about LLC. And they're like, nah. And I was like, oh, I don't know if that's correct. So how about we just start, so people that may or may not know, business owners, entrepreneurs, people that are looking to become 1 of the 2, can you just let us know what is an LLC to start? Michael Wedaa [00:01:25]: Sure, it stands for Limited Liability Company. And the best way to describe it in a short way is that it's kind of a looser form of a corporation. So it does provide some tax advantages and it does provide some asset protections. It just doesn't have as much legal precedence as a corporation because corporations have been around for hundreds of years and the LLC has only been around since the 70s. Michael Wedaa [00:01:48]: Oh, they're fairly new. I mean, relatively new. Yeah, they're very new entities. All right. Interesting. So,

In this episode of the Own your Genius podcast, we delve into the world of Limited Liability Companies (LLCs) and explore why they are a popular choice for entrepreneurs and small business owners. Join us as we uncover the benefits and consequences of forming an LLC and empower you to make informed decisions about your business's structure.  Attorney Murray brings a wealth of knowledge and experience to the table, discussing the advantages and consequences of forming an LLC. She will share practical insights to help you navigate these aspects and understand how they may impact your business.  Join us as we break down the formation process, step-by-step, from choosing a unique name to appointing a registered agent and filing the necessary documents. Gain a deeper understanding of the different types of LLCs available and how they can align with your business goals.  Whether you're starting a new venture or considering a change in your business structure, this episode is packed with essential information to guide you through the journey of forming an LLC. Tune in to the Own your Genius podcast and take control of your business's success by harnessing the power of limited liability and making informed choices.  Don't forget to leave your comments and questions, as we value your feedback and love to engage with our listeners. Stay tuned for more episodes covering a wide range of topics to help you own your genius in the business world.   Today's episode covers:  What a limited liability company is  Why LLCs were created in the first place  The pros and cons of operating as a limited liability company  Want to join the conversation? Head over to the MARKEDlegal community to chime in. 

OK so a lot of people ask us about Masoala and we want to send you there.  It is with no doubt one of the most spectacular places in Madagascar and a total immersion in wildlife.  We tend to try to send people to Masoala Forest Lodge because it is a highly superior experience, compared to anywhere else in the region, and, it is a superior experience compared to just about anything available in Madagascar.  It is however camping (in luxury tents) and, it is not inexpensive.  But we encourage you to consider it, we know you will love it and we hope you will choose Masoala Forest Lodge.  There is a less expensive option, and we will talk about that option in another episode on another day, or, if you are convinced that you really just have to visit Masoala, please just be in touch with us and we will arrange your Masoala adventure either by private charter to the Masoala Forest Lodge, or by a commercial flight with Madagascar Airlines staying at another hotel.  Please note that if you choose to go with Madagascar Airlines, you have to stay one week, because the flights are only once per week.   Thanks and thanks for being patient with me... I know my publishing schedule is slow...  Next episode, we are going to talk all about Andasibe Mantadia, the most popular destination in Madagascar.Support the Show. Dadamanga Facebook Dadamanga Instagram Dadamanga Website Dadamanga TikTok Please note that all mention of foreign currency in this podcast refers to the three main currencies accepted in Madagascar, namely Euro, US Dollars and Pounds Sterling. Very important note: Australian Dollars are not exchangeable in Madagascar, cannot be used to pay for your Visa on Arrival, and cannot be changed at banks or foreign exchange offices. Thanks for listening. Please feel free to submit questions and we will answer them in subsequent episodes.Dadamanga SARL is a Limited Liability Company and a licensed Tour Operator, registered in Madagascar.Contact us by email on contact@dadamanga.mg

This episode covers arrivals after your visa, going through customs, dealing with a baggage search and getting a taxi to your hotel.Support the Show. Dadamanga Facebook Dadamanga Instagram Dadamanga Website Dadamanga TikTok Please note that all mention of foreign currency in this podcast refers to the three main currencies accepted in Madagascar, namely Euro, US Dollars and Pounds Sterling. Very important note: Australian Dollars are not exchangeable in Madagascar, cannot be used to pay for your Visa on Arrival, and cannot be changed at banks or foreign exchange offices. Thanks for listening. Please feel free to submit questions and we will answer them in subsequent episodes.Dadamanga SARL is a Limited Liability Company and a licensed Tour Operator, registered in Madagascar.Contact us by email on contact@dadamanga.mg

The Limited Liability Company, or “LLC” is a very common type of business structure, and for good reason. It tends to be convenient and easy to establish and comes with some benefits to the owner. So how do you decide if you should form an LLC?

Who needs a visa to visit Madagascar, and how and where do I get one?Support the Show. Dadamanga Facebook Dadamanga Instagram Dadamanga Website Dadamanga TikTok Please note that all mention of foreign currency in this podcast refers to the three main currencies accepted in Madagascar, namely Euro, US Dollars and Pounds Sterling. Very important note: Australian Dollars are not exchangeable in Madagascar, cannot be used to pay for your Visa on Arrival, and cannot be changed at banks or foreign exchange offices. Thanks for listening. Please feel free to submit questions and we will answer them in subsequent episodes.Dadamanga SARL is a Limited Liability Company and a licensed Tour Operator, registered in Madagascar.Contact us by email on contact@dadamanga.mg

#034 In this episode Joe and Jules talk about what an LLC is.  What is the purpose of an LLC, how do you start an LLC, and do you even need one?  An LLC is a Limited Liability Company that has a very important role to keep you and your assets safe.  Do not miss this episode that is filled with a ton of great information to keep you protected while you are on your path to success!Attorney Searchavvo.comLLC Start-up Siteszenbusiness.comtailorbrands.comnorthwestregisteredagent.comlegalzoom.comCheck out our pages!Facebook.com/AmpliFiYourselfInstagram.com/amplifi_yourself/www.amplifiyourself.com 

Learn the beginner's mistakes to avoid. Is setting up a real estate LLC even worth it? Learn how to build the right credit score for a mortgage loan, including why you actually don't want a score over 800. If a cash flowing property is so great, why would anyone sell it to you? I outline a myriad of reasons. Should you make a lowball offer to a real estate seller? Learn negotiation techniques. Earnest money procedures are covered. The real estate buying process is slow. From the time that you make the offer, it can often take over 30 days to close the deal. Once your offer is accepted, I recommend a professional third party inspection. It can cost you $300 to $500 for a single-family income property up to $1,000 for a fourplex inspection. I cover property appraisals and how they verify the quality of the bank's collateral. Learn how to get a good feel for your property manager and what their duties are.  I discuss the Management Agreement between you and your manager. Be sure to tell your insurance provider that this is a rental property, not your primary residence. A mobile notary meets you at your home, workplace, airport, or even a restaurant in order to complete the paper-and-ink closing process. This wraps up the deal. Get started with income property at: GREmarketplace.com. For free coaching to help get you started, contact our free Investment Coach, Naresh, at: GREmarketplace.com/Coach Resources mentioned: Show Notes: www.GetRichEducation.com/433 Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE  or e-mail: info@RidgeLendingGroup.com Analyze your RE portfolio at (use code “GRE” for 10% off): MyPropertyStats.com  Memphis property that cash flows from Day 1: www.MidSouthHomeBuyers.com I'd be grateful if you search “how to leave an Apple Podcasts review” and do this for the show. Top Properties & Providers: GREmarketplace.com Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free—text ‘GRE' to 66866 Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Keith's personal Instagram: @keithweinhold   Welcome to GRE! I'm your host Keith Weinhold, here to help BEGINNING Real Estate Investors Today.    The biggest beginner mistakes to avoid, when you make an offer - can you lowball a turnkey provider, and all those buyer steps like LLCs, mortgage pre-approval, inspection, appraisal, and closing. Today, on Get Rich Education. _____________________   Welcome to GRE. From Athens, Greece to Athens, Georgia and across 188 nations worldwide. The voice of REI since 2014.    This is Get Rich Education Podcast episode 433 - and this is your Beginner's Real Estate Investing Audio Guide. Hi, I'm your host Keith Weinhold.   We're talking about how to get into long-term buy & hold RE investing - and that's because it's the most generationally-proven way to build wealth.   First, let's talk about a couple of the biggest mistakes that real estate investors make - it's being invested in only one geographic market. Often, that's the market that they just happen to live in.    There is more risk with being in only one market than most realize, because you're now tied to the fortunes or misfortunes of just one area's economy.   Another substantial, common real estate investor mistake is that they continue to hold onto one - I'll call it - special - property in their portfolio that they usually need to get rid of - but they have either sentimental ties to it - or they just hold onto it for convenience, and do you know what that property is?   I'm actually talking about a specific property here.   It's the home that YOU YOU USED TO LIVE IN yourself. Well, what's wrong with renting out the home that you used to live in yourself?    You might still have the preferable owner-occupied financing locked in on that one - and afterall, that's a better rate than you could get on a non-owner-occupied rental.   The problem is that the property probably doesn't perform BEST as a rental.   But you might be clearing, say $600 per month by using your former primary residence as a rental today.    Look, for you, it's often about the cash flow - and yes, it is about the cash flow.    But there's something even more important than cash flow - that's because nearly any property will cash flow if the loan were paid off.   That's why it's really more specifically about the rent-to-price ratio of a property.   If you're renting out the home that you used to live in, and it wasn't strategically bought as a rental, if your rent-to-price ratio is 0.4%, meaning that for every $100K in value it has, you're only getting $400 of monthly rent income, then you're losing cash flow dollars every year - and every month.   Look, let's give a real life example of the .4% RV ratio. Say that you can get $2,000 rent out of that $500K property that you used to live in.    But instead, three $150K homes bought strategically as rentals can have a combined rent income of $3,000.    So it's either one $500K property at $2,000 of rent income. Or three $150K properties at $3,000 of rent income.    So you're losing $1,000 dollars of cash flow every month - by not buying and owning strategically in markets in the Midwest and South where the properties make sense as a RENTAL on the day that you buy it.   Your primary residence only made sense as a primary residence on the day that you bought it.    Now you can see that the only reason that you still own it, is because you defaulted and “fell” into it. Don't fall into things. Often, you want to be intentional.    You are a better investor when you're intentional rather than emotional.   It's even better for you now. Beyond your $1,000 of additional cash flow with some repositioning, now, with three properties instead of one - now you've also taken care of the first real estate investor mistake that I mentioned.   WITH three rentals rather than one, now you can be diversified across multiple markets.   Two birds are killed with one stone. Now with some re-positioning, you've increased your cash flow by $1,000, AND you're in multiple markets. One property isn't divisible.   And this $1,000 of monthly cash flow example is small. Of course, the differences can be greater than this.   We're talking about real estate investing for beginners today, so let me clearly guide you through step-by-step on just how you go about buying your first property - writing an offer, getting an independent third-party property inspection and vetting your Property Manager which is known as due diligence, then the appraisal, and onto closing and receiving cash flow from the tenant.   As you'll see, much of today's show pertains to any investment property at all.   But we're talking mostly about how to buy what are known as turnkey homes, especially homes outside your home market - as most of the best deals are not found where you live.   Turnkey means three basic things. #1- You buy a property that's either brand new construction or fully renovated. #2- A tenant is placed for you - and you get to approve them. And #3- the property is held under management for you from Day 1 - if you so choose.   Like they say, the best investors live where they want to live, invest where the numbers make sense.   Today's content is primarily geared toward United States real estate investors - but those that live outside the United States will benefit here too. You might want to buy a property in the US.   Here's a question that you might have - “How do I go about setting up an LLC - a Limited Liability Company - to hold my investment property in?”   I'll tell you - I don't think “How do I set up an LLC?” is the best question to ask.   The best question to ask is, “Should I set up an LLC?”    The three main reasons people set up an LLC are for either anonymity, tax purposes, or asset protection.   Now, if you know that you WANT to set up an LLC - I've done four episodes on that topic with Rich Dad Legal Advisor Garrett Sutton.   You can go to GetRichEducation.com, type “Garrett Sutton” in the search bar, and those four episode numbers will appear so that you can listen. He was just on the show with us 9 weeks ago on Episode 424.   But the reason that the question is, “Should I even SET up an LLC?” is because:   Setup of LLCs complicates your life. Maintaining a registered agent, Articles Of Incorporation, having separate accounts, tracking expenses with separate credit cards, paying annual fees for everything - depending on how many LLCs you have and how you structure your life - it can wear you out.   The second reason you should ask yourself, “Should I even set up an LLC?” is because you might not have many assets for a litigant to go after. Retirement accounts have certain protections already. Equity in a property could be low-hanging fruit for a plaintiff attorney if someone gets a judgment against you. But since the Return From Equity is always zero, what would you have much equity in a property anyway?   The third reason you should ask yourself, “Why should I even set up an LLC?” is that frivolous or slip-and-fall type of lawsuits are rare. Not only have I never been a party to one, I've never even heard of any investor friend or associate having one - and I talk to a lot of people. You probably haven't heard of one either.   Now, note that I'm not saying you can't get an LLC or shouldn't get one. I'm saying, prioritize those questions to yourself.   First, it's “Should I get one?”. If that's a definitive “yes”, only THEN ask: “How do I set one up?”   Why do you think you have to? Did some attorney use fear tactics to get you to?   If the result of the LLC's administrative overburden provides a greater reward in the form of asset protection, anonymity, or tax benefit - which is typically a flow-through taxation type anyway, you might then … get an LLC.   So, as a beginning real estate investor, understand that real estate is a credit-based asset - meaning it's usually bought with a loan.   So let's talk about getting your finances in order before you contact a lender or select an income property.   That begins with you having enough cash liquidated for a 20% down payment on the property - add about 4% for closing costs, depending on the state that you're buying your property in - and on the lowest-priced property that's still in a decent area of a low-cost city - which might be a $100,000 property …   24% of that then is about $24,000 that you'll need. You should have some extra on top of that as reserves.    Now, let's look at another part of your finances - your DTI - your debt-to-income ratio. It cannot exceed 43% to 45% - maybe up to 50% in some circumstances.    So if your monthly minimum debt payments - everywhere in your life - housing payment, minimum credit card payments, minimum car payment - if that sum is $5,000 and your gross monthly income is $10,000 - that's a 50% DTI. You can't exceed that.   Of course, before a bank is willing to loan you money, they want to have a reasonable assurance that you aren't weighed down with debt elsewhere because their fear factor goes up that they won't get paid back.   Next, let's talk about your credit score. We dedicated an entire episode to this back in Episode 54. If you can remember back that far, Philip Tirone was here with us and you learned more about credit scores that you probably ever thought you would …   … and he even went on to call the credit scoring system a total scam. He was quite opinionated - it was interesting and eye-opening, but ...   Playing within the scam here - as it might be.    There are many different credit scoring models, but the FICO Score - F-I-C-O - is a respected one that you're probably going to see your mortgage lender use.   It stands for Fair Isaac Company.   Their credit scoring range is 300 - the worst, up to 850. 850 is essentially a perfect score.   Importantly, 740 is the highest score that helps you here.    If you have a 782 or an 836, it doesn't help you qualify for the loan or get you a lower mortgage interest rate or anything else.    740 is where you're optimized.   Now, just a quick overview of FICO credit scoring ...   There are five primary ingredients that make up your credit score. In order of importance, they are your payment history, amounts owed, length of your credit history, new credit, and finally credit mix.  That first one, Payment History, is the most heavily weighted one. It's 35% of your score. As you might expect, the repayment of past debt is a major factor in the calculation of credit scores. It helps determine your future long-term payment behavior. Both revolving credit (i.e. credit cards) and installment loans (i.e. mortgage) are included in payment history calculations.  Although installment loans like mortgages take a bit more precedence over revolving credit - like credit cards.  This is why one of the best ways to improve or maintain a good score is to make consistent, on-time payments. The next way, your Amounts Owed – 30% This category is basically credit utilization or the percentage of available credit being used - or borrowed against. Credit score formulas “see” borrowers who constantly reach or exceed their credit limit as a potential risk. That is why it's a good idea to keep low credit card balances and not overextend your credit utilization ratio. So if you've got just a $1,000 balance on a credit card with a $10,000 credit limit, that's seen as a good ratio. You're staying well within your limits then.  The third FICO credit score ingredient is the Length of your Credit History – 15% This factor is based on the length of time all credit accounts have been open. It also includes the timeframe since an account's most recent transaction.  Newer credit users could have a more difficult time achieving a high score than those who have a long credit history. That's because if you have a longer credit history, FICO has more data on which to base their payment history. The fourth of five FICO ingredients is your “Credit Mix” – Now we're down to an ingredient only comprising 10% of your score. Credit mix just means that it helps your score if you have a combination of credit cards, retail accounts, installment loans, finance company accounts and mortgage loans.  Finally, “New Credit” makes up the last 10% of your FICO score. Don't open too many new credit accounts in a short period of time. That signifies a greater risk to lenders – and that's especially true for you if you're a borrower with a short credit history.  And you sure don't want to open up any new lines of credit, down the road when you're in the qualification process for buying a new property unless you check with your Mortgage Loan officer first. Now, those five factors have been weighted the same for quite a few years.  Knowing what factors make up your FICO® Credit Score can help you qualify for more loans and get better mortgage interest rates. That's the bottom line. This helps you get pre-qualifed or pre-approved with your Mortgage Lender. To get prequalified, you just need to provide some financial information to your mortgage lender, such as your income and the amount of savings and investments you have. Your lender will review this information and tell you how much they can lend you.    After pre-qualification, you can seek the higher-level status and that is getting pre-APPROVAL for credit. Pre-approval is better than pre-qualification.   If you think about it, it makes sense. Qualifying for anything in life is not as good as getting approved for something - I suppose.   Pre-approval involves providing your more detailed financial documents - like W-2 statements, paycheck stubs, bank account statements, and your previous two years tax returns. This way, your lender can VERIFY your financial status and credit.   Now that you're pre-approved with a lender, you can focus on the market and property that you're interested in.   RidgeLendingGroup.com is the mortgage lender that we recommend most often because they SPECIALIZE in income property. They don't have any seasoning requirements.   Seasoning means that the person selling YOU the property needs to have held onto it for a certain length of time - or the lender won't finance the property for you.   While you're in the pre-approval process, you can be learning about a cash-flowing investment market.    You want to pick a geographic metro market that typically has low-cost properties, and high rent incomes in proportion to those low costs.    In fact, the market is more important than the property. Because your income comes from your tenant, and your tenant's income comes from a job.   So you typically don't want to own much property in a town with 12,000 people that's in an outlying area - not part of a greater metro - where 1/3rd of the employment is tied to one tungsten factory or even one semiconductor manufacturer.   Because now, too much of your income stream is tied to just one industry.   If the tungsten industry goes down, so goes your tenant base.   You also don't want to buy slummy property. Those tenants often don't pay the rent. You also don't want to buy much above an area's median-priced home, because the numbers don't work out.   So you want that working class housing that's just below the median price point for the area.   If you're not already confident about that and familiar with the right provider ...    We have information on the right market, with the right provider, with properties - and they're typically in the MidWest and South - at GREmarketplace.com   So read a market report there. That's good, pointed information.   Most investors are interested in a property for the production of cash flow. That's the margin by which your monthly rent income exceeds all monthly expenses.   Rent income minus expenses should be a positive number.   So that's your monthly rent minus VIMTUM. V-I-M-T-U-M.    Vacancy, Insurance, Maintenance, Taxes, Utilities, and Management.   I like easy ways to remember things and VIMTUM is an easy way to remember.   So, you're listening to the Beginner's Real Estate Investing Audio Guide here as a regular episode of the GRE Podcast.   If you're not a beginner & you're still listening, it's either a good review and you might even be learning some new things along the way yourself.    Including, should you ever lowball a turnkey provider and a negotiation approach that I have for that - in a few minutes.    But first, one reasonable beginner question is ...     “Now why would someone would want to sell me a cash-flowing property in the first place?    Why would someone - like a turnkey provider - why would they sell me a good thing that pays them every month that they could continue to hold onto for cash flow?   If a property pays someone every month while they hold onto it - why in the heck would they sell it to me?   OK, some seller out there has a golden goose that lays a golden egg every month, so why in the world would they give me an opportunity to buy the goose?   Well, there are just so many reasons for selling cash-flowing property - yes, a ton of reasons for selling even a young, healthy goose that lays golden eggs every month & is expected to so for years.   Well, a turnkey provider runs out of money too. They can't buy all the properties themselves.    They'd prefer a lump sum payout when they sell this property, because their business model is to go pay all cash for another distressed property that they can fix up.   And if you think that they snatched up the good ones themselves a while ago - yeah, they probably did do some of that.   In fact - I WANT them to have snatched up some good properties from their own market earlier. It shows me that they believe in what they sell. If they didn't buy what they were selling themselves, I'd actually be MORE concerned.   Now, other reasons that the - I guess general public seller might want to sell you a property is ...   One reason is moving. Say that a family in City A owns a few mom-and-pop rental homes that they self-manage and they're moving to City B in another state, they'll often sell their income properties.   Some people want to self-manage their property (often because they never explored their best-and-highest use, but anyway) & if they have to move to City B, they'll sell the property rather than try to find a Property Manager in City A.    Another reason people sell cash-flowing property is that - even if someone is not moving, that person might be tired of the self-management hassle - but yet they don't try professional management - because that person has the DIYer mentality - that soooo common do-it-yourself mindset.   OK, most people just don't take a strategic approach to real estate investing like you are by listening to this.   Other reasons for people selling cash-flowing property are death, marriage, divorce, and all kinds of either joyous or tragic life milestones.   If a husband-and-wife own rental properties but running & managing them was kind of the husband's thing & the husband dies … the wife doesn't know how to run the properties & she's likely to sell rather than hire a Property Manager.   People may sell their cash-flowing property in case of all kinds of emergencies - medical and otherwise - because they may need a quick lump of cash - instead of the steady stream of cash flow over time that just won't work for them in their new situation.   OK, most of those situations involve some sort of external life change for property sellers - a lot of them tragic.   Well - here's a personal one for you...    A few years ago, I sold two cash-flowing apartment buildings at the same time - well, those sales actually closed on consecutive days - so nearly the same time.   Both of those cash-flowing apartment buildings that I sold were 100% occupied with tenants, I had competent management in place, and there were no deferred maintenance issues with the buildings.   You want to know my reason for selling two nice golden apartment gooses that were seasoned and steadily laying some nice golden eggs?   OK...can you guess why?   Alright, fortunately I didn't have any distress or emergency in my life.   ...oh, and also, I wanted to sell them fast too, I couldn't let these two cash-flowing apartment buildings linger on the market for a while. I really wanted to get rid of them.   I had no distress like those situations I mentioned earlier.   So can you guess why I wanted to sell these long-producing golden gooses in a good job growth market that produced nice cash flow, nice golden eggs?   I'll tell you why.   That's because I knew I could 1031 Exchange those two gooses for two even larger gooses. Now I won't get into the 1031 here on a beginner episode.    But I replaced the two smaller apartment buildings with two larger apartment buildings that would produce even larger eggs if I did it with a quick timeline - and I could defer any tax on my profitable gain.    I found - I guess - two very fertile egg producers that were going to produce even more cash flow over time.   So...I think you get the message here. To the buyers of my smaller apartment buildings, I appeared as a very motivated seller of cash-flowing property, even though I had no external stress in my life.    It was due to internal reasons that I wanted to sell...and it's the internal drive to expand my income.    No shrinking thinking here at Get Rich Education. We are growing our means.   Now, when you've found a cash-flowing property that you want to buy, should you make a lowball offer to a turnkey provider? My definition of lowball here, is, a 10% discount.    We'll say, that a provider is offering a property for $120,000 - then you'd make the offer for 10% less, which is $108,000. That's a lowball.   My answer is ...    No. That's not going to work. In almost every instance, that's too much of a discount and it's going to eat their margin too much.    Depending on how it's presented, a seller might even be less motivated to work with you if they get a lowball offer.    This company has a business to run and with a turnkey property, you're typically paying for the convenience. You leveraged their systems of them delivering this product to you that's already renovated, rehabilitated, tenanted, and under management.    Now, can you can knock off $1K-$2K? And say, offer the seller then - $118K or $119K for the $120,000 property. Yeah, that might work.    It sure wouldn't be deemed some unreasonable request. But it's good to at least provide a reason - some rationale - in asking for the discount.   Let me give you some perspective on this negotiation too.    For every $1,000 less in a mortgage loan that you take out, how much do you think that saves you in a monthly payment? Did you ever figure out how much that saves you?   Well, at a 5% interest rate on a 30-year loan, reducing your mortgage loan amount by $1,000 saves you … $5. Five bucks in a reduced payment.   For more perspective, keep in mind too, that once the seller accepts your offer - it's only the first part of the negotiation.   Later, it's a negotiation with the inspection. We'll discuss how to navigate THAT shortly.   I'm Keith Weinhold. You're listening to the Audio Beginner's Guide to Real Estate Investing, here on Get Rich Education. ________________ ***AD RESOURCES***    ________________ Welcome back to GRE Podcast 433. This is your Audio Beginner's Guide to Real Estate Investing. I'm your host, Keith Weinhold and we're talking about buying an income-producing property, especially…   …a TURNKEY property - which just means that it's already renovated, tenanted, and under management with a tenant on the day that you buy it.    Now, once your offer is accepted by the seller, I want to give you - really just a brief outline of what to expect next.    This isn't intended to give you every step in exhaustive detail, but this is generally what comes next for United States real estate purchases, and custom varies somewhat from state-to-state.   So with that in mind, once the turnkey provider or seller accepts your purchase offer...   You need to send in your earnest money. Earnest money is not the down payment. It's a smaller amount that shows good faith that you're serious about your offer.    It's often an amount of $5,000 or less and it shows the seller that you're serious enough about buying the property that the seller has the confidence to take their property OFF the market and not show it to anyone else.   The seller should give you instructions on how to place your Earnest Money.    Now remember, your earnest money deposit is not going directly TO the seller, it is going to a third-party escrow account, and it is refundable to you in accordance with the terms of the contract that you signed.   Your contract should have an estimated closing date in there. I want to emphasize that the key word there is “estimated”.    While it is important that all parties work towards closing by this date, between you and me - let's just be realistic - the reality is that many transactions get delayed beyond the closing date in the contract for a variety of reasons on the seller side, sometimes having to do with construction or renovation delays.    If this happens, it is nothing to be worried about, just remain in touch with the seller and you can simply sign a contract extension if needed when the time comes.   As you are financing your property, be sure to keep getting your lender anything that they ask you for up so that they can keep processing your loan.    As your closing gets near, they will probably ask you for some updated information and have some final stipulations from the underwriter, so just remain in close touch with your lender and try to provide them what they need as swiftly as you can.   During most of this time where you're under contract & even before you're in-contract to buy the property, most of your relationship with your lender and seller is just sitting around, waiting for the next stage.    Some days, frankly you're thinking, “When will they reply to my e-mail?” OK, sometimes, RE moves slower than glaciers.   Once construction/renovation is completed on your property, I suggest that you order a professional third-party home inspection before closing.    As the buyer, this is at your expense, but the home inspection is cheap insurance for you and it is an important part of your due diligence. It might cost you about $300-$500 for a single-family turnkey income property.   A four-plex inspection might cost up toward $800 or $1,000.   When seeking an inspector - seek ASHI certification - that is American Society of Home Inspectors.   You're looking for an inspector with a good reputation, licensed and bonded. It is good to look for a level of experience as well. The choice is really yours as the Buyer.   Your inspector points out deficiencies in what I'll break into a few categories.    #1 is Major concerns – these are significantly defective, safety issues that require immediate repair. Often times, those things absolutely MUST be done in order for your lender to even finance the property so the seller is going to do those things for you. That might be something like adding a railing to a porch.   The second category are recommended repairs – So they're recommended but not required. That might be adding some extra insulation in the attic.    The third category is “well, it would be NICE if it were done” - like a kitchen cabinet door that's a little loose and doesn't close snugly.   When you get your home inspection report back because the inspector has compiled their findings, the key to remember is that the inspector will ALWAYS return a (usually long) list of items that they recommend be corrected prior to closing.    Now, this even happens on new construction, so expect some findings.   I swear, even on a perfect, unblemished home it seems like the inspector would say that the bushes have to be trimmed or something. Ha!   And remember, you are not closing on the property in the condition it was inspected. Rather, the inspection is just part of the process on the path to getting the property up to its final condition.    Then you and the seller agree on what will be fixed (at the SELLER'S expense (not your expense), and verified to your satisfaction), prior to closing.    The seller is anticipating that they will need to make some final repairs (at their own expense) after they get the inspection repair request from you - that your inspector just compiled for you. This is all part of the normal process.   Of course, you can get in a car or hop on a plane and visit the turnkey property yourself and walk the property with your inspector, but I'd say fewer than 10% of turnkey buyers do this. I have never done this on an out-of-state property.   But going to see the property in person is never a BAD idea.   Today, it's easier than ever for an inspector or provider to e-mail you a property video. The report that you get from your Home Inspector after he visited the home will have lots of photos and details.   Typically, purchase offers are contingent on a home inspection of the property to check for signs of structural damage or things that may need fixing.  This contingency protects you by giving you a chance to renegotiate your offer or withdraw it without penalty if the inspection reveals significant material damage. You are protected. Once the seller makes any needed repairs that the third-party inspector found, I suggest having a re-inspection done by that same inspector. This gives you the chance to confirm that any agreed-upon repairs have indeed been made. You might spend another $100+ on this re-inspection. Now, if the original inspection showed that a leaky faucet needed to be replaced, and the seller said they'd do it, and the re-inspection finds that that work wasn't done as promised, then any FURTHER re-inspection costs are often a cost borne by the seller. Which seems pretty fair - they said they'd do work - and the re-inspection that you paid for confirmed that it hadn't been done in this case. Now, back to the negotiation. If you asked for a reduced Purchase Price, that could lean away from you asking for too much in the inspection.   How do I like to play it? Often times, I make a full price offer for the property - and I might even let the seller know at that time that I'd like to give you your price - it's a full $120,000 in this case - and since you got your price, I'd like my terms.   My terms are - that I'm more bold in what I request the seller to do from the inspection findings.  Maybe I will ask them to add that extra insulation in the attic as one of those “Recommended buy not Required For Financing” items - or replace a window pane that had condensation inside it.   Then, what's my justification for asking the seller for that. It's that I'm paying your full price. Again, financing an extra $1,000 only costs me $5 per month.   Now, let's talk about the property appraisal.    The appraisal is a tool that the bank uses to verify the quality of their collateral.    Because in your loan paperwork, at closing, the bank will basically tell you that if you don't make your monthly payments, you'll be foreclosed upon and the bank will take back the property - that's their collateral.   So they want to make sure that the property seems to be worth as much or more than you're in contract for - this $120,000 in our example.   Your lender is the one that orders the property appraisal, not you. In about 90% of U.S. states, you as the buyer pay for the appraisal. It costs about $500.    The appraiser is a member of a third-party company and is not directly associated with the lender. It wasn't always that way.    In fact, one factor that led to the housing downturn of 2007 in the Great Recession is that some lenders & appraisers were “in cahoots”. Haha! That can't happen anymore.    BTW, the appraisal and some of these other steps are all part of your closing costs. All part of that … about 4% of the property purchase price.   The appraisal is typically done by a certified appraiser physically visiting the home - and these people always seemingly have a tape measure with them.   The appraiser checks out the premises and their job is to use market comparables to make sure that the lender has adequate collateral in case you, the borrower, default.   OK, the bank doesn't want to lend out more than the property is worth or else they could find themselves underwater if the borrower defaults. The appraisal protects against this.   And don't confuse this appraisal with an assessment. An assessment is something that a county or municipality uses the measure the amount of property taxes that are paid. It's really unrelated to this appraisal.   One interesting thing that's related to the appraisal and the bank giving you the loan for 80% of the property is that the lender NEVER requires that you see the property in person.   Think about what that means. The bank never requires you to see the property in-person, yet they're willing to loan you up to 80% of the value.   Even the bank knows that it's not important for you to personally see the property - something that they're willing to put their money behind.   Now, when it comes to finding properties and markets and teams, our listeners & followers encouraged us to set up a marketplace for them for finding the properties.   We've done that for you at GREmarketplace.com. And knowing that Property Management is the glue that makes your property stick together, we - and it's Aundrea here at GRE that does it - where you find your properties at GRE Marketplace, Aundrea also interviews the property manage in each market for you so that you can get a good feel and vibe about them.   Most any provider is happy to do a PM Zoom chat or phone call with you too.   Now, just because a property is branded “turnkey” by a company, doesn't mean that you can dismiss doing your due diligence. Turnkey can be a great system, but there's nothing magical about that word alone.   Don't overlook developing a good feeling about your Property Manager, because this is the one long-term relationship that you expect to have. I just can't emphasize that enough. Your Manager is one of your key team members.   They'll tell you the character of the current tenant that's currently in the home. Find out how the manager is going to pay you. Feel them out, know what your communication flow is going to be like.    If they're part of the same turnkey company, a good manager should also connect you with whoever renovated your turnkey property in case you have some questions for them.   Now, notice that I haven't mentioned a real estate agent. Most turnkey providers work in a direct model so that you don't have to go through agents. That's one way that GRE Marketplace providers keep the price down for you.   You must sign a written Management Agreement with your Property Manager.    What the MA does is that it gives the manager the authority to manage your property for you, manage tenant relations for you, the MA will state their fees, and you'll have your contact information in that agreement.   There are typically two fees - a leasing fee and a management fee.   A leasing fee is where you'll spend ½ month's rent to one month's rent amount when the Manager screens a new tenant. So hopefully that only happens every 1 or 2 or even 5 years if you're lucky.    Yes, you can typically approve or reject their selected prospective tenant. You are going to be the owner of the property afterall.   A management fee is often 8-10% of one month's rent income - and that's what you pay monthly - ongoing.   You can sign a Management Agreement with the property provider if they have management integrated in-house. If not, you can lean on your provider for some management recommendations.   Now, there's one blank to fill in on your Management Agreement - it's a dollar amount up to which the manager can pay for expenses that come up - against your account - without contacting you.    For example, if the number $500 is written in there, that means that if a maintenance or repair expense on your property exceeds $500, they must contact you prior to incurring that expense.   You get to choose that dollar limit. As a beginning real estate investor, go with a lower figure.    Then as you get comfortable or you don't want to be bothered about the property as much, you can increase that dollar limit in which they need to contract you about approving maintenance or repairs.   Basically, if there's something that has to do with the property & you don't want to deal with it, then make sure it's written in the Management Agreement that the manager will perform it.   Typically, it's going to say that the manager will collect rent, handle tenant relations, respond to repair requests, send you the rent, keep your ledger of income & expenses on the property, post legal notices if a tenant is paying the rent late, and sooo many other associated duties that I personally don't want to deal with.    Hey, I just want to live my life & keep this investment nearly passive.   Get that Management Agreement done - fully executed - signed by both you & the Manager BEFORE you close on the property.    Before you close, you can buy property insurance from any provider you choose.    Your turnkey provider is often happy to recommend some providers that their other clients have used in this market, or you can just Google and find your own.    Be sure to let the insurance provider know that this is a rental property (not a primary residence where you live and not a second home).    Most turnkey buyers purchase both hazard and liability insurance as part of their policy. Like any other insurance policy, you will have choices about deductibles & monthly payments, and coverage amounts.    If you are financing your property, your lender will most likely be able to combine your property taxes and insurance into your monthly payment, so you have one monthly payment for principal, interest, taxes and insurance (PITI) … much like you would on your primary residence.   The financing process typically takes about 30 days from the time you submit your EM.    Remember that YOU are a factor in how fast your property closes. If that lender needs another document, give it to them pretty promptly.   When you've finalized your due diligence, and verified that the seller has made all the agreed upon repairs from the home inspection report, you will be ready to close.    You likely live in a different state than the property and will close remotely. The title company (or its a closing attorney in some states) will prepare your closing documents - including your loan docs...    ...and can arrange for a mobile notary to meet you with the docs wherever you choose (your home, your office, your local coffee shop, etc.) so you can sign the docs in front of a notary who will then overnight the docs back to the Title Company so the transaction can fund.   Yep, you can do the ink-and-paper thing with a mobile notary at your local Starbucks.   Your lender will arrange for a title company to handle all of the paperwork and make sure that the seller is the rightful owner of the house that you are buying. That's part of what they do for you.   It may seem like the closing process is a lot of work, but you'll really spend most of the time waiting. Most of the time, you'll just be sitting on your hands, waiting for someone else involved in the transaction to come through.    So find something enjoyable to occupy your time and distract you while you wait, and feel secure in the knowledge that you've done your research and know how to make your closing process go smoothly.   When you complete that closing with the mobile notary - I've done these closings at my home's dining room table, or even in my employer's conference room back when I used to have a day job - then, hey!    You need to congratulate yourself on adding another income property to your portfolio.   You know, the good news is that of all of these stages we've discussed - the longest stage of them all is your ownership of the property. You Own & Collect the cash flow.   And hey, this isn't reason enough alone - but it's kinda cool that you own property in TN and FL and IN.  You own part of each one of those states. You're like a property collector!   And with each new turnkey property you buy, you might have just increased your mostly passive cash flow by $211 per month or $118 per month or whatever it is.   If you can swing it, it can be more efficient timewise for you to buy more than one property at a time.   As you buy more income properties, it not only gets easier because you know the process, but you often get quantity discounts.   For example, a management company might charge you a 9% management fee on your first three properties, but once you own four or more, they might charge you 8% on all four rather than 9%.   Insurance companies often have similar discounts for you….so you may very well get a little more profitable as you buy more property.   I've been actively investing in real estate since 2002 and just within the steps of ACQUIRING a property, like I carefully discussed today, some incremental half-step will come up in the process that I haven't mentioned here - like signing a Lead Paint Disclosure Form.   So, you don't need to commit all of this stuff to memory.   Now, something that novice real estate investors say sometimes is something like: “I would only buy an income property that I would live in myself.”    I contend that that is an awful criterion upon which to found strategic fundamentals on purchasing an income property.   Once one filters property that way, they have let their emotions trump facts.    If the fact that a clean, safe, affordable, and functional property has a good occupancy rate in a sound employment market, decent ENOUGH neighborhood, and the numbers make sense - that's more important.   OK, you aren't living there yourself so it's not a sound criterion.   Shoot, if I moved into any income property that I own, my lifestyle would take a substantial hit. Yet I'm not a slumlord - I provide housing that's clean, safe, affordable and functional.   But they're not replete with fantastic amenities, it does not have Corinthian architecture with alabaster columns - OK - but I know there's a demographic for my rental property type that demands this responsible-but-no-frills housing over time.   It's about asking yourself a better question, like, “Will this property secure an income stream?”    Alright, would you rather have your property look “cute as a button” - or secure an income stream? I went deep on that topic just three weeks ago here on the show.   OK, we're investors here.   Some think that in today's electronic age, you should be able to complete a property purchase from the time you write an offer until you close on a property in the same-day.    Well, that's certainly not true. As you witnessed, physical things need to take place because you're buying a real, physical asset.   We've been talking today about how you buy an income property - just simply that - especially as it pertains to buying an out-of-state turnkey income property - from the time that you get a property under contract and submit the earnest money to escrow all the way to closing.   ...because that's how to generate passive income, which in turn, creates a rich life for you.   Again, this isn't an all-encompassing guide today with EVERY little detail. But we've hit the major milestones in the process & more.   You've got a good general guide on the income property-buying structure.    You might have learned something about prioritization - perhaps LLCs matter less than you thought and a communicative Property Manager matters more than you thought.   Today's show has the type of content that will be about as relevant 5 years from now as it does today.    Now, today is also evidence that real estate does not have the liquidity that some other investments do. It takes longer to get in & get out.   However, that low liquidity actually contributes to relative price stability in real estate. OK, there's no panic selling in real estate.   Maybe the most important thing for you to keep in mind is that...   You cannot make any money from the property that you don't own.   Your future depends on what you do today.   To “know” something and not “do” something is to really not know something.   The most important thing you can do is act...because you cannot make any money from the property that you don't own.   But if you're new to real estate investing & know that you need to “Start small but think big”, otherwise, all this knowledge really won't move the meter in helping you live an amazing life like RE can, in the past 1-2 years, we hired an in-house coach, who is completely free for you to use.   If you're still a little unsure or want some guidance, lean on our trusted source, Naresh at GREmarketplace.com/Coach   He is an expert at helping you along - totally free to you - again at GetRichEducation.com/Coach   It's almost hard to express how much value this gives you & makes it easy. I wish something like this existed when I started out.   There would be nothing worse than for me to share today's knowledge with you - then not let you know where to go to act upon that knowledge.     So if you're ready to get started - connect directly with market & properties at our Marketplace - at GREmarketplace.com   For a little more help, personal and one-on-one with our experienced in-house coach, start at GREmarketplace.com/Coach    Both resources are free   It's been my pleasure to bring you your Beginner's Real Estate Investing Audio Guide today.   Next week, I we'll discuss one particular geographic market that we never have before - and you probably never thought we would.   For properties, start at GREmarketplace.com For coaching, GREmarketplace.com/Coach   Until next week, I'm your host, Keith Weinhold. Don't Quit Your Daydream! 

This is a brief intro and I recommend all listeners start here.Support the Show. Dadamanga Facebook Dadamanga Instagram Dadamanga Website Dadamanga TikTok Please note that all mention of foreign currency in this podcast refers to the three main currencies accepted in Madagascar, namely Euro, US Dollars and Pounds Sterling. Very important note: Australian Dollars are not exchangeable in Madagascar, cannot be used to pay for your Visa on Arrival, and cannot be changed at banks or foreign exchange offices. Thanks for listening. Please feel free to submit questions and we will answer them in subsequent episodes.Dadamanga SARL is a Limited Liability Company and a licensed Tour Operator, registered in Madagascar.Contact us by email on contact@dadamanga.mg

How's it growing folks?! This episode is really one for your friends, your Cannafriends to be specific. Here in Arizona, dispensaries and other cannabis companies and brands are allowed to show off their products at vendor fairs and trade shows. Probably the most popular of these events is a twice-monthly meet-up known as AZ Cannafriends. AZ Cannafriends events take place in both Tucson and Phoenix and can feature up to 30 vendors and more than 300 attendees. To help shed some light on what makes these events so special and unique, I spoke with the organization's current president: Amethyst Kinney. Kinney, known as Arizona's Canna-queen for her boundless energy and ubiquitous presence throughout the state, is also the founder and CEO of Blue Dream Entertainment, a Limited Liability Company she set up to oversee AZ Cannafriends and her brand-ambassador service. In our interview, she describes how she's expanded AZ Cannafriends and what some of her 2023 plans for the event are, how she was introduced to cannabis at two very different points in her life, and her work promoting Revenant MJ -- a brand of cannabis founded in part by former NFL Quarterback Jim McMahon. Our conversation kicks off with Amethyst telling the story of her first time getting high… and it's hilarious. MORE INFO For more on AZ Cannafriends: https://www.azcannafriends.com/ For more on Amethyst Kinney: https://www.instagram.com/cannaqueenaz/ For more Here Weed Go! podcasts, stories, travel guides and videos: https://linktr.ee/hereweedgo For more from host Eddie Celaya: Instagram: https://www.instagram.com/reportereddie/ Twitter: https://twitter.com/reporterEddie Visit TucsonMarijuanaGuide.com for more Podcast is produced by Pascal Albright/Arizona Daily Star.See omnystudio.com/listener for privacy information.

A humorous quote claims that a person doesn't know how much he has to be thankful for until he has to pay taxes. We incur taxes to enjoy the benefits of living in a civilized society. Hence, it has been a significant cause of worry for many of us. Some believe that taxes rob industrious taxpayers of their hard-earned money since it requires them to part with their own money.    However, we can look at it from a more positive perspective since there are many ways to reduce tax liability legally. Many taxpayers miss out on potential tax advantages and overpay due to inadequate knowledge. We must therefore gain a deeper awareness of these issues because we will undoubtedly be dealing with them for the rest of our lives. Moreover, a thorough financial plan is believed to include tax planning as a critical component to assist people in paying the least amount of taxes necessary in the years leading up to and after retirement.   Amanda Han is a Certified Public Accountant, tax strategist, author, and managing director of Keystone CPA.  She specializes in creating tax-saving strategies for real estate investors. As a CPA, she has helped countless national investors to supercharge their wealth building through proactive tax saving.  Some of the tools she uses are her top-selling Amazon books and teachings on prominent publications such as Money Magazine, Google Talks, and CNBC. As a real estate investor of more than ten years, she combines her passion for investing with her tax expertise to help others supercharge their wealth and keep more of what they make.    Matthew MacFarland is a Certified Public Accountant, author, managing director of Keystone CPA, and tax strategist with over 20 years of experience handling individuals, families, real estate investors, and closely held businesses. Matt received his accounting degree from UCLA and a Master's in Taxation degree from USC. As a CPA, Matt brings over two decades of tax planning expertise working specifically with real estate investors and high net-worth individuals.  He has experience in both Big 4 Public Accounting and private client advisory. Matt is an avid speaker and educator on real estate tax strategies who authored The Book on Advanced Tax Strategies for Real Estate Investors. Matt has a passion for animals and founded the Animals for Armed Forces Foundation.   In this special episode with Amanda Han and Matthew MacFarland, we'll learn about the inspiring passion of a married couple who educate people in strategies to save on taxes, decrease tax burden and help entrepreneurs to take advantage of the opportunities around them concerning tax and financial planning.    "Tax advisors are there to help you explain things and set you up to get you in the right position to take advantage of all the opportunities out there." – Matthew MacFarland   Topics Covered: (00:00:00) Introduction + Episode Snippet (00:00:19) Introducing our special guests, Amanda Han and Matthew MacFarland (00:00:32) Advertisement: Obtain financial freedom with passive income! TimeOut with the SportsDr. teams up with Dr. Ronnie Shalev of Shalwin Properties to discuss things finance! Join Dr. Shalev's webinar or set up a 1-on-1 call; go to https://www.drderrickthesportsdr.com/sponsors. (00:02:38) Podcast about taxes: Why is it the must-listen podcast of the year? (00:04:10) The Certified Public Accountant Couple: What led them to become CPAs? (00:06:00) Take advantage of the same loophole others are benefiting from. (00:07:30) The Birth of Keystone (00:08:22) Tax planning firm: Save on taxes legitimately (00:09:55) A Businessperson's goal: Not to become a CPA but to understand all the tax law (00:12:32) How do business owners benefit tax-wise from having kids? (00:13:07) Make your children involved in your business.  (00:15:53) What is the significant role of a Limited Liability Company? (00:17:42) Legal entity ambiguity and common misconceptions (00:19:13) Understanding Cost vs. Benefit (00:20:00) Lawyer or Accountant: Where to go first for decision-making advice? (00:22:22) Advertisement: Sabre Bats, the training bat that will take you to your next swing. Go to https://www.sabrebats.net to know more. (00:23:21) How do we take advantage of tech strategies for business travel? (00:24:45) Diversification versus specification: The Retirement planning (00:27:34) How does self-directed 401k investment works? (00:28:43) Self-directed investments do not incentivize traditional financial advisors. (00:30:41) How can you gain access to a genuine self-directed 401k? (00:32:01) The Tax deferred exchange: How does a 1031 exchange operate? (00:33:09) Inheritance vs. Gifting: What tax differences exist between them? (00:37:02) Final TimeOut with Amanda Han and Matthew MacFarland: How do we take advantage of some of our tax benefits and get our finances in order? (00:38:22) The higher your income is, the more crucial tax planning is. (00:39:44) It's not how you start but how you finish. (00:41:14) Connect with Amanda Han and Matthew MacFarland.   Key Takeaways:  "Research has shown that the average American, we're losing more money to taxes than we do on food, clothing, and housing combined." – Amanda Han   "If you're doing things correctly, there's ways where you can make a lot of money but pay little to no taxes using real estate as one of the strategies." – Amanda Han   "You can either sit back and complain about taxes or you can learn how you can take advantage of the same loopholes or tax benefits that some of the wealthy can take advantage of because we too can take advantage of many of those if they educate us." – Dr. Derrick Burgess   "In sports, if you play by the rules and you'll be able to win the game while in a tax standpoint, if you have the right facts, then you can pay little taxes." – Amanda Han   "Tax planning is when you're meeting with your advisors throughout the year to know if you're doing the right things and are having the right facts so you can save on taxes legitimately." – Amanda Han   "I think for investors and business owners, your goal is not to become a CPA and understand all the tax law but to know enough so that you know what questions to ask and when to ask them." – Amanda Han   "If you decided to start your business or real estate tomorrow, whether you do that in your name or an LLC, you get the same write-offs in both scenarios." – Amanda Han   "The whole concept of being specific in investing to something where you have unique knowledge, insight, and experience." – Amanda Han   "The reason why a lot of traditional financial advisors don't talk about self-directed 401k or don't want to talk about it is because when you ask them those types of questions, you're sort of taking money away from them." – Amanda Han   "And it does not incentivize traditional financial advisors to advise you on how you can control your own money outside of their platform. That's why we're so passionate about educating people on how they can control their retirement money." – Amanda Han   "True self-directed custodian does not have any portfolio of assets to offer you. The vast majority limit themselves because they won't give you investment advice since they don't know whether you should buy property in one place or another. It has nothing to do with them. They're just holding your money for you, and you are the one making the investment decision." – Amanda Han   "It's a great way to continue to leverage and continue to grow your portfolio into better performing assets without having that tax drag that's slowing you down." – Matthew MacFarland   "When you're spending money before you do it on any significant items, whether it's a trip, car or a vacation, ask yourself how I can make this a tax-deductible expense." – Amanda Han     Connect with Amanda Han: Email: media@keystonecpa.com Website: https://www.keystonecpa.com/ Facebook: https://www.facebook.com/keystonecpainc/ LinkedIn: https://www.linkedin.com/in/amandayhan/ Instagram: https://www.instagram.com/amanda_han_cpa/ YouTube: https://www.youtube.com/channel/UCvL8-Sq9NtVbh_SO6oDmmAg/ Connect with Matthew MacFarland:  Email: media@keystonecpa.com Website: https://www.keystonecpa.com/; animalsforarmedforces.org  Facebook: https://www.facebook.com/keystonecpainc/ YouTube: https://www.youtube.com/channel/UCvL8-Sq9NtVbh_SO6oDmmAg/ Instagram: https://www.instagram.com/keystone.cpa/ LinkedIn: https://www.linkedin.com/in/mattmacfarland/     Connect with Dr. Derrick Burgess: Website: https://www.drderrickthesportsdr.com/ Instagram: https://www.instagram.com/drderrickthesportsdr/ Facebook: https://www.facebook.com/TimeOut.SportsDr LinkedIn: https://www.linkedin.com/in/derrick-burgess-72047b246/ YouTube: https://www.youtube.com/channel/UCHGDu1zT4K_X6PnYELu8weg Email: thesportsdoctr@gmail.com This episode of TimeOut with the SportsDr. is produced by Podcast VAs Philippines - the team that helps podcasters effectively launch and manage their podcasts, so we don't have to. Record, share, and repeat! Podcast VAs PH gives me back my time so that I can focus on the core functions of my business. Need expert help with your podcast? Go to www.podcastvasph.com.

Mit der Limited Liability Company (LLC) können auch Ausländer in den USA ein Unternehmen anmelden und sind in den USA steuerbefreit, solange sie keine Betriebsstätte vor Ort haben. Außerdem bietet die LLC Haftungsschutz und viele andere Vorteile. Sebastian Sauerborn, der als UK- und Cross-Border-Tax Experte tätig ist und bereits 1000 ausländische Kapitalgesellschaften bzw. Gesellschaftsstrukturen in über 20 Ländern (hauptsächlich USA, UK, Malta, Irland) bei der Gründung unterstützt und begleitet hat, erzählt in diesem Podcast, welche Vorteile die LLC hat, wie Sie mit einer LLC keine Steuern zahlen, für wen eine LLC interessant ist und mehr.

Breaking into the world of real estate requires initial capital to begin your investment journey, creating a barrier for many people. But what if there was a way to get around the capital you need to get started? In today's episode, we speak to Matt Porcaro, creator of The 203k Way, a community dedicated to helping you leverage the 203k loan in order to take your first step to becoming a real estate investor. Matt spent years trying to enter the real estate market, and through trial and error, he heard about a government-backed renovation loan that catapulted him into real estate investment success: the 203k loan! In our conversation, Matt unpacks the intricacies of the loan and how it can be leveraged by first-time buyers or investors. We learn how Matt found out about the loan scheme, the various requirements to qualify for the loan, and the various ways it can be leveraged. We also find out how to avoid defaulting on the loan, why a Limited Liability Company is not a good option for first-time buyers, and the power of networking, plus much more. Tune in to hear about The 203k Way and begin your real estate investment journey today!Key Points From This Episode:A brief background on Matt and how he became aware of the 203k loan.The value of networking to become successful in real estate.Matt explains who the 203k loan was designed for.An outline about the 203k loan and what it aims to achieve.Matt's first buy leveraging the 203k loan.Whether there are any restrictions on the 203k loan.Find out if the 203k loan can be used to finance residential development.The different ways the loan can be applied.How long the owner has to occupy a property to qualify for the 203k loan.What not to do in order to avoid defaulting on the loan.Why forming a limited liability company (LLC) is not recommended.Matt shares details from his real estate investment strategy. What attributes or traits make for an ideal investor or first-time buyer.How being a 203k investor has impacted Matt's life outside of real estate.Links Mentioned in Today's Episode:Matthew Porcaro on InstagramMatthew Porcaro on YouTubeMatthew Porcaro on TwitterMatthew Porcaro on FacebookThe 203k WayReal Estate Investment Association Rich Dad Poor DadVertical Street VenturesPassive Income Through Multifamily Real Estate Facebook GroupPeter Pomeroy on LinkedInPeter Pomeroy Email

Garrett Sutton is a corporate attorney, asset protection expert and best selling author who has sold more than a million books to guide entrepreneurs and investors. For more than 30 years, Garrett Sutton has run his practice assisting entrepreneurs and real estate investors in protecting their assets and maximizing their financial goals through sound management and asset protection strategies. The companies he founded, Corporate Direct and Sutton Law Center, currently help more than 13,000 clients protect their assets and incorporate their businesses. Garrett also serves as a member of the elite group of “Rich Dad Advisors” for bestselling author Robert Kiyosaki. A number of the books Garrett Sutton has authored are part of the bestselling Rich Dad, Poor Dad wealth-building book series. There are three types of entities most commonly used to own real estate: Limited Liability Company, S Corporation and Limited Partnership. Tune in for todays episode where Garrett provides a quick summary of the best entities for real estate investment. Episode Link: https://corporatedirect.com/contact/ --- Transcript Before we jump into the episode, here's a quick disclaimer about our content. The Remote Real Estate Investor podcast is for informational purposes only, and is not intended as investment advice. The views, opinions and strategies of both the hosts and the guests are their own and should not be considered as guidance from Roofstock. Make sure to always run your own numbers, make your own independent decisions and seek investment advice from licensed professionals.   Michael: Hey, everyone, welcome to another episode of the Remote Real Estate Investor. I'm Michael Albaum and today I'm joined by Garrett Sutton, who is an attorney, investor and author with over 1 million copies of his book sold and today Garrett is gonna be talking to us about all the different entity structures we should be aware of as real estate investors, as well as wherever we might want to think about forming those entities because it plays a big role. So let's get into it.   Garrett, thank you so much for joining me on the show today. I really appreciate you taking the time.   Garrett: Thanks, Michael. It's a pleasure to be with you today.   Michael: No, no, the pleasure is all mine ad I'm super excited to chat with you. I know a little bit about your background and what you do kind of on a day to day basis. But I would love if you could share with our listeners who you are, where you come from, and what is it that you're doing in real estate today?   Garrett: Well, I grew up in the San Francisco Bay Area like you and I moved to Reno in 1989 and Nevada is a great state for setting up LLCs and corporations along with Wyoming. So I practiced corporate law since 1978, and became associated with Robert Kiyosaki and have written a number of books in the rich dad advisor series and you know, have enjoyed talking to people around the country around the world about how to protect your assets. As you start investing in real estate, you need to think about how you're going to protect that real estate because we live in a very litigious society, people sue each other all the time and unfortunately, they don't teach this in school, you have to get this information on your own and so that's what we provide is the information you need and then we offer a service to help you protect your real estate and brokerage and other assets.   Michael: Love it and just right off the bat, I read one of your books for our Roofstock Academy book club, it was a great read, so I can definitely vouch for it. But what are the books that you've written and then what talk to us about your most recent book?   Garrett: Well, I've written a number of books in the rich dad advisor series, including start your own corporation, that's kind of a foundational one, and then run your own corporation, a lot of my clients and I set up a corporation now what do I do, and you have to run it properly. Then I also did loopholes of real estate, which is kind of the tax and legal strategies for investing in real estate and then the newest book is veil not failed and that deals with the corporate veil, you set up an LLC or a corporation to be protected and too many people do this themselves, Michael, they just set it up online, and they don't realize that there are additional steps you have to take to stay protected and so if you don't want your veil to be pierced where someone can sue the company, there are no assets there. They can go through the veil of the company and get it your personal assets, if you don't want that to happen and that's why you set up an LLC.   Michael: That's the point, yeah…   Garrett: It's that you don't want it to happen. You need to follow these corporate formalities and so that's what the book veil not fail is about kind of stories, horror stories of people who didn't follow the rules and then in the latter part of the book, it shows you how to follow the rules so you can stay protected.   Michael: Yeah, great. and where can people find out if they're interested in picking up a copy?   Garrett: Amazon has it the veil not fail. It was supposed to be out in April, but we have this thing called supply chain problems.   Michael: I've heard of that.   Garrett: Not enough paper out there. So it's not out until November but you can go ahead and preorder it.   Michael: Fantastic. Garrett, let's talk about I think a pretty hotly contested and debated topic in the real estate space and that's LLC versus no LLC, I think and it's tough because we're I'm California based. A lot of our listeners are California based and so to have an LLC in California, you're paying at minimum 800 bucks a year and with today's cash flow based on some real estate investments that can eat in to your investment pretty significantly and so I've heard folks say, you know, forget the LLC, go get umbrella policy, go get high liability limit insurance and call it a day. Don't worry about it. What are some risks pros cons associated with doing that, that you've seen folks run into?   Garrett: You know, there's a whole area of law called Bad Faith litigation, and that's when insurance companies collect the premiums and then find a way not to cover you. All right, the insurance companies have acted in bad faith over the years. errors in collecting the premiums and then having exclusions, that little tiny print that you never read and so, you know, the insurance companies, let's face it, they have an economic incentive to not cover every claim and so they're going to find reasons not to cover you and so I always recommend that people have insurance. That's the first line of defense but these LLCs are the second line of defense, in case the insurance company doesn't cover you, or what about a situation where your insurance is, say 2 million, but the judgment is 4 million, right? I mean, you're personally responsible for that extra 2 million. If the property is in an LLC, they can get what's inside the LLC. But if you've done it, right, if you if your veil is strong, they're not going to be able to reach your personal assets for that extra 2 million. So the idea that you're just going to rely on insurance is, in my opinion, quite naive.   Michael: Yeah. Okay, I love it. I'm of the same opinion. I always, I never like to play my hand, though but I love hearing that because I come from the insurance world. So I know how bad things can go and I also have seen how they're supposed to work. But I think you're totally right, there's totally an economic incentive to not pay claims and the insurance industry as a whole gets kind of wrapped in with the folks that are doing the latter, not the former. So I think it makes a ton of sense. But Garrett talked to me about I've heard this concept, and this idea that, okay, there's this, you can be over insured, there is such a point. Now, if I go get a $10 million umbrella, because I really want to be protected. Does that then put a target on my back for a claim or a plaintiff to say, well, hey, he's got a pretty a pretty massive insurance policy, you know, I was only going to sue him for a million, but let's go after the full 10.   Garrett: Well, I mean, there are a number of factors there. I mean, having enough insurance is not a bad thing. If the claim is a million, it doesn't give the attorney the right to try and collect 10 million, you know, I mean, the claim is a million. So you know, the fact that you have extra insurance isn't a bad thing. The attorneys, you know, what we like to do, what we tell our clients is you want to have enough insurance to cover any claim and so you want to have insurance on the property fire casualty, right? You want to have a personal umbrella policy of insurance covering your home and your autos because I think that's the biggest risk out there is a horrific car wreck, right. Do you need that umbrella policy, a commercial umbrella policy over your various rental properties, maybe I had a part such a policy for a while but here in Reno, it got pretty expensive and so I just have regular insurance on the properties. I have regular insurance for my home and autos and I have an umbrella policy for me personally and so you get in that horrific car wreck. There's enough insurance money for the attorneys to get at. They know how to get at insurance monies, they get a percentage of what they collect and then if everything else is held in LLCs you know you'll have a an LLC if you own a property in Oregon, you have an Oregon LLC on title, you own a property in Utah, you'll have a Utah LLC and tie on title and then those two LLCs are owned by one Wyoming LLC. That's how we like to structure things and the attorneys are going to have a tough time collecting from a Wyoming LLC and so they leave you alone on the LLC. Do you have enough insurance to pay the claim and they'll leave you alone on the LLC is that's how we recommend our clients structure things.   Michael: Okay, and why Wyoming LLC because I know you made a very deliberate point of saying where is formed, what's the point?   Garrett: There are three really good states out there and they compete against each other to be the best which is good for us. Instead of having one federal law that applies to every single state. After the American Revolution, each state wanted their own corporate law and so now we have each state with their own corporate law in Delaware, Wyoming and Nevada compete against each other to be the best. You know, the filing fees every year that come in are pretty good. It helps fund the government. So the reason I like Wyoming over Nevada and Delaware is all three protect the owner of the LLC the charging order is the exclusive remedy and all three, but in Nevada and Delaware the annual fee is $350 a year and in Nevada they list your name on the state website. In Wyoming the annual fee is $62 a year and your name does not show up on the State web site. So Wyoming offers lower cost, better privacy and equal protection. So a lot of our clients set up Wyoming LLCs.   Michael: Yeah, okay, well, I'm sold. So being a California guy, though, this is what I've heard and would love your insights. So I've been told that California they want their piece of the pie. So I've got to register any LLC that I own. In California, because I'm a resident here, I live here, even if it has not doing business, because the way California defines doing business is basically me living here. So if I do I own property in Oregon, I own it with an Oregon LLC, that LLC is owned by the Wyoming LLC, but then I gotta register both of those here in California?   Garrett: No, you raise a very good question. So in our example, we had an Oregon LLC and a Utah LLC and if those were owned by you, as a California resident, we'd have to pay 800, twice, once for Oregon, once for Utah, by having the Wyoming parent there, the Wyoming LLC, and we qualify that one to do business in the State of California. You don't have to pay the 800 for Utah, or Oregon. So that's a way to save the $800 for all the title holding LLCs yes, one of them has to pay right $800 to the state of California and you know, California has gotten a little bit looser, you don't have to pay the 800 the first year, that $800 is a credit on the first $50,000 in profits. So it's not like it's wasted. So, you know, I've had people move from California to Nevada, because of that $800 fee. It's just infuriates people. But there is if you love living in California, there's a way to work it so you have protection, and you don't have to pay $800 for every single LLC you own across the country.   Michael: Okay, fantastic and then in going back to that example, if I've got the I've got to register the Wyoming LLC here in California, do I lose out on any of the anonymity that Wyoming affords me because now it's registered here in California?   Garrett: Yeah, you'd have to list your name in California.   Michael: Okay, all right. Yeah, maybe I will think about moving, who knows? All right, Garrett, in your book, and I want to get really nice here for a minute, because I've got you. You talk about quitclaim deeds versus warranty deeds and I think a lot of our listeners out there have utilized this practice, or have heard about this practice because if you go get a conventional loan from a traditional bank, they won't lend to an LLC. So you go get the name the loan in your name, then transfer the property title to an LLC after the fact, right. In the book, you talk about quitclaim deeds versus a warranty deed, can you give us a little bit of insight into what the difference is and why someone should think about using one versus the other?   Garrett: Well, the warranty deed or the grant deed says, I warrant that I own this property and if I don't, if I transfer it to you, and I don't own it, for some reason, you can sue me. All right. So it's a more powerful deed. The grant deed, the quitclaim deed rather, says, I don't know what I own. But I'm transferring whatever I own to you and the title companies go, well, he quit claimed that property and so that severs the title insurance, right because he didn't know what he had and so we're not going to cover him on it on a quitclaim deed and so and too many people pronounce it quick claim.   Michael: I know, I know.   Garrett: You know, and it's the same deed with a couple of different words in it. But you really always want to use the grant deed or the warranty deed because in many cases, you sever the title insurance, when you use a quitclaim deed, okay, and that's….   Michael: Okay and that's even if you're going from yourself as an individual owner to an LLC that you own 100% of?   Garrett: Right, yeah, just ask for the grant deed. Also, if you're buying property from someone, you want to insist on a grant deed or a warranty deed, because if they don't deliver the title that they've promised they are going to deliver, you have the ability to sue them for failure to perform.   Michael: Okay, super good to know, super good to know, Garrett, as people who are just getting started on their investment journey, I mean, what's the appropriate time to set up an entity because I've heard people say, I'll do it later. I'm too small. It's too expensive. You know, what are your thoughts there?   Garrett: Right at the start, you know, it's just not that expensive. We do not charge a lot of money to set up LLCs for people. It's very affordable. It's a business expense, you get to write it off. But I'll give you an example Michael and I I've told this story 1000 times, but I was in San Francisco at an event and I gave a talk about asset protection and this lady comes up to me and she goes, Well, I'd like to transfer title. I just bought a duplex and I'd like to transfer title into the name of an LLC. I go, that's a great idea. I go in California, it's $800 per year per entity and she goes, oh, I can't afford that and so I'm giving a talk in San Francisco again and she comes up to me and says, I've been sued by a tenant, I'd like to set up that LLC now. Well, it's too late, right? You know, the tenant rented from you, in your individual name, UX, they have a claim against you as an individual, and they can reach all of your personal assets as a result and once you've been sued, or even threatened to be sued, it's too late to set up an LLC. I mean, you can't put a seatbelt on after the accident. Yeah, right. So you really want to set this up right at the start and I've heard CPAs say, oh, well, you know, just set it up when you can and that's bad advice. I mean, you know, the joke I tell is that CPA stands for can't protect assets. It's just, you need to set this stuff up right now.   Michael: Yeah, yeah. Okay. I think it makes a ton of sense and I love the seatbelt analogy. I think that really hits home for a lot of folks. So as someone that's getting more sophisticated with their investing strategy, what like tools or strategies should they be aware of as they're starting to scale up and they're investing?   Garrett: Well, I think having that Wyoming, LLC is the parent holding LLC is a good strategy. We talked about an Oregon LLC and a Utah LLC owned by one Wyoming LLC and that Wyoming LLC is passive. It's not going to hold real estate, it's not going to do business with anyone, because if someone sued the Wyoming LLC, they could get at Wyoming at the Oregon and the Utah LLC. That's what the Wyoming LLC owes. So that Wyoming LLC is passive, it doesn't do business with anyone because we don't ever want it to be sued. All right. So that's a key strategy in protection. Now, if your clients are holding brokerage accounts, right, bank accounts, gold and silver stock brokerage accounts, in their individual name, the same rules apply. If they get sued personally, and they have all these assets at a Charles Schwab account in their individual name, someone can very easily get those and so what we do is we set up an LLC for the paper assets for the bullion and if you get sued, and that horrific car wreck, they're in an LLC, it's much different, much more difficult for an attorney to get at those because the exclusive remedy in Nevada and Wyoming is what's called the charging order and that is a lien on distributions in the state of California if you own an LLC that owns a piece of real estate in California, the law in California is that the car wreck victim can go to court and the judge can say yes, you've been injured, you can set forth the sale of the duplex. All right, and that is not good asset protection. So we like Wyoming and Nevada where the court says, okay, you have a claim. But here's the remedy that we offer in our state, you are entitled to distributions that come through the LLC, you can't barge in and force the sale of the real estate, you have to wait for distributions to come and that's not a good use of the attorneys time. You know, monitoring if distributions are made there on a contingency fee, they get paid when they collect on the insurance monies. So their time is better spent going to the next case that has insurance. So that Wyoming LLC that offers the charging order remedy, not where they can barge in and force the sale of the real estate but where they have to wait and monitor distributions that go to you. It's a much better system for protection than choosing a weak state like California, Utah is a really weak state, New York is weak. So we have to understand which states are strong and weak and structure your plan accordingly.   Michael: Yeah, interesting and Garrett, talking through all this kind of makes me beg the question of in our Utah, Oregon, Wyoming, California LLC example where the Wyoming LLC owns the properties. There is a holding company rather, if the tenant in Oregon falls and Sue's sues the owner. I mean how far Is this go and where is the court date held, how does that all work?   Garrett: Well, if you, if the tenant has is renting from the Oregon LLC, that's or they're in contract with, so the claim would be tenant would sue the Oregon LLC, the lawsuit would take place in Oregon, right? That's where the property is. That's where the tenant fell. The action stays within the Oregon LLC, it doesn't give the tenant a right to go down to the Wyoming LLC, which is the parent, it doesn't give the tenant the right to go over to the Utah LLC. That's a separate business entity. So the key here is that if the tenant sues, you want to get notice of that lawsuit as soon as possible, right, you want to turn over this claim to your insurance company, so that they can assist in settling the case. Too many people, Michael have this idea that if they use a land trust, where no one will ever know who the owner is, and no one will ever serve you is just nonsense because you want to get notice of the lawsuit as soon as possible. In the Land Trust scenario, they say, well, geez, no one will ever find out who the owner is. Well, what happens is they go to court and they say, Look, we tried to sue the land trust, we couldn't find out who the owner was and the court says, okay, well published notice in the newspaper. So they published it little two point type in the newspaper that We're suing the Oregon LLC, or the Oregon Land Trust, rather and you don't get notice of that either. They go back to court and say we tried to serve them, we published notice in the newspaper, and no one ever showed up. The court says default judgment, meaning the tenant has won and then when they're trying to collect, you know, you find out that you've been sued, the insurance company can say, Well, look, you should have had notice of this lawsuit, we could have defended you, but we're not covering you now. You didn't give us the proper notice and so this whole idea of a land trust and privacy is just nonsense. You want to get notice of a lawsuit, so you can turn it over to your insurance company.   Michael: Yeah, that makes no sense. I guess it's kind of like the ostrich approach like if I stick my head in the ground, I don't see it. I don't hear about it. It's not a problem.   Garrett: Yeah, it is a problem.   Michael: Interesting, okay and Garrett talked to us about some of the different entity structures that are out there. Because there's the C Corp, the S Corp, the single member LLC, multi member LLC, like should we as real estate investors be thinking about utilizing some of these different corporate structures or is really the LLC that that kind of 45 of structures.   Garrett: Pretty much the LLC is the way to go, if you're going to hold real estate, you in some cases, the limited partnership can work. If you're syndicating real estate and you want to absolute control, the limited partnership can work, you're not going to hold title to real estate in a C Corp or an S Corp or any other kind of corporation, tax wise, it's just not the best way to go. So the LLC is pretty much I mean, 98% of our formations for real estate are LLCs. The other 2% would be LPS for syndication purposes, or, you know, for estate planning purposes where mom and dad with an LP, the general partners, which would be another LLC can own as little as 2% and have absolute control over the property. So mom and dad through their LLC have 2% ownership, the limited partnership has 98% ownership owned by the kids as limited partners, and the kids can't force mom and dad to sell the property. So there are cases where the limited partnership works but in the vast majority of cases, it's the LLC that is on title to the real estate.   Michael: Okay. Good to know, good to know. I had another question for it and it totally escaped my mind.   Garrett: Well, how about fail not fail the new book?   Michael: Yeah…   Garrett: You know, people have these promoters out there just say that most wrongheaded stuff about LLC. I mean, they say that you don't need an operating agreement- wrong. They say that you never have to issue stocks or timber membership interests certificates- wrong. So you you'd need to treat your LLC, like a corporation whereby you have to follow these formalities. You have to have the annual meeting, right and the idea that you never have to have a meeting is when you get into a court of law, you're in front of a judge or a jury. I want you to have a minute book with the minutes of every yearly meeting in it and these promoters say, well, you never have to have a meeting. I want you to walk into court and tell the jury, yeah, I ran this property for 12 years and never had a meeting. It just doesn't work.   Michael: It's not going to fly.   Garrett: It's not going to fly. So you know, the reality is, when you're in a courtroom, the reality is not when you're in office with a promoter telling you don't have to do anything to maintain your LLC. It's just not accurate. Yeah, so that's why I wrote the book, because there's so much misinformation out there about corporate formalities. So with a corporation, you need to follow the corporate formalities and with an LLC, you need to follow the corporate formalities because someone suing can pierce the corporate veil on a corporation, they can pierce the veil on an LLC. It's very, and the rules are not hard to follow. They're really easy. It's just if you don't follow them, they can go through the LLC and reach your personal assets.   Michael: Yeah no, that's such a great point and also, Garrett, I mean, to that point, if someone listening is thinking about reaching out to an attorney for help with forming for entities or restructuring entities, I mean, what are some questions they should be asking and things they should be looking for, with an attorney that they want to put on their team?   Garrett: Well, does the attorney invest in real estate? I mean, I think that's a good question to ask because, you know, I invest in real estate, I've been through the wars and so it just helps you appreciate what the client is going through to have done that yourself. You know, I think some attorneys specialize in personal injury. In contract cases. I mean, you want someone who really knows the ins and outs of LLCs, and appreciates that we have good states and weak states, and that you have to put the combination together to fully protect the client.   Michael: Yeah, that makes total sense and we're recording this, let's see September 2022, what is like the reasonable cost to form an LLC, and then what are any kind of maintenance fees associated with maintaining the LLC?   Garrett: Well, we charge a flat fee of $795, in that, and then the filing fees are on top of that. So Wyoming, for example, is $100. That 795 includes the registered agent for the first year. So you're not paying any extra for that. We also have a system whereby we keep all your documents and if you have lost your operating agreement, we give you a portal where you can go on and download your documents. So we kind of have this backup service for you and then so you pay the 795, the first year, and then the second year, it's already formed, so everything drops down, you only pay 125 to four, the registered agent. Now we give you a book that shows you how to do the minutes because you really should do the minutes every year and even though we give you the book with the forms in it, a lot of people don't do it. So we offer a service where for $150 a year, we'll make sure that your minutes are done and we want to keep you in good standing, we want you to have those annual meeting minutes in your file, just in case you don't want to be in a courtroom and say I never had a meeting.   Michael: Right, it's too late, then like you said, Garrett, this has been super informative and people want to reach out, continue the conversation, take advantage of your services, what's the best way for them to get in touch?   Garrett: Well, they can go to https://corporatedirect.com/schedule/ and set up a free 15 minute consultation with an incorporating specialist that you'll work with this person all the way through the process and they'll give you a quote for what our services entail and you know, just see if there's a fit, we're happy to talk to you and so we set up entities in all 50 states, maybe you're you set up your entity already, it's an LLC, you don't have an operating agreement, you haven't issued the membership certificates. Don't tell anyone but we can clean it up for you. We also offer a registered agent service in all 50 states. So if you've got one company here, one company there we can be your one company to serve as the registered agent in all 50 states. So we'd be happy to help your listeners Michael and you know, have them call corporate direct or go, go visit the website, corporatedirect.com and there's plenty of information and articles there and kind of tells you what we do.   Michael: Amazing. Well, Garrett, thank you so much for that. One final question before I let you out of here. We've said the term a couple times. But for anyone who maybe isn't familiar, can you bring them up to speed on what a Registered Agent is and what the importance is?   Garrett: Well, the Registered Agent is someone in the state where you set up the entity or where you're qualified to do business and the idea is that instead of having someone who's trying to sue you search all over the state of Texas for you, right? The Registered Agent is an address where someone suing, you can go and serve the registered agent with service of process. So it's just it's kind of an efficient way for the justice system to work. It's one place where you can serve an LLC or a corporation, and then they're responsible for forwarding that on to you and so you want to use a reputable registered agent service that knows the importance of a lawsuit, if we get a notice of a service, we're on the phone immediately to our client, because you've only got 30 days to get an attorney and answer that complaint. So you don't want a mom and pop that is going to go out of business or doesn't appreciate the consequences of being served with a lawsuit. So it's an important function and if you fail to pay the Registered Agent, they're going to refuse service a process and then they're, you know, the person suing us is going to go back to court and get, you know, authorization to publish notice in the newspaper, and again, you're not going to get noticed to this cert of the claim. So you want to have that registered agent on your team at all times.   Michael: Yeah, yeah, super great point and the Justice Department looking for efficiencies. That's not something I maybe I've ever heard before. So really exciting stuff.   Garrett: It's something that does exists, so…   Michael: Oh, Garrett, thank you. Again, this was super informative, and I definitely would love to have you back on once your book comes out in November.   Garrett: That sounds great. Thanks, Michael.   Michael: You got it, take care. We'll chat soon.   Garrett: All right.   Michael: All right, everyone, and that was our episode a big thank you to Garrett for coming on. Definitely take advantage of that. 15 minute free consult if you're interested. As always, if you liked the episode, feel free to leave us a rating or review. We'd love to hear from you all and we look forward to seeing on the next one. Happy investing…

Joshua E. French and Elizabeth S. Myers, both of Nutter McClennen & Fish LLP in Boston, explain the rationale for choosing a limited liability company as a business organizing structure in this podcast, excerpted from MCLE's 6/2/2022 live webcast, Organizing & Dissolving an LLC. The full program is available as an on demand webcast or an MP3 here. Get 24/7 instant access to hundreds of related eLectures like this one—and more—with a subscription to the MCLE OnlinePass. Learn more at www.mcle.org/onlinepass.

LLCs are probably the most popular choice for a business entity for small businesses to operate in the U.S. Many LLCs only have a single member, but many more have multiple members. One of the inevitable events in life is death. So, what happens to an LLC when one of the members dies? There are consequences to the LLC itself, to the other members, and the family of the deceased member. This podcast discusses the importance of taking the inevitability of death into account at the beginning of an LLC.

"Offense is the best defense."   In the 117th episode of Cash Flow Pro, we talk with nationally recognized Asset Protection Attorney Brian Bradley of Bradley Legal Group. We skip all the introduction and get straight into everything you need to know to protect your investments and yourself when things turn upside down! Brian and I cover everything an entrepreneur or small business owner needs to know about asset protection, from the history of asset protection, where it's best to start a business – legal-wise, and definitions that will help you along the way!   In this episode, we discuss: Asset protection should be the first thing you do before any deal The importance of taking assets out of your name How does insurance work with lawsuits? Limited Liability Company's (LLC) – what to keep an eye out for The benefits of Wyoming, Delaware, and Nevada Asset protection Trusts How to create the most vital asset protection on the planet The history of asset protection and how it works in the U.S.A Limited Partnerships vs. LLC   Tune in on this episode to learn how to protect your investments!   Find your flow, Casey Brown   Resources mentioned in this podcast: btblegal.com https://www.linkedin.com/in­­­/brian-t-Bradley-Esq-a47a7b12/

Today's Guest: Doug Lodmell Doug Lodmell is a co-founder and Managing Partner of Lodmell & Lodmell, one of the nation's leading Asset Protection Law Firms. Today, Doug's law firm is responsible for protecting over $4 billion in client assets. He is originally from Geneva, Switzerland, and he stood out at an early age as one of the brightest minds of his generation. Doug spends much of his time teaching, speaking, and leading thousands of professionals in business in Scottsdale, AZ. He is also the author of The Lawsuit Lottery: The Hijacking of Justice in America and was recently featured in BiggerPockets. Highlights From The Show: We begin the episode with Doug sharing his background story and what he does as an attorney. Doug shares that he started practicing with his father. His father was an attorney for many years but didn't practice law. He was in real estate syndications, but the 1986 real estate crash steered him toward asset protection after the banks failed to reach him even though he had assets in the syndication. When Doug graduated from law school in 1997, he joined him, and they grew the practice along with his brother, which is also their foundation as real estate investors. They all have a deep understanding of real estate and asset protection and how it all works together. We then talk about what you can do in asset protection to ensure you are doing the right thing. According to Doug, when you start investing, you should keep one concept in mind. The safe part of your life and the risk part of your life should be as separate as possible. The safe part of your life is simply the safe assets you hold. They include your cash in the bank, stocks, bonds, cryptocurrency, etc. You have to keep them in a separate legal entity from assets that can create liability. A home you are flipping can create liability; you have workers, equipment, and a house that can fall or burn down. Doug says the first legal entity you should understand is a Limited Liability Company or LLC. Its purpose is to help you limit liabilities. Next, we discuss why you should buy your first property in an LLC and not in C-corp or S-Corp. Doug shares that an LLC and a corporation are two different legal entities, but you can have an LLC taxed as a C-corp, S-corp, partnership, or disregarded entities. According to Doug, the reason it's always going to be an LLC for asset protection is that LLC has members, and they can create restrictions on who can be a member, which can help eliminate entire classes of people from ever becoming a member. Corporations, on the other hand, are not membership entities. They are shareholder entities and have no way to exclude anybody from becoming a shareholder. We then talk about the volume of properties you can hold in one LLC. Doug shares that when you are flipping, you get your property in LLC, but after flipping, it's out of the LLC, and the LLC is empty again. According to Doug, you can use that LLC as many times as you want, but as long as that LLC is alive, it has all the hangover liability from any deal it ever did. Doug advises that you should always pick a number that you are comfortable with, such as 10, do the 10 flips in that LLC and then let the LLC die a natural death to start a new one. Why? If a deal goes bad and they come to you years later, you want the lawsuits to be on an LLC that is empty, not in use, and dying its natural death as opposed to your current LLC with properties in it. LLCs are easy and inexpensive to form, so you should often kill your LLCs if you are in high-risk activities such as flipping houses. Next, we talk about a holding company and the importance of having one from a legal standpoint. Doug shares that a holding company can be an LLC, but Doug recommends using a limited partnership, and a lot of syndication deals use limited partnerships instead of LLCs. You should also select a favorable state, and he recommends Arizona. It has incredible laws, inclusive charging for asset protection, great case laws, and their registration is perpetual. According to him, little things like fewer moving parts matter a lot. So, if you are flipping and get a property you want to hold, you have to take it out of the flipping LLC and into a long-term holding company. Doug emphasizes that as you take assets for long-term holding to build your property portfolio, they should be in the long-term holding company structure. Also, don't put your flipping entity in the holding company because it will increase your exposure to risks, and it's transient. We then talk about the market and some of the risks associated with the market cycle that we are in right now. Doug shares that the biggest risk is over-leverage. Doug advises that we slow down on anything that makes us overleveraged by doing fewer deals, carrying more cash, and putting more cash down on the deals we are doing. According to him, the risk is bigger for the flippers than the portfolio because if you have tenants, they will still pay the mortgage if the market goes down. However, if you're relying on properties to go up to make money, you will be stuck with the deals in your pipeline, and you might have to sell them for less. Make sure you don't miss another amazing episode of the Just Start Real Estate Podcast with Doug Lodmell and get valuable information on real estate asset protection, managing cash flow, and the dangers of the current market! Notable Quotes: “When you start investing, you should keep the safe assets in your life and the risk assets in your life as separate as possible.” Doug Lodmell “The first legal entity you should understand is a Limited Liability Company, LLC. It will help you limit liabilities.” Doug Lodmell “LLCs are membership entities and are the best for asset protection. Corporations are shareholder entities and have no way to exclude anybody from becoming a shareholder.” Doug Lodmell “You can use your flipping LLC as many times as you want, but as long as that LLC is alive, it has the hangover liability trailing from any deal it ever did. Doug Lodmell “Your LLC is a sub-entity of the holding company, and that is why your LLC should not be an S-corp as it makes it possible for the holding company to own it. Doug Lodmell “Just because you have LLCs set up for a set of properties doesn't mean that you need bank accounts or to have all the income and expenses go out to those LLCs.” Doug Lodmell Thank You for Listening! Connect with Mike on Twitter, Instagram, YouTube, Linkedin, Facebook Help Out the Show: Leave an honest review on iTunes. Your ratings and reviews really help, and I read each one. Subscribe on iTunes. Resources and Links From Today's Show: Get Doug's Guide on how to manage your LLCs cashflow: support@lodmell.com Lodmell &Lodmell Doug on LinkedIn Doug on Facebook More Resources From Mike: Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months WINNING DIRECT MAIL - How to CRUSH IT with direct mail! 7 Figure Investor Video Course - Scale your business to 7 figures. I'll show you how!

Today we have a 404, as in the 404th edition of Charlottesville Community Engagement. Hopefully this online-only information content is what you’re expecting, whether it’s your first time reading or listening or if you’re a regular by now. I’m your host Sean Tubbs, always scouring the internet to bring you more on what’s happening. Thanks for reading or listening!There are nearly 1,450 email subscribers to this newsletter, and I’ve for you to be the next one. It’s free, but Ting will match your initial payment to help the newsletters flow On today’s show:In six days, you’ll have a choice of when to take a daily train to Roanoke or the District of Columbia The University of Virginia to establish a “sustainable lab” at Morven Farm Governor Youngkin appoints four to the UVA Board of VisitorsThe Board of the Charlottesville Redevelopment and Housing Authority gets an update on finances And the New Hill Development Corporation gets a state grant to help launch a commercial kitchen to incubate new businesses First shout–out: JMRL to kick off the Summer Reading ChallengeIn today’s first subscriber-supported public service announcement, the Summer Reading Challenge put forth by Jefferson Madison Regional Library continues! You and members of your family can earn points for prizes in a variety of ways, such as reading for 30 minutes a day, reading with a friend, creating something yourself, or visiting the library! You can also get two points just by telling someone about the Summer Reading Challenge, so I guess I just added two more! Visit JMRL.org to learn more about this all ages opportunity to dive into oceans of possibilities! Second daily train between Roanoke and DC to start July 11A deal between the Virginia Passenger Rail Authority and Norfolk Southern closed on June 30, which means additional passenger rail service will begin next Monday. According to a release, the state entity will now own 28 miles of track between Christiansburg and Salem that will allow for the expansion of passenger rail to the New River Valley in a few years.“We have reached an agreement that expands access for passengers and preserves an important link in the supply chain for businesses that rely on freight rail to ship base materials and finished products,” said Norfolk Southern Senior Vice President and Chief Strategy Officer Mike McClellan. “The partnership of our government leaders was critical to making this plan a reality and we appreciate their commitment to the people and economy of Virginia’s Blue Ridge.”The first daily service on the Northeast Regional began in 2009 and ridership was triple what had been forecast. This train was extended to Roanoke in 2017 and this year has seen a return to pre-pandemic boarding levels.The second train will begin on July 11, according to the release. It will stop in Alexandria, Manassas, Culpeper, Charlottesville, Lynchburg, and Roanoke.“Amtrak will now offer morning and afternoon options in both directions between Roanoke, Washington, D.C., and to the Northeast,” said Amtrak spokeswoman Kimberly Woods. To learn more and to book tickets, check out Amtrak’s press release. A study is underway to determine if Bedford would be a viable stop. UVA estate at Morven to become Sustainability LabA nearly 3,000 acre farm gifted to the University of Virginia in 2001 will now officially be used by the institution as a “Sustainability Lab.” UVA Today reported last week that the Morven Farm property now owned by the University of Virginia Foundation will be used as a place to study environmental resilience and sustainability. Morven is currently used for meeting space and is the home of the Morven Kitchen Garden, which has been run by a student group for several years. According to the article, that use will continue and space can still be rented out by educational groups and for nonprofit events. At a bureaucratic level, authority over Morven will remain within the Provost’s office, but will now be transitioned to the Academic Outreach division from Global Affairs. Acting director of programs Rebecca Deeds will become the full time director. “Morven’s remarkable cultural landscape will contribute to a rich program that will address social, economic and environmental sustainability challenges facing society,” Deeds is quoted in the story. “We are excited to activate it as a living laboratory while we pursue new practices and programs that support and elevate UVA sustainability goals, and engage students, faculty and community members.” Morven is located on the other side of Carter’s Mountain in between Trump Winery and Highland. .Four new members appointed to UVA’s Board of VisitorsGovernor Glenn Youngkin has made his first appointments to the University of Virginia with terms that took effect this past Friday. They are:Bert Ellis of Hilton Head South Carolina is CEO and Chairman of Ellis Capital, Chairman and CEO of Ellis Communication, and president of Titan Broadcast ManagementStephen Long of Richmond is president of Commonwealth Spine and Pain SpecialistsAmanda Pillion is an audiologist with Abingdon Hearing Care and Abingdon ENT Associates, and a member of the Town Council in Abingdon, VirginiaDoug Wetmore of Glen Allen is senior vice president of Centauri Health SolutionsThe Board of Visitors next meets at a retreat on August 21 and August 22, followed by a regular meeting on September 15 and September 16. Both events are in Charlottesville. Previous meetings can be viewed on YouTube. I’m hoping to dig back into the June meeting for a future segment here on Charlottesville Community Engagement. Intrigued? Drop me a line via email and I’ll give you a preview. Today’s second shout-out: Frances Brand and Cvillepedia 101In today’s house-fueled public service announcement, the Albemarle Charlottesville Historical Society wants you to know about an upcoming exhibit at the Center at Belvedere featuring portraits of several historical figures active in the Charlottesville area in the 1970’s and 1980’s. Frances Brand was a folk artist who painted nearly 150 portraits of what she considered “firsts” including first Black Charlottesville Mayor Charles Barbour and Nancy O’Brien, the first woman to be Charlottesville Mayor. Brand’s work will be on display from July 5 to August 31 in the first public exhibit since 2004. And, if you’d like to help conduct community research into who some of the portraits are, cvillepedia is looking for volunteers! I will be leading four Cvillepedia 101 training sessions at the Center every Monday beginning July 11 at 2 p.m. Sign up at the Center’s website.Charlottesville public housing board gets update on financesWe’re still just days into Virginia’s fiscal year, but the fiscal year of the city’s public housing agency is now entering its second quarter. The finance director of the Charlottesville Redevelopment and Housing Authority “Overall against budget we are on target,” said Mary Lou Hoffman, CRHA’s finance director. At the end of the fiscal year, one issue was a backlog of unpaid rent by tenants. CRHA staff continue to find sources of revenue to cover arrears though state rent relief programs and reaching out to local resources. . “Around March, we were at $229,000 but we’re currently at $126,000,” said John Sales, CHRA’s executive director. “And so they’re constantly talking about the tenant accounts which is a big focus that we have to have. It was one of the areas that the [U.S. Department of Housing and Urban Development] dinged us on years ago for our accounts being so high compared to the amount we are collecting.” Sales said one issue has been getting into contact with residents to get them set up with rent relief payment arrangements. HUD classifies CRHA as a “troubled” agency due to a pattern of issues over the years. Sales said getting the finances correct alone will not change that status. “The only issue that we have so far in our audits is the physical conditions and so we’re working to address those issues,” Sales said. “We had our physical audit in March and all of the emergency work orders were addressed.”Another issue is tenant damage, which can also affect the HUD status in the audits. Sales said a maintenance plan will address this category. Redevelopment is underway and two sites have been transferred to a new ownership structure in which the CRHA owns the ground and a Limited Liability Company has been set up to own the buildings for a certain period of time. An entity controlled by CRHA known as the Community Development Corporation Commission controls the LLCs. This allows the projects to be financed through Low-Income Housing Tax Credits (LIHTC) as well as other sources.“Technically, they are still our responsibility,” Sales said “We own the land. We own the management agreement. We have several loans attached to each development that will eventually either get paid back or get forgiven when we get the property back, get ownership of the property back in 16 years.” HUD oversight of the public housing projects will continue, but it will be different because there are different kinds of subsidized units. “We’ll have public housing units so one office will be inspecting them, and then another office will get inspections from LIHTC and gert inspections from HUD,” Sales said. The LIHTC units would be inspected by Virginia Housing, which issues the credits in the Commonwealth. Late this month, Virginia Housing’s Board of Commissioners approved low income housing tax credits for this year. Staff recommendations had been not to recommend credits for the first phase of redevelopment for Phase 1 of Sixth Street SE and additional credits for a second phase at South First Street. There are three vacancies on the CRHA Board of Commissioners and Charlottesville is taking applications through August 5. The terms of Commissioners Maddy Green and Laura Goldblatt expired at the end of June, and Green is not seeking reappointment after filling an unexpired term. Council will make the final appointments. New Hill Development Corporation gets $189K state grant for commercial kitchen incubatorA Charlottesville nonprofit created to increase wealth building opportunities for Black community members has been awarded a state grant to develop a place for culinary entrepreneurs to grow businesses. “The New Hill Development Corporation will stabilize and grow food and beverage manufacturing activity in the region by opening an 11,500-square-foot shared commercial kitchen incubator in order to provide food entrepreneurs with a cost-effective space to produce, package, store and distribute tradable manufactured products,” reads a press release for the latest Growing Opportunities grants from the Virginia Department of Housing and Community Development. The BEACON’s Kitchen project is the only recipient in this area. According to the release, the project will create 90 new jobs, 28 new businesses, and at least 30 new tradeable food products. New Hill is offering a Food Business Boot Camp on August 3 and August 4. (learn more)The New Hill Development Corporation was created in 2018 and received $500,000 from City Council late that year to create a small area plan for the Starr Hill neighborhood, the site of the razed Vinegar Hill neighborhood. The plan envisioned what a redeveloped City Yard might look like, but was converted into a “vision plan” by the city’s Neighborhood Development Services Department. Other GO Virginia grant recipients in June include:Accelerating Advanced Manufacturing Workforce - $530,000 for Laurel Ridge Community College “to build a strong workforce pipeline for Region 8 manufacturers by offering an advanced manufacturing sector-focused career pathway training program.”Technology Academies for Fauquier and Rappahannock Counties - $402,075 for school systems in those two localities to “develop college-level courses in robotics and drones to high school students and adult learners through a workforce development program.” Talent Supply Connector - $391,528 for Virginia Career Works Piedmont Region to create “a Career Pathway Guide for employers and developing a region-wide database of relevant training offerings” in an area that includes Greene, Louisa, and Nelson counties.Workforce and Entrepreneurship Initiatives in a Regional Makerspace - $324,000 for a company called Vector Space to “facilitate the implementation of expanded programming and equipment centered around workforce development and entrepreneurship for underserved populations” in Bedford and Campbell counties as well as the city of Lynchburg. Read the press release for more.Like the newsletter? Consider support! This is episode 404 of this program and it took me about six hours to produce. That’s because there are fewer segments in this one. I am hoping to get this on a regular schedule, but that’s going to take more personnel. For now, I hope to get each one out as soon as I can. All of this is supported by readers and listeners through either a paid subscription to this newsletter or through Patreon support for Town Crier Productions. Around a third of the audience has opted to contribute something financially. It’s similar to older times when you would subscribe to a newspaper. I subscribe to several, myself!If you are benefiting from this newsletter and the information in it, please consider some form of support. I am not a nonprofit organization and most of my time is spent in putting the newsletter together, which includes producing the podcast.For more information on all of this, please visit the archive site Information Charlottesville to learn more, including how you too can get a shout-out! Thank you for reading, and please share with those you think might want to learn a few thing or two about what’s happening. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit communityengagement.substack.com/subscribe

To LLC or Not to LLC. That is the question we discuss today. Need a food trailer? I partnered with Rent 2 Own Trailers out of Houston Tx to give 6 months of coaching with every new trailer purchase. For more info and program pricing. https://www.moorebetterperformance.com/3-steps.html The Best POS system for a food truck hands down is EasyEats, Check them out. https://easyeats.xyz/pricing.php Get on my schedule for a free no obligation call. https://calendly.com/bill_moore/fttg-introductory-coaching-call Check out the best Food Truck group on Facebook https://www.facebook.com/groups/FoodTruckTraining Brand new to food trucking? Check out our training course that comes with 8 hours of one-on-one training. https://www.moorebetterperformance.com/food-truck-101.html For old school folks that like reading books I have you covered as well with a 300 plus page textbook and an optional study guide. https://www.amazon.com/gp/product/1697684467 We have video training on our YouTube channel. https://www.youtube.com/c/foodvendorreality Support the pod with a monthly donation. https://anchor.fm/food-truck-training/support Or offer one time support here. https://www.moorebetterperformance.com/store/p7/10_Minute_Food_Truck_Training_Pod_Cast_Support.html --- Support this podcast: https://anchor.fm/food-truck-training/support

Limited Liability Companies offer a solution to the high costs of payroll taxes. In this video, I'll go over how an LLC can help your business grow while saving you money on taxes. Today we have a call with a Romanian who has many questions about the reporting, the taxes, that accounting and how he can runs campaings and things like this for his clients personal services. If you have any questions or need help with incorporating your own LLC, just reach out! How many podcast of James have you listen today? Do you want to skip the line and get the answers to your questions right away? Do you want to learn exactly how you can have a Tax Free US Company and bank account without traveling to the US? Get your questions answered right away on a call with James. Schedule with the link below to receive clarity on your tax situation and stop spinning wheels. https://www.calendly.com/jamesbakercp... Would you like to learn our 3 step strategy for owning and operating a US Company? Do you want to grow your business and pay no taxes without spending hours and hours learning how everything works on youtube? You can schedule a FREE discovery call with our team with the link below. https://calendly.com/teamjb/strategys... Do you want to learn how to open and operate a Tax Free Company in the USA even if you live outside the US and don't have a visa. Click here - https://www.jamesbakercpa.com/offers/... WEB ➤ https://www.jamesbakercpa.com YOUTUBE (EN ESPANOL) ➤ https://www.youtube.com/c/TuEmpresaEn... FACEBOOK ➤ https://www.facebook.com/jamesbakercpa TIKTOK ➤ https://www.tiktok.com/@jamesbakercpa LINKEDIN ➤ https://www.linkedin.com/in/jimbakercpa INSTAGRAM ➤ https://www.instagram.com/jamesbakercpa ¡¡¡¡ Lawyer Disclaimer (Occupational Hazard): This is not legal advice. Everything here is for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney for advice regarding any particular issue or problem.

If you're ready to file an LLC yourself and take the DIY approach, I want you to know as much as possible to help you prepare to file. A Limited Liability Company (or an LLC), provides very similar protections as a corporation. But LLCs are easier, and much cheaper to form and run. It's a way for business owners to protect themselves from personal liability. It separates the personal liability from the business liability.     The Legal Paige Podcast Shownotes     Episode Highlights An in-depth look on how to really start filing for your LLC, and why it's important to familiarize yourself with your home state's filing process.  What is a name reservation, and why it's very different from a trademark registration which is a different form of protection. What is an effective date, and what to choose if you want to be an LLC right away.  A breakdown of what is registered agent, and what you could do if you're not comfortable leaving your home address listed. Why different states may have larger filing fees, but I don't want this to deter you from filing. Because the benefits of forming an LLC outweigh the filing fee.    Worth Noting "You don't want your business assets and liabilities co-mingled with your personal assets. We've worked hard to create a savings account, 401ks, build a home for ourselves, and we don't want those to be interrupted or be at risk with the business that we're creating. Which is why an LLC essentially creates this entire bubble around your business." - Paige on why forming an LLC and keeping your assets separate is important.  "You can't have a PO box here where your LLC receives official mail. So oftentimes business owners just choose to simply put themselves as registered agents and then they list their home physical address. Remember, this is public information, your LLC registration lives in a public area that people can search and access. So if you're not comfortable providing your home address for privacy reasons, you're going to need to find another registered agent in your home. And that is really easy to do." - Paige on what is registered agent. "Keep in mind that being an LLC owner has benefits, including being able to write off many, many business expenses. So keeping your funds separate allows you to keep track of expenses easier, which will ultimately help you write off more during tax season. Your accountant will thank you for this. You will thank yourself for this at the end of the year, when you have this business bank account all set up. Not only is it absolutely mandatory and necessary, legally speaking to keep your LLC actually an LLC, but it's also great for keeping track of your finance." - Paige on why you need a business bank account.   Purchase The Legal Paige's DIY LLC Guides:  The Legal Paige's DIY LLC Registration Guides   Read More About Manager-Managed LLCs Versus Member-Managed LLCs Read The Legal Paige's Manager-Managed LLCs Versus Member-Managed LLCs Blog Find Contracts & Clauses in The Legal Paige Shop: The Legal Paige Shop Join Our Free Facebook Community: The Legal Paige's Facebook Community

On Episode 28 of RGP, Diggy & Bailz talk about artists getting a Limited Liability Company. Why is it important? What does it entail? Rappers Guide Podcast is a Music Business podcast that intends to bring independent artists up to speed on the current climate of the music industry.

On this first solo episode of Legally Aligned, our host Lauren is giving us the rundown on LLC's! Do you know when the right time is to form an LLC? Or maybe you've already formed one for your business, do you know the benefits that come with forming an LLC? Forming a Limited Liability Company (aka LLC) is the foundation of your business! Tune in to hear the benefits, and some valuable tips when forming your LLC! 01:10 Let's talk Limited Liability Company (aka LLC)! 02:30 Highlighted Review! 03:20 What are some benefits of having an LLC?  03:50 When is the right time to form an LLC? 05:30 Why is there additional flexibility offered to you as an LLC vs a Corporation? 07:10 How you can decide how your company will pay taxes! 08:30 Who should form a Professional LLC (PLLC)?  09:10 3 tips for forming your LLC! 11:00 Now you have your articles of organization! What about an operating agreement? 12:00 How to avoid paying for your EIN!  ……………………………………….. Work with Lauren Boyd: https://www.guidemybusiness.co/book-a-consultation  Connect with Lauren on Instagram: @thelaurenboyd https://www.instagram.com/thelaurenboyd/?hl=en Join the “Guide My Community” Facebook Group: https://www.facebook.com/groups/guidemycommunity

This episode is a deep dive into one of the most frequent questions we hear about home-based production, “How can I get over the initial hump of starting a home-based production business?” We answer this question with personal reflections in starting up our own business earlier this year, focusing this discussion (the first of three episodes) on government permissions and requirements. The first step is often the most precarious in any new venture. Some people feel so intimidated by it that they never put that first foot forward at all. Others move so quickly that they miss crucial pieces and put their businesses at risk in the long run. There is, however, a third approach, which includes reasonable research and action. This doesn't have to be all-encompassing, but it does have to be thorough enough to protect yourself and your future customers. Podcast host, Cory Heyman, discusses his experience in starting his home-based production experience earlier this year. He started by asking two questions, “What's the best way to organize the business?” and “What do I want to produce, at least initially?” The answers to these questions then framed all his other start-up activities. Cory created his business as a Limited Liability Company and a Pennsylvania Benefits Corporation, the latter of which emphasizes the desire to create a public good in addition to a private good. Given that he is preparing to produce food and personal care products, he also registered his home as a “Limited Food Establishment,” the state designation for an entity that is allowed to produce some kinds of foods from a home. This episode details Cory's exploration of rules and requirements at different levels of government to create his home business as well as the challenging new path that he had to negotiate in his community and township to gain necessary approvals. He discusses what he learned about the kinds of foods that can be produced from home as well as how to label his products to make sure there is no more governmental scrutiny than necessary. He also describes his recent home visit from a food inspector and how the inspection process has changed during the time of Coronavirus. Next week's discussion will then be able the other organizing steps he has taken to prepare his home for upcoming production. For more information about the movement behind the podcast, visit our Facebook Group, at https://www.facebook.com/groups/350301745982098; follow us on Instagram, https://www.instagram.com/cotcup/, check out examples of our guests' creations on Pinterest, https://www.pinterest.com/cotcup/boards/, and subscribe to our email list (https://cotcup.com/lp) and receive our living document, the Eightfold Path Plus One Guide to Success for Home-based Producers, and future updates. 

This episode is a MUST LISTEN! Don't make the mistake of picking a sugary sweet name for your biz without learning more from our guest, Joey Vitale from Indie Law. When Joey Vitale was in college, he was bribed by his father to go to law school with a new car. He quickly realized he was not the ‘shark.' Due to it not fitting, he started his own graphic design business. Through networking, he realized how many people in business had questions. So, he started a law firm to fill the need in order to help cut out the noise.Many people go with less expensive solutions. The problem with that is there is one solution for everyone--which is not the right solution for everyone. Instead, Joey works with people to educate and empower them in their business decisions.His law firm focuses on the must haves for a business and has solidified the process into programs for those starting their business. There are two beliefs that are very common among business owners:I can be under the radar while getting startedI am confident in startingThese two concepts cannot coexist. What ends up happening is you wake up one morning to an expanding business that has duct tape. It isn't protected because when that step should've been completed, you were too small. One of the first steps they need to do is acknowledge that this business is separate from you. It is very easy to take it personally. But absolutely none of it is attached to your worth as a human. That goes both ways--positive or negative. As long as you stay a sole proprietorship, you are connected to the business. This is why it is recommended that you start as an LLC and establish your business is important enough to be its own entity. Beyond the mental state of mind of being a separate entity, being a Limited Liability Company protects you. In the worse case scenario, if you are ever sued, your personal assets are protected. Once you are committed to forming an LLC you will find it is quite easy to setup. In Joey's business, he has resources available to help guide you through the process.Next--trademarks. With sugaring being our service, we get to have a ton of fun with the names. But here is the thing we all assume, an available domain name means the name isn't taken. Wrong! A trademarked may exist and down the road, you may be told to change your business name. Trademarks actually exist to protect the consumer more so than the business. Owners tend to think they are ‘calling dibs' on the name and they don't want anyone else using it. But, what trademark protections are really about is the consumer. So they get the brand that they are trying to get. For instance, someone selling shoes that are spelled “Nikee” instead of “Nike.” I myself as the Sugar Mama ran into this at a tradeshow. I sent someone that was new to sugaring to a vendors table. That person said, “the Sugar Mama sent me.” And the vendor's response was, “Which one?” I actually had to interrupt and make sure it is known that I am THE Sugar Mama and am protected with that trademark. I was able to do that with your guidance, Joey, so thank you so much!The key is--protect and focus on your business. Take the time to learn how to properly search for available names. Open that LLC. Start your trademark process. And be the legitimate business! You can flex behind having your ducks in the row. Last pro tip--do your LLC first! There is actually a difference between the technical name of your LLC and your trademark. When you get an LLC, that name is the backstage business name. Your trademark can be your brand name. If you are overwhelmed, use your name for the LLC and let the trademark be your public facing name.

¡Hola a todos y todas! Bienvenidos a un nuevo episodio del podcast del Emprendedor Amazónico. Un podcast destinado a proporcionarte las herramientas y conocimientos que necesitas para crear tu propia marca online, aprovechando el poder de Amazon, y con ello poder vivir tu vida tal y como tú desees. ¿Te gustaría disfrutar de la experiencia del Camino de Santiago en una semana en la que dicen que no va a llover en Galicia? Pues con un negocio online lo puedes hacer. ¿Quieres aprender cómo? No dejes de seguir los episodios del podcast del Emprendedor Amazónico. Intro En este episodio 28 del podcast del Emprendedor Amazónico te voy a hablar sobre un tema que parece preocupar mucho a los Emprendedores Amazónicos, en particular, a los que residen en España. Y es el tema de la fiscalidad. ¿Qué tipo de figura fiscal debo adoptar? ¿Cómo me pago a mí mismo? ¿Dónde pagaría mis impuestos? Etc. Si no resides en España, no te preocupes. Este episodio te va a interesar igualmente porque no voy a dar ninguna recomendación en particular para residentes españoles. No soy un experto en fiscalidad, ni española ni de ningún país. Así que mis recomendaciones de hoy se basan en el sentido común, y en mi experiencia de 5 años como vendedor y consultor de negocio. Pero antes de eso, quiero comentarte otra cosa. Cómo Evitar Que Tu Negocio Online Se Apodere De Ti Hace unos días recibí un correo de una web que vende cursos para enseñarte a crear un negocio online. Sus premisas son bastante convincentes, te ofrecen alcanzar la libertad geográfica, financiera y temporal. Con lo de la libertad de tiempo supongo que no se refieren a llevarte viajando en un DeLorian, sino más bien a que seas dueño de tu vida y decidas qué haces con tu tiempo en cada momento. Pues bien ellos dicen, y yo también lo digo, que todo esto se puede alcanzar con un negocio online. Sin embargo, el gran problema al que se enfrentan la mayoría de los emprendedores online, ojo que no los Emprendedores Amazónicos como tú, es la falta de libertad, provocada por sus propios negocios online. Según ellos, los emprendedores digitales se sienten atrapados por sus negocios online, de forma que no tienen tiempo para dedicar a viajar, entrenar, visitar a sus familiares cuando les dé la gana, etc. Ellos argumentan que es difícil salir de esta situación y alcanzar tus sueños sin una hoja de ruta. Te ofrecen un mini curso gratuito que supuestamente es muy útil, y después te ofrecen que hagas el curso pagando. No voy a entrar en valoraciones porque yo no lo he hecho. Lo que sí voy a valorar es lo siguiente.  ¿Por qué dar lugar a que tu negocio te absorba de esa forma? Es decir, creas un negocio online con el objetivo de poder disponer de tu tiempo, viajar cuando quieras, trabajar cómo y cuando quieras, y en algo que te apasione, y ¿dejas que eso se vuelva contra ti para verte en la misma situación que tenías antes de emprender? Hay que ser muy obseso del trabajo para dejar que tus objetivos pasen a un segundo plano. Porque la clave está en eso, en los objetivos. Todas las personas estamos donde estamos actualmente a consecuencia de todas las decisiones que hemos ido tomando. Lo que va a determinar tu futuro son tus decisiones. Lo que diferencia el éxito del fracaso son tus decisiones. ¿Cómo decides correctamente si no tienes unos objetivos definidos con todo detalle? Es muy difícil, y requiere de mucha suerte. Nuestras decisiones del día a día son los pasos que vamos dando en el camino, pero si no conocemos nuestro destino, es prácticamente imposible llegar a él. Tienes que tener claros cuáles son tus objetivos no sólo a largo plazo, por ejemplo, alcanzar la libertad financiera, sino también a corto plazo, como en mi caso, disponer de dos horas al día para ir a entrenar. Cuando tienes claro POR QUÉ haces lo que haces, es decir, porqué estás creando un negocio online, el resto de decisiones son sencillas, y además no pondrán en riesgo lo que has alcanzado. Con esto quiero decir que tú no te ves absorbido por tu negocio, y sin tiempo para nada, así de repente... Eso es un proceso, que ha tenido lugar a causa de tus decisiones. Así por ejemplo, si dispones de dos horas libres cada día de lunes a viernes para crear tu negocio online, y una de esas dos horas la quieres dedicar a ti mismo, porque hay que vivir y saber disfrutar de la vida y porque te da la gana, pues dedícala a ti mismo desde el principio. Si empiezas a sacrificar tus objetivos de vida por crear un negocio online, ¿cuál es el objetivo entonces de crear ese negocio online? Mucha gente piensa, “cuando lo haya creado y funcione, disfrutaré”. Te aseguro que esto no es así. Por un lado, al emprender nunca hay garantía de éxito. Quien te diga lo contrario te está mintiendo. Así de claro. La única garantía si no disfrutas de la creación de tu negocio, y también dedicas tiempo a disfrutar de la vida mientras creas ese negocio, es que vas a acabar quemado, y que el tiempo que no has disfrutado no lo vas a poder recuperar “cuando hayas creado tu negocio y funcione”. Yo creo que nos hemos metido en esto de crear negocios online para poder disfrutar de la vida con libertad real. No quieras dejar de ser esclavo de tu jefe, empresa, sociedad, etc, para convertirte en esclavo de tu negocio. Define los objetivos de vida que quieres conseguir con tu negocio online, y úsalos como piedra angular a la hora de tomar decisiones: ¿Me acerca esto a mi objetivo? Es fácil, o Sí o No. Cada uno tenemos nuestros objetivos, pero quiero que te asegures de disfrutar del proceso hasta alcanzarlos, porque para disfrutar de la vida no hay que esperar a llegar al destino, hay que disfrutar del camino. Y ahora sí dejamos este aspecto más filosófico, pero FUNDAMENTAL para asegurar nuestro éxito y pasamos al tema fiscal... Mi Consejo Para Evitar Que La Fiscalidad Sabotee Tu Negocio Online ¿Qué tipo de figura fiscal debo adoptar? ¿Cómo me pago a mí mismo? ¿Dónde pagaría mis impuestos? Etc. Como ya te he dicho antes, yo no soy experto fiscal ni en ley española ni de ningún otro sitio. Algo que he aprendido a través de mi experiencia, es que no merece la pena que te quedes atascado al principio por no saber qué figura fiscal es la más correcta o la que más te conviene. Lo primero que se te tiene que quedar grabado a fuego es que una cosa es tu empresa y otra eres tú como individuo. Vamos a empezar hablando sobre tu empresa. En términos generales, creo que la mejor figura fiscal es la de una empresa limitada. Esto es lo que en España se conoce como “Sociedad Limitada” o SL, en Reino Unido es una “Limited Company” o “Ltd” y en Estados Unidos es una “Limited Liability Company”, o LLC. En otros países pueden tener una denominación diferente, pero lo importante es su carácter de limitar la responsabilidad de sus dueños. Es decir, si la empresa quiebra y debe dinero o es demandada y tiene que pagar indemnizaciones, estos pagos se cubren con los bienes de la empresa, pero no se tocan los bienes personales de sus dueños, incluso si los bienes de la empresa son insuficientes. Para mí esta figura fiscal te permite diferenciar perfectamente entre empresa e individuo, o sea tú. Hasta ahora, Amazon te permite crear una cuenta de vendedor profesional usando una empresa, y no te exigen que dicha empresa sea de un país u otro. Cuando yo creé mi empresa lo hice en Reino Unido, porque vivía allí, y porque empecé a vender allí. Este último hecho es importante. En términos generales, cuando hablamos de la venta de productos físicos, la fiscalidad afecta al lugar donde se almacenan dichos productos, así como donde son vendidos. Por ejemplo. Si almacenas tus productos en Reino Unido, tienes que pagar impuestos por ellos a Reino Unido a través del impuesto de importación y el IVA (VAT). También tendrás que pagar impuestos sobre tus beneficios al gobierno del país donde hayas creado tu empresa, además de otras cargas fiscales que puedan existir. Para hacerlo aún más bonito, en Europa tenemos que pagar IVA a cada país en el que almacenemos nuestros productos. Y esto es algo en lo que Amazon no ayuda mucho, aunque para no alargar demasiado este episodio no voy a entrar en ese tema y lo dejo para otro episodio del podcast del Emprendedor Amazónico. No pretendo agobiarte. Todo lo contrario. Quiero que entiendas lo siguiente. Creo que cuando empiezas, la figura fiscal que más sentido tiene depende de dónde vas a empezar vendiendo y almacenando tus productos. Si vas a empezar vendiendo en Estados Unidos, pues lo más lógico es que crees tu empresa allí, ¿no crees? Si vas a empezar vendiendo en Europa, pues la cosa cambia ya que tienes que tener en cuenta dónde vas a almacenar y dónde vas a vender. Hoy en día con toda la información que hay online te resultará muy sencillo encontrar detalles sobre cómo crear tu empresa en el país en el que decidas hacerlo. Tan sólo recurre al amigo Google ;) Ahora te voy a hablar muy brevemente sobre la tributación del individuo, o sea tú. Lo único que sé con seguridad, es que si tú no sacas dinero de la empresa y lo transfieres a una cuenta tuya, y haces uso personal de ese dinero, tú no tienes que pagar impuestos de manera personal por ello. En este punto puede que estés pensando, ¿ y si yo soy el director de la empresa y me dedico a gestionarla, tengo que estar registrado como autónomo y pagar impuestos, etc? Mi respuesta: cada país es diferente. Por desgracia es así de divertido. Por eso, te recomiendo que no te rayes demasiado. Que decidas dónde vas a vender y dónde vas a almacenar tus productos, y que a partir de ahí crees tu empresa en ese país y te rijas por las leyes de ese país. Y fin. Más adelante, y si lo haces bien, tendrás motivos de verdad para preocuparte por la fiscalidad. Concéntrate en hacer crecer tu negocio, pues sin negocio no hay fiscalidad de la que preocuparse. O como bien dijo Julio César, "cuando lleguemos a ese río, cruzaremos ese puente". Muchísimas gracias por dedicar tu tiempo a leer este episodio. Si tienes cualquier duda, sugerencia o comentario  envíame un correo a rafa@elemprendedoramazonico.com o dímelo abajo en los comentarios del episodio 28 en la web del EA. Y si no quieres perderte ninguno de los episodios que voy a seguir publicando, únete a nuestra Comunidad de Emprendedores (además recibirás un bonus PDF totalmente gratuito, y acceso a más recursos gratuitos). ¡Que tengas un gran día y un fuerte abrazo! Muchas gracias por estar ahí un día más.

Wow, yesterday was a new record for downloads of the podcasts!  Keep up the great work sharing the show.  Today I give some basic differences between LLCs and corporations and why it may not matter to you.  I also give my advice for a professional dinner meeting including where to go and what the discussion […] The post Episode 021 – Difference between an LLC and a Corp, Advice for a Professional Dinner Meeting, and Ohio SB 319 first appeared on The NP Dude.