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Speaker 1: An illegal alien from Guatemala charged with raping a child

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Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador

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Speaker 1: accused of murdering a Texas man of Venezuelan charged with

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Speaker 1: filming and selling child pornography in Michigan. These are just

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Speaker 1: some of the heinous migrant criminals caught because of President

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Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States

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Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border

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Speaker 1: crossings are at the lowest levels ever recorded, and over

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Speaker 1: one hundred thousand illegal aliens have been arrested. If you

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Speaker 1: are here illegally, your next you will be fined nearly

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Speaker 1: one thousand dollars a day, imprisoned, and deported. You will

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Speaker 1: never return. But if you register using our CBP home

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Speaker 1: app and leave now, you could be allowed to return legally.

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Speaker 1: Do what's right.

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Speaker 2: Leave now.

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Speaker 1: Under President Trump, America's laws, border and families will.

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Speaker 3: Be protected sponsored by the United States Department of Homeland Security.

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Speaker 2: You have to think about up front who's doing what

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Speaker 2: and who is responsible for what, especially in partnerships and

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Speaker 2: when it's just you it's cool. Everything falls on you

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Speaker 2: when you start needing to answer questions and you're being

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Speaker 2: checked by people. It's good to be able to say no,

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Speaker 2: this is the rules, this is what we said, this

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Speaker 2: is what we agreed on. People are emotional, and emotions

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Speaker 2: in business do not mix. They may say, oh, well,

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Speaker 2: I'm gonna buying I need some money, so I want

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Speaker 2: to take out some money from the business. No, no,

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Speaker 2: we said that the money was locked up. It's a

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Speaker 2: lock up. Nobody's taking any distributions for the first two years.

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Speaker 2: That now makes it a personal problem and not a

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Speaker 2: business problem. And we agreed on this. My graduates from

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Speaker 2: my school being forced back drop drop drop, backdrop.

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Speaker 4: All right, guys, welcome back, e y l. This is

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Speaker 4: a very nostalgic episode. I'll explain. So, you know, we

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Speaker 4: started earning Alesia and the original concept was just me

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Speaker 4: and Troy and we were talking about like different relevant

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Speaker 4: stuff and pop culture relating into business, business case studies,

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Speaker 4: things of that nature. And we didn't have any guests.

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Speaker 5: No, no, no, just us.

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Speaker 4: Yeah. And then the first guest that we had episode

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Speaker 4: eight eight.

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Speaker 5: You said, let's just invite somebody man.

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Speaker 4: Yeah, sure, yes, Miss Business. So I met I met,

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Speaker 4: I met Miss Business through MG shot at MG went

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Speaker 4: to his workshop that he had. I spoke at his workshop,

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Speaker 4: and this is two years ago and going on three

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Speaker 4: years man almost three, but it's like it was like

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Speaker 4: two because we didn't have a guest. We start, yeah,

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Speaker 4: like two and a half years ago. To long story short,

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Speaker 4: I met Miss Business there and you know, the accounting CPA.

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Speaker 4: So around that time, Amazon had a big story in

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Speaker 4: the news where they didn't pay any federal taxes taxes

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Speaker 4: federal right, no federal taxes. Yeah, and they had made

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Speaker 4: like eighteen billion dollars that year and they didn't pay

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Speaker 4: any taxes. So it was a real big trending topic.

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Speaker 4: So I'm like, all, this is the perfect time to

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Speaker 4: actually talk about this, but instead of me and Troy

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Speaker 4: talking about it's bring an expert in to talk about it,

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Speaker 4: and then not only talk about that, but to give

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Speaker 4: general you know, tax tips because for like, taxes was

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Speaker 4: something that was very, very important. So, long story short,

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Speaker 4: inviting Miss Business and she was the first guest of

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Speaker 4: E Y L. And then I was opened up the

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Speaker 4: floodgates for everybody.

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Speaker 5: Everybody about you did have me.

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Speaker 2: Talking about we were talking about every brother. Yeah, I

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Speaker 2: believe that was two years ago. Yeah, that was that

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Speaker 2: has happened in two years.

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Speaker 5: A lot has happened, a lot of things in change,

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Speaker 5: a lot of things.

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Speaker 2: We was at the we was at the dining room table.

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Speaker 5: This is a fact. Now I just eat dinner there.

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Speaker 4: Yeah, that is a fact. So so this is a

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Speaker 4: full circles moment. So if you're familiar with us, then

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Speaker 4: you're probably familiar with miss Business CPA short in there

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Speaker 4: and she's been one of these people that's kind of

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Speaker 4: been a fiction with ey L where she's done events

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Speaker 4: for us. She's did market Mondays, We've done YouTube live,

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Speaker 4: We've done she's done taught a lot of classes for

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Speaker 4: Eyo University. She's been she's been with us, kind of

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Speaker 4: like how MG has been with us, but we have

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Speaker 4: not done a follow up episode. So I thought this

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Speaker 4: was the perfect time and for a follow up episode.

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Speaker 4: Different topic though this time is probably one of the

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Speaker 4: most requested topics that we have ever had, where it's

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Speaker 4: like we talk about business so so much, and one

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Speaker 4: of the top topics is how do you start a business?

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Speaker 4: Like what is the steps to start a business? From

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Speaker 4: setting up an LLC to setting up EI in number,

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Speaker 4: the bank account, the idea of actually starting a business,

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Speaker 4: the operation agreements, and then once you have a business,

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Speaker 4: as far as how do you put stuff in your

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Speaker 4: business name, how do you take tax deductions? Yeah, all

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Speaker 4: of that stuff. Retirement, how do you sort of retirement plans,

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Speaker 4: How do you hire employees? How do you put employees

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Speaker 4: on payroll? So much stuff. It's like, you know, even

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Speaker 4: if you go to business school, a lot of this

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Speaker 4: stuff is not taught. Most of the stuff's taught in

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Speaker 4: business school is like more theory, things of that nature,

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Speaker 4: supplying demand charts. But this is real world business and

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Speaker 4: what happens is most of the time is that you

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Speaker 4: just learn as you go. The problem with learning as

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Speaker 4: you go is that you make a lot of mistakes,

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Speaker 4: and you can avoid some mistakes if you have some

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Speaker 4: level of mentorship. And this is what EYO has become,

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Speaker 4: kind of like mentorship and the sorts. So this conversation

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Speaker 4: is extremely important. We're gonna be talking about how to

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Speaker 4: start a business, how to keep the business afloat, how

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Speaker 4: to run a business, operations, everything you need to know

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Speaker 4: to have a successful business this year, next year, and

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Speaker 4: every year. So first and foremost, thank you for joining us, appreciate.

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Speaker 2: It, Thank you for having me again.

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Speaker 5: Welcome back, now back. This is you know what, it's

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Speaker 5: also perfect timing.

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Speaker 3: We just saw of report that four point five million

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Speaker 3: people quit their jobs, right, and we saw that a

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Speaker 3: lot of people are not they're not going back to work,

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Speaker 3: but they are becoming entrepreneurs. So we saw the ADP

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Speaker 3: numbers rise, and so that's an encouraging sign, especially if

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Speaker 3: you're looking at like who's trying to start their own business.

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Speaker 5: So this is the absolute pristine time and.

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Speaker 2: The perfect way to start the year, perfect way to

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Speaker 2: start on twenty twenty two.

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Speaker 4: Indeed, that's a fact. Yes, that's a fact. A lot

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Speaker 4: of people have New Year's resolutions of starting a business.

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Speaker 4: So what better way. And even if you have a business,

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Speaker 4: this is gonna be information that you can usually take

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Speaker 4: your business to the next level and just run things

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Speaker 4: more efficiently. So all right, not even gonna waste any time.

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Speaker 4: Let's get into it. So the first question that I

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Speaker 4: have we're gonna start from like the beginning all the

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Speaker 4: way to the end, is choosing a business. Like when

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Speaker 4: you're considering a business, you have passion projects and you

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Speaker 4: have businesses. A lot of times people start businesses for

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Speaker 4: the wrong reasons. They start the wrong businesses. So what

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Speaker 4: are your advice as far as like starting a business idea?

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Speaker 2: So when people have everyone has ideas, right, I believe

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Speaker 2: that we're all phenomenal and we all have these amazing ideas. However,

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Speaker 2: I think that when you're considering I say passion versus profit,

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Speaker 2: because you hear all the time you need to like

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Speaker 2: follow your passion, and you need to follow your passion,

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Speaker 2: and sometimes that passion leaves you broke right, And so

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Speaker 2: I think that when you are thinking about all these

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Speaker 2: different ideas that you have, you have to think about

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Speaker 2: what is going to turn me a profit, so that

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Speaker 2: way it will allow me to then go after my

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Speaker 2: passion and then serve my passion. If your passion happens

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Speaker 2: to serve you and turn you a profit, then congratulations.

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Speaker 2: But most of the time people are just one looking

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Speaker 2: at what other people are doing, and that's not the

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Speaker 2: right thing to do. You have to think about what's

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Speaker 2: important to me. What problem am I solving?

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Speaker 3: Right?

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Speaker 2: Like with you guys, you guys came out and yes

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Speaker 2: you were talking about financial literacy, but you were presenting

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Speaker 2: it in a more digestible manner. You knew that you

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Speaker 2: like the culture needed to hear financial literacy from a

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Speaker 2: different perspective, and so just thinking about, Okay, what what

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Speaker 2: is the market missing? What can I add? What's important

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Speaker 2: to me? Answer all of those questions and then say, okay,

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Speaker 2: I'm going to first do this one thing because that's important.

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Speaker 2: One thing is important because people will say I want

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Speaker 2: to do real estate, I want to start t shirts,

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Speaker 2: I want to you know, do a sock line, and

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Speaker 2: they will try to do everything at one time. You

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Speaker 2: can do that. So I think the first thing is

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Speaker 2: becoming very clear on what is that first thing that

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Speaker 2: you're going to put out that's going to either be

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Speaker 2: your your passion if it turns a profit. If and

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Speaker 2: this is my opinion, you guys can say what you think.

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Speaker 2: I think that people should go after it should be

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Speaker 2: what's important to them. But I think that you should

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Speaker 2: figure out how can you make an impact while making

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Speaker 2: a profit to then do all the things that you

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Speaker 2: know make you feel all gushy inside. So what do

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Speaker 2: you guys think?

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Speaker 3: Yeah, I was told like, if it doesn't make profit,

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Speaker 3: it's not your passion, Like then you're just having a hobby.

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Speaker 3: It's something that you like to do, but it's not

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Speaker 3: something that you necessarily should be doing. Right, you're not

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Speaker 3: passionate about it. You got to find out how can

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Speaker 3: I add value?

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Speaker 5: Right?

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Speaker 3: Once I have those things all right, this is my passion,

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Speaker 3: I've added value. Now what like I got to crumb

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Speaker 3: up with a business name or something like. That's what's

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Speaker 3: the next thing I want to do.

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Speaker 2: So after you figure out and you're very clear on

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Speaker 2: what product or service you're going to offer, the next

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Speaker 2: thing that you have to consider is your name. So

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Speaker 2: your business name is going to be everything, right, because

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Speaker 2: this is what people are one going to refer you,

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Speaker 2: refer to you as as well as thinking about and

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Speaker 2: considering what does that mean in the future, how will

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Speaker 2: that affect funding? Like a lot of people are denied

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Speaker 2: regularly for loans or any type of line or credit

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Speaker 2: because they may put investments or real estate in their name.

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Speaker 2: Lenders are like, no, that's risky, right if you put

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Speaker 2: that you I don't know you do anything risky. The

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Speaker 2: bank is going to be like, no, I'm not approving

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Speaker 2: that loan because guess what, I don't know if I'm

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Speaker 2: going to get my money back. And that's the only

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Speaker 2: thing that any lender or investor cares about. How am

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Speaker 2: I going to get my money back? So you have

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Speaker 2: to think about a name that one represents your brand

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Speaker 2: and two is not going to mess you up with lenders.

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Speaker 4: Let's talk. Let's get right into this conversation of name

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Speaker 4: since you brought it up first. You also want to

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Speaker 4: make sure you have a name that is original and

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Speaker 4: not trademarked, right, yes, So how can you search that

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Speaker 4: to know if the name is actually something that you're

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Speaker 4: not going to get sued for because somebody else is

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Speaker 4: already using.

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Speaker 2: So before starting any business or putting out any slogans,

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Speaker 2: you have to make sure that it's not already in use.

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Speaker 2: If another business already has it trademarked, then you have

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Speaker 2: to consider the fact that you probably can't use it.

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Speaker 2: And so you want to go on the USPTO's website

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Speaker 2: and search to confirm to see if that name is available. Okay,

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Speaker 2: So that is like step one or step two, because

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Speaker 2: you want to check your LLC's, which I'm sure we're

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Speaker 2: going to get into. Yeah, right, But you want to

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Speaker 2: make sure that the point is that you want to

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Speaker 2: make sure that you're not infringing on someone else's business.

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Speaker 2: You don't want to sit down and create products and

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Speaker 2: packaging and create an entire brand, and you're ranting and

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Speaker 2: raving about it for you to just receive a cease

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Speaker 2: and desist letter from another business because you're infringing on

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Speaker 2: their brand.

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Speaker 3: So yeah, a lot of times people just come out

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Speaker 3: with things and put it on their product and then

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Speaker 3: you get to see some desist letter. But also one

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Speaker 3: of those things you got to look at is what

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Speaker 3: the actual slogan is or the name is being used

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Speaker 3: for because there's different categories right, different category. It could

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Speaker 3: be for clothing and good for food, it could be

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Speaker 3: for educational purposes. So you got to make sure you

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Speaker 3: look at all those things.

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Speaker 2: Yep. Because I and I actually got this information very

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Speaker 2: early on from the BIS lawyer. She does all of

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Speaker 2: my she does all of my trademarks, and so she

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Speaker 2: had to break it down to me. She's like, because

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Speaker 2: when I first tried to do miss business, there was

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Speaker 2: like all these different categories and I'm like, well, I

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Speaker 2: want to do this and I want a trademarked in

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Speaker 2: this category, in that category. And so I actually got

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Speaker 2: an office action because there was someone else in education.

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Speaker 2: We fought it and I own this business now. However,

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Speaker 2: it's so important to understand, and there's all. She gives

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Speaker 2: an example where it's like, you have Pandora Music, but

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Speaker 2: then you have Pandora Jewelry, right, so those are two

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Speaker 2: different categories. But what's happening is that you can literally

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Speaker 2: have businesses with the same name but just in two

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Speaker 2: different categories because it's all about what a consumer can

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Speaker 2: identify as your brand. So no one's gonna like think

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Speaker 2: that Pandora Music is Pandora Jewelry. Right, It's two different things.

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Speaker 2: So we have to uh, we have to think. That's

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Speaker 2: an amazing example. When she Yeah, when she talked about that,

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Speaker 2: I was like, oh, wow.

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Speaker 4: You're right unless but that's why. Also if you get trademarks,

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Speaker 4: because you never know, you might want to start at

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Speaker 4: one thing and then go to another thing later on

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Speaker 4: where you're not you might start as a clothing line

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Speaker 4: and you're thinking that's only going to start as a

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Speaker 4: clothing line. But using references, Griselda shout out to Benny

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Speaker 4: the Butcher and West Side Gun and Conway. You up

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Speaker 4: on them, I'm not heard.

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Speaker 2: Yes, yes, yes, I'm I no, no, I know I

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Speaker 2: know who they are. I know who they are and

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Speaker 2: I like their music. But to be honest with you,

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Speaker 2: I just listened to.

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Speaker 4: Safe Bet, but I used them because they started as

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Speaker 4: a fashion line, so even their drop is like Risel

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Speaker 4: the fashion Rebels. But obviously now they're in music, so

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Speaker 4: I don't necessarily know if that was the original plan

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Speaker 4: to go to music, but let's say that wasn't the

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Speaker 4: original plan. They started as a fashion clothing company, but

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Speaker 4: now they're a music company. So I say that to

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Speaker 4: say it's good to kind of trademark as many different

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Speaker 4: things as possible because you never know where your business

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Speaker 4: is going.

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Speaker 2: To take and being able to look into the future too.

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Speaker 2: Sometimes we're thinking too small. So to your point, it's like,

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Speaker 2: and figure out what your gateway is going to be

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Speaker 2: to get into different industries. So it looks like they

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Speaker 2: reversed it, and that's why I was so shocked to

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Speaker 2: know that they first got into fashion then went to music,

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Speaker 2: because most people go into music then go into fashion, right,

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Speaker 2: So it's it looked like they said, you know what,

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Speaker 2: we're going to do fashion and then we're going to

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Speaker 2: go into music, because maybe they felt that it was

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Speaker 2: a good marketing strategy, but sometimes just kind of figuring out,

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Speaker 2: like what's going to be your can't do it to

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Speaker 2: get to the masses is important and you want to

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Speaker 2: make sure that you're protecting yourself at every aspect.

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Speaker 3: There was these two guys from Greenberg that had a

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Speaker 3: slogan that had access liabilities on the shirts to start

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Speaker 3: as closing and ended up at the TV.

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Speaker 2: You might know them or you may not.

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Speaker 3: Also, this is true too, right, not only trademarking the category,

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Speaker 3: but trademarking.

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Speaker 5: The place you are, like location.

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Speaker 3: So like having a trademark in the United States doesn't

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Speaker 3: mean that it's trademarking Europe and Asia.

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Speaker 2: Let's talk about that. Let's talk about that, right, because

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Speaker 2: a trademark is federal, right, So federal meaning that it's

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Speaker 2: going to cover you throughout the US. But as you mentioned,

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Speaker 2: that does not cover other countries. And are we going

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Speaker 2: to get to LLC's Yeah, okay, yeah, yeah, but yeah,

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Speaker 2: so like LLC's as an example, we could go back

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Speaker 2: into it, but LLCs is more so going is more

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Speaker 2: so registering on the state level, right, And then people

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Speaker 2: will always ask me about let's say, like a DBA

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Speaker 2: that's registering it on the county level, right, So you

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Speaker 2: have to be careful and understand what you're protecting and

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Speaker 2: at what level you're protecting, because if you you know,

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Speaker 2: someone can take your same name in a different state

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Speaker 2: and then start a business because you only you know,

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Speaker 2: register in that state. But if you do your trademark,

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Speaker 2: that's going to protect you federally. Right, So the.

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Speaker 3: Price is not that much when you do like well

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Speaker 3: LLCs or trademarks, it's like maybe a couple hundred dollars,

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Speaker 3: maybe a thousand dollars.

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Speaker 2: Unless you gotta fight it. But yeah, it's not fast,

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Speaker 2: it's not that up yet.

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Speaker 5: It's not to national a little bit more expensive.

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Speaker 2: Yeah, definitely.

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Speaker 4: So let's talk about, all right, starting it your business

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Speaker 4: yourself or working with partners.

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Speaker 3: This episode of Erni a Lisia is brought to you

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Speaker 3: by McDonald's, proudly serving communities since nineteen sixty five. McDonald's

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Speaker 3: is more than just a place to get tasty, affordable food.

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Speaker 3: Over the years, has become a staple in our community.

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Speaker 3: It's the place you're guaranteed to see teammates after a

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Speaker 3: big game because everyone.

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Speaker 5: Is headed to Mickey D's win or lose.

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Speaker 3: When I stop in for my morning breakfast of three

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Speaker 3: hot cakes and a hash brown, seeing students using the

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Speaker 3: Wi Fi for their social media is all part of

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Speaker 3: the routine. It's become the epicenter of the community, whether

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Speaker 3: it's gathering for a birthday party and we've all been

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Speaker 3: to a McDonald's birthday party, or the place that someone

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Speaker 3: receives their first job. McDonald's grows with his patrons, which

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Speaker 3: makes it the go to place generation after generation by McDonald's.

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Speaker 3: I'm loving it.

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Speaker 2: You know, I'm the accountant, so I get all the information, right,

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Speaker 2: so people have to consider what I like to say

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Speaker 2: every time someone comes to me and they're asking should

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Speaker 2: I start a business by myself or should I get partners?

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Speaker 2: Sometimes people are getting partners for the wrong reason. They're

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Speaker 2: getting partners because they want someone to lean on. When

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Speaker 2: this person does not provide any sort of value to

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Speaker 2: you at all. It's just someone that you can talk to.

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Speaker 2: People want a therapist, right, They want a therapist. They

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Speaker 2: want someone that they can bring along on their journey.

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Speaker 2: So that way it can you know, be I guess, yeah,

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Speaker 2: they can have a partner. They can have somebody to

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Speaker 2: go along and showed a lean as I said, a therapist.

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Speaker 2: But business is so business is so complicated and there's

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Speaker 2: so many decisions that's going to be made that you

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Speaker 2: want to make sure that if you are partnering with

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Speaker 2: someone that they are of benefit to the business. And

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Speaker 2: so there's so many different ways when you have partners

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Speaker 2: everyone doesn't have to be in the forefront. You may

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Speaker 2: have someone that is a partner for you, but it

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Speaker 2: may be on a monetary perspective, right, you may need

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Speaker 2: their capital, or you may need someone that they may

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Speaker 2: have the knowledge. You may have the capital, you may

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Speaker 2: have the time, they may have the capital. But let's

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Speaker 2: say both you have the capitol, but nobody has the knowledge.

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Speaker 2: What are you doing right? You know? And so I've

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Speaker 2: seen so many partnerships come together and then dissolve. Like

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Speaker 2: I've literally had people form an entity with me and

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Speaker 2: then on the phone because they could not get things together,

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Speaker 2: dissolve the company right on the phone with me, like

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Speaker 2: you know what, let's just dissolve this. And that's because

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Speaker 2: they did not do their due diligence upfront and they

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Speaker 2: were just trying so desperately to make it work. Guard

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Speaker 2: your ideas. I find that sometimes there's usually a group

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Speaker 2: of people in a room and they're just like, hey, yeah,

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Speaker 2: I want to start this business, you want to start

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Speaker 2: it with me? It's like who makes this person qualified

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Speaker 2: to start a business with you? And so that's the

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Speaker 2: first thing that you have to do. Really figure out

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Speaker 2: what asset is this is this partner going to be

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Speaker 2: an asset or they going to be a liability and

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Speaker 2: so figuring that out and what they bring to the

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Speaker 2: table is going to be extremely important. Then deciding based

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Speaker 2: on their value in the business, what ownership percentage do

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Speaker 2: they have? Do they does that automatically entitle them to

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Speaker 2: fifty percent of your business? Did you already have a

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Speaker 2: concept already proven? Have you already did all the research?

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Speaker 2: What exactly are they coming with? They may only need

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Speaker 2: twenty five percent, they may need ten percent, they may

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Speaker 2: need fifty percent. You really need to consider if you're

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Speaker 2: giving away fifty one percent, because that's control, right.

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Speaker 5: These a real conversation.

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Speaker 2: These are real conversations that people are not having. And

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Speaker 2: as we move into this space where there's so many entrepreneurs,

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Speaker 2: that's kind of like how miss business started because I

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Speaker 2: was looking around at the time, I was in corporate

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Speaker 2: and I'm looking around and everybody's having the conversation about, oh,

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Speaker 2: we're gonna get this money. We're gonna get this money.

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Speaker 2: We're gonna get this money. I'm like, whoa hold up?

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Speaker 2: What about taxes? Right? And so now what I'm sitting

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Speaker 2: back and I'm looking at is COVID happen. Everybody has

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Speaker 2: some time, you guys educate in the world on what's possible,

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Speaker 2: and now everyone knows what their options are. However, no

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Speaker 2: one has that blueprint or someone to be like, listen,

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Speaker 2: this is you know what you need to do. So

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Speaker 2: there's a ton of LLCs being created, but not a

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Speaker 2: ton of profitable businesses. And as I say, I'm on

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Speaker 2: the accounting side, so I know everything right, like who's profiting,

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Speaker 2: who's not, who's you know, doing business for free? You

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Speaker 2: know who can't get it together? And so it really is,

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Speaker 2: you know a lot of things that we have to

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Speaker 2: also pay attention to if we are going to start

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Speaker 2: these businesses as well as be profitable.

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Speaker 5: So so you said LLCs, you can do that by yourself, right.

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Speaker 2: You can definitely form your LLC by yourself.

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Speaker 5: You can do it with partners.

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Speaker 2: Yeah, you can definitely form an LLC if you have partners.

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Speaker 5: What's that process like?

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Speaker 2: So you definitely Okay, So there's a two step process

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Speaker 2: when you're forming an LLC. As I mentioned, an LLC

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Speaker 2: is when you are forming your business on the state level.

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Speaker 2: So you have to register your articles of organization with

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Speaker 2: your Secretary of State, and as I mentioned, that's on

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Speaker 2: the state level. You then need to apply for your

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Speaker 2: ei IN number, so your ei IN number is federal.

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Speaker 2: That's done with the IRS. You have to do both,

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Speaker 2: and it's best if you do both around the same

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Speaker 2: time because December, so many people will rush and be like,

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Speaker 2: oh my god, like I haven't articles, but now I

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Speaker 2: need an ei IN And it's like some people now

436
00:22:27,600 --> 00:22:29,520
Speaker 2: don't have their ei IN until twenty twenty two.

437
00:22:29,720 --> 00:22:31,200
Speaker 5: That's like the tax identification.

438
00:22:31,560 --> 00:22:34,960
Speaker 2: Yeah, that's their tax identified So that's your employer identification number.

439
00:22:35,359 --> 00:22:36,640
Speaker 4: That's like your Social Security number.

440
00:22:36,720 --> 00:22:38,320
Speaker 2: That's what I call it. It's like your Social Security

441
00:22:38,400 --> 00:22:41,919
Speaker 2: number for your business. So going forward, you're no longer

442
00:22:41,960 --> 00:22:44,800
Speaker 2: providing your name and social You're providing your business name

443
00:22:44,840 --> 00:22:47,920
Speaker 2: that you formed with the state, and then you are

444
00:22:47,920 --> 00:22:51,159
Speaker 2: going to provide your ei IN that you've formed with

445
00:22:51,280 --> 00:22:51,880
Speaker 2: the IRS.

446
00:22:52,800 --> 00:22:55,000
Speaker 4: So all right, let's get into this conversations. We're talking

447
00:22:55,000 --> 00:23:00,399
Speaker 4: about this LLC. What's the difference between LLC C CORP.

448
00:23:00,640 --> 00:23:02,960
Speaker 4: There's different ways you can form the business, yes, with

449
00:23:03,080 --> 00:23:07,520
Speaker 4: some pros and cons and yeah, talk about that perfect.

450
00:23:07,640 --> 00:23:10,840
Speaker 2: So let's talk about when you're registering, you have to

451
00:23:10,880 --> 00:23:14,080
Speaker 2: consider just like you're just like choosing a partner, you

452
00:23:14,160 --> 00:23:16,960
Speaker 2: have to decide what entity type you are going to choose,

453
00:23:17,320 --> 00:23:20,920
Speaker 2: because it's more than like the same process with registering

454
00:23:20,960 --> 00:23:23,640
Speaker 2: your LLC. If you decide to be a corporation, then

455
00:23:23,720 --> 00:23:26,480
Speaker 2: you would register your corporation with the Secretary of State

456
00:23:26,520 --> 00:23:29,480
Speaker 2: as well. But one thing that you have to consider

457
00:23:29,640 --> 00:23:32,920
Speaker 2: is if you choose an LLC, that's telling the IRS

458
00:23:32,920 --> 00:23:35,360
Speaker 2: that you want to be taxed as an LLC. If

459
00:23:35,400 --> 00:23:38,479
Speaker 2: you choose a corporation, that's telling the IRS that you

460
00:23:38,520 --> 00:23:42,120
Speaker 2: want to be taxed as a corporation. So the difference

461
00:23:42,160 --> 00:23:46,960
Speaker 2: between all of let's say, let's start with LLCs because

462
00:23:47,000 --> 00:23:48,760
Speaker 2: that's the popular entity as I.

463
00:23:48,720 --> 00:23:52,000
Speaker 4: Call it, limited liability, limited.

464
00:23:51,640 --> 00:23:57,680
Speaker 2: Liability company, limited liability company, and an LLC is not

465
00:23:57,760 --> 00:24:01,040
Speaker 2: a tax structure and LLC is a legal structure. So

466
00:24:01,119 --> 00:24:03,440
Speaker 2: what that means is that if you form an LLC,

467
00:24:03,680 --> 00:24:06,679
Speaker 2: it does not allow you to write off anything additional.

468
00:24:07,119 --> 00:24:09,800
Speaker 2: Then if you are operating as a sole proprietorship, meaning

469
00:24:09,800 --> 00:24:13,080
Speaker 2: that you did not register your business. So the reason

470
00:24:13,160 --> 00:24:16,800
Speaker 2: why as an LLC you can write off the same thing.

471
00:24:16,920 --> 00:24:18,520
Speaker 2: So I have so many people that come to me

472
00:24:18,600 --> 00:24:20,520
Speaker 2: all the time and they'll say, I want to start

473
00:24:20,560 --> 00:24:22,639
Speaker 2: a business, and I want to start an LLC because

474
00:24:22,720 --> 00:24:24,440
Speaker 2: I want to be able to write these things off.

475
00:24:25,680 --> 00:24:28,199
Speaker 2: You can write it off. You can still write it

476
00:24:28,240 --> 00:24:32,840
Speaker 2: off if you're operating as a sole proprietorship. The big

477
00:24:32,880 --> 00:24:36,440
Speaker 2: benefit with an LLC is that it protects you against liability.

478
00:24:36,720 --> 00:24:40,920
Speaker 2: So if you are if someone were to sue you,

479
00:24:41,480 --> 00:24:44,240
Speaker 2: they and you're operating as a sole proprietorship, then now

480
00:24:44,280 --> 00:24:48,280
Speaker 2: your personal assets, your home, your stocks. I know you guys,

481
00:24:48,320 --> 00:24:51,719
Speaker 2: you know have everybody invest in you guys, have everyone

482
00:24:51,760 --> 00:24:56,440
Speaker 2: invested in stocks. But these are assets. And so if

483
00:24:56,520 --> 00:24:59,080
Speaker 2: you decide today to start a business and then someone

484
00:24:59,160 --> 00:25:03,159
Speaker 2: sues you, they will now all of your assets. You know,

485
00:25:03,320 --> 00:25:08,240
Speaker 2: your cash, your personal your home, your primary residents, your stocks,

486
00:25:08,280 --> 00:25:11,080
Speaker 2: that will now all be at liberty in that lawsuit

487
00:25:11,119 --> 00:25:14,240
Speaker 2: because there's no separation between you and the business as

488
00:25:14,240 --> 00:25:18,000
Speaker 2: a sole proprietorship. But if you're an LLC, then what

489
00:25:18,160 --> 00:25:20,720
Speaker 2: happens is if you were sue then they're just suing

490
00:25:20,720 --> 00:25:25,280
Speaker 2: the business, they're not necessarily suing you. Okay, so that

491
00:25:25,400 --> 00:25:28,640
Speaker 2: is something to consider. Now from the tax side of things,

492
00:25:29,440 --> 00:25:32,560
Speaker 2: with a sole proprietorship or an LLC, what happens is

493
00:25:32,600 --> 00:25:35,639
Speaker 2: that you have to worry about self employment tax. So

494
00:25:35,720 --> 00:25:39,120
Speaker 2: now when you're getting taxed, you're worried about your your

495
00:25:39,160 --> 00:25:41,679
Speaker 2: income tax on the federal side, your income tax on

496
00:25:41,720 --> 00:25:44,600
Speaker 2: the state side, and then you also have self employment tax,

497
00:25:44,640 --> 00:25:47,920
Speaker 2: which is about fifteen point three percent additional on top

498
00:25:47,960 --> 00:25:50,919
Speaker 2: of that. And to drive it home to people, I

499
00:25:50,960 --> 00:25:53,240
Speaker 2: always say, would you allow somebody to walk up to

500
00:25:53,280 --> 00:25:55,000
Speaker 2: you and just say, let me get fifteen point three

501
00:25:55,040 --> 00:25:57,399
Speaker 2: percent of your business, you would look at them like

502
00:25:57,440 --> 00:26:01,280
Speaker 2: they're crazy. But because it's the irs, most people are

503
00:26:01,320 --> 00:26:05,560
Speaker 2: not questioning it because they're afraid to actually, Well, one,

504
00:26:05,600 --> 00:26:07,399
Speaker 2: I think they're afraid, but then I also think that

505
00:26:07,440 --> 00:26:10,280
Speaker 2: people don't understand taxes, so they'll just say, you know what,

506
00:26:10,320 --> 00:26:13,520
Speaker 2: I'm gonna just like I'm gonna just pay whatever, and

507
00:26:13,560 --> 00:26:18,440
Speaker 2: not really looking at exactly what's what's due. So, I mean,

508
00:26:18,480 --> 00:26:21,800
Speaker 2: what's the taxes are made up of? Right, And so

509
00:26:22,359 --> 00:26:25,480
Speaker 2: that fifteen point three percent is a lot. It's a lot.

510
00:26:25,760 --> 00:26:28,720
Speaker 2: So that's what you're looking at. And so that's pretty

511
00:26:28,760 --> 00:26:31,640
Speaker 2: much a con of an LLC. Right, that's a con

512
00:26:31,680 --> 00:26:35,439
Speaker 2: because you have to pay that additional fifteen point three percent.

513
00:26:35,800 --> 00:26:40,000
Speaker 2: Now let's talk about a corporation. So corporations does have

514
00:26:40,359 --> 00:26:43,280
Speaker 2: a pro of it depending on how much money you make.

515
00:26:43,480 --> 00:26:45,520
Speaker 2: A pro of a corporation is that there's a flat

516
00:26:45,600 --> 00:26:52,439
Speaker 2: tax twenty one percent for a corporation. However, however, you

517
00:26:52,560 --> 00:26:55,280
Speaker 2: have to consider double taxation. So now that's the con.

518
00:26:56,040 --> 00:26:58,199
Speaker 2: The con with double taxation is that you have to

519
00:26:58,880 --> 00:27:03,159
Speaker 2: pay taxes on the business side, that's twenty one percent,

520
00:27:03,600 --> 00:27:09,080
Speaker 2: but then profits then have to be distributed to the shareholders.

521
00:27:09,600 --> 00:27:11,840
Speaker 2: I if it's just you as the owner, then you

522
00:27:11,840 --> 00:27:13,960
Speaker 2: would be that shareholder and then profits will need to

523
00:27:13,960 --> 00:27:16,439
Speaker 2: be distributed to you. So you have to consider that

524
00:27:16,480 --> 00:27:19,520
Speaker 2: as well. And so it's very and you know, I

525
00:27:19,680 --> 00:27:22,280
Speaker 2: like to just talk about let's say Apple. With Apple,

526
00:27:22,920 --> 00:27:25,320
Speaker 2: Apple is paying taxes at the business level and then

527
00:27:25,359 --> 00:27:27,920
Speaker 2: they distribute out the dividends to all of the shareholders.

528
00:27:28,200 --> 00:27:30,400
Speaker 2: The dividends then have to be reported on the personal

529
00:27:30,400 --> 00:27:33,199
Speaker 2: tax return and then from there you then have to

530
00:27:33,200 --> 00:27:35,840
Speaker 2: pay tax on it again. Right, So that's pretty much

531
00:27:35,880 --> 00:27:38,159
Speaker 2: how it works when you have a corporation, and a

532
00:27:38,200 --> 00:27:41,440
Speaker 2: lot of people will form corporations either if they're grossing

533
00:27:41,480 --> 00:27:44,679
Speaker 2: a lot of money or if it's a situation where

534
00:27:44,720 --> 00:27:46,880
Speaker 2: they may have investors or they want to go public.

535
00:27:48,359 --> 00:27:51,159
Speaker 2: Situations and scenarios like that will require you to be

536
00:27:51,280 --> 00:27:55,480
Speaker 2: operating as a as a corporation versus an LLC.

537
00:27:56,040 --> 00:27:57,600
Speaker 3: In an example that you just gave it, but the

538
00:27:58,480 --> 00:28:01,119
Speaker 3: dividend payment, what tax does that on? Does it matter

539
00:28:01,160 --> 00:28:03,960
Speaker 3: how long you held the position, is it short term

540
00:28:04,080 --> 00:28:05,000
Speaker 3: or is it like a flat tax?

541
00:28:05,040 --> 00:28:06,360
Speaker 5: Short term? Long term?

542
00:28:06,880 --> 00:28:10,040
Speaker 2: Short term and long term are taxed differently. So short

543
00:28:10,119 --> 00:28:12,879
Speaker 2: term capital gains mean in less than one year is

544
00:28:13,560 --> 00:28:16,800
Speaker 2: tax at your ordinary income tax rate. So just as

545
00:28:16,800 --> 00:28:20,200
Speaker 2: though you were working at a job, you have those

546
00:28:21,280 --> 00:28:24,360
Speaker 2: you based it's going to be based on a bracket. Right.

547
00:28:24,480 --> 00:28:27,280
Speaker 2: Long term it's also based on a bracket. However, the

548
00:28:27,320 --> 00:28:30,240
Speaker 2: brackets are much larger. So as an example, if you

549
00:28:30,280 --> 00:28:36,280
Speaker 2: are married filing joint and you have let's say marry

550
00:28:36,320 --> 00:28:40,680
Speaker 2: filing joint and you have long short term capital gains

551
00:28:41,520 --> 00:28:46,120
Speaker 2: from about zero to about forty thousand, you have like

552
00:28:47,000 --> 00:28:50,120
Speaker 2: zero capital gains in short term no sorry, ten percent

553
00:28:50,200 --> 00:28:52,840
Speaker 2: capital gains, but if you are married, filing joyed with

554
00:28:52,920 --> 00:28:55,160
Speaker 2: long term capital gains, and let's say you profited forty

555
00:28:55,200 --> 00:28:58,600
Speaker 2: thousand dollars, you would have no tax, no tax liability,

556
00:28:58,600 --> 00:29:01,560
Speaker 2: it would be zero. So the idea, as we always

557
00:29:01,560 --> 00:29:03,840
Speaker 2: talk about, is that the tax code is a series

558
00:29:03,840 --> 00:29:06,920
Speaker 2: of incentives. The government wants you to keep your money

559
00:29:06,920 --> 00:29:09,640
Speaker 2: in the stock market longer because it's driving the economy.

560
00:29:09,920 --> 00:29:13,760
Speaker 2: So therefore they're going to reward you having your your

561
00:29:13,800 --> 00:29:16,760
Speaker 2: money in sitting in the stock market a lot, you know,

562
00:29:16,800 --> 00:29:18,680
Speaker 2: a lot longer. So if you want to like be

563
00:29:18,760 --> 00:29:22,480
Speaker 2: in and out of trades on a daily then they're like, okay,

564
00:29:22,520 --> 00:29:24,600
Speaker 2: well that we're going to tax that as earned income.

565
00:29:25,080 --> 00:29:26,400
Speaker 2: So that's something to think about.

566
00:29:27,280 --> 00:29:30,959
Speaker 4: So all right, let's talk about the C corp escorp.

567
00:29:31,560 --> 00:29:34,960
Speaker 4: So the C corp you got to put yourself on salary, right, yeah.

568
00:29:34,840 --> 00:29:37,520
Speaker 2: Secorp you have to put yourself on salary as well

569
00:29:37,520 --> 00:29:38,280
Speaker 2: as an escort.

570
00:29:38,680 --> 00:29:41,360
Speaker 4: Okay, And so the benefit, the main benefit with the

571
00:29:41,400 --> 00:29:43,360
Speaker 4: C corp and the escorp as opposed to the LLC

572
00:29:43,520 --> 00:29:45,360
Speaker 4: is that you save money in taxes.

573
00:29:45,520 --> 00:29:48,239
Speaker 2: Correct, all right, So it depends it depends in the

574
00:29:48,280 --> 00:29:51,840
Speaker 2: C corp. So C corp you really start to save

575
00:29:51,880 --> 00:29:54,840
Speaker 2: on taxes. If you're making I want to say anything

576
00:29:55,000 --> 00:29:58,120
Speaker 2: over let's say like three or four hundred thousand dollars

577
00:29:58,200 --> 00:30:02,000
Speaker 2: right now, you are saving because what happens on the

578
00:30:02,040 --> 00:30:05,120
Speaker 2: individual side is that tax rate is that like forty percent.

579
00:30:06,000 --> 00:30:08,320
Speaker 2: So if I can just pay a flat rate of

580
00:30:08,640 --> 00:30:11,640
Speaker 2: let's say twenty one percent. It gets very complicated, right

581
00:30:11,680 --> 00:30:15,240
Speaker 2: with a with a corporation, But there are instances with

582
00:30:15,280 --> 00:30:19,760
Speaker 2: a corporation where you are saving significantly more if you

583
00:30:19,960 --> 00:30:23,600
Speaker 2: are profiting more because you know, with a corporation you

584
00:30:23,640 --> 00:30:25,760
Speaker 2: may have different things that you need to set money

585
00:30:25,760 --> 00:30:29,120
Speaker 2: aside for for future use, and it's it gets a

586
00:30:29,160 --> 00:30:34,000
Speaker 2: little complicated, more tax plan and stuff. But a corporation

587
00:30:34,240 --> 00:30:37,000
Speaker 2: out the gate unless you are I do have some

588
00:30:37,120 --> 00:30:39,480
Speaker 2: clients that start businesses and they are like, listen, I

589
00:30:39,560 --> 00:30:42,440
Speaker 2: have these big contracts waiting for me. But it may

590
00:30:42,480 --> 00:30:44,080
Speaker 2: make sense for you to either start out as an

591
00:30:44,280 --> 00:30:47,000
Speaker 2: LLC or an escort because you can always change, right

592
00:30:47,120 --> 00:30:48,240
Speaker 2: if you start out.

593
00:30:48,080 --> 00:30:49,920
Speaker 4: So as an LLC, you can always change.

594
00:30:49,960 --> 00:30:52,160
Speaker 2: If you are an LLC, you can always elect to

595
00:30:52,200 --> 00:30:55,240
Speaker 2: be taxed as an escort, or you can elect to

596
00:30:55,240 --> 00:30:56,440
Speaker 2: be taxed as a corporation.

597
00:30:56,840 --> 00:30:58,600
Speaker 4: What about a DBA. What's a DBA.

598
00:30:58,640 --> 00:31:01,040
Speaker 2: So a DBA just means that you're doing business as.

599
00:31:01,080 --> 00:31:03,120
Speaker 2: So that means if you, let's say you didn't register

600
00:31:03,160 --> 00:31:05,880
Speaker 2: your business and you wanted to just follow a DBA,

601
00:31:06,080 --> 00:31:08,560
Speaker 2: you're saying, all right, well, I'm operating a business and

602
00:31:08,560 --> 00:31:11,160
Speaker 2: this is what I'm doing business as. You also have

603
00:31:11,280 --> 00:31:15,680
Speaker 2: an option if you're an LLC. Two, sorry, if you're

604
00:31:15,680 --> 00:31:19,600
Speaker 2: an LLC, to say I said that my business name

605
00:31:19,680 --> 00:31:21,280
Speaker 2: is earned your Leisure, but we want to go by

606
00:31:21,280 --> 00:31:24,840
Speaker 2: assets over reliabilities, so we'll be doing business as assets

607
00:31:24,840 --> 00:31:25,600
Speaker 2: over reliability.

608
00:31:26,280 --> 00:31:29,840
Speaker 3: So in the LLC, now you said, the difference obviously

609
00:31:30,080 --> 00:31:32,480
Speaker 3: in the corpse as corpse corpse is yet you got

610
00:31:32,480 --> 00:31:34,200
Speaker 3: to pay yourself a salary. And so when you pay

611
00:31:34,240 --> 00:31:36,600
Speaker 3: yourself a salary, now that's when you can have set

612
00:31:36,640 --> 00:31:38,800
Speaker 3: by our ads and four one ks as opposed to LLC.

613
00:31:39,200 --> 00:31:40,520
Speaker 5: Is that correct or no?

614
00:31:40,520 --> 00:31:44,320
Speaker 2: No, yeah, you can have it in an LLC. So

615
00:31:45,400 --> 00:31:48,960
Speaker 2: let's just talk about s corpse because everyone loves escorpse now,

616
00:31:48,960 --> 00:31:51,640
Speaker 2: so let me just break ESEs corpse down a little bit.

617
00:31:52,040 --> 00:31:54,760
Speaker 2: So with an s corp, you do have two main requirements.

618
00:31:54,760 --> 00:31:56,880
Speaker 2: One is to pay yourself a salary and the others

619
00:31:56,880 --> 00:32:00,560
Speaker 2: to file your taxes every single year with pay yourself

620
00:32:00,560 --> 00:32:04,720
Speaker 2: a salary. What happens, as I mentioned before, you will

621
00:32:04,760 --> 00:32:07,400
Speaker 2: go you'll have Well, what I mentioned before with the

622
00:32:07,560 --> 00:32:10,320
Speaker 2: LLC is that you on one hundred thousand dollars, you

623
00:32:10,400 --> 00:32:12,880
Speaker 2: still have to worry about that self employment tax. With

624
00:32:12,960 --> 00:32:15,040
Speaker 2: an ES corp, you don't have to worry about the

625
00:32:15,120 --> 00:32:18,719
Speaker 2: self employment tax on your total profit. What happens is

626
00:32:19,000 --> 00:32:22,160
Speaker 2: self employment tax is really made up of Social Security

627
00:32:22,160 --> 00:32:25,800
Speaker 2: tax and Medicare tax. So when you are an employee,

628
00:32:26,080 --> 00:32:29,440
Speaker 2: if you look at your W two, you have Social

629
00:32:29,480 --> 00:32:35,640
Speaker 2: Security tax and Medicare tax. But when you are the employee,

630
00:32:35,680 --> 00:32:37,480
Speaker 2: you pay half and your employer pays tax. So you

631
00:32:37,480 --> 00:32:40,800
Speaker 2: guys are splitting it. But when you are the employer,

632
00:32:41,000 --> 00:32:44,600
Speaker 2: you're required you're responsible for paying one hundred percent. And

633
00:32:44,640 --> 00:32:47,440
Speaker 2: that's how we get to that fifteen point three percent, right.

634
00:32:47,480 --> 00:32:50,400
Speaker 2: And so now when you're an ES corp, your only

635
00:32:50,440 --> 00:32:53,400
Speaker 2: requirement is to pay yourself a salary. So when you

636
00:32:53,440 --> 00:32:57,280
Speaker 2: pay yourself a salary, you let's say, and let's say

637
00:32:57,320 --> 00:32:59,760
Speaker 2: it was one hundred thousand dollars profit, and you may say,

638
00:32:59,760 --> 00:33:02,320
Speaker 2: you know, well, I'm going to pay myself irs just

639
00:33:02,360 --> 00:33:05,040
Speaker 2: says that you have to pay yourself a reasonable salary.

640
00:33:05,240 --> 00:33:08,120
Speaker 2: It's not like a specific number or percentage. So let's

641
00:33:08,160 --> 00:33:09,200
Speaker 2: just say you say, you know what I'm going to

642
00:33:09,280 --> 00:33:12,440
Speaker 2: pay myself thirty five thousand dollars. You go from paying

643
00:33:12,520 --> 00:33:15,520
Speaker 2: that Social Security tax and Medicare tax on that whole

644
00:33:15,520 --> 00:33:19,680
Speaker 2: one hundred thousand as a LLC or a sole proprietorship

645
00:33:19,880 --> 00:33:22,400
Speaker 2: to only paying it on that thirty five thousand dollars

646
00:33:22,600 --> 00:33:25,320
Speaker 2: as an es CORP. So that's how you're able to save.

647
00:33:26,440 --> 00:33:28,840
Speaker 2: That's how you're able to save on the s CORP side.

648
00:33:29,080 --> 00:33:34,080
Speaker 4: So okay, so let's talk about registering a business. So

649
00:33:34,320 --> 00:33:38,520
Speaker 4: what is the process you have? Okay, you got the trademark,

650
00:33:40,360 --> 00:33:44,120
Speaker 4: what is the process of actually doing the business registration?

651
00:33:45,080 --> 00:33:47,240
Speaker 2: So the things that you want to make sure that

652
00:33:47,320 --> 00:33:50,120
Speaker 2: you have when you're registering your business is, again, you

653
00:33:50,160 --> 00:33:51,840
Speaker 2: want to make sure that you have your business name

654
00:33:52,960 --> 00:33:56,840
Speaker 2: on every state's website. They have a function for you

655
00:33:56,920 --> 00:33:59,360
Speaker 2: to check to see if your name is already taken,

656
00:34:00,040 --> 00:34:02,640
Speaker 2: so you want to make sure that you know your

657
00:34:02,680 --> 00:34:06,360
Speaker 2: name is available. So after determining if your name is available,

658
00:34:06,440 --> 00:34:08,760
Speaker 2: the things that you'll need to consider and think about

659
00:34:09,200 --> 00:34:12,440
Speaker 2: is your address right, Like, so that's one thing. What

660
00:34:12,560 --> 00:34:15,799
Speaker 2: is going to be your business address along with your name.

661
00:34:15,920 --> 00:34:19,480
Speaker 2: Another way to get denied for funding is the address.

662
00:34:19,760 --> 00:34:23,000
Speaker 2: So if you're putting your personal home address as your

663
00:34:23,040 --> 00:34:28,800
Speaker 2: business address, there's instances where lenders will deny you because

664
00:34:29,000 --> 00:34:31,280
Speaker 2: they're going to do a quick search and your house

665
00:34:31,360 --> 00:34:33,839
Speaker 2: is going to pop up on Google Maps, right, and

666
00:34:33,920 --> 00:34:36,560
Speaker 2: so that has to be considered. What's going to be

667
00:34:36,600 --> 00:34:39,799
Speaker 2: your business address? I suggest getting a virtual address if

668
00:34:39,840 --> 00:34:44,200
Speaker 2: you do not have an address. Virtual addresses are perfect

669
00:34:44,600 --> 00:34:47,600
Speaker 2: and you can utilize them in so many different ways.

670
00:34:47,760 --> 00:34:50,680
Speaker 2: Like when I first started my company, I was working

671
00:34:50,680 --> 00:34:52,600
Speaker 2: from home and I had a virtual address. It was

672
00:34:52,640 --> 00:34:54,640
Speaker 2: on Fifth Avenue. I had to you get an option

673
00:34:54,719 --> 00:34:56,400
Speaker 2: to choose, so I was like, oh, put me on

674
00:34:56,440 --> 00:34:58,719
Speaker 2: Fifth Avenue in the city. And so I'm in this

675
00:34:58,800 --> 00:35:01,399
Speaker 2: big high rise in mahaees and in the city. And

676
00:35:01,480 --> 00:35:05,600
Speaker 2: then they also with virtual offices, they'll have different options.

677
00:35:05,760 --> 00:35:09,279
Speaker 2: So they'll have one option where they can you can

678
00:35:09,320 --> 00:35:11,879
Speaker 2: just use their address, or they have other options where

679
00:35:11,920 --> 00:35:14,799
Speaker 2: they can act as like your receptionists, so they'll pick

680
00:35:14,880 --> 00:35:17,839
Speaker 2: up the phone and they'll, you know, just say hi,

681
00:35:18,320 --> 00:35:21,120
Speaker 2: Brock's Alliance, right, And so people were like, oh, can

682
00:35:21,120 --> 00:35:22,759
Speaker 2: I speak to Shiquana and then they'll transfer it to

683
00:35:22,800 --> 00:35:26,320
Speaker 2: my cell phone. Right, So nobody knew, but I needed

684
00:35:26,320 --> 00:35:28,680
Speaker 2: that virtual address when I first started, when I was

685
00:35:28,719 --> 00:35:31,799
Speaker 2: registering in my business, because I knew going into it

686
00:35:31,880 --> 00:35:34,360
Speaker 2: I wanted to build business credit. And so because I

687
00:35:34,440 --> 00:35:36,600
Speaker 2: knew that I wanted to build business credit, I had

688
00:35:36,600 --> 00:35:39,880
Speaker 2: to make sure that I, you know, did all the

689
00:35:39,880 --> 00:35:41,680
Speaker 2: things that I needed to do, and one of those

690
00:35:41,840 --> 00:35:44,960
Speaker 2: was making sure that I wasn't using my home address.

691
00:35:45,239 --> 00:35:47,320
Speaker 2: So that's the next thing that you have to think about.

692
00:35:47,800 --> 00:35:49,879
Speaker 2: After that, you have to think about who is going

693
00:35:49,920 --> 00:35:53,320
Speaker 2: to act as your registered agent. As a register register

694
00:35:53,400 --> 00:35:55,400
Speaker 2: agent just pretty much means who's going to be served?

695
00:35:55,800 --> 00:35:58,640
Speaker 2: If somebody comes to sue you, who's going to be served?

696
00:35:58,680 --> 00:36:02,000
Speaker 2: And you have to think about with a registered agent,

697
00:36:02,640 --> 00:36:05,719
Speaker 2: there are requirements. The space needs to be opened during

698
00:36:05,760 --> 00:36:08,359
Speaker 2: regular business hours, There needs to be somebody that they

699
00:36:08,360 --> 00:36:11,560
Speaker 2: could technically come and serve, and so you have to

700
00:36:11,600 --> 00:36:13,440
Speaker 2: think about that are you are you and your do

701
00:36:13,480 --> 00:36:16,040
Speaker 2: you want people rolling up to your home address to

702
00:36:16,960 --> 00:36:19,440
Speaker 2: serve you? And you have to think about that all

703
00:36:19,480 --> 00:36:23,520
Speaker 2: of this information is public, right, and so you may

704
00:36:23,560 --> 00:36:26,000
Speaker 2: not want the entire world to be able to you know,

705
00:36:26,200 --> 00:36:29,479
Speaker 2: see you know where you live, and depending on the state,

706
00:36:29,560 --> 00:36:32,640
Speaker 2: not all states, they'll make your address public, but the

707
00:36:32,719 --> 00:36:36,960
Speaker 2: registered agent address is public, so you have to think

708
00:36:37,000 --> 00:36:40,400
Speaker 2: about that, right so with the registered agent. So with

709
00:36:40,440 --> 00:36:43,400
Speaker 2: the registered agent address, you have to think about do

710
00:36:43,480 --> 00:36:45,520
Speaker 2: you want to be the you know, the registered agent

711
00:36:45,719 --> 00:36:48,200
Speaker 2: or do you want to hire a registered agent right

712
00:36:48,239 --> 00:36:52,520
Speaker 2: to to get served on your behalf. Keep in mind, no,

713
00:36:52,640 --> 00:36:54,080
Speaker 2: you do not need to be there. If you put

714
00:36:54,120 --> 00:36:56,799
Speaker 2: them down as your registered agent and someone comes to

715
00:36:56,840 --> 00:36:59,359
Speaker 2: serve you, then they are still serving you because that's

716
00:36:59,400 --> 00:37:03,720
Speaker 2: who you put down as your register agent. And outside

717
00:37:03,760 --> 00:37:06,720
Speaker 2: of that, it's just really your name, your business address,

718
00:37:06,760 --> 00:37:09,960
Speaker 2: your register agent. Make sure you fil you know, you

719
00:37:09,960 --> 00:37:14,080
Speaker 2: have to pay filing fees, and most states ninety percent

720
00:37:14,080 --> 00:37:17,160
Speaker 2: of them, you can do this all electronically, some dates.

721
00:37:17,440 --> 00:37:20,160
Speaker 2: Most some states have like you know, a waiting process.

722
00:37:20,239 --> 00:37:24,200
Speaker 2: Other states that it's automatic. But the ideas that you

723
00:37:24,280 --> 00:37:28,319
Speaker 2: can do it online. It's not like somewhere that you

724
00:37:28,360 --> 00:37:29,960
Speaker 2: have to go to to get it done.

725
00:37:30,040 --> 00:37:31,839
Speaker 3: One of the things you said inside of creating that

726
00:37:31,840 --> 00:37:33,480
Speaker 3: that business, we got the name, but you said to

727
00:37:33,480 --> 00:37:35,759
Speaker 3: operating agreement is one of those things that you have

728
00:37:35,800 --> 00:37:38,080
Speaker 3: to have. So I want to make sure everybody understands,

729
00:37:38,080 --> 00:37:40,440
Speaker 3: like what needs to be inside of the operating agreement

730
00:37:40,480 --> 00:37:41,080
Speaker 3: when it is created?

731
00:37:41,520 --> 00:37:46,240
Speaker 2: What really okay? Yes, so after you register your business,

732
00:37:46,239 --> 00:37:47,680
Speaker 2: then you have your EI in. Now you have to

733
00:37:47,680 --> 00:37:52,600
Speaker 2: think about those supporting documents, those documents that's going to

734
00:37:52,680 --> 00:37:56,120
Speaker 2: dictate what happens in the business. Again, there has to

735
00:37:56,160 --> 00:38:00,000
Speaker 2: be a lot of thought put into a business before

736
00:38:00,120 --> 00:38:03,360
Speaker 2: for the business starts, and most people don't do this.

737
00:38:03,440 --> 00:38:07,200
Speaker 2: So in an operating agreement, it's to make it very simple.

738
00:38:07,360 --> 00:38:10,239
Speaker 2: It's the rules of the business. This is where you

739
00:38:10,320 --> 00:38:16,120
Speaker 2: detail out if there's multiple owners who, what ownership percentage

740
00:38:16,440 --> 00:38:21,560
Speaker 2: each member has, how will the profits be split, who's responsible,

741
00:38:21,600 --> 00:38:25,799
Speaker 2: who is the operating manager of the business, who has

742
00:38:26,000 --> 00:38:29,200
Speaker 2: access to the bank. Because when sometimes most of the

743
00:38:29,239 --> 00:38:31,480
Speaker 2: time if it's just one person, it's two people, they'll say, okay,

744
00:38:31,680 --> 00:38:34,360
Speaker 2: everyone has access to the bank, and that's fine, But

745
00:38:34,400 --> 00:38:36,279
Speaker 2: what if you had a silent partner and they didn't

746
00:38:36,280 --> 00:38:39,120
Speaker 2: necessarily need access to the bank. You have to detail

747
00:38:39,200 --> 00:38:43,879
Speaker 2: all of these things out and so really establishing at

748
00:38:43,880 --> 00:38:47,400
Speaker 2: what point are you going to share those profits at you?

749
00:38:47,640 --> 00:38:50,440
Speaker 2: Is it a specific date, is it at a specific time.

750
00:38:50,719 --> 00:38:52,719
Speaker 2: Do you want to create a lock up period meaning

751
00:38:52,800 --> 00:38:55,960
Speaker 2: that you all can't touch the money at all up

752
00:38:56,040 --> 00:38:59,239
Speaker 2: until a certain period. Who's going to be responsible for

753
00:38:59,320 --> 00:39:02,640
Speaker 2: distributing out these funds? All of those things have to

754
00:39:02,680 --> 00:39:04,839
Speaker 2: be detailed out. And I like to say when you

755
00:39:04,960 --> 00:39:07,359
Speaker 2: are kind of walking through your business plan and you're

756
00:39:07,400 --> 00:39:11,000
Speaker 2: thinking about it, because everyone should have a business plan,

757
00:39:11,320 --> 00:39:15,680
Speaker 2: but you know, and so when you yes, so when

758
00:39:15,760 --> 00:39:18,279
Speaker 2: you are walking through your business plan, you have to

759
00:39:18,280 --> 00:39:21,320
Speaker 2: think about who's going to be responsible for this? Who's

760
00:39:21,360 --> 00:39:24,719
Speaker 2: going to be responsible? You know, like who's your accountant?

761
00:39:24,880 --> 00:39:27,000
Speaker 2: Do you have someone in your business like it is

762
00:39:27,239 --> 00:39:29,160
Speaker 2: you know one of your partners. Are they really good

763
00:39:29,200 --> 00:39:31,640
Speaker 2: at bookkeeping? Are you going to hire someone that's doing bookkeeping?

764
00:39:31,960 --> 00:39:33,879
Speaker 2: Are they going? Is that a part of their role?

765
00:39:34,200 --> 00:39:36,279
Speaker 2: Because what a lot of people don't know is let's

766
00:39:36,280 --> 00:39:39,120
Speaker 2: say someone brings me into their business and they say,

767
00:39:39,160 --> 00:39:42,759
Speaker 2: you know, what's business. I just want you to like,

768
00:39:42,800 --> 00:39:46,040
Speaker 2: I I love your brand. I just want your brand

769
00:39:46,080 --> 00:39:48,759
Speaker 2: to be associated with this business. And I also just

770
00:39:48,800 --> 00:39:52,000
Speaker 2: want you to do that accounting. But then down the

771
00:39:52,040 --> 00:39:54,800
Speaker 2: line you sit me down and you're like, yeah, I

772
00:39:54,840 --> 00:39:56,480
Speaker 2: want you to do marketing and I want you to

773
00:39:56,520 --> 00:39:59,520
Speaker 2: work in a store too. That's out of the scope

774
00:39:59,560 --> 00:40:01,640
Speaker 2: on what's and I will operate an agreement that I

775
00:40:01,680 --> 00:40:04,719
Speaker 2: agree to. Now, in theory, yes is my business. I

776
00:40:04,760 --> 00:40:08,120
Speaker 2: should go as hard you know. However, you can also say,

777
00:40:08,200 --> 00:40:11,680
Speaker 2: all right, well as a business, I mean, that's not

778
00:40:11,719 --> 00:40:13,960
Speaker 2: what I signed up for for this business. So I

779
00:40:14,000 --> 00:40:17,440
Speaker 2: want to be paid additional. That's what's called guarantee payments.

780
00:40:17,960 --> 00:40:20,399
Speaker 2: So with those guarantee payments that you're saying, okay, well,

781
00:40:20,520 --> 00:40:22,880
Speaker 2: I'm going like I'm going to be paid out of

782
00:40:22,880 --> 00:40:24,759
Speaker 2: the business. Yes, I'm an owner, but I'm going to

783
00:40:24,840 --> 00:40:30,600
Speaker 2: be paid additionally before you know, these additional services, and

784
00:40:30,719 --> 00:40:35,320
Speaker 2: so you have to think about up front who's doing

785
00:40:35,360 --> 00:40:39,240
Speaker 2: what and who is responsible for what, especially in partnerships

786
00:40:39,640 --> 00:40:42,680
Speaker 2: and when it's just you, it's cool. Everything falls on you, right,

787
00:40:42,680 --> 00:40:45,520
Speaker 2: you don't have anyone to answer to. But when you

788
00:40:45,719 --> 00:40:50,080
Speaker 2: start needing to answer questions and you're being checked by people,

789
00:40:50,360 --> 00:40:52,600
Speaker 2: it's good to be able to say, no, this is

790
00:40:52,640 --> 00:40:54,839
Speaker 2: the rules, this is what we said, this is what

791
00:40:54,880 --> 00:41:01,520
Speaker 2: we agreed on. Because people are emotional, right, So people

792
00:41:01,560 --> 00:41:05,680
Speaker 2: are emotional and emotions in business do not mix. So

793
00:41:06,000 --> 00:41:09,560
Speaker 2: they may say, oh, well, I'm gonna buying. I need

794
00:41:09,600 --> 00:41:11,439
Speaker 2: some money, so I want to take out some money

795
00:41:11,440 --> 00:41:14,240
Speaker 2: from the business. No, no, we said that the money

796
00:41:14,320 --> 00:41:17,000
Speaker 2: was locked up. It's a lock up. Nobody's taking any

797
00:41:17,040 --> 00:41:20,200
Speaker 2: distributions for the first two years. That now makes it

798
00:41:20,200 --> 00:41:22,120
Speaker 2: a personal problem and not a business problem. And we

799
00:41:22,200 --> 00:41:25,000
Speaker 2: agreed on this, you know. And so I see a

800
00:41:25,040 --> 00:41:29,680
Speaker 2: lot of partnerships dissolve a lot because no one took

801
00:41:29,760 --> 00:41:33,120
Speaker 2: the time to say what the rules were in the beginning.

802
00:41:34,160 --> 00:41:37,719
Speaker 4: Exc So as far as the EI in, you go

803
00:41:37,840 --> 00:41:40,080
Speaker 4: on the government's website, you set the EI in up

804
00:41:40,360 --> 00:41:42,600
Speaker 4: and that's like same day turnaround, right.

805
00:41:42,560 --> 00:41:44,920
Speaker 2: Yeah, same day turnaround. So there's.

806
00:41:46,800 --> 00:41:47,560
Speaker 5: Earners. What's up?

807
00:41:47,640 --> 00:41:50,120
Speaker 3: You ever walk into a small business and everything just

808
00:41:50,280 --> 00:41:53,440
Speaker 3: works like the checkout is fast, the receipts are digital,

809
00:41:54,000 --> 00:41:56,960
Speaker 3: tipping is a breeze, and you're out the door before

810
00:41:56,960 --> 00:42:00,560
Speaker 3: the line even builds. Odds are they're using Square.

811
00:42:01,040 --> 00:42:02,320
Speaker 5: We love supporting.

812
00:42:02,000 --> 00:42:04,680
Speaker 3: Businesses that run on Square because it just feels seamless.

813
00:42:04,800 --> 00:42:07,360
Speaker 3: Whether it's a local coffee shop, a vendor at a

814
00:42:07,400 --> 00:42:10,240
Speaker 3: pop up market, or even one of our merch partners.

815
00:42:10,520 --> 00:42:14,279
Speaker 3: Square makes it easy for them to take payments, manage inventory,

816
00:42:14,400 --> 00:42:16,239
Speaker 3: and run their business with confidence.

817
00:42:16,600 --> 00:42:18,280
Speaker 5: All from one simple system.

818
00:42:18,760 --> 00:42:21,359
Speaker 3: If you're a business owner or even just thinking about

819
00:42:21,400 --> 00:42:24,520
Speaker 3: launching something soon, Square is hands down one of the

820
00:42:24,520 --> 00:42:27,960
Speaker 3: best tools out there to help you start, run and grow.

821
00:42:28,280 --> 00:42:31,280
Speaker 3: It's not just about payments, it's about giving you time

822
00:42:31,360 --> 00:42:32,879
Speaker 3: back so you can focus on.

823
00:42:32,840 --> 00:42:34,279
Speaker 5: What matters most ready.

824
00:42:34,320 --> 00:42:37,720
Speaker 3: To see how Square can transform your business, visit Square

825
00:42:37,800 --> 00:42:42,319
Speaker 3: dot com backslash, go backslash eyl to learn more that

826
00:42:42,520 --> 00:42:47,960
Speaker 3: Square dot com backslash, go backslash eyl. Don't wait, don't hesitate.

827
00:42:48,080 --> 00:42:50,440
Speaker 3: Let's Square handle the back end so you can keep

828
00:42:50,480 --> 00:42:56,560
Speaker 3: pushing your vision forward. This episode is brought to you

829
00:42:56,600 --> 00:42:58,879
Speaker 3: by P and C Bank. A lot of people think

830
00:42:58,960 --> 00:43:02,840
Speaker 3: podcasts about world are boring, and sure they definitely can be,

831
00:43:03,320 --> 00:43:06,560
Speaker 3: but understanding a professionals routine shows us how they achieve

832
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Speaker 3: their success little by little, day after day. It's like

833
00:43:10,920 --> 00:43:13,720
Speaker 3: banking with P and C Bank. It might seem boring

834
00:43:13,760 --> 00:43:16,560
Speaker 3: the safe plan and make calculated decisions with your bank,

835
00:43:17,040 --> 00:43:19,480
Speaker 3: but keeping your money boring is what helps you live

836
00:43:19,640 --> 00:43:23,640
Speaker 3: or more happily fulfilled life. P and C Bank Brilliantly

837
00:43:23,719 --> 00:43:28,280
Speaker 3: Boring since eighteen sixty five. Brilliantly boring since eighteen sixty

838
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Speaker 3: five is a service mark of the PNC Financial Service Group, Inc.

839
00:43:32,040 --> 00:43:35,440
Speaker 3: P and C Bank National Association member FDIC.

840
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841
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842
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844
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855
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856
00:44:35,840 --> 00:44:38,760
Speaker 2: There's two different ways you can apply for it. One

857
00:44:38,960 --> 00:44:42,160
Speaker 2: is manually filling out a form and then faxing it

858
00:44:42,160 --> 00:44:45,040
Speaker 2: over or mailing it over. Some people only have that

859
00:44:45,120 --> 00:44:49,399
Speaker 2: option because sometimes keep in mind you have to make

860
00:44:49,440 --> 00:44:53,400
Speaker 2: sure that your name in social matches the IRS record.

861
00:44:53,560 --> 00:44:56,960
Speaker 2: So sometimes you're you are able to file it electronically

862
00:44:57,640 --> 00:44:59,920
Speaker 2: and that's like same day, you'll get your EI in,

863
00:45:00,560 --> 00:45:03,520
Speaker 2: same exact day. However, sometimes there will be an error

864
00:45:03,560 --> 00:45:08,440
Speaker 2: message because you're let's say someone got married and the

865
00:45:08,480 --> 00:45:11,399
Speaker 2: IRS may only have your you know, your maiden name

866
00:45:11,520 --> 00:45:13,920
Speaker 2: and then you know you You now are trying to

867
00:45:13,960 --> 00:45:16,480
Speaker 2: tell them that you know this is another name. They're like, Nope,

868
00:45:16,520 --> 00:45:18,719
Speaker 2: that doesn't match our records, and now you have to

869
00:45:18,840 --> 00:45:21,520
Speaker 2: like mail it in. So ninety percent of the time

870
00:45:21,760 --> 00:45:24,160
Speaker 2: with my experience, people are able to do it electronically,

871
00:45:24,200 --> 00:45:27,359
Speaker 2: but sometimes you will have to complete that SS four

872
00:45:27,440 --> 00:45:28,600
Speaker 2: form and send it.

873
00:45:28,560 --> 00:45:30,520
Speaker 4: In and then all right, so once you get the

874
00:45:30,520 --> 00:45:32,799
Speaker 4: EI in number, now you can set the bank account up.

875
00:45:33,160 --> 00:45:34,759
Speaker 4: You can't set the bank account up until you have

876
00:45:34,800 --> 00:45:35,000
Speaker 4: the e.

877
00:45:35,200 --> 00:45:37,959
Speaker 2: In right, the EI in and your articles, so those

878
00:45:37,960 --> 00:45:40,920
Speaker 2: are the and sometimes you're operating agreement. So some banks

879
00:45:40,960 --> 00:45:43,520
Speaker 2: will require you to have your operating agreement, your ei

880
00:45:43,680 --> 00:45:47,160
Speaker 2: in as well as your articles of organization or in

881
00:45:47,200 --> 00:45:48,760
Speaker 2: corporation if you're a corporation.

882
00:45:48,960 --> 00:45:50,840
Speaker 3: Now, if you do it by yourself, that's fine, but

883
00:45:50,880 --> 00:45:53,160
Speaker 3: if you have partner's day also need to be with

884
00:45:53,239 --> 00:45:54,239
Speaker 3: you at the bank to do.

885
00:45:54,200 --> 00:45:58,160
Speaker 2: This, not necessarily not all banks, and so that's important

886
00:45:58,200 --> 00:46:01,440
Speaker 2: as well, just getting the communitycation to find out what

887
00:46:01,480 --> 00:46:05,560
Speaker 2: the bank is looking for. So sometimes banks will allow

888
00:46:05,719 --> 00:46:08,359
Speaker 2: just one of the partners to open up the bank

889
00:46:08,360 --> 00:46:10,759
Speaker 2: account and then you can list out who else has

890
00:46:10,800 --> 00:46:15,280
Speaker 2: sign an authority. But that's the thing. Banks will require

891
00:46:15,440 --> 00:46:18,800
Speaker 2: your partners to sign, like who has signed an authority

892
00:46:19,200 --> 00:46:21,920
Speaker 2: on the bank account. But in terms of opening up

893
00:46:21,920 --> 00:46:24,440
Speaker 2: the bank account, depending on the bank, most of the

894
00:46:24,520 --> 00:46:26,319
Speaker 2: time one person can go in and do it.

895
00:46:26,640 --> 00:46:29,439
Speaker 4: So since we're on topic of banks, so a it's

896
00:46:29,560 --> 00:46:33,759
Speaker 4: extremely important right for you to have money coming in

897
00:46:33,800 --> 00:46:36,160
Speaker 4: and out of the business bank account. That's the whole

898
00:46:36,160 --> 00:46:38,680
Speaker 4: point setting up a lot of times people running businesses

899
00:46:38,719 --> 00:46:40,760
Speaker 4: and they just putting the money in their personal account,

900
00:46:40,760 --> 00:46:45,080
Speaker 4: taking money out of their personal account, mingling why why

901
00:46:45,400 --> 00:46:46,400
Speaker 4: why should they never do that?

902
00:46:46,760 --> 00:46:49,560
Speaker 2: Okay, so you shouldn't do that because now you have

903
00:46:49,680 --> 00:46:52,960
Speaker 2: to realize you have established this business. You now have

904
00:46:53,040 --> 00:46:55,799
Speaker 2: an EI in that's a whole separate entity. You have

905
00:46:55,880 --> 00:46:58,120
Speaker 2: to treat it as that's that's like your friend. You

906
00:46:58,160 --> 00:47:01,400
Speaker 2: wouldn't come and pay your friends bills. You wouldn't your

907
00:47:01,440 --> 00:47:04,200
Speaker 2: friend wouldn't deposit all their money into your bank account.

908
00:47:04,520 --> 00:47:07,320
Speaker 2: You have to treat your business as a separate entity,

909
00:47:07,719 --> 00:47:10,600
Speaker 2: and so that's the first thing. First thing is just legally,

910
00:47:10,600 --> 00:47:12,319
Speaker 2: you're just not supposed to do it right. It's like

911
00:47:13,200 --> 00:47:14,960
Speaker 2: at the end of the year, I have so many

912
00:47:15,000 --> 00:47:16,759
Speaker 2: people who will say, yeah, I have an LLC and

913
00:47:16,800 --> 00:47:18,520
Speaker 2: I have a bank account, but I don't use it

914
00:47:18,560 --> 00:47:21,120
Speaker 2: and I ran everything under my person or I'm like, okay,

915
00:47:21,120 --> 00:47:24,719
Speaker 2: well you were operating as a soul proprietorship. Because if

916
00:47:24,760 --> 00:47:27,400
Speaker 2: in the event you're audited, the IRS is going to

917
00:47:27,440 --> 00:47:29,719
Speaker 2: want to see your bank statements. And if you have

918
00:47:29,880 --> 00:47:33,000
Speaker 2: no money coming in the bank statements, you have no expenses,

919
00:47:34,040 --> 00:47:36,800
Speaker 2: what did you report? Where did this money come from?

920
00:47:37,080 --> 00:47:39,960
Speaker 2: So now you're opening up a whole new can of worms,

921
00:47:40,000 --> 00:47:43,080
Speaker 2: because now they want to understand where's this money that

922
00:47:43,120 --> 00:47:46,680
Speaker 2: you're reporting. Are you making this up and you don't

923
00:47:46,719 --> 00:47:49,560
Speaker 2: have any indication of your other business or you receiving money.

924
00:47:49,680 --> 00:47:53,360
Speaker 2: So now that is important, and I stress it so

925
00:47:53,520 --> 00:47:56,880
Speaker 2: much to clients, but it is hard. It's a transition,

926
00:47:57,000 --> 00:47:59,200
Speaker 2: and I think that it's something that people just have

927
00:47:59,320 --> 00:48:02,880
Speaker 2: to be cognizan enough. When you start this business, you

928
00:48:03,040 --> 00:48:06,239
Speaker 2: have to open up your business bank account and utilize

929
00:48:06,280 --> 00:48:09,440
Speaker 2: your business. If it's a situation where a lot of

930
00:48:09,480 --> 00:48:12,759
Speaker 2: people have an issue at is they're like, all right,

931
00:48:12,840 --> 00:48:14,960
Speaker 2: well I open up this business bank account, but my

932
00:48:15,000 --> 00:48:17,520
Speaker 2: business isn't making any money, So how am I supposed

933
00:48:17,560 --> 00:48:20,400
Speaker 2: to buy supplies or how am I supposed to actually

934
00:48:20,400 --> 00:48:23,040
Speaker 2: pay for things? If I can't use my personal only

935
00:48:23,080 --> 00:48:25,520
Speaker 2: thing you have to do is take money, transfer it

936
00:48:25,520 --> 00:48:29,120
Speaker 2: from your personal over to your business. That's not considered income.

937
00:48:29,200 --> 00:48:32,520
Speaker 2: It's just considered a capital contribution and to your business.

938
00:48:32,520 --> 00:48:35,239
Speaker 2: And you then need to pay for all of your

939
00:48:35,280 --> 00:48:37,160
Speaker 2: expenses out of your business account.

940
00:48:37,440 --> 00:48:39,640
Speaker 4: What a debit card, So make sure you get a

941
00:48:39,680 --> 00:48:40,719
Speaker 4: business debit card.

942
00:48:40,560 --> 00:48:43,360
Speaker 2: Business debit card, credit card, or a credit card a

943
00:48:43,360 --> 00:48:46,400
Speaker 2: business credit card as well. And so that is also

944
00:48:46,800 --> 00:48:48,680
Speaker 2: a thing where people are like, oh my god, well

945
00:48:49,440 --> 00:48:51,919
Speaker 2: I just started this business and I don't have any

946
00:48:52,000 --> 00:48:54,560
Speaker 2: business credit and they're not going to approve me. So

947
00:48:54,840 --> 00:48:57,160
Speaker 2: that's not true. You can, especially with the bank that

948
00:48:57,200 --> 00:49:00,200
Speaker 2: you're opening up the business bank account with, you can ask, hey,

949
00:49:00,239 --> 00:49:02,600
Speaker 2: I want to apply for a credit card. They may

950
00:49:02,800 --> 00:49:06,080
Speaker 2: use your credit your personal credit to like as a

951
00:49:06,120 --> 00:49:10,399
Speaker 2: personal guarantee to make sure. But if you have good

952
00:49:10,440 --> 00:49:13,279
Speaker 2: personal credit, you can get approved or a business credit card.

953
00:49:13,560 --> 00:49:16,080
Speaker 2: And just keep in mind that business credit card on

954
00:49:16,120 --> 00:49:19,319
Speaker 2: a monthly basis is not going to report to your

955
00:49:19,360 --> 00:49:23,120
Speaker 2: personal to your personal report. It's only going to report

956
00:49:23,120 --> 00:49:24,880
Speaker 2: to the business report. Right, So it's kind of like

957
00:49:25,000 --> 00:49:28,400
Speaker 2: using your personal credit as leverage to then build your

958
00:49:28,440 --> 00:49:29,120
Speaker 2: business credit.

959
00:49:29,520 --> 00:49:31,120
Speaker 3: So it's one of the things you said is a

960
00:49:31,120 --> 00:49:33,960
Speaker 3: foundation of your businesses bookkeeping, And now that we're talking

961
00:49:33,960 --> 00:49:36,120
Speaker 3: about bank acount and keeping records, I think probably that's

962
00:49:36,120 --> 00:49:37,200
Speaker 3: the best way to do it right.

963
00:49:37,560 --> 00:49:39,680
Speaker 5: And so what are some ways we can.

964
00:49:39,800 --> 00:49:43,080
Speaker 3: Track our books or create our books and why is

965
00:49:43,120 --> 00:49:44,560
Speaker 3: it the foundation of the business?

966
00:49:44,960 --> 00:49:52,680
Speaker 2: Bookkeeping is the foundation of a business. It is the

967
00:49:52,680 --> 00:49:57,359
Speaker 2: most looked over process in a business. Most people do

968
00:49:57,400 --> 00:49:59,920
Speaker 2: not understand that you have to have bookkeeping in place

969
00:50:00,200 --> 00:50:02,680
Speaker 2: in order to understand what money is coming in, what

970
00:50:02,800 --> 00:50:05,920
Speaker 2: money is going out. Some people have multiple streams of income.

971
00:50:06,320 --> 00:50:08,759
Speaker 2: One stream is just paying for the other stream. They're

972
00:50:08,800 --> 00:50:14,279
Speaker 2: not necessarily understanding what's how they're profiting, what's doing good,

973
00:50:14,640 --> 00:50:18,600
Speaker 2: Which months were they doing better and then another month,

974
00:50:18,719 --> 00:50:21,799
Speaker 2: why were they doing better in that particular month, and

975
00:50:21,880 --> 00:50:27,359
Speaker 2: so bookkeeping is really the foundation and for twenty twenty two,

976
00:50:27,520 --> 00:50:30,279
Speaker 2: if you have a business, you will have a bookkeeping

977
00:50:30,680 --> 00:50:33,960
Speaker 2: processes in place. Right, can you guys tell them that

978
00:50:34,000 --> 00:50:36,920
Speaker 2: they need to have bookkeeping right?

979
00:50:37,960 --> 00:50:40,279
Speaker 3: Vitally important, violently important, Like you want to know where

980
00:50:40,280 --> 00:50:43,200
Speaker 3: your money is? Like you want I remember, like like

981
00:50:43,239 --> 00:50:45,239
Speaker 3: fifteen years ago, I would go out with him and

982
00:50:45,280 --> 00:50:47,279
Speaker 3: he would like we go out to dinnity, like, give me.

983
00:50:47,200 --> 00:50:49,400
Speaker 5: To receipt, give me receipt, give me receipting. I'm like, yo, why.

984
00:50:50,920 --> 00:50:53,120
Speaker 3: And I realized later like he was tracking his books.

985
00:50:53,120 --> 00:50:54,759
Speaker 3: He's like, yo, this is this is my dinner. I'm

986
00:50:54,800 --> 00:50:57,319
Speaker 3: taking this. I'm keeping books on myself. I'm like, oh,

987
00:50:57,520 --> 00:50:59,760
Speaker 3: that's what he's doing. He's doing his own bookkeeping. Because

988
00:50:59,760 --> 00:51:01,160
Speaker 3: you need to know where the money's going.

989
00:51:01,320 --> 00:51:04,480
Speaker 2: You need to understand where the money is going. And

990
00:51:04,520 --> 00:51:07,480
Speaker 2: again that it is so overlooked and no one is

991
00:51:07,520 --> 00:51:10,319
Speaker 2: thinking about I need to tell I mean, I need

992
00:51:10,360 --> 00:51:13,680
Speaker 2: to understand where my money is, Like how much money

993
00:51:13,760 --> 00:51:16,720
Speaker 2: is coming in? Are you operate? You do not understand?

994
00:51:16,760 --> 00:51:18,640
Speaker 2: How many people I point out, I'm like, you know

995
00:51:18,680 --> 00:51:21,879
Speaker 2: you're doing business for free. You cannot afford to quit

996
00:51:21,920 --> 00:51:25,200
Speaker 2: your job and then do business for free. So many

997
00:51:25,200 --> 00:51:25,920
Speaker 2: people don't.

998
00:51:25,760 --> 00:51:28,640
Speaker 4: Understand that's a fact. Yeah, that's a fact. But the

999
00:51:28,680 --> 00:51:30,440
Speaker 4: thing about it this year, when he's referring to like

1000
00:51:30,520 --> 00:51:33,480
Speaker 4: years ago I had, I used to keep white envelopes

1001
00:51:33,480 --> 00:51:39,640
Speaker 4: and I used to label them like meals, travel equipment.

1002
00:51:39,680 --> 00:51:42,280
Speaker 4: It's like seven different things that you can take deductions

1003
00:51:42,320 --> 00:51:44,800
Speaker 4: off of it. I would keep all my receipts and

1004
00:51:44,800 --> 00:51:48,520
Speaker 4: then I would put the receipts in each envelope that

1005
00:51:48,600 --> 00:51:50,719
Speaker 4: it fit, and then at the end of the year,

1006
00:51:50,719 --> 00:51:54,480
Speaker 4: I would meticulously. It took me forever, but I would

1007
00:51:54,520 --> 00:51:56,840
Speaker 4: go through every single one and track it and be like,

1008
00:51:56,840 --> 00:51:59,680
Speaker 4: all right, I spent five thousand dollars on food, and

1009
00:51:59,680 --> 00:52:02,000
Speaker 4: even then that was my deductions for the year. So

1010
00:52:02,040 --> 00:52:03,560
Speaker 4: that was a manual.

1011
00:52:03,520 --> 00:52:06,600
Speaker 2: Obviously, the manual process that we don't have to do anymore.

1012
00:52:07,120 --> 00:52:11,160
Speaker 2: So I mean, listen, different things work for different people, right. However,

1013
00:52:11,880 --> 00:52:15,759
Speaker 2: now we have so much technology, so I use quick

1014
00:52:15,800 --> 00:52:20,120
Speaker 2: books with my clients. So quick books has different different

1015
00:52:20,400 --> 00:52:24,640
Speaker 2: levels of you may have self employed. As more complex

1016
00:52:24,680 --> 00:52:29,080
Speaker 2: as your business becomes, you have different options. I suggest

1017
00:52:29,239 --> 00:52:34,600
Speaker 2: getting like quick books, QuickBooks essentials at minimum, because when

1018
00:52:34,600 --> 00:52:36,799
Speaker 2: you have quick books, it does a few things. One,

1019
00:52:36,840 --> 00:52:39,200
Speaker 2: you're able to sink your bank accounts, so now it's

1020
00:52:39,200 --> 00:52:42,640
Speaker 2: not a situation where your business bank account not your

1021
00:52:42,719 --> 00:52:44,840
Speaker 2: personal I have so many people that come to me

1022
00:52:44,880 --> 00:52:48,240
Speaker 2: and their personal accounts are connected, personal credit cards are connected,

1023
00:52:48,560 --> 00:52:51,080
Speaker 2: their husband's accounts. I'm like, why is all this stuff

1024
00:52:51,160 --> 00:52:54,239
Speaker 2: in your business account? This is not business right, and

1025
00:52:54,320 --> 00:52:57,880
Speaker 2: so your business account should be connected to QuickBooks. What

1026
00:52:58,120 --> 00:53:02,520
Speaker 2: happens is that your transactions automatically sinking. You then go

1027
00:53:02,640 --> 00:53:06,280
Speaker 2: in and then you categorize all of your expenses, saying, okay,

1028
00:53:06,400 --> 00:53:10,120
Speaker 2: this went here. You know this is meals, this is travel,

1029
00:53:10,280 --> 00:53:14,640
Speaker 2: this was supplies, this was repairs, and then what other

1030
00:53:14,719 --> 00:53:17,680
Speaker 2: feature QuickBooks have that I love Because I'm bad. I'm

1031
00:53:17,680 --> 00:53:22,240
Speaker 2: not as organized as Rashad is with his envelopes. So

1032
00:53:22,360 --> 00:53:26,000
Speaker 2: for me, I have receipts everywhere. They're in my purse,

1033
00:53:26,239 --> 00:53:30,560
Speaker 2: in my pocket, it they're everywhere. So to for a

1034
00:53:30,600 --> 00:53:33,440
Speaker 2: solution for that, I started taking pictures of my receipts,

1035
00:53:33,680 --> 00:53:37,000
Speaker 2: because even if you hold onto receipts, receipts crumble, they fade,

1036
00:53:37,560 --> 00:53:40,719
Speaker 2: and I feel like that's like I felt set up.

1037
00:53:40,920 --> 00:53:44,279
Speaker 2: I'm like, well, I kept my GUS receipt but it's

1038
00:53:44,320 --> 00:53:46,920
Speaker 2: nothing on this receipt. And so what I started doing

1039
00:53:47,040 --> 00:53:50,920
Speaker 2: was taking pictures of the receipts, and quick books allows

1040
00:53:50,960 --> 00:53:56,560
Speaker 2: you to attach the receipt to the transaction, so now

1041
00:53:56,800 --> 00:53:59,600
Speaker 2: you don't have to worry about, you know, keeping anything

1042
00:54:00,080 --> 00:54:02,000
Speaker 2: like on hand, and now it can be like a

1043
00:54:02,040 --> 00:54:05,160
Speaker 2: total like virtual process. And so it's just like a

1044
00:54:05,200 --> 00:54:09,799
Speaker 2: total virtual process, and it does make a difference. While

1045
00:54:09,800 --> 00:54:11,799
Speaker 2: I have some clients who try to, you know, do

1046
00:54:11,840 --> 00:54:14,920
Speaker 2: it Excel, and that's fine, whatever works for you, I

1047
00:54:14,920 --> 00:54:17,520
Speaker 2: don't recommend it because as a business owner, you have

1048
00:54:17,680 --> 00:54:20,080
Speaker 2: enough hats to wear. The last thing that you need

1049
00:54:20,120 --> 00:54:22,920
Speaker 2: to do is come in every day to say this

1050
00:54:23,000 --> 00:54:26,600
Speaker 2: money came in. I spent this money on something that's

1051
00:54:26,640 --> 00:54:30,080
Speaker 2: already being recorded in your bank account anyway. So you

1052
00:54:30,200 --> 00:54:33,840
Speaker 2: have to get a system in place, and that's important.

1053
00:54:33,840 --> 00:54:37,480
Speaker 2: So bookkeeping is the foundation I tell clients, and I

1054
00:54:37,560 --> 00:54:39,799
Speaker 2: go back to it all the time, because even when

1055
00:54:39,840 --> 00:54:42,719
Speaker 2: it comes to filing your taxes, people don't understand that

1056
00:54:42,760 --> 00:54:45,520
Speaker 2: bookkeeping is really a requirement. They don't look at it

1057
00:54:45,520 --> 00:54:49,480
Speaker 2: as a requirement because the irs isn't explicitly saying you

1058
00:54:49,600 --> 00:54:52,840
Speaker 2: need bookkeeping. But what happens when you're audited, they need

1059
00:54:52,960 --> 00:54:55,440
Speaker 2: the following things. They're going to ask you for your

1060
00:54:55,520 --> 00:55:00,520
Speaker 2: bank statements. You cannot just provide receipts alone. Cannot just

1061
00:55:00,560 --> 00:55:03,759
Speaker 2: provide bank statements alone. So what they're going to look

1062
00:55:03,800 --> 00:55:07,399
Speaker 2: for is your bank statements. They're gonna want receipts, they're

1063
00:55:07,400 --> 00:55:10,200
Speaker 2: also gonna want your general ledger and your trial balance.

1064
00:55:10,400 --> 00:55:12,680
Speaker 2: In what your general ledger and trial balance is, which

1065
00:55:12,719 --> 00:55:14,920
Speaker 2: if you have quick books, it'll be an easy download

1066
00:55:15,000 --> 00:55:19,440
Speaker 2: for you. Your general ledger is pretty much your detail

1067
00:55:19,520 --> 00:55:21,759
Speaker 2: of your transactions. So let's say if you say, you

1068
00:55:21,840 --> 00:55:25,480
Speaker 2: know what, I had ten thousand dollars of travel, that's

1069
00:55:25,520 --> 00:55:28,200
Speaker 2: gonna show that one line item shows up on your

1070
00:55:28,200 --> 00:55:32,240
Speaker 2: trial balance travel, but said ten thousand dollars ten thousand dollars.

1071
00:55:32,520 --> 00:55:35,520
Speaker 2: Now in your general ledger, that's going to show all

1072
00:55:35,640 --> 00:55:38,280
Speaker 2: of the like what makes up that ten thousand dollars,

1073
00:55:38,600 --> 00:55:43,200
Speaker 2: So the hotels, the flights, the meals while you were there,

1074
00:55:43,520 --> 00:55:46,880
Speaker 2: and so you have to think about it's really a

1075
00:55:47,000 --> 00:55:50,600
Speaker 2: requirement because if you're audited, the iris want all of

1076
00:55:50,640 --> 00:55:53,359
Speaker 2: those things. They want to know what made up that

1077
00:55:53,400 --> 00:55:55,920
Speaker 2: line item You reported it on your tech you reported

1078
00:55:55,920 --> 00:55:59,160
Speaker 2: ten thousand dollars of travel, what makes that up. Okay, cool,

1079
00:55:59,239 --> 00:56:02,240
Speaker 2: you said you had some hotels, you had some flights, Okay,

1080
00:56:02,760 --> 00:56:05,920
Speaker 2: where does that show up on your bank statement? You

1081
00:56:05,960 --> 00:56:08,160
Speaker 2: said the flight was seven hundred dollars. What does the

1082
00:56:08,200 --> 00:56:10,799
Speaker 2: seven hundred dollars show up on your bank statement? Okay, cool,

1083
00:56:10,840 --> 00:56:12,879
Speaker 2: it's showed up on your bank statement. Still not enough.

1084
00:56:13,280 --> 00:56:15,960
Speaker 2: We still need to see the receipt, right, So you

1085
00:56:16,000 --> 00:56:19,440
Speaker 2: need all of those things. And then a step further.

1086
00:56:20,600 --> 00:56:23,720
Speaker 2: It provides insight. You don't really know, as I mentioned,

1087
00:56:24,080 --> 00:56:27,960
Speaker 2: where you're profiting. You know what's your profit margin, if

1088
00:56:27,960 --> 00:56:30,200
Speaker 2: you're doing business for free, if you need to increase

1089
00:56:30,200 --> 00:56:34,120
Speaker 2: your prices, you don't have that insight without having those numbers.

1090
00:56:34,320 --> 00:56:37,520
Speaker 2: And then final step, I can't text plan for clients

1091
00:56:37,560 --> 00:56:41,120
Speaker 2: that do not have bookkeeping because if I don't, if

1092
00:56:41,160 --> 00:56:43,759
Speaker 2: you don't know where you are, I can't help you

1093
00:56:43,840 --> 00:56:46,360
Speaker 2: because I can't tell you what adjustments need to be

1094
00:56:46,480 --> 00:56:49,200
Speaker 2: made because you don't know where you are. So without

1095
00:56:49,239 --> 00:56:53,280
Speaker 2: having that foundation, it's like it's so bad for your business.

1096
00:56:53,520 --> 00:56:56,279
Speaker 3: Word Otherwise I would say, if you're on quick books,

1097
00:56:56,320 --> 00:56:59,319
Speaker 3: if you're not check every month, right, because yeah, when

1098
00:56:59,320 --> 00:57:01,279
Speaker 3: it gets to like no November and you're looking at

1099
00:57:01,400 --> 00:57:05,280
Speaker 3: uncategorized purchases in February, it's going to be tough to remember,

1100
00:57:05,360 --> 00:57:07,359
Speaker 3: so I would suggest looking every month.

1101
00:57:07,440 --> 00:57:09,960
Speaker 5: Also, go through your pictures. That helps a lot.

1102
00:57:10,000 --> 00:57:12,239
Speaker 3: So like if you go through your pictures and you're like, wait,

1103
00:57:12,280 --> 00:57:14,839
Speaker 3: February fifth, where was I Oh wait, I was.

1104
00:57:14,760 --> 00:57:16,480
Speaker 5: Here, I was in Miami. Oh we had dinner, it

1105
00:57:16,560 --> 00:57:17,720
Speaker 5: kind of helps you with that as well.

1106
00:57:17,720 --> 00:57:21,800
Speaker 2: Okay, that's your strategy. That's how you answer those uncategorized transactions.

1107
00:57:21,800 --> 00:57:26,360
Speaker 3: For me, exactly, yeah, but it helps because like, oh,

1108
00:57:26,360 --> 00:57:28,240
Speaker 3: wait that we were there. Now I can explain this purse.

1109
00:57:28,320 --> 00:57:29,840
Speaker 3: This makes sense, So it falls in line.

1110
00:57:29,880 --> 00:57:30,720
Speaker 5: So at what.

1111
00:57:30,600 --> 00:57:33,320
Speaker 2: Point strategy should we be thank you?

1112
00:57:33,400 --> 00:57:33,560
Speaker 6: Oh?

1113
00:57:33,640 --> 00:57:35,440
Speaker 3: At what point should we say, you know, I can

1114
00:57:35,480 --> 00:57:37,520
Speaker 3: do this myself. I need to hire somebody to do

1115
00:57:37,600 --> 00:57:38,520
Speaker 3: my quick books.

1116
00:57:39,440 --> 00:57:41,720
Speaker 2: Two things that you have to consider. You have to

1117
00:57:41,720 --> 00:57:44,000
Speaker 2: consider your capacity and you have to understand the person

1118
00:57:44,040 --> 00:57:47,400
Speaker 2: that you are. So what I mean by that is

1119
00:57:47,720 --> 00:57:51,040
Speaker 2: what is your capacity? When you first start out in

1120
00:57:51,080 --> 00:57:53,919
Speaker 2: your business, you are going to be wearing nine million

1121
00:57:54,000 --> 00:57:57,560
Speaker 2: different hats. So you are in marketing, you are in finance,

1122
00:57:57,920 --> 00:58:01,120
Speaker 2: you are the CEO, You're in product, you're in shipping,

1123
00:58:01,200 --> 00:58:04,160
Speaker 2: you you're everywhere, right, and so you have to consider

1124
00:58:04,280 --> 00:58:08,320
Speaker 2: as your business starts and it grows, what stays with

1125
00:58:08,400 --> 00:58:12,439
Speaker 2: you versus what you can outsource. Because where you put

1126
00:58:12,440 --> 00:58:15,720
Speaker 2: your energy, that's where it's going to pretty much flow.

1127
00:58:16,240 --> 00:58:18,720
Speaker 2: And so if you're putting your energy into bookkeeping, your

1128
00:58:18,720 --> 00:58:21,040
Speaker 2: finances may be right, but guess what your marketing may

1129
00:58:21,080 --> 00:58:23,960
Speaker 2: not be or your you know, the operations of the

1130
00:58:23,960 --> 00:58:26,320
Speaker 2: business may not be. So you have to understand what's

1131
00:58:26,360 --> 00:58:31,800
Speaker 2: pulling you away. And people underestimate bookkeeping in terms of

1132
00:58:31,840 --> 00:58:34,600
Speaker 2: the amount of time that it takes in order to

1133
00:58:34,880 --> 00:58:42,600
Speaker 2: be organized, and so it's so important to just consider that. Right,

1134
00:58:42,640 --> 00:58:45,960
Speaker 2: first thing you have to consider is Okay, do I

1135
00:58:46,000 --> 00:58:47,560
Speaker 2: need to be doing this or should I be hiring

1136
00:58:47,600 --> 00:58:48,360
Speaker 2: somebody to do this?

1137
00:58:48,480 --> 00:58:50,120
Speaker 5: Right I get the email, I'm thinking.

1138
00:58:49,960 --> 00:58:56,959
Speaker 4: That, yes, let's let's switch topics for a minute, because

1139
00:58:57,040 --> 00:58:58,480
Speaker 4: this is something that a lot of people will want

1140
00:58:58,480 --> 00:59:02,600
Speaker 4: to know. How to buy assets in your business name?

1141
00:59:03,400 --> 00:59:04,480
Speaker 4: What's what's the deal with that?

1142
00:59:05,200 --> 00:59:10,000
Speaker 2: So buying assets in your business name, you have to

1143
00:59:10,080 --> 00:59:12,560
Speaker 2: make sure. So first thing that you need in order

1144
00:59:12,600 --> 00:59:14,400
Speaker 2: to buy assets in your business name is a business

1145
00:59:14,400 --> 00:59:18,440
Speaker 2: bank account, right foundation, And this is what I am

1146
00:59:18,520 --> 00:59:21,880
Speaker 2: stressing going forward. I used to be so nice like,

1147
00:59:22,040 --> 00:59:24,120
Speaker 2: oh no, you know, made people feel like it was

1148
00:59:24,160 --> 00:59:26,680
Speaker 2: an option. It's not an option. If you're gonna thrive

1149
00:59:26,720 --> 00:59:28,680
Speaker 2: and you're gonna make this decision to be a business owner,

1150
00:59:28,720 --> 00:59:31,919
Speaker 2: you have to do what you need to do. So now,

1151
00:59:32,040 --> 00:59:34,480
Speaker 2: buying business in your I mean buying assets in your

1152
00:59:34,480 --> 00:59:38,560
Speaker 2: business name is it's amazing, right, And I love it

1153
00:59:38,600 --> 00:59:41,920
Speaker 2: because it's more so shifting what would typically be a

1154
00:59:41,960 --> 00:59:45,880
Speaker 2: personal expense and then shifting it over into your business.

1155
00:59:46,160 --> 00:59:48,840
Speaker 2: And so whenever you have not whenever, but most of

1156
00:59:48,840 --> 00:59:51,200
Speaker 2: the time, when you have an asset, you have some

1157
00:59:51,240 --> 00:59:53,840
Speaker 2: sort of you know, interest, because you have a loan,

1158
00:59:55,240 --> 00:59:58,560
Speaker 2: you can if it's personal, let's just use a Let's

1159
00:59:58,640 --> 01:00:02,480
Speaker 2: use a vehicle, right, because everyone loves to write off

1160
01:00:02,480 --> 01:00:06,160
Speaker 2: your vehicles. Jay, Remember they remember the six thousand pound roll,

1161
01:00:06,280 --> 01:00:10,120
Speaker 2: right that was actually about a year ago. All right,

1162
01:00:10,200 --> 01:00:13,000
Speaker 2: So let's talk about a vehicle. Typically, it will be

1163
01:00:13,000 --> 01:00:16,240
Speaker 2: your personal vehicle. You'll be paying your cardinal or your lease,

1164
01:00:16,680 --> 01:00:21,440
Speaker 2: your insurance, your registration, your repairs, your maintenance, everything. If

1165
01:00:21,480 --> 01:00:23,600
Speaker 2: you're paying it on your personal side, it would just

1166
01:00:23,640 --> 01:00:28,040
Speaker 2: be coming out of your personal checking account or credit card.

1167
01:00:28,880 --> 01:00:32,880
Speaker 2: But if it's a now, a business expense. What happens

1168
01:00:32,960 --> 01:00:35,480
Speaker 2: is that now you're able to write those things off,

1169
01:00:35,800 --> 01:00:38,080
Speaker 2: and so everyone wants to do it. But now let's

1170
01:00:38,080 --> 01:00:40,880
Speaker 2: talk about how you can do it. So the first

1171
01:00:40,920 --> 01:00:42,520
Speaker 2: thing that you want to make sure of is that

1172
01:00:42,560 --> 01:00:46,320
Speaker 2: you have your business bank account because lenders, again, when

1173
01:00:46,360 --> 01:00:48,480
Speaker 2: you go to a lender, the only thing they want

1174
01:00:48,520 --> 01:00:51,640
Speaker 2: to know is how are you going to pay them back?

1175
01:00:52,440 --> 01:00:54,760
Speaker 2: So they want to make sure that you have money

1176
01:00:54,760 --> 01:00:57,000
Speaker 2: coming into your account. They want to make sure that

1177
01:00:57,080 --> 01:00:59,600
Speaker 2: you have money going out of your account, right, and

1178
01:00:59,640 --> 01:01:02,120
Speaker 2: then not make sure that you have money going out

1179
01:01:02,120 --> 01:01:04,000
Speaker 2: of you account, but see what you're spending money on

1180
01:01:04,240 --> 01:01:07,760
Speaker 2: when it's going out of your account, and so that's

1181
01:01:07,760 --> 01:01:10,760
Speaker 2: pretty much their way to analyze what's happening. Another thing

1182
01:01:10,800 --> 01:01:13,160
Speaker 2: that they are going to want to see are your taxes,

1183
01:01:13,840 --> 01:01:16,560
Speaker 2: so they want to make sure that you can again

1184
01:01:16,640 --> 01:01:19,720
Speaker 2: afford to pay them back. So what exactly did you report?

1185
01:01:20,760 --> 01:01:23,400
Speaker 2: They will also want to see a current profit and

1186
01:01:23,480 --> 01:01:27,480
Speaker 2: lost statement. So let's just say right now, it's January

1187
01:01:27,600 --> 01:01:30,480
Speaker 2: twenty twenty two. The last tax return that was filed

1188
01:01:31,360 --> 01:01:33,760
Speaker 2: was twenty twenty, Right, we're gearing up to file twenty

1189
01:01:33,800 --> 01:01:36,360
Speaker 2: twenty one. You may say to them hey, yeah, I

1190
01:01:36,400 --> 01:01:39,000
Speaker 2: have my twenty twenty taxes. They're gonna say, okay, well

1191
01:01:39,160 --> 01:01:42,440
Speaker 2: I need a profit and loss bookkeeping. I need a

1192
01:01:42,480 --> 01:01:46,640
Speaker 2: profit and loss statement and a balance sheet. So that way, yeah,

1193
01:01:46,680 --> 01:01:49,240
Speaker 2: so that way they want to see those financials, So

1194
01:01:49,280 --> 01:01:52,920
Speaker 2: that way they can see what activity happen in twenty

1195
01:01:52,960 --> 01:01:55,440
Speaker 2: twenty one, because they still need to make sure that

1196
01:01:55,480 --> 01:01:58,880
Speaker 2: you didn't dissolve the business or you know, for whatever reason,

1197
01:01:58,880 --> 01:02:01,080
Speaker 2: it isn't operating this same and so they're going to

1198
01:02:01,200 --> 01:02:03,880
Speaker 2: pretty much want an update. So those things are going

1199
01:02:03,920 --> 01:02:08,640
Speaker 2: to be extremely important in some cases, when you are

1200
01:02:08,640 --> 01:02:10,880
Speaker 2: buying an asset in your business name, you also want

1201
01:02:10,880 --> 01:02:14,960
Speaker 2: to consider the You also want to consider if you

1202
01:02:15,040 --> 01:02:18,480
Speaker 2: have to be like a personal guarantee I'm sorry, personal

1203
01:02:18,480 --> 01:02:21,760
Speaker 2: guaranteur to the loan or if it's something you know

1204
01:02:21,880 --> 01:02:24,040
Speaker 2: your business can handle it. And so you have to

1205
01:02:24,040 --> 01:02:25,880
Speaker 2: think about all those things. And that's pretty much the

1206
01:02:25,960 --> 01:02:28,040
Speaker 2: things that you're gonna they're gonna look at.

1207
01:02:28,120 --> 01:02:30,240
Speaker 3: So, I mean, when you have to be a personal guarantee,

1208
01:02:30,280 --> 01:02:32,880
Speaker 3: that has to do with how old or how long you've.

1209
01:02:32,760 --> 01:02:33,320
Speaker 5: Been in business.

1210
01:02:33,360 --> 01:02:35,280
Speaker 3: Right, So, at one point, because a lot of people saying,

1211
01:02:35,280 --> 01:02:37,360
Speaker 3: you know what, I heard that rule I got a business,

1212
01:02:37,400 --> 01:02:38,200
Speaker 3: I just opened it.

1213
01:02:38,480 --> 01:02:40,800
Speaker 5: I'm gonna go use my business to get this car.

1214
01:02:41,000 --> 01:02:42,480
Speaker 5: But there's a time frame that you do.

1215
01:02:42,640 --> 01:02:45,320
Speaker 2: There's a time frame business for yes, and every lender

1216
01:02:45,400 --> 01:02:48,480
Speaker 2: has a different timeframe. But typically what I see is

1217
01:02:48,480 --> 01:02:50,400
Speaker 2: that they're looking for you to be in business for

1218
01:02:50,520 --> 01:02:53,360
Speaker 2: three years or more, and they would be looking for

1219
01:02:54,040 --> 01:02:57,880
Speaker 2: at minimum one year of tax returns, but in most

1220
01:02:57,960 --> 01:03:01,320
Speaker 2: cases they'll ask for two years of tax return and

1221
01:03:01,400 --> 01:03:04,000
Speaker 2: of course, like your most like six months of bank

1222
01:03:04,080 --> 01:03:06,680
Speaker 2: statements because they want to see they want to get

1223
01:03:06,680 --> 01:03:08,160
Speaker 2: a full picture of what's happening.

1224
01:03:08,760 --> 01:03:11,120
Speaker 4: So and then the financial statement P and L. People

1225
01:03:11,120 --> 01:03:13,080
Speaker 4: hear about like P and L a lot, Like what

1226
01:03:13,240 --> 01:03:15,240
Speaker 4: is P and L? And you know what's the importance

1227
01:03:15,280 --> 01:03:18,280
Speaker 4: of having profit and law statements? Financial statements?

1228
01:03:18,560 --> 01:03:22,560
Speaker 2: Yes, so financial statements are very important because it tells

1229
01:03:23,000 --> 01:03:25,640
Speaker 2: the story of your business. I tell clients all the time,

1230
01:03:26,200 --> 01:03:29,040
Speaker 2: I really don't have to have a conversation with you

1231
01:03:29,120 --> 01:03:31,160
Speaker 2: if I take a look at your financials, I can

1232
01:03:31,200 --> 01:03:34,240
Speaker 2: kind of see exactly what's happening, right, because you'll start

1233
01:03:34,280 --> 01:03:37,320
Speaker 2: to see like a cause and effect. As an example,

1234
01:03:37,520 --> 01:03:39,919
Speaker 2: you may be doing more marketing in this particular month

1235
01:03:39,920 --> 01:03:42,680
Speaker 2: and your sales are going to be up. Now with

1236
01:03:42,720 --> 01:03:45,960
Speaker 2: a profit and lost statement. That is really just the

1237
01:03:46,040 --> 01:03:51,080
Speaker 2: statement that captures your revenue and your expenses. So that's

1238
01:03:51,120 --> 01:03:54,440
Speaker 2: important because you need to understand how much your business

1239
01:03:54,520 --> 01:03:58,080
Speaker 2: is profiting. That's going to tell and that is like

1240
01:03:58,600 --> 01:04:02,720
Speaker 2: the most That is the number one financial statement requested

1241
01:04:02,720 --> 01:04:07,360
Speaker 2: by lenders on a consistent basis. I think my office

1242
01:04:07,400 --> 01:04:09,960
Speaker 2: phone rings on a daily because people are like, I'm

1243
01:04:10,000 --> 01:04:11,760
Speaker 2: going for a house, some of they want a profit

1244
01:04:11,760 --> 01:04:14,480
Speaker 2: in law statement. I'm going for you know, some equipment,

1245
01:04:14,480 --> 01:04:17,040
Speaker 2: and they want a profit in law statement. That's because

1246
01:04:17,080 --> 01:04:19,720
Speaker 2: they want to know are you profiting? That's typically what

1247
01:04:20,080 --> 01:04:24,400
Speaker 2: that statement. That's what that statement is telling lenders. Are

1248
01:04:24,440 --> 01:04:27,120
Speaker 2: you profiting or are you operating at a loss. So

1249
01:04:27,200 --> 01:04:29,960
Speaker 2: it's going to report your revenue, your money in and

1250
01:04:30,000 --> 01:04:33,560
Speaker 2: your money out, your expenses. Now you're a balance sheet.

1251
01:04:33,960 --> 01:04:36,600
Speaker 2: The balance sheet is not talked about enough, but it

1252
01:04:36,680 --> 01:04:40,520
Speaker 2: is very important and also important to lenders because you

1253
01:04:40,600 --> 01:04:44,320
Speaker 2: could be making a profit and I know you guys

1254
01:04:44,360 --> 01:04:46,640
Speaker 2: talk about this and sort of health of companies and

1255
01:04:47,080 --> 01:04:50,280
Speaker 2: you know on market mondays. The balance sheet is an

1256
01:04:50,280 --> 01:04:54,200
Speaker 2: important statement as well because when you are looking at

1257
01:04:54,280 --> 01:04:57,120
Speaker 2: you need to know how much cash, Like lenders want

1258
01:04:57,120 --> 01:04:59,560
Speaker 2: to know how much cash do you have in the bank?

1259
01:04:59,640 --> 01:05:01,960
Speaker 2: Investm may want to know, right, it's not only lenders.

1260
01:05:02,160 --> 01:05:04,080
Speaker 2: If you are going to someone saying that you want

1261
01:05:04,080 --> 01:05:06,360
Speaker 2: them to invest in your business, they are going to

1262
01:05:06,400 --> 01:05:08,960
Speaker 2: want to know how much cash do you have in

1263
01:05:09,000 --> 01:05:12,680
Speaker 2: your bank? How much liability do you have? These assets

1264
01:05:12,680 --> 01:05:15,920
Speaker 2: of reliabilities, you guys are really like the balance sheet. Okay,

1265
01:05:16,120 --> 01:05:17,480
Speaker 2: so when you think of it's.

1266
01:05:17,320 --> 01:05:20,000
Speaker 4: An account, it's actually an accountant slogan.

1267
01:05:20,200 --> 01:05:20,919
Speaker 2: Yes it is.

1268
01:05:21,080 --> 01:05:23,160
Speaker 4: Everybody sees it like are you accounting? Are you an

1269
01:05:23,200 --> 01:05:27,200
Speaker 4: account Nobody ever, really, you know, ever thought about like

1270
01:05:27,320 --> 01:05:30,280
Speaker 4: put But the ironic thing about that is that when

1271
01:05:30,320 --> 01:05:32,280
Speaker 4: I came up with the idea as is of reliabilities,

1272
01:05:32,360 --> 01:05:34,560
Speaker 4: I didn't necessarily know that that was so popular in

1273
01:05:34,600 --> 01:05:36,760
Speaker 4: the accounting world. Oh yeah, I just thought that that

1274
01:05:36,840 --> 01:05:39,920
Speaker 4: was a good slogan. But it is like, yeah, like

1275
01:05:40,000 --> 01:05:42,200
Speaker 4: what we go by, it's an accounting term. But it's

1276
01:05:42,200 --> 01:05:44,680
Speaker 4: so crazy that that's nobody ever thought about putting it

1277
01:05:44,720 --> 01:05:47,040
Speaker 4: out there like that, like you. But every time somebody

1278
01:05:47,040 --> 01:05:49,200
Speaker 4: always says are you an account here, I feel like

1279
01:05:49,240 --> 01:05:51,680
Speaker 4: it's like an underworld society because their accounting.

1280
01:05:52,120 --> 01:05:55,320
Speaker 2: Yeah, because that's what shows up on the balance sheet.

1281
01:05:55,360 --> 01:05:59,760
Speaker 2: Your assets, so your cash, your stocks, your real estate

1282
01:05:59,800 --> 01:06:01,680
Speaker 2: if you have if you know you're in the business

1283
01:06:01,720 --> 01:06:06,680
Speaker 2: of real estate, what your bonds, your account's receivable. So

1284
01:06:06,720 --> 01:06:09,400
Speaker 2: if anybody owes you money, right, that's what's gonna sit

1285
01:06:09,480 --> 01:06:14,200
Speaker 2: under your asset section, your liability section. If you owe somebody,

1286
01:06:14,480 --> 01:06:16,880
Speaker 2: the banks want to know I'm giving this person money.

1287
01:06:16,920 --> 01:06:20,280
Speaker 2: Who else do they owe? So that's important because if

1288
01:06:20,280 --> 01:06:23,160
Speaker 2: you have high revenue, but then you have high liability,

1289
01:06:24,080 --> 01:06:26,480
Speaker 2: technically you know you may be operating at a loss

1290
01:06:26,480 --> 01:06:29,720
Speaker 2: almost right if you pay these people back. Another thing

1291
01:06:29,800 --> 01:06:33,400
Speaker 2: that everyone is always so crazy about, you know, people's

1292
01:06:33,440 --> 01:06:36,560
Speaker 2: net worth. That's pretty much how you calculate somebody's net worth.

1293
01:06:36,600 --> 01:06:39,600
Speaker 2: You take their assets, you might as see liabilities. You

1294
01:06:39,680 --> 01:06:42,080
Speaker 2: also are going to take in you know, to consideration

1295
01:06:43,000 --> 01:06:46,960
Speaker 2: their equity and then that's how you get to the

1296
01:06:46,960 --> 01:06:49,040
Speaker 2: their net worth. And so yep, all right.

1297
01:06:49,080 --> 01:06:51,280
Speaker 3: So when we spoke about personal guarantory, that speaks to

1298
01:06:51,360 --> 01:06:54,200
Speaker 3: not having business credit. And so how does one build

1299
01:06:54,240 --> 01:06:56,280
Speaker 3: business credit if we just started our business, Like, what's

1300
01:06:56,280 --> 01:06:57,680
Speaker 3: the process or some steps we can take?

1301
01:06:58,280 --> 01:07:00,320
Speaker 2: So steps that you can take when first outing a

1302
01:07:00,320 --> 01:07:03,560
Speaker 2: business as we spoke about before, is that one you

1303
01:07:03,600 --> 01:07:07,440
Speaker 2: can leverage your personal credit to then help you build

1304
01:07:07,440 --> 01:07:11,680
Speaker 2: your business credit. So acting as that personal guaranteur for

1305
01:07:11,760 --> 01:07:15,480
Speaker 2: your business credit cards, for line of credits that is,

1306
01:07:15,800 --> 01:07:21,280
Speaker 2: that is like the easiest way to get approved starting out,

1307
01:07:21,360 --> 01:07:24,360
Speaker 2: Before you establish any sort of business credit. The second

1308
01:07:24,840 --> 01:07:28,080
Speaker 2: thing that you want to do is start some trade lines.

1309
01:07:28,600 --> 01:07:33,520
Speaker 2: So those tier one trade lines like quill and staples

1310
01:07:33,560 --> 01:07:37,600
Speaker 2: and you know gas cards, those are really good ways

1311
01:07:37,600 --> 01:07:40,160
Speaker 2: to start building your credit, your business credit. You want

1312
01:07:40,160 --> 01:07:44,240
Speaker 2: to make sure that whomever you're building trade lines with,

1313
01:07:44,640 --> 01:07:47,320
Speaker 2: and it's pretty much what you'll do is create like

1314
01:07:47,400 --> 01:07:49,960
Speaker 2: net thirty accounts or net sixty accounts, and what that

1315
01:07:50,040 --> 01:07:52,880
Speaker 2: really just what that means is that they're going to

1316
01:07:52,880 --> 01:07:55,959
Speaker 2: supply you a product and then you're going to pay them,

1317
01:07:56,360 --> 01:07:59,439
Speaker 2: but you know within thirty days, right, Once you pay

1318
01:07:59,440 --> 01:08:02,440
Speaker 2: them within thirty days, they will then report that to

1319
01:08:03,360 --> 01:08:08,160
Speaker 2: dune in Bradstreet, right. And so that's important because just

1320
01:08:08,160 --> 01:08:10,200
Speaker 2: like with your personal credit, you want to build up

1321
01:08:10,200 --> 01:08:13,320
Speaker 2: that history. When starting out, I would order stuff from

1322
01:08:13,360 --> 01:08:16,800
Speaker 2: Quote all the time because I needed I needed to

1323
01:08:16,800 --> 01:08:18,960
Speaker 2: build my business credit. I didn't need all those supplies.

1324
01:08:19,320 --> 01:08:24,760
Speaker 2: I would like have like big dish detergent in my house, right,

1325
01:08:24,800 --> 01:08:27,000
Speaker 2: But I did it because, yeah, it came in a

1326
01:08:27,040 --> 01:08:29,280
Speaker 2: bigger bulk, but it was something that I was going

1327
01:08:29,320 --> 01:08:31,680
Speaker 2: to use anyway, So instead of going to you know,

1328
01:08:31,760 --> 01:08:34,640
Speaker 2: a local store to buy it, I just ordered it

1329
01:08:34,680 --> 01:08:37,600
Speaker 2: there and they were able to report to my to

1330
01:08:37,720 --> 01:08:40,120
Speaker 2: Dune and Bradstreet that I was making those payments on time.

1331
01:08:40,600 --> 01:08:44,120
Speaker 4: So there you have it. So that's a whole lot

1332
01:08:44,160 --> 01:08:45,840
Speaker 4: of game. We can keep going on and on and on.

1333
01:08:45,880 --> 01:08:47,920
Speaker 2: We can, you know, So.

1334
01:08:47,880 --> 01:08:51,559
Speaker 4: Let me ask you this switching gears because you know,

1335
01:08:51,880 --> 01:08:54,160
Speaker 4: when you go to business school and one of the

1336
01:08:54,200 --> 01:08:56,120
Speaker 4: things that people always ask about is like, how do

1337
01:08:56,200 --> 01:08:58,880
Speaker 4: I put together business plan? What happens is that nobody

1338
01:08:58,880 --> 01:09:01,360
Speaker 4: really ever puts together business plan. One of the reasons

1339
01:09:01,360 --> 01:09:03,599
Speaker 4: why they actually end up failing in business. And most

1340
01:09:03,600 --> 01:09:06,240
Speaker 4: of the time most businesses fail because they're not properly

1341
01:09:06,280 --> 01:09:08,760
Speaker 4: prepared all of this stuff that we talked about, but

1342
01:09:08,800 --> 01:09:10,519
Speaker 4: this is only like the chip of the iceberg. There's

1343
01:09:10,560 --> 01:09:14,000
Speaker 4: so much stuff, and it's like, you know, unfortunately, if

1344
01:09:14,080 --> 01:09:17,080
Speaker 4: you don't come from a situation where the businesses passed

1345
01:09:17,120 --> 01:09:18,880
Speaker 4: down to you or you have a level of mentorship,

1346
01:09:18,880 --> 01:09:20,519
Speaker 4: you just start in a business. Most of us just

1347
01:09:20,520 --> 01:09:25,760
Speaker 4: start businesses. You're just learning. But the learning curve can

1348
01:09:25,800 --> 01:09:29,000
Speaker 4: take you out of business if you're not successful enough.

1349
01:09:29,400 --> 01:09:32,240
Speaker 4: So that's something that's vitally important. It's like this is

1350
01:09:32,280 --> 01:09:34,920
Speaker 4: one of the most important episodes because it's like the

1351
01:09:34,960 --> 01:09:38,519
Speaker 4: information that you have can make or break if your

1352
01:09:38,560 --> 01:09:40,880
Speaker 4: business is going to survive or not. And that can

1353
01:09:41,479 --> 01:09:43,559
Speaker 4: Who knows, your business could be a million dollar business,

1354
01:09:43,640 --> 01:09:46,000
Speaker 4: multi million dollar business, a billion dollar business, but if

1355
01:09:46,000 --> 01:09:48,519
Speaker 4: it never actually gets a chance to get to that point,

1356
01:09:49,520 --> 01:09:52,840
Speaker 4: it's going to be a failure. So you decided to

1357
01:09:52,920 --> 01:09:56,760
Speaker 4: actually put all of your years and expertise together and

1358
01:09:57,400 --> 01:09:59,840
Speaker 4: create an educational portal. So what made you get into

1359
01:09:59,880 --> 01:10:01,040
Speaker 4: the educational component?

1360
01:10:02,080 --> 01:10:08,360
Speaker 2: So I got into the educational space because, as I mentioned,

1361
01:10:08,560 --> 01:10:13,599
Speaker 2: as the accountant, I see a lot of things. I

1362
01:10:13,640 --> 01:10:17,120
Speaker 2: have access to everything, and what I realized is that

1363
01:10:17,200 --> 01:10:21,040
Speaker 2: so many people were starting businesses, but a lot of

1364
01:10:21,040 --> 01:10:24,800
Speaker 2: people were not operating successful businesses. And it wasn't as

1365
01:10:24,880 --> 01:10:27,519
Speaker 2: you mentioned, it wasn't because they didn't have million dollar

1366
01:10:27,600 --> 01:10:31,360
Speaker 2: and billion dollar ideas. We see the most basic things

1367
01:10:31,400 --> 01:10:34,720
Speaker 2: become billion dollar ideas, and it's not because they don't

1368
01:10:34,720 --> 01:10:39,040
Speaker 2: have great ideas, but the execution isn't there, the resources

1369
01:10:39,080 --> 01:10:44,719
Speaker 2: isn't there, the understanding of what's necessary to actually build

1370
01:10:44,760 --> 01:10:49,559
Speaker 2: a business. I had, you know, the opportunity of being

1371
01:10:49,600 --> 01:10:51,920
Speaker 2: a part of a small business since I was six

1372
01:10:52,000 --> 01:10:56,439
Speaker 2: years old, right, So for me, I got that small

1373
01:10:56,479 --> 01:10:59,000
Speaker 2: business side and just really understanding like what it took

1374
01:10:59,040 --> 01:11:03,360
Speaker 2: to start a business, and then go in corporate understanding

1375
01:11:03,400 --> 01:11:07,639
Speaker 2: what corporations we're doing to operate their business their business.

1376
01:11:08,000 --> 01:11:11,120
Speaker 2: And so I love business. If it's one thing, I

1377
01:11:11,200 --> 01:11:14,160
Speaker 2: just love business, like I that's gonna be my thing forever.

1378
01:11:14,479 --> 01:11:16,960
Speaker 2: And so I wanted to get into the education educational

1379
01:11:17,000 --> 01:11:21,160
Speaker 2: space because I knew that people didn't understand how to

1380
01:11:21,360 --> 01:11:25,559
Speaker 2: operate businesses. And so it's cool that everybody's starting a business,

1381
01:11:25,760 --> 01:11:31,000
Speaker 2: but I want everybody to actually create and operate sustainable

1382
01:11:31,040 --> 01:11:34,000
Speaker 2: businesses that they're profiting and they're able to build, you know,

1383
01:11:34,040 --> 01:11:37,400
Speaker 2: this generational wealth because most of the time that is

1384
01:11:37,520 --> 01:11:41,439
Speaker 2: the foundation one. You first have to get the money in.

1385
01:11:41,800 --> 01:11:43,639
Speaker 2: So now that you get the money in your business,

1386
01:11:43,680 --> 01:11:45,800
Speaker 2: then you can take it and invest it and you know,

1387
01:11:46,120 --> 01:11:48,800
Speaker 2: then take it, you know, to that next level. And

1388
01:11:48,880 --> 01:11:51,759
Speaker 2: so it's important we are no longer in twenty twenty

1389
01:11:51,800 --> 01:11:55,280
Speaker 2: two and beyond. Twenty twenty two is Year of the bosses, Right,

1390
01:11:55,400 --> 01:11:57,680
Speaker 2: we are bossing up, we are doing the things that

1391
01:11:57,720 --> 01:11:59,559
Speaker 2: we need to do, and I want it to just

1392
01:11:59,680 --> 01:12:02,320
Speaker 2: be that person. Very similar to how it was with taxes.

1393
01:12:02,360 --> 01:12:04,120
Speaker 2: I'm like, yeah, nobody's talking about taxes. We have to

1394
01:12:04,120 --> 01:12:06,559
Speaker 2: make it a part of the conversation. And so now

1395
01:12:06,600 --> 01:12:09,880
Speaker 2: I'm like, we have to make business, like real business

1396
01:12:09,960 --> 01:12:10,960
Speaker 2: a part of the conversation.

1397
01:12:11,680 --> 01:12:14,880
Speaker 4: So you came up with the business blueprint. What is

1398
01:12:14,920 --> 01:12:15,880
Speaker 4: the business blueprint?

1399
01:12:16,160 --> 01:12:19,320
Speaker 2: The business blueprint is pretty much taking your idea and

1400
01:12:19,439 --> 01:12:22,760
Speaker 2: helping you execute it. So inside of the business blueprint,

1401
01:12:22,960 --> 01:12:29,719
Speaker 2: we're going through deciding your business name, marketing, funding. We're

1402
01:12:29,720 --> 01:12:40,439
Speaker 2: also talking about dissolving your business, taxes, financial statements, bookkeeping, hiring, payroll, HR,

1403
01:12:41,560 --> 01:12:44,800
Speaker 2: We're talking about everything, buying assets in your business name.

1404
01:12:44,880 --> 01:12:47,120
Speaker 2: And the best thing about it is that I've brung

1405
01:12:47,479 --> 01:12:51,479
Speaker 2: experts in to talk about so many of these topics. Like, yes,

1406
01:12:51,560 --> 01:12:53,920
Speaker 2: I took care of the you know, the business stuff

1407
01:12:53,960 --> 01:12:56,280
Speaker 2: and the tax thing when it came to like, you know,

1408
01:12:56,320 --> 01:12:59,519
Speaker 2: we have an HR expert. You know, we have we

1409
01:12:59,640 --> 01:13:03,720
Speaker 2: have so many people in this course and they were needed.

1410
01:13:03,560 --> 01:13:05,920
Speaker 4: You know, a lot of them, you know a lot

1411
01:13:05,920 --> 01:13:08,200
Speaker 4: of you know, it's very similar to like when I said, Matt,

1412
01:13:08,280 --> 01:13:11,559
Speaker 4: he created the encyclopedia for real estate with the Homeboys blueprint,

1413
01:13:11,880 --> 01:13:13,880
Speaker 4: And when I got a chance to just check out

1414
01:13:13,960 --> 01:13:17,080
Speaker 4: the blueprint that you created for business, and I had

1415
01:13:17,160 --> 01:13:18,800
Speaker 4: never seen anything like it as far as you know,

1416
01:13:18,840 --> 01:13:23,480
Speaker 4: I just wrote down some notes where you have the execution, contracts, trademarks,

1417
01:13:23,640 --> 01:13:31,320
Speaker 4: going over business credit, business insurance, budgeting, taxes, marketing, hiring, payroll, retirement.

1418
01:13:32,320 --> 01:13:34,120
Speaker 4: It's like, you know, being when I was in the

1419
01:13:34,160 --> 01:13:37,040
Speaker 4: financial advising world. You know, people used to pay to

1420
01:13:37,080 --> 01:13:39,599
Speaker 4: get business plans put together. In that business plans anywhere

1421
01:13:39,640 --> 01:13:41,720
Speaker 4: from like two thousand to five thousand dollars for a

1422
01:13:41,720 --> 01:13:44,080
Speaker 4: good business plan for somebody to like put it together

1423
01:13:44,120 --> 01:13:46,320
Speaker 4: for you. So I had never seen anything. And that's

1424
01:13:46,439 --> 01:13:49,719
Speaker 4: just the business plan. That's not really the retirement part

1425
01:13:49,720 --> 01:13:52,960
Speaker 4: of it. That's not the payroll, that's not all of

1426
01:13:53,040 --> 01:13:55,800
Speaker 4: the different stuff. So it's literally the only equivalent I

1427
01:13:55,840 --> 01:13:58,080
Speaker 4: could really give is like going to college. It's like

1428
01:13:58,120 --> 01:13:59,920
Speaker 4: going to college, like if you could wrap four years

1429
01:14:00,080 --> 01:14:01,680
Speaker 4: business school together, and.

1430
01:14:01,760 --> 01:14:04,000
Speaker 2: It's like getting your MBA. This is like the NBA

1431
01:14:04,120 --> 01:14:04,880
Speaker 2: for small business.

1432
01:14:05,200 --> 01:14:08,839
Speaker 4: It's No, it definitely is. It's an online NBA program

1433
01:14:08,880 --> 01:14:12,800
Speaker 4: for sure, without you know, actually having to go for years,

1434
01:14:12,920 --> 01:14:15,519
Speaker 4: four years painting one hundred thousand dollars and taking our

1435
01:14:15,560 --> 01:14:17,559
Speaker 4: student loans and things of that nature. And you also

1436
01:14:17,600 --> 01:14:22,000
Speaker 4: have a workbook attached to it. So that's like really academic.

1437
01:14:22,080 --> 01:14:25,559
Speaker 4: So talk about this, talk about the work I.

1438
01:14:25,400 --> 01:14:28,120
Speaker 2: Was not doing this course without adding some sort of

1439
01:14:28,280 --> 01:14:32,040
Speaker 2: business plan and something that people can leave the course with.

1440
01:14:33,120 --> 01:14:36,799
Speaker 2: As you mentioned, business plans can cost from two thousand

1441
01:14:36,880 --> 01:14:39,639
Speaker 2: to five thousand dollars. But they're just telling you, okay, well,

1442
01:14:39,640 --> 01:14:41,240
Speaker 2: this is how you get started, this is what you

1443
01:14:41,240 --> 01:14:43,160
Speaker 2: can look forward to, right, But it's not giving you

1444
01:14:43,880 --> 01:14:46,960
Speaker 2: those experts and making you really think through all of

1445
01:14:47,000 --> 01:14:50,920
Speaker 2: these different topics. And so the workbook pretty much is

1446
01:14:50,960 --> 01:14:53,360
Speaker 2: going to be like a guide, a hand by a

1447
01:14:53,400 --> 01:14:56,800
Speaker 2: side by side, a tool that can be used with

1448
01:14:56,920 --> 01:14:59,200
Speaker 2: the course. So as you're going through the course, you

1449
01:14:59,280 --> 01:15:02,240
Speaker 2: have to complete the workbook. So as you're completing the workbook,

1450
01:15:02,280 --> 01:15:05,200
Speaker 2: once you're done with the course, then guess what you have?

1451
01:15:05,800 --> 01:15:07,760
Speaker 2: You have a business plan, So you don't need to

1452
01:15:07,840 --> 01:15:11,120
Speaker 2: hire somebody to do your business plan, because as you're

1453
01:15:11,160 --> 01:15:14,320
Speaker 2: getting all this information, you're now going to be able

1454
01:15:14,400 --> 01:15:18,840
Speaker 2: to write all the things down. You also have contacts,

1455
01:15:18,840 --> 01:15:21,760
Speaker 2: like I made sure every single person that was in

1456
01:15:21,800 --> 01:15:24,440
Speaker 2: this course gave the blueprint, so they gave the blueprint

1457
01:15:24,520 --> 01:15:28,360
Speaker 2: to their industry. You now have those people as a resource,

1458
01:15:28,400 --> 01:15:30,280
Speaker 2: so you don't have to worry about oh my god,

1459
01:15:30,560 --> 01:15:32,360
Speaker 2: I want it, like I need contracts. Who can I

1460
01:15:32,439 --> 01:15:34,880
Speaker 2: hire to get a contract? Nope, you have their contact

1461
01:15:35,120 --> 01:15:39,559
Speaker 2: right and so that's worth more than that's eliminating mistakes, Yeah,

1462
01:15:39,880 --> 01:15:42,200
Speaker 2: and mistakes cost in business.

1463
01:15:42,360 --> 01:15:44,200
Speaker 5: No one plans to fail, they just fail the plan.

1464
01:15:44,240 --> 01:15:46,759
Speaker 3: So that's pretty ill that you have an actual business

1465
01:15:46,760 --> 01:15:47,880
Speaker 3: plan when you complete the course.

1466
01:15:47,960 --> 01:15:50,080
Speaker 4: You also put together all star lineup where you have

1467
01:15:50,120 --> 01:15:52,840
Speaker 4: people talking from the car industry how to buy cars

1468
01:15:52,840 --> 01:15:55,479
Speaker 4: in your name. You have people from marketing industry talking

1469
01:15:55,520 --> 01:15:59,880
Speaker 4: about marketing. You have the business lawyer talking about you know,

1470
01:16:00,160 --> 01:16:03,160
Speaker 4: the aspects of that as far as actually doing it

1471
01:16:03,240 --> 01:16:05,240
Speaker 4: right the legal way. Of course, our good friend and

1472
01:16:05,280 --> 01:16:08,640
Speaker 4: our lawyers. Sabine contributed to it, Connie Falls contributed to it,

1473
01:16:09,040 --> 01:16:10,720
Speaker 4: and I contributed to it as well.

1474
01:16:11,120 --> 01:16:13,439
Speaker 2: Yeah, Yeah, contributed to it.

1475
01:16:13,840 --> 01:16:14,040
Speaker 6: Yeah.

1476
01:16:14,120 --> 01:16:16,519
Speaker 4: I talked about some retirement planning, talked about buy sell

1477
01:16:16,560 --> 01:16:19,479
Speaker 4: agreements and yeah, I have a whole section in there,

1478
01:16:19,600 --> 01:16:22,599
Speaker 4: so you know, it's an amazing body of work. And

1479
01:16:22,640 --> 01:16:25,160
Speaker 4: once again, you know, it's something that I don't want

1480
01:16:25,200 --> 01:16:28,800
Speaker 4: people to necessarily look past it because yeah, it's easy

1481
01:16:28,800 --> 01:16:31,000
Speaker 4: to go to like, Okay, this is a course on

1482
01:16:31,040 --> 01:16:32,920
Speaker 4: how to make money on stocks. This is a course

1483
01:16:33,000 --> 01:16:36,120
Speaker 4: on how to do four x with that's exciting, but

1484
01:16:36,240 --> 01:16:39,439
Speaker 4: it's like, if you're starting a business, literally literally, people

1485
01:16:39,520 --> 01:16:41,840
Speaker 4: pay hundreds of thousands of dollars. I'm not I'm not

1486
01:16:41,960 --> 01:16:44,160
Speaker 4: over exaggerating that, Like if you go to any top

1487
01:16:44,200 --> 01:16:45,880
Speaker 4: business school, that's how much you want to pay. At

1488
01:16:45,960 --> 01:16:49,360
Speaker 4: least a couple hundred thousand dollars and even bigger than that.

1489
01:16:49,520 --> 01:16:52,879
Speaker 4: Not knowing the mistakes can cost you hundreds of thousands

1490
01:16:52,880 --> 01:16:55,759
Speaker 4: of dollars, millions of dollars, who knows, even a billion

1491
01:16:55,800 --> 01:17:00,400
Speaker 4: dollars if your business isn't successful. So you know that actually,

1492
01:17:00,400 --> 01:17:02,479
Speaker 4: like I said to actually, you know, spend some time

1493
01:17:02,840 --> 01:17:05,200
Speaker 4: on the course and actually go through the course myself.

1494
01:17:05,680 --> 01:17:08,759
Speaker 4: I was just amazed that, you know, somebody can actually

1495
01:17:08,760 --> 01:17:11,360
Speaker 4: put together that much information. Like what we just did

1496
01:17:11,400 --> 01:17:13,000
Speaker 4: in this podcast was an hour of the course. I

1497
01:17:13,000 --> 01:17:16,960
Speaker 4: believe it's fifteen hours, so imagine that fifteen times. What

1498
01:17:17,080 --> 01:17:22,000
Speaker 4: a workbook. So thank you for putting that together. First

1499
01:17:22,000 --> 01:17:24,960
Speaker 4: and foremost, you're welcome. And then also in true eyl

1500
01:17:25,000 --> 01:17:27,160
Speaker 4: f ash, you know, anybody that has of course, because

1501
01:17:27,160 --> 01:17:29,400
Speaker 4: I invested in my education all the time. But one

1502
01:17:29,439 --> 01:17:31,720
Speaker 4: of the you know, prerequisites for anybody that comes on

1503
01:17:31,760 --> 01:17:34,680
Speaker 4: that has a course, we always you know, asks if

1504
01:17:34,680 --> 01:17:37,240
Speaker 4: they would do a deeper discount than what they're currently

1505
01:17:37,280 --> 01:17:40,799
Speaker 4: offering for all the earners, anybody that watches the podcast,

1506
01:17:40,840 --> 01:17:43,880
Speaker 4: and that's something that's exclusive where nobody else on the

1507
01:17:43,920 --> 01:17:45,920
Speaker 4: market has that price. We try to do that as

1508
01:17:45,920 --> 01:17:50,519
Speaker 4: an incentive. So you were gracious enough to oblige for

1509
01:17:50,600 --> 01:17:53,200
Speaker 4: that voice, So we got one thousand dollars off of

1510
01:17:53,240 --> 01:17:57,240
Speaker 4: the regular price. So the website is ms B the

1511
01:17:57,320 --> 01:18:03,080
Speaker 4: letter B Blueprint eyl dot com. That's ms B blueprint

1512
01:18:03,200 --> 01:18:06,599
Speaker 4: eyl dot com. Will put the link in the description

1513
01:18:06,920 --> 01:18:10,519
Speaker 4: of this video and then on Spotify and Apple and

1514
01:18:10,520 --> 01:18:13,360
Speaker 4: then also it'll be on our website on the alumni tap.

1515
01:18:14,439 --> 01:18:17,120
Speaker 4: But that's the only website that will have that special

1516
01:18:17,240 --> 01:18:19,519
Speaker 4: thousand dollars off. And once again that includes the four

1517
01:18:19,560 --> 01:18:24,000
Speaker 4: modules that includes everything from the idea to execution, the contracts,

1518
01:18:24,439 --> 01:18:28,120
Speaker 4: the trademarking information, the business credit information, the business insurance

1519
01:18:28,120 --> 01:18:31,400
Speaker 4: information and retirement planning information, the budgeting for your business

1520
01:18:31,439 --> 01:18:35,720
Speaker 4: information and taxes, the marketing, the payroll, all of that,

1521
01:18:36,040 --> 01:18:38,759
Speaker 4: and the workbook as well.

1522
01:18:38,880 --> 01:18:42,639
Speaker 2: The workbook it has a six figure of blueprint. It

1523
01:18:42,760 --> 01:18:46,880
Speaker 2: has a seven figure blueprint, right because as you're starting

1524
01:18:46,880 --> 01:18:49,320
Speaker 2: your business, most people are thinking, hey, I need to

1525
01:18:49,320 --> 01:18:51,240
Speaker 2: make seven figures, but hey, let's first get you the

1526
01:18:51,280 --> 01:18:54,160
Speaker 2: six figures. So now that you've got your six figures,

1527
01:18:54,479 --> 01:18:57,040
Speaker 2: then it also has a blueprint because what it took

1528
01:18:57,120 --> 01:19:01,000
Speaker 2: for you to make one hundred thousand and processes, the anxiety,

1529
01:19:01,040 --> 01:19:02,680
Speaker 2: you're gonna have to deal with some different things to

1530
01:19:02,720 --> 01:19:06,439
Speaker 2: get to seven figures, right, and so it also includes that.

1531
01:19:06,520 --> 01:19:08,720
Speaker 2: So we also talked about talk about funding in there,

1532
01:19:08,720 --> 01:19:13,240
Speaker 2: like there's a funding lesson and so it's literally everything

1533
01:19:13,280 --> 01:19:15,840
Speaker 2: that you need from A to Z as it relates

1534
01:19:15,880 --> 01:19:16,760
Speaker 2: to business.

1535
01:19:16,800 --> 01:19:18,799
Speaker 4: Better than college, way.

1536
01:19:18,600 --> 01:19:21,640
Speaker 2: Better than college. I went to business. I went to

1537
01:19:21,760 --> 01:19:24,880
Speaker 2: college study business. None of these things.

1538
01:19:24,600 --> 01:19:27,840
Speaker 4: Were yet telling if you don't if you don't know

1539
01:19:27,880 --> 01:19:30,000
Speaker 4: what you're doing, you're not going to be successful. I

1540
01:19:30,040 --> 01:19:31,479
Speaker 4: know that because I'm a business owner. I've been a

1541
01:19:31,479 --> 01:19:33,880
Speaker 4: business owner my whole life, well my whole adult life

1542
01:19:34,200 --> 01:19:37,679
Speaker 4: started businesses. Some businesses work, some businesses didn't work. And

1543
01:19:37,720 --> 01:19:39,760
Speaker 4: the ones that didn't work is because you know, you

1544
01:19:39,800 --> 01:19:41,960
Speaker 4: didn't have a plan and strategy in place and didn't

1545
01:19:41,960 --> 01:19:43,760
Speaker 4: know what we were doing. And even the ones that

1546
01:19:43,800 --> 01:19:45,800
Speaker 4: did work still made a lot of mistakes because you

1547
01:19:45,840 --> 01:19:47,559
Speaker 4: didn't know what we were doing. Just fortunate enough to

1548
01:19:47,560 --> 01:19:52,200
Speaker 4: get through those mistakes. But but before we leave, let's

1549
01:19:52,200 --> 01:19:55,000
Speaker 4: give let's give a couple more gym before we wrap up.

1550
01:19:55,680 --> 01:19:56,360
Speaker 4: You want to talk.

1551
01:19:56,200 --> 01:19:59,120
Speaker 3: About Yeah, so in true EUIO fashion, right, people had

1552
01:19:59,120 --> 01:20:01,280
Speaker 3: to six thousand pound, So let's give them something that's

1553
01:20:01,320 --> 01:20:04,200
Speaker 3: new for twenty twenty two. As far as taxes, I

1554
01:20:04,240 --> 01:20:08,759
Speaker 3: want to talk about payment processes third parties, specifically paid.

1555
01:20:08,560 --> 01:20:10,320
Speaker 2: Packs one hundred dollars cash out.

1556
01:20:10,400 --> 01:20:12,800
Speaker 5: Vimeo is a big thing that has changed. Let's talk

1557
01:20:12,840 --> 01:20:13,160
Speaker 5: about that.

1558
01:20:13,560 --> 01:20:17,120
Speaker 2: Okay, So starting January twenty twenty two, I know there

1559
01:20:17,160 --> 01:20:20,320
Speaker 2: was a lot of speculation, but what they have settled

1560
01:20:20,360 --> 01:20:25,160
Speaker 2: on is that any payments that goes through payment process

1561
01:20:25,160 --> 01:20:30,040
Speaker 2: at third party payment processors in excess of six hundred

1562
01:20:30,080 --> 01:20:33,120
Speaker 2: dollars or more, you will be receiving a ten ninety

1563
01:20:33,200 --> 01:20:36,320
Speaker 2: nine K. So this is so important. And this is

1564
01:20:36,360 --> 01:20:41,240
Speaker 2: such a huge change because previously the benchmarks or the

1565
01:20:41,280 --> 01:20:44,920
Speaker 2: thresholds was if you made if it was two hundred

1566
01:20:44,960 --> 01:20:49,720
Speaker 2: transactions or twenty thousand dollars. That's now six hundred dollars.

1567
01:20:50,080 --> 01:20:53,519
Speaker 2: That's a big jump and a big difference, you know.

1568
01:20:54,280 --> 01:20:56,639
Speaker 2: So there will be a lot of ten ninety nine

1569
01:20:56,720 --> 01:21:00,559
Speaker 2: ks coming in the mail next year. So keep in

1570
01:21:00,600 --> 01:21:04,360
Speaker 2: mind January twenty twenty two is when this went into effect.

1571
01:21:04,760 --> 01:21:08,160
Speaker 2: Twenty twenty one, it doesn't go into effect. It's still

1572
01:21:08,240 --> 01:21:11,560
Speaker 2: the two hundred dollars, I mean the two hundred transactions

1573
01:21:11,640 --> 01:21:15,439
Speaker 2: or twenty thousand dollars. But yeah, this is a game

1574
01:21:15,560 --> 01:21:18,240
Speaker 2: changer because a lot of people was not reporting a

1575
01:21:18,280 --> 01:21:21,200
Speaker 2: lot of the money and funds that they were receiving.

1576
01:21:21,280 --> 01:21:23,439
Speaker 2: And so now and keep in mind it is six

1577
01:21:23,560 --> 01:21:28,840
Speaker 2: hundred dollars total, not six hundred dollars transactions, because I

1578
01:21:28,840 --> 01:21:30,120
Speaker 2: get that question all the time.

1579
01:21:30,160 --> 01:21:31,720
Speaker 3: So if you put something on sale and it's two

1580
01:21:31,760 --> 01:21:33,759
Speaker 3: hundred dollars, once that goes over three.

1581
01:21:33,560 --> 01:21:36,680
Speaker 5: Sales, you gotta start reporting. Yeah, So the government wants

1582
01:21:36,720 --> 01:21:37,920
Speaker 5: to make sure that they get all their money.

1583
01:21:37,960 --> 01:21:39,720
Speaker 2: They want to make sure they are not playing with

1584
01:21:39,760 --> 01:21:42,519
Speaker 2: this digital money they're like, wait, hold up, we do

1585
01:21:42,560 --> 01:21:46,120
Speaker 2: not have a holdover like a hold on this. And

1586
01:21:46,160 --> 01:21:48,679
Speaker 2: one more thing, because I know that you guys are

1587
01:21:48,720 --> 01:21:52,040
Speaker 2: like big in crypto. The irs is getting their hands

1588
01:21:52,160 --> 01:21:58,280
Speaker 2: wrapped around crypto as well. In twenty twenty one was

1589
01:21:58,320 --> 01:22:01,200
Speaker 2: the last year that washed sales was available, I mean

1590
01:22:01,400 --> 01:22:05,080
Speaker 2: was possible for crypto. So for those of you who

1591
01:22:05,080 --> 01:22:07,400
Speaker 2: are not familiar with what washells is when you sell

1592
01:22:07,439 --> 01:22:10,000
Speaker 2: a stock and then rebuy a stock right and then

1593
01:22:10,080 --> 01:22:14,559
Speaker 2: be able to recognize that loss. And so in twenty

1594
01:22:14,560 --> 01:22:17,519
Speaker 2: twenty one, that was the last time that you could

1595
01:22:17,560 --> 01:22:21,400
Speaker 2: do that. Now going forward, wash shells are not not

1596
01:22:21,439 --> 01:22:23,200
Speaker 2: possible with crypto.

1597
01:22:22,960 --> 01:22:24,960
Speaker 5: Stuff go with so volatile that that could happen.

1598
01:22:25,040 --> 01:22:26,760
Speaker 2: Yeah, that could happen, Like you could be they could

1599
01:22:26,800 --> 01:22:29,519
Speaker 2: be December twenty fifth, you could be like, you know what,

1600
01:22:29,880 --> 01:22:32,360
Speaker 2: it just dropped. I'd have a loss. I'm going to

1601
01:22:32,920 --> 01:22:36,400
Speaker 2: you know, sell it, recognize the loss, re buy it,

1602
01:22:37,320 --> 01:22:39,560
Speaker 2: you know, January first, you know, just rebuy it a

1603
01:22:39,640 --> 01:22:43,720
Speaker 2: few days later. And so that that's a big one.

1604
01:22:44,000 --> 01:22:46,200
Speaker 2: That's a big one because a lot of people were

1605
01:22:46,240 --> 01:22:48,760
Speaker 2: offsetting a lot of their gains with those losses and

1606
01:22:48,840 --> 01:22:52,680
Speaker 2: then just picking up the picking up whatever coin it

1607
01:22:52,800 --> 01:22:55,479
Speaker 2: was in a few days, but now that's no longer possible.

1608
01:22:55,560 --> 01:22:58,680
Speaker 4: So there you have it, Ladies and gentlemen, whole lot

1609
01:22:58,720 --> 01:23:02,400
Speaker 4: of game Jeff, definitely a lot, a lot of gems,

1610
01:23:02,520 --> 01:23:06,439
Speaker 4: a lot of gyms. How can the people contact you?

1611
01:23:06,479 --> 01:23:09,160
Speaker 4: What would you like to tell the people before we wrap?

1612
01:23:09,920 --> 01:23:12,320
Speaker 2: So before we wrap, I want to tell the people

1613
01:23:12,360 --> 01:23:16,800
Speaker 2: that twenty twenty two, start your business, start it the

1614
01:23:16,840 --> 01:23:20,120
Speaker 2: right way. It is important. We are no longer okay

1615
01:23:20,240 --> 01:23:25,479
Speaker 2: or content with just having LLCs. No, we are starting

1616
01:23:25,520 --> 01:23:29,240
Speaker 2: profitable businesses and so do the work. Hire who you

1617
01:23:29,280 --> 01:23:31,640
Speaker 2: need to hire, get the education, and do what you

1618
01:23:31,680 --> 01:23:34,759
Speaker 2: need to do. That's like my theme, like going forward,

1619
01:23:35,360 --> 01:23:37,519
Speaker 2: no more babysitting it right. So that's what I want

1620
01:23:37,560 --> 01:23:40,519
Speaker 2: to leave you all with. In regards to contacting me,

1621
01:23:40,920 --> 01:23:44,560
Speaker 2: my it's business Miss Business one on one, on Instagram,

1622
01:23:44,600 --> 01:23:48,800
Speaker 2: in all platforms, so follow me, send me a DM,

1623
01:23:48,920 --> 01:23:51,759
Speaker 2: you can always email me. My website is miss Business

1624
01:23:51,880 --> 01:23:54,320
Speaker 2: one on one dot com, so you can always reach

1625
01:23:54,400 --> 01:23:55,720
Speaker 2: me through any of those platforms.

1626
01:23:55,720 --> 01:23:57,120
Speaker 5: Make make sure you tell it that you're an earner.

1627
01:23:57,280 --> 01:23:59,599
Speaker 2: Love, make sure you tell me that you are earner.

1628
01:23:59,680 --> 01:24:02,040
Speaker 2: I have Oh my god, we were just talking about it.

1629
01:24:02,040 --> 01:24:03,439
Speaker 2: I'm like, oh my god, I have you know, the

1630
01:24:03,479 --> 01:24:05,800
Speaker 2: earnest call and they're like, I'm an earner. I'm like,

1631
01:24:05,880 --> 01:24:09,799
Speaker 2: all right, you guys are VIP. Listen. If you are earner,

1632
01:24:09,840 --> 01:24:12,360
Speaker 2: you are VIP. So don't even worry about it.

1633
01:24:12,400 --> 01:24:15,080
Speaker 4: Reach out there, you have it. There, you have it,

1634
01:24:15,640 --> 01:24:20,400
Speaker 4: and don't forget MSB blueprint eyl dot com for the

1635
01:24:20,400 --> 01:24:23,160
Speaker 4: special price on the business blueprint. Everything you need to

1636
01:24:23,240 --> 01:24:25,840
Speaker 4: know idea. It's the execution and get the business up

1637
01:24:25,880 --> 01:24:29,200
Speaker 4: and running, profitable and taking it to the next level.

1638
01:24:29,720 --> 01:24:30,679
Speaker 4: Troy Housekeeping item.

1639
01:24:30,800 --> 01:24:32,600
Speaker 3: Yeah, man, shout out to all our Patreon remember the

1640
01:24:32,640 --> 01:24:34,920
Speaker 3: shout out to ey University, all our earners that are

1641
01:24:34,920 --> 01:24:35,280
Speaker 3: in there.

1642
01:24:35,479 --> 01:24:37,120
Speaker 5: Shout out to the merse team and shout out to you.

1643
01:24:37,240 --> 01:24:39,560
Speaker 3: This is episode number two, which now means that just

1644
01:24:39,640 --> 01:24:41,400
Speaker 3: let him in jacket or maybe let him in sweater

1645
01:24:42,080 --> 01:24:45,599
Speaker 3: card again. Yes, yeah, I mean, I mean not many

1646
01:24:45,640 --> 01:24:47,519
Speaker 3: people have two episodes or earning leaders.

1647
01:24:47,520 --> 01:24:50,400
Speaker 5: So thank you. Appreciate for coming and giving so much game.

1648
01:24:50,439 --> 01:24:51,320
Speaker 5: We appreciate you.

1649
01:24:51,400 --> 01:24:52,360
Speaker 2: Thank you for having me.

1650
01:24:52,640 --> 01:24:55,160
Speaker 4: Yeah for sure. So there you have it, ladies and gentlemen,

1651
01:24:55,560 --> 01:24:58,479
Speaker 4: take execution. Let's make this year great. Thank you for

1652
01:24:58,560 --> 01:24:59,720
Speaker 4: rocking orders. We'll see you next week.

1653
01:25:02,439 --> 01:25:06,240
Speaker 2: My graduates from my school being force back.

1654
01:25:06,120 --> 01:25:10,760
Speaker 4: Drop bag drop drop droft.

1655
01:25:21,200 --> 01:25:24,880
Speaker 1: An illegal alien from Guatemala charged with raping a child

1656
01:25:24,880 --> 01:25:28,680
Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador

1657
01:25:28,920 --> 01:25:33,080
Speaker 1: accused of murdering a Texas man of Venezuelan charged with

1658
01:25:33,120 --> 01:25:37,040
Speaker 1: filming and selling child pornography in Michigan. These are just

1659
01:25:37,120 --> 01:25:40,839
Speaker 1: some of the heinous migrant criminals caught because of President

1660
01:25:40,920 --> 01:25:44,519
Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States

1661
01:25:44,520 --> 01:25:49,320
Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border

1662
01:25:49,360 --> 01:25:52,920
Speaker 1: crossings are at the lowest levels ever recorded, and over

1663
01:25:52,960 --> 01:25:56,200
Speaker 1: one hundred thousand illegal aliens have been arrested. If you

1664
01:25:56,240 --> 01:25:59,880
Speaker 1: are here illegally, your next you will be fine near

1665
01:26:00,200 --> 01:26:04,200
Speaker 1: one thousand dollars a day. Imprisoned and deported, you will

1666
01:26:04,240 --> 01:26:07,880
Speaker 1: never return. But if you register using our CBP home

1667
01:26:07,920 --> 01:26:11,320
Speaker 1: app and leave now, you could be allowed to return legally.

1668
01:26:11,680 --> 01:26:12,479
Speaker 1: Do what's right.

1669
01:26:13,080 --> 01:26:13,920
Speaker 2: Leave now.

1670
01:26:14,240 --> 01:26:19,040
Speaker 1: Under President Trump, America's laws, border and families will be protected.

1671
01:26:19,120 --> 01:26:21,280
Speaker 5: Sponsored by the United States Department of Homeland Security,