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Speaker 2: Yeah, we was muted to what's up laughing New York YLO.

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Speaker 3: What's popping YouTube? What's going on?

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Speaker 2: It's not the team?

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Speaker 3: Yes, yes, yes, yes, dreams.

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Speaker 2: Are big and my team's rich.

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Speaker 3: I hope everyone is uh making money very important. This

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Speaker 3: is gonna be fun. Something that is extremely beneficial and needed.

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Speaker 3: It's needed as far as you know, starting a business

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Speaker 3: something that we are huge advocates of financial literacy entrepreneurship

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Speaker 3: in business. So this is right up the alley one

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Speaker 3: of the most important episodes that we probably ever have.

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Speaker 4: Yeah, no pressure, we know a thing or two about

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Speaker 4: starting a business. It's starting multiple businesses. I'll watched the journey.

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Speaker 4: Now we're gonna get some details.

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Speaker 3: Yeah, shout out to everybody that checked out the episode

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Speaker 3: yesterday with Miss Diddy, Super Super Dope. Shout out to

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Speaker 3: everybody that was on Market Mondays the other day Super

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Speaker 3: Super Dope. We got a lot and this is just

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Speaker 3: a tip of the iceberg week. We have a lot

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Speaker 3: planned for this year. It's going to be jam packed

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Speaker 3: with NonStop content. We got events that we're gonna be

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Speaker 3: talking about. We got new partnerships. We're gonna have new

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Speaker 3: shows the Eyo now Work, so new content for Eyo University.

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Speaker 3: So this is just the beginning.

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Speaker 2: Yeah, we go. I mean twenty twenty two is it.

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Speaker 2: We wasn't playing man.

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Speaker 4: We got the game plan already mapped out for the

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Speaker 4: whole year, so now it's just about releasing them strategically.

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Speaker 4: So I hope everybody is in tuning and chat what

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Speaker 4: was about to happen for those who've been here on

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Speaker 4: the entire journey from like November twenty nineteen. So now

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Speaker 4: we appreciate your whole heartedly. We said shall was grandfather

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Speaker 4: ya was? So hopefully you've taken advantage of the information.

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Speaker 4: You've applied a lot of it, you've executed on some

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Speaker 4: of it, and most importantly, you spread some of the

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Speaker 4: knowledge that you've learned. That's the most important thing, right.

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Speaker 4: There's no penalty for spreading information unless it's not valuable,

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Speaker 4: and that's not even a loud here. So anything that's

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Speaker 4: coming from us will be valuable and will be beneficial

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Speaker 4: for you, not only you, but everybody year around. So

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Speaker 4: tell a friend, to tell a friend. That's the requirement.

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Speaker 3: Shout out to MG, the mortgage guy on a super chat.

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Speaker 2: So yeah already MG, what up?

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Speaker 5: Bro?

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Speaker 3: Yeah, he gave a super chat. So we'll get into

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Speaker 3: it as we wait for miss Business to come in.

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Speaker 3: So as waiting for her, I'll just kind of go

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Speaker 3: over what we're going to be talking about today. So

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Speaker 3: today's topic is how to start and run a business.

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Speaker 3: This is a follow up from the episode that we

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Speaker 3: put in put out a few weeks ago where you know,

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Speaker 3: it got a really a lot of positive reviews, a

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Speaker 3: lot of people you know were interested in it. So

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Speaker 3: you know, during that episode A you should definitely watch

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Speaker 3: that episode with Miss Business. She talked about you know, LLC,

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Speaker 3: she talked about business formation, EI in numbers, different things

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Speaker 3: of that nature. So and she also dropped her actual

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Speaker 3: business blueprint course that she has on that episode as well.

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Speaker 3: So we are doing a follow up because notice a

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Speaker 3: lot of people have questions, so this is a perfect

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Speaker 3: opportunity to kind of talk about some things that maybe

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Speaker 3: we're not talked about during the episode, or maybe just

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Speaker 3: go a little bit deeper, and also to answer live questions.

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Speaker 3: That's probably the best part of the whole situation's question answer.

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Speaker 3: So what we do with this for anybody that's not familiar,

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Speaker 3: is Eyo University biggest online platform for education out there.

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Speaker 3: So we've created an online institution where we actually have

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Speaker 3: weekly classes every Wednesday at eight o'clock and the last

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Speaker 3: Wednesday of the month, we have what's called open enrollment

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Speaker 3: where the class is actually open to the public. So

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Speaker 3: this is an actual window into eyl University for anybody.

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Speaker 3: That's why it's on YouTube and it's also on our

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Speaker 3: podcast outlets as well. So this is the opportunity to

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Speaker 3: actually see what we have going on, what we do

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Speaker 3: on an ongoing basis at eyl University, and if you're

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Speaker 3: interested in joining, then you know, the doors are open

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Speaker 3: for you to join. So part of eyl University is

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Speaker 3: that we have the weekly classes every Wednesday, which is

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Speaker 3: a different topic every single week. We do about real estate,

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Speaker 3: talk about credit, and talk about business formation, we talk

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Speaker 3: about trust wills, all kinds of different stuff and it's interactive.

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Speaker 3: A lot of people ask like, what's the difference between

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Speaker 3: that and the podcast where it's like the podcast you

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Speaker 3: listen to the content, Eyo University is something that you actually,

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Speaker 3: you know, interact with, you know people that's presenting, so

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Speaker 3: you get to ask questions on zooms in the zoom chat.

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Speaker 3: It's a more interactive feel, but even deeper than that,

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Speaker 3: there's a lot of other stuff. Almost every single day

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Speaker 3: that's something so shout out to Lawrence. He's taking over

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Speaker 3: our investment wing. So he does a twelve o'clock class

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Speaker 3: on Monday which he actually goes over trading, goes over

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Speaker 3: the stock market technical. Now it's it's like live trading.

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Speaker 3: It's a live trading class if you're interested in the

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Speaker 3: options trading, stock trading, day trading, and stuff like that.

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Speaker 3: That's every Monday at twelve o'clock and then every Wednesday

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Speaker 3: at six o'clock. He actually does an entry to stock

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Speaker 3: class where he actually talks about like opening a brokerage

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Speaker 3: account like stock market one oh one, very basic information

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Speaker 3: for people that's like just trying to get on board.

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Speaker 3: We also have MG the mortgage guy. He does biweekly

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Speaker 3: real estate calls. Troy does the book club and the

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Speaker 3: movie club. I have financial planning calls. And then we

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Speaker 3: actually have infinity groups inside of Eyo University as well,

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Speaker 3: like over twenty different infinity groups. You have a Crypto club,

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Speaker 3: you have real estate club, and these are people that's

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Speaker 3: actually in eyl University and they actually formed clubs. So

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Speaker 3: now it's like, you know, you might have thirty people

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Speaker 3: in a crypto club meeting, you might have twenty five

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Speaker 3: people in a real estate meeting. So it's a dope

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Speaker 3: way to kind of network and build with each other.

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Speaker 3: So it's a huge I mean I can go on

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Speaker 3: for hours about that. But Eyo University is an interactive

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Speaker 3: experience where you actually get to learn in real time

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Speaker 3: and actually build a community. That's the best part about it.

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Speaker 3: It's actually a community of people that network and build

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Speaker 3: with each other. We're gonna be doing live events this year.

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Speaker 3: It's discounts to all events, so if you're interested, it's

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Speaker 3: fifty percent off the annual membership. I'll put it in

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Speaker 3: here at eyouniversity dot com. I'll pin it in YouTube.

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Speaker 3: So yeah, this is a way to actually see what

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Speaker 3: we have going on. But Miss Business, you are here.

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Speaker 3: What's going on? How are you? You're muted right now?

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Speaker 6: I am here. Tried to take me out, I'm here.

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Speaker 3: Okay, yeah you didn't have that.

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Speaker 2: Shout out to the zoom god. So yes, Miss Business.

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Speaker 3: Obviously everybody knows Miss Business needs no introduction. She was

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Speaker 3: the very first alumni that we've ever had on the

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Speaker 3: podcast Brilliant CPA. We've been working with her for a

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Speaker 3: couple of years. She also sets up LLCs for people, business, Formation, bookkeeping,

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Speaker 3: the whole nine.

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Speaker 4: So the inormal class of professors at eyl University as well.

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Speaker 4: So shout out to you.

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Speaker 3: Yeah, yeah, for sure. So we'll talk about you know,

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Speaker 3: all of the other stuff that you have going on.

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Speaker 3: But I know, you know, this class is kind of

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Speaker 3: a follow up from the episode, So yeah, let's get

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Speaker 3: into it.

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Speaker 6: Yes, let's get into it. Because I have gotten so

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Speaker 6: much great feedback about that episode. People were like, oh

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Speaker 6: my god, you gave me so much inspiration. I was

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Speaker 6: able to start my business. Everybody needed the virtual address link.

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Speaker 7: It was like, it's crazy, it's.

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Speaker 6: So crazy, Like I love I love that. You know,

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Speaker 6: people aren't only like listening, but they're actually taking action

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Speaker 6: and so that's the best part to me because they

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Speaker 6: are definitely on it. All right, let me present, I'm

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Speaker 6: gonna share my screen.

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Speaker 3: What was some of the questions that you got from

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Speaker 3: after the episode?

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Speaker 6: Oh my god, everybody wanted to know how to change

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Speaker 6: their business address. Everybody wanted to know that. So everyone

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Speaker 6: wanted to know that more so thought provoking about just

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Speaker 6: how to start a business. I think that's just the

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Speaker 6: overall phone lines in my office have been kind of

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Speaker 6: going crazy because people are like, I want to start

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Speaker 6: a business. I want to start my business correctly. I

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Speaker 6: don't know, you know, if it should be an LLC,

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Speaker 6: if it should be an escorp. I want to do

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Speaker 6: this right. And so I think the overall tone of

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Speaker 6: it is that people are ready to just do good

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Speaker 6: business and to legitimately start their business. So that that

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Speaker 6: makes me happy and that should make you all happy.

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Speaker 2: Yeah, that's extreme executing. Yeah, that's extremely encouraging.

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Speaker 4: Right, not only do they want to start the business,

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Speaker 4: but they know that some of the pitfalls that come

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Speaker 4: with the formation of it and not doing it correctly

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Speaker 4: and how far back that can set you. So to

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Speaker 4: know that that's what people are asking is super encouraging.

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Speaker 2: That's dope.

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Speaker 6: Yes, yes, they are on it job that.

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Speaker 4: The earners man, y'all love Yeah, different, that's special. We

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Speaker 4: love y'all for really.

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Speaker 6: All right, let's get into this, okay, So we're going

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Speaker 6: to talk about how to start and run a business

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Speaker 6: because a lot of times, you know, most times you

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Speaker 6: may have hobbies that turn into business. Is you may

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Speaker 6: just have a passion, or you may just be really

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Speaker 6: good at you know something that you may say, you

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Speaker 6: know what, you may have a skill, you may have

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Speaker 6: something that you're like, listen, I really want to turn

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Speaker 6: this into a business, or you may have already had

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Speaker 6: you may already have a business that you're like, you

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Speaker 6: know what, listen, I really want to, you know, start

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Speaker 6: this and again a lot. I just started my business

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Speaker 6: four years ago, so it hasn't been that long since

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Speaker 6: I started my business. And when I really thought about

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Speaker 6: what I wanted to talk about today as it related

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Speaker 6: to starting and running a business, I wanted to talk

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Speaker 6: about how to position yourself to start, positioning yourself to sell,

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Speaker 6: and positioning yourself for funding, right, because those are the

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Speaker 6: most well like the most important, well the top questions

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Speaker 6: that I get all the time, like after I start, like, okay, now,

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Speaker 6: how do I sell my product? How do I get

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Speaker 6: people to care about it? And how do I get

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Speaker 6: funding right, either even if it's in the beginning or

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Speaker 6: it could be during your business, right, because most of

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Speaker 6: us are thinking about the funding in the beginning of

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Speaker 6: the business to just start it. But as you start

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Speaker 6: your business, you're also going to have to consider and

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Speaker 6: think about funding as well. A brief introduction to me

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Speaker 6: and my business and what I do. For those of

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Speaker 6: you who don't know me. My name is Shapana. I

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Speaker 6: go buy this business across all platforms. I am a

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Speaker 6: certified public accountant. Four years ago I started Brooks Alliance

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Speaker 6: and now I have thirteen. Actually just hire somebody. Today

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Speaker 6: I have fourteen employees, and so for those of you

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Speaker 6: who need motivation, there's your motivation. Four years ago, it

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Speaker 6: was just me. I was in corporated, trying to figure

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Speaker 6: out what I was going to do, and I decided

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Speaker 6: that I was going to take a chance on myself

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Speaker 6: and bet on myself, and so I started my tax

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Speaker 6: and accounting company, Brooks Alliance. And in regards to services

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Speaker 6: that we provide, we provide personal tax preparation, business tax preparations,

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Speaker 6: business formation, book keeping, tax planning, payroll. If you see

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Speaker 6: the ADP, I have a relationship with ADP, so we

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Speaker 6: do all of our payroll processing through them. It is

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Speaker 6: so important, you know, to figure out what that business

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Speaker 6: is going to be to serve, and that's what I do.

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Speaker 6: So just wanted to give you guys a brief introduction

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Speaker 6: to give you give you guys a little bit more

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Speaker 6: about me. For those of you who don't know me,

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Speaker 6: I started my career big four accounting firm. I stayed

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Speaker 6: there for six and a half years, really mastered my craft,

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Speaker 6: really made a lot of connections, a lot of relationships

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Speaker 6: before deciding to start my business. When I did this,

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Speaker 6: When I did decide to start my business, I was

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Speaker 6: still at work and I was trying to figure it out,

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Speaker 6: and I wanted to serve entrepreneurs, real estate investors, all

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Speaker 6: of the entrepreneurs that today, you know, we're always like,

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Speaker 6: you know, I want to get money. I want to

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Speaker 6: get money, and so I just want to bring taxes

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Speaker 6: and make it a part of the conversation. So that's

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Speaker 6: a little bit about me now, jumping right into it.

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Speaker 6: Let's just talk about positioning to start right. So when

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Speaker 6: you're starting, you really have to think about, Okay, so

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Speaker 6: what is a business?

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Speaker 8: Right?

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Speaker 6: So business is the practice of making ones living by

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Speaker 6: engaging in commerce. So businesses range from so for prietorships

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Speaker 6: to international corporations and can range in size from small

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Speaker 6: to large. Now that is important because you have to

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Speaker 6: think about where do you want to be? Where are

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Speaker 6: you currently? Are you you know, at a job right now?

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Speaker 6: Did you just start a business, did you just quit

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Speaker 6: your job? But where do you want to be? Where

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Speaker 6: you want to be is very important because if you're thinking, Okay,

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Speaker 6: I want to just be a sop for prietorship, you know,

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Speaker 6: I don't I don't want to bring on you know,

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Speaker 6: any employees. I just want to do it by myself.

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Speaker 6: Some people are like, listen, I want to have a

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Speaker 6: side hobby, but you know, I want to know how

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Speaker 6: to operate it properly. Some people are like, Okay, I

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Speaker 6: want to have a business, but how big of a business?

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Speaker 5: Right?

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Speaker 6: What goes into it? What are things that you need

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Speaker 6: to do? If you're thinking about being a big international corporation,

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Speaker 6: you may need to consider, you know, positioning yourself to

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Speaker 6: be purchased, to have investors investing you, to go public,

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Speaker 6: things like that. So you have to think about where

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Speaker 6: you are in your business now before we really get

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Speaker 6: into it. I want us to think about and envision

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Speaker 6: your future and the reason why. I always encourage everyone

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Speaker 6: who's thinking about a business or getting into a business,

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Speaker 6: because you need to establish your why. Establishing your why

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Speaker 6: makes that journey of entrepreneurship, which is not an easy journey,

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Speaker 6: it makes it so much easier when you have your

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Speaker 6: why defined. So you have to define your why envision

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Speaker 6: your future. So what does that dream look like? What

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Speaker 6: kind of car do you want to drive, what kind

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Speaker 6: of house do you you want to live in? Who

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Speaker 6: do you want to be surrounded by? How much money

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Speaker 6: do you want to have? What is what do you

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Speaker 6: want to feel like? What do you want your health

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Speaker 6: to be?

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Speaker 5: Like?

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Speaker 6: What do you want your reach to be? All of

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Speaker 6: these things you have to like sit and just close

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Speaker 6: your eyes and just think about it. That's what I

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Speaker 6: did when I first started my company. Close my eyes

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Speaker 6: and I thought about it and I said, you know what,

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Speaker 6: what life do I want to live? Who do I

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Speaker 6: want to be surrounded by? And when you become clear

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Speaker 6: on what you want, it makes it so much easier

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Speaker 6: to go after exactly what it is that you want,

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Speaker 6: And so you cannot be afraid. And so many people

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Speaker 6: are afraid to say what it is that they want.

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Speaker 6: You have to you have to define it. What do

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Speaker 6: you want to drive? Be very clear? How like what's

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Speaker 6: your happiest moment? When are you your happiest self? So

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Speaker 6: you have to think about that because entrepreneurship is hard

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Speaker 6: and you are going to need a why like why

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Speaker 6: are you doing this? So you have to think about

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Speaker 6: you have to think about that. The next thing that

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Speaker 6: you have to think about as you decide to start

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Speaker 6: your business is what are your money goals? Right? How

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Speaker 6: are you going to really break that down from you

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Speaker 6: know and I use example here for one hundred thousand dollars,

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Speaker 6: but if your goal was a million dollars, if your

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Speaker 6: goal is ten thousand dollars additional a year, fifty thousand

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Speaker 6: dollars additional year, whatever it is, you have to break

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Speaker 6: that down, Okay, And so I gave two examples because

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Speaker 6: I know a lot of times we always see for

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Speaker 6: shock value people will you know, kind of put put

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Speaker 6: out there. You know, to make a hundred k, you

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Speaker 6: have three hundred and sixty five days, but realistically, like no,

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Speaker 6: I mean some people, I mean you just have to

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Speaker 6: get it done and work every single day, but you

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Speaker 6: may not want to work every single day. So I

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Speaker 6: broke that one hundred k down into two hundred and

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Speaker 6: fifty days, which kind of excludes the weekends as well

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Speaker 6: as holidays. So just taking a look at the top right,

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Speaker 6: just breaking your money goals down, and why it's so

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Speaker 6: important to break your money goes down again, It gives

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Speaker 6: you direction. You know where you're going. So whatever amount

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Speaker 6: of money you want to make, whether it is to

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Speaker 6: replace your job or to bring an additional income or

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Speaker 6: to create this you know the life that you want.

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Speaker 6: Whatever it is, you have to be clear on it.

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Speaker 6: So if it is one hundred k, three hundred and

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Speaker 6: sixty five days, you break that down into months, and

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Speaker 6: then you break it down into weeks, and you break

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Speaker 6: it down into days. Now, keep in mind, I know

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Speaker 6: most people when you all are doing the calculation, most

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Speaker 6: people would try to take Some people hit me up like, oh,

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Speaker 6: your calculation is wrong. So it's not wrong. When you

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Speaker 6: guys are doing this, you have to take into consideration.

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Speaker 6: If you have three hundred and sixty five days in

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Speaker 6: a year and you break that down right into twelve months,

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Speaker 6: you have to consider that not every month just has

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Speaker 6: four just has four weeks, right, So if you technically

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Speaker 6: took twelve months and then died it by four, then

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Speaker 6: technically you would only get forty eight weeks right in

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Speaker 6: a year, and there's fifty two right. So that is

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Speaker 6: why you can't just keep dividing it. So you just

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Speaker 6: have to consider how many weeks there are in a year.

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Speaker 6: So you have let's say, if we have this hundred k,

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Speaker 6: you have eighty three hundred and thirty three dollars a

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Speaker 6: month you would have to make. So when people say, oh,

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Speaker 6: I want to make one hundred k, it's like, are

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Speaker 6: you positioned or are you in the are you in

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Speaker 6: a place with your business to say that you want to,

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Speaker 6: I mean that you can make eighty three hundred and

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Speaker 6: thirty three dollars a month. If not, that means that

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Speaker 6: you are not positioning yourself to make one hundred K.

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Speaker 6: So now you have to start becoming creative to say, okay, well,

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Speaker 6: how am I going to make eight thousand, three hundred

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Speaker 6: and thirty three dollars in a month? What do I

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Speaker 6: have to sell? How many people do I have to

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Speaker 6: talk to? How many contracts do I have to close?

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Speaker 6: What do I really need to do in order to

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Speaker 6: get to this this number? And so again, being intentional

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Speaker 6: about what it is that you want is going to

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Speaker 6: make the difference when you are when you are starting

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Speaker 6: a business, or you're doing anything in life. Now, what

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Speaker 6: I did below with the one hundred k, the two

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Speaker 6: hundred and fifty days, I pretty much broke that down

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Speaker 6: into just dividing it by twelve. This formula works by

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Speaker 6: keep dividing it because I excluded all the additional days,

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Speaker 6: So it works out. However, again, if you wanted to say, Okay,

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Speaker 6: I want to make one hundred K, but I want

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Speaker 6: to take weekends off and I want to take all

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Speaker 6: the all those US holidays off. Then that means that

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Speaker 6: you are only I mean that means that you have

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Speaker 6: to make twelve thousand dollars a month versus only the

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Speaker 6: eight three hundred and thirty three dollars. So you have

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Speaker 6: to think about that. So some people may look at

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Speaker 6: that and say, Nope, well for one year, I have

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Speaker 6: to go harder because you know what, I can't. I

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Speaker 6: didn't budget or it's not in my bandwidth to do

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Speaker 6: twelve thousand. Right, even though that's a limitation and we

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Speaker 6: don't do those, you figure it out. I always tell

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Speaker 6: people you, if it's the money problem, you have to

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Speaker 6: figure out and be creative on how to make more money.

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Speaker 6: Never for it to be a situation for you to

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Speaker 6: sit back and say, oh, I don't have it right,

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Speaker 6: that's a limitation, and there's so many ways to get

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Speaker 6: money in this world. So never that you can't do it.

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Speaker 6: Just you have to be creative and figure out how

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Speaker 6: you are going to do it. Now, to extend the

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Speaker 6: conversation from the episode that I did last week, well,

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Speaker 6: I wanted to get into entities because a lot of

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Speaker 6: times people are not clear on what type of entities

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Speaker 6: they are forming, and why they are forming them, and

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Speaker 6: what it needs. So I want to quickly break it

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Speaker 6: down and just go through. Okay, if you know every

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Speaker 6: single entity it means from a tax perspective, and I'll

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Speaker 6: also break down as corpse visually because I know that

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Speaker 6: it helps people really grasp the idea on what exactly

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Speaker 6: that that savings is and how we can reduce those taxes. Right,

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Speaker 6: and so most people, when you're thinking about your entities,

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Speaker 6: most people will say that they want to start an LLC.

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Speaker 6: And it's so it's so I call it like the

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Speaker 6: popular entity because everyone just says that they want to

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Speaker 6: start an LLC. And yes, from a legal perspective, it

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Speaker 6: is going to protect you against liability the same way

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Speaker 6: that a corporation will. So just keep in mind that

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Speaker 6: you know most people will say to me, listen, I

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Speaker 6: want to be able to write things off, So I'm

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Speaker 6: going to start an LLC or I want to, you know,

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Speaker 6: I want to. I don't want anybody to assume me

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Speaker 6: and take my person no items, so I'm going to

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Speaker 6: start an LLC. Please keep in mind, especially from a

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Speaker 6: tax perspective, and LLC does not allow you to write

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Speaker 6: off anything additional. Okay, that is a big misconception. Keep

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Speaker 6: in mind that an LLC is not a tax entity.

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Speaker 6: An LLC is a legal structure. And so what that

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Speaker 6: means is that had formed an LLC does not breed

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Speaker 6: you any additional tax write offs. So I have sole

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Speaker 6: pro prietorship here and single member LLC because they are

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Speaker 6: taxed the same exact way. The same things that you

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Speaker 6: can write off as a sole proprietorship is the same

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Speaker 6: things that you can write off as a single member LLC. Now,

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Speaker 6: as a single member LLC, I do suggest that you

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Speaker 6: register your business and you form your business, and you

431
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Speaker 6: form your business correctly, because again, you want to separate

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Speaker 6: out that liability. You don't want someone to come and

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Speaker 6: sue you. And then all of the all of your

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Speaker 6: stocks and your personal now your primary residence, all of

435
00:24:07,040 --> 00:24:09,800
Speaker 6: those your cash that's in your accounts, all of those

436
00:24:09,840 --> 00:24:12,000
Speaker 6: things that are personal to you. You want to be

437
00:24:12,000 --> 00:24:14,520
Speaker 6: able to separate those out from your business. So just

438
00:24:14,720 --> 00:24:16,640
Speaker 6: if in the event, you know we're in America, if

439
00:24:16,680 --> 00:24:19,159
Speaker 6: someone goes assume you, you want to make sure that

440
00:24:19,200 --> 00:24:22,320
Speaker 6: it's a situation where you are protecting yourself. So this

441
00:24:22,480 --> 00:24:24,920
Speaker 6: is not in any way. Me saying that you don't

442
00:24:25,080 --> 00:24:27,840
Speaker 6: need to form an LLC is that I want you

443
00:24:27,920 --> 00:24:30,680
Speaker 6: to be aware that when you are choosing these entities,

444
00:24:31,160 --> 00:24:34,560
Speaker 6: that you are telling the irs how you want to

445
00:24:34,600 --> 00:24:37,560
Speaker 6: be taxed. No one talks about that. Everyone just talks

446
00:24:37,600 --> 00:24:40,119
Speaker 6: about the legal side of it and the legal perspective

447
00:24:40,160 --> 00:24:43,080
Speaker 6: of it. But we have to also consider what that

448
00:24:43,240 --> 00:24:46,280
Speaker 6: means from a tax perspective. So if you see on

449
00:24:46,320 --> 00:24:50,199
Speaker 6: the right hand side, I have business income not taxed

450
00:24:50,240 --> 00:24:53,320
Speaker 6: on a business level. So only thing that that means

451
00:24:53,440 --> 00:24:56,560
Speaker 6: is that as an LLC. An LLC is what's called

452
00:24:56,560 --> 00:24:59,400
Speaker 6: a pass through entity, So that just means that it's

453
00:24:59,520 --> 00:25:03,280
Speaker 6: a pass whatever the profit of the businesses, it passes

454
00:25:03,320 --> 00:25:06,680
Speaker 6: through to your personal taxes and then your tax there.

455
00:25:07,000 --> 00:25:09,520
Speaker 6: You're not you know, as a corporation, which will go

456
00:25:09,760 --> 00:25:12,600
Speaker 6: over you're not tax on the business side, and then

457
00:25:12,640 --> 00:25:15,760
Speaker 6: again tax on the personal side. It all flows through

458
00:25:15,760 --> 00:25:18,920
Speaker 6: on your personal side and then your tax there. Now,

459
00:25:19,040 --> 00:25:22,480
Speaker 6: in regards to the tax form and how it's filed,

460
00:25:23,240 --> 00:25:26,480
Speaker 6: when you have a single member LLC or sole proprietorship,

461
00:25:26,840 --> 00:25:30,399
Speaker 6: you will use Schedule see which is filed with your

462
00:25:30,480 --> 00:25:34,479
Speaker 6: personal taxes, which is your tax form ten forty, So

463
00:25:36,119 --> 00:25:39,600
Speaker 6: again you're not filing a whole separate business return. Business

464
00:25:39,600 --> 00:25:43,040
Speaker 6: and personal is filed together. In regards to the tax

465
00:25:43,160 --> 00:25:46,800
Speaker 6: liability that you have to think about when you form

466
00:25:46,840 --> 00:25:49,880
Speaker 6: a business is your income tax, your self employment tax,

467
00:25:49,960 --> 00:25:53,920
Speaker 6: and your state taxes. Okay, so keep those in mind.

468
00:25:53,960 --> 00:25:56,240
Speaker 6: And of course state taxes only if you are in

469
00:25:56,280 --> 00:26:00,359
Speaker 6: a state that taxes income tax, so those like Florida, Texes,

470
00:26:00,720 --> 00:26:03,280
Speaker 6: you don't have to worry about income I mean state tax.

471
00:26:03,920 --> 00:26:09,040
Speaker 6: Now let's talk about self employment tax. So self employment

472
00:26:09,080 --> 00:26:14,760
Speaker 6: tax is fifteen point three percent. It's typically when clients

473
00:26:14,840 --> 00:26:18,360
Speaker 6: come to me and they've had businesses, existing businesses, and

474
00:26:18,400 --> 00:26:21,760
Speaker 6: they come to me and I'm all like, I'll always

475
00:26:21,840 --> 00:26:23,520
Speaker 6: show them, like, hey, did you know that you were

476
00:26:23,560 --> 00:26:28,560
Speaker 6: paying this additional fifteen percent on your taxes? And ninety

477
00:26:28,600 --> 00:26:31,280
Speaker 6: percent of them will tell me no, they didn't know

478
00:26:31,320 --> 00:26:33,960
Speaker 6: because no one explained it to them. And most of

479
00:26:34,000 --> 00:26:38,720
Speaker 6: the time people aren't questioning what these additional taxes are,

480
00:26:39,200 --> 00:26:42,520
Speaker 6: They just will, you know, pay it, because at the

481
00:26:42,600 --> 00:26:45,320
Speaker 6: end of the day, they don't understand it. No one's

482
00:26:45,359 --> 00:26:47,639
Speaker 6: explaining it to them, and so they just go ahead

483
00:26:47,680 --> 00:26:50,000
Speaker 6: and pay. But you have to keep in mind this

484
00:26:50,080 --> 00:26:53,199
Speaker 6: self employment tax really is just Social Security tax and

485
00:26:53,240 --> 00:26:57,000
Speaker 6: Medicare tax. When you are an employee, if you've ever

486
00:26:57,040 --> 00:26:59,840
Speaker 6: received the W two you receive, I mean you pay,

487
00:27:00,240 --> 00:27:03,280
Speaker 6: your employer pays have so you pay seven point sixty

488
00:27:03,320 --> 00:27:06,159
Speaker 6: five percent. Your employer pays seven point sixty five percent.

489
00:27:06,400 --> 00:27:10,080
Speaker 6: But when you are the owner, you pretty much are

490
00:27:10,119 --> 00:27:13,720
Speaker 6: responsible for the entire fifteen point three percent, Okay, So

491
00:27:13,800 --> 00:27:16,159
Speaker 6: you have to keep that in mind when you are

492
00:27:16,200 --> 00:27:19,080
Speaker 6: thinking about that. And so that is a high number.

493
00:27:19,119 --> 00:27:21,560
Speaker 6: And I always say to people, would you let somebody

494
00:27:21,600 --> 00:27:23,760
Speaker 6: just come to you and say, let me get fifteen

495
00:27:23,800 --> 00:27:26,479
Speaker 6: percent of your business? You will tell them no. You

496
00:27:26,520 --> 00:27:28,959
Speaker 6: would be like, no, why would I give you fifteen

497
00:27:28,960 --> 00:27:31,359
Speaker 6: percent of my business? And so we have to think

498
00:27:31,359 --> 00:27:36,320
Speaker 6: about it the same exact way as it relates to taxes. Okay,

499
00:27:37,640 --> 00:27:41,600
Speaker 6: now let's talk about partnership and two plus member LLCs.

500
00:27:41,960 --> 00:27:46,399
Speaker 6: So thinking about that, we also I put partnership and

501
00:27:46,480 --> 00:27:50,480
Speaker 6: two plus member LLCs because very similar to a sole proprietorship,

502
00:27:50,760 --> 00:27:53,720
Speaker 6: a partnership just means that two people got together started

503
00:27:53,720 --> 00:27:57,000
Speaker 6: a business. However, they did not take the additional steps

504
00:27:57,320 --> 00:28:00,679
Speaker 6: to separate, well, to register their business, which separates the

505
00:28:00,720 --> 00:28:05,600
Speaker 6: business out from themselves, right, and so that is important

506
00:28:05,640 --> 00:28:08,640
Speaker 6: for you to understand. And so the two plus member

507
00:28:08,760 --> 00:28:11,280
Speaker 6: LLC just means that you form the LLC, you have

508
00:28:11,320 --> 00:28:14,399
Speaker 6: two plus members in there, and you have registered the business.

509
00:28:14,480 --> 00:28:18,399
Speaker 6: There is a separation between yourself and the business. Now

510
00:28:18,480 --> 00:28:21,560
Speaker 6: you have your business income, so it says business income

511
00:28:21,920 --> 00:28:25,600
Speaker 6: is not tax on the business level. Now the difference

512
00:28:25,640 --> 00:28:28,960
Speaker 6: with the tax form and partnership people, please listen up

513
00:28:29,240 --> 00:28:31,960
Speaker 6: because I have tons of people that make this mistake

514
00:28:32,080 --> 00:28:35,520
Speaker 6: every single year. If you decide to form a partnership

515
00:28:35,600 --> 00:28:40,240
Speaker 6: or two plus member LLC, you cannot just divide out

516
00:28:40,320 --> 00:28:43,760
Speaker 6: the income and expenses on your personal taxes on a

517
00:28:43,800 --> 00:28:47,600
Speaker 6: schedule see right. That is for single member LLCs. If

518
00:28:47,640 --> 00:28:50,200
Speaker 6: you are a partnership or a two plus member LLC,

519
00:28:50,880 --> 00:28:55,000
Speaker 6: you have to file tax form ten sixty five. That's

520
00:28:55,000 --> 00:28:57,400
Speaker 6: where you're going to report all of your income, all

521
00:28:57,400 --> 00:29:00,800
Speaker 6: of your expenses, and then you are going to receive

522
00:29:01,120 --> 00:29:03,959
Speaker 6: a K one. So all partners are going to receive

523
00:29:03,960 --> 00:29:06,800
Speaker 6: a K one. The K one pretty much just shows

524
00:29:06,880 --> 00:29:11,200
Speaker 6: the profit of sorry the profit share of each of

525
00:29:11,280 --> 00:29:13,640
Speaker 6: the owners. So if there was a business you all

526
00:29:13,680 --> 00:29:16,800
Speaker 6: profited ten thousand dollars, there was fifty to fifty ownership.

527
00:29:17,240 --> 00:29:21,520
Speaker 6: Each partner will receive five thousand dollars on their K

528
00:29:21,640 --> 00:29:25,680
Speaker 6: one that they then will have to include in their

529
00:29:25,720 --> 00:29:31,400
Speaker 6: personal taxes. Okay, so please keep that in mind. Now

530
00:29:31,520 --> 00:29:35,160
Speaker 6: in regards to the tax liability you have to think

531
00:29:35,160 --> 00:29:38,600
Speaker 6: about your income tax. There is self employment tax relating

532
00:29:38,600 --> 00:29:41,240
Speaker 6: to a two plus member LLC, but to the extent

533
00:29:41,280 --> 00:29:43,760
Speaker 6: of guaranteed payments, which just means that there was some

534
00:29:43,840 --> 00:29:46,920
Speaker 6: additional work done by one of the partners that wasn't

535
00:29:46,960 --> 00:29:50,160
Speaker 6: typically like in their scope in the business, so they

536
00:29:50,200 --> 00:29:52,600
Speaker 6: were paid additional So that is kind of seen as

537
00:29:52,760 --> 00:29:56,240
Speaker 6: look kind of like a payroll or salary almost. And

538
00:29:56,320 --> 00:29:58,960
Speaker 6: then there's state taxes right again, if you are in

539
00:29:59,000 --> 00:30:03,440
Speaker 6: a state that allow I mean, if you are in

540
00:30:03,480 --> 00:30:08,240
Speaker 6: a state that requires you to pay state taxes. See corporations.

541
00:30:08,320 --> 00:30:12,400
Speaker 6: So now see corporations, you are taxed on the business level.

542
00:30:12,680 --> 00:30:15,480
Speaker 6: So what that means is that you are taxed on

543
00:30:15,600 --> 00:30:20,080
Speaker 6: the business level. And as your tax on the business level,

544
00:30:20,560 --> 00:30:24,280
Speaker 6: what happens, sorry, as your tax on the business level.

545
00:30:25,080 --> 00:30:27,720
Speaker 6: That's very different from an LLC and a two plus

546
00:30:27,760 --> 00:30:30,160
Speaker 6: member LLC that I just described to you, all right,

547
00:30:30,200 --> 00:30:33,080
Speaker 6: because those are not tax on the business level. So

548
00:30:33,160 --> 00:30:36,040
Speaker 6: to be tax on the business level. What that means

549
00:30:36,120 --> 00:30:41,080
Speaker 6: is that your income and your expenses are being reported

550
00:30:41,720 --> 00:30:44,400
Speaker 6: on your corporate tax return, which if you see below

551
00:30:44,440 --> 00:30:48,360
Speaker 6: that is taxed form eleven twenty. Whatever that profit is,

552
00:30:48,960 --> 00:30:53,680
Speaker 6: you will pay taxes on that on the business level.

553
00:30:53,680 --> 00:30:56,239
Speaker 6: So on that corporation tax return, there will be a

554
00:30:56,280 --> 00:30:59,640
Speaker 6: tax liability do if you are operating out a profit.

555
00:31:00,080 --> 00:31:03,160
Speaker 6: So in that same example, if it was ten thousand dollars,

556
00:31:03,920 --> 00:31:06,480
Speaker 6: it doesn't matter how much how many shareholders and all

557
00:31:07,320 --> 00:31:10,640
Speaker 6: is in the business, that ten thousand dollars will be

558
00:31:10,760 --> 00:31:13,760
Speaker 6: taxed at twenty one percent. That is the corporate tax rate.

559
00:31:14,040 --> 00:31:17,520
Speaker 6: So it will be taxed at twenty one percent then,

560
00:31:18,000 --> 00:31:20,640
Speaker 6: and why, if you've ever heard about a corporation, you

561
00:31:20,680 --> 00:31:25,080
Speaker 6: will hear double taxation because then you have your corporate

562
00:31:25,320 --> 00:31:28,680
Speaker 6: corporate partners. Share of the profits then has to be

563
00:31:28,760 --> 00:31:32,600
Speaker 6: distributed as dividends, right, and so now you have to

564
00:31:32,640 --> 00:31:36,719
Speaker 6: deal with being taxed again. So this may you know,

565
00:31:36,960 --> 00:31:39,120
Speaker 6: makes sense as it relates. So let's say an Apple.

566
00:31:39,840 --> 00:31:42,040
Speaker 6: I always like to use Apple. Everybody knows you know

567
00:31:42,160 --> 00:31:45,720
Speaker 6: Apple as the company. So think about if Apple's on

568
00:31:45,760 --> 00:31:49,080
Speaker 6: the stock exchange, you can purchase Apple. You can own

569
00:31:49,240 --> 00:31:51,880
Speaker 6: a piece of Apple. So now when you purchase a stop,

570
00:31:52,200 --> 00:31:56,760
Speaker 6: you now are an owner of Apple. What happens is

571
00:31:56,920 --> 00:31:59,920
Speaker 6: every year Apple has to file their tax form eleven.

572
00:32:00,720 --> 00:32:03,440
Speaker 6: They have to pay their taxes and then guess what.

573
00:32:03,640 --> 00:32:06,680
Speaker 6: Everybody everyone's looking for their dividends, right, their share, their

574
00:32:06,680 --> 00:32:10,360
Speaker 6: profit share of what however much of the company that

575
00:32:10,360 --> 00:32:13,880
Speaker 6: they own. So what happens is they will distribute our

576
00:32:13,960 --> 00:32:17,520
Speaker 6: dividends and then guess what happens. You all receive a

577
00:32:17,600 --> 00:32:20,920
Speaker 6: ten ninety nine DIIV which states, Okay, this is how

578
00:32:21,000 --> 00:32:23,360
Speaker 6: much dividends the company has paid out to you throughout

579
00:32:23,400 --> 00:32:26,160
Speaker 6: the year. And so when that happens, you then have

580
00:32:26,240 --> 00:32:28,680
Speaker 6: to report it on your personal taxes. And when you

581
00:32:28,760 --> 00:32:32,120
Speaker 6: have to report it on your personal taxes, what happens

582
00:32:32,120 --> 00:32:35,040
Speaker 6: your tax again, So you have to think about that.

583
00:32:35,920 --> 00:32:37,640
Speaker 6: And so most people will say, okay, well, if I'm

584
00:32:37,640 --> 00:32:39,640
Speaker 6: paying all those taxes, like, why would it ever make

585
00:32:39,680 --> 00:32:42,440
Speaker 6: sense for me to be a C corporation? And so

586
00:32:42,560 --> 00:32:46,440
Speaker 6: some people are C corporations for some of the following reasons,

587
00:32:46,480 --> 00:32:49,520
Speaker 6: such as they want investors, right, So some investors will

588
00:32:49,560 --> 00:32:52,840
Speaker 6: require you to be a corporation if you ever have

589
00:32:53,640 --> 00:32:56,040
Speaker 6: a plan to go public. If you have a plan

590
00:32:56,160 --> 00:32:58,440
Speaker 6: to go public, then you will need to be a corporation.

591
00:32:58,560 --> 00:33:01,720
Speaker 6: You cannot be an LLC and go public. You would

592
00:33:01,760 --> 00:33:05,120
Speaker 6: have to be operating as a corporation. Some people it

593
00:33:05,160 --> 00:33:07,600
Speaker 6: is an income threshold. If you are making over a

594
00:33:07,640 --> 00:33:10,160
Speaker 6: certain amount of money, you will it will be in

595
00:33:10,240 --> 00:33:13,280
Speaker 6: your advantage some of the time for you to be

596
00:33:13,440 --> 00:33:17,200
Speaker 6: a C corporation. So those are some of the some

597
00:33:17,320 --> 00:33:20,560
Speaker 6: of the reasons why you some companies will choose to

598
00:33:20,640 --> 00:33:23,880
Speaker 6: even be a CEA corporation. Now, keeping in mind in

599
00:33:24,000 --> 00:33:27,360
Speaker 6: terms of you know what the taxes look like. You

600
00:33:27,400 --> 00:33:31,320
Speaker 6: do have your corporate income taxes, your dividend uh taxes

601
00:33:31,320 --> 00:33:35,520
Speaker 6: that you well you're dividend, sorry, the dividend income is

602
00:33:35,560 --> 00:33:39,920
Speaker 6: being taxed, and then your state taxes. Okay, so that's

603
00:33:39,920 --> 00:33:42,440
Speaker 6: something to think about.

604
00:33:42,160 --> 00:33:47,680
Speaker 4: Now, escort business real quick, real quick, because no, no, no,

605
00:33:47,720 --> 00:33:49,640
Speaker 4: we just watch I'm taking notes and I'm watching I'm

606
00:33:49,640 --> 00:33:51,840
Speaker 4: listening to this apple and I'm listening to the dividend payment.

607
00:33:52,040 --> 00:33:52,880
Speaker 2: How is that is it?

608
00:33:53,000 --> 00:33:55,120
Speaker 4: Is it tax as a as a long term capital

609
00:33:55,160 --> 00:33:57,320
Speaker 4: game or is it like a short term How is that.

610
00:33:57,280 --> 00:33:59,400
Speaker 6: Tax It's like short term like ordinary?

611
00:33:59,720 --> 00:34:01,719
Speaker 4: Yes, So if they're doing like quarterly diffidens. Then you're

612
00:34:01,720 --> 00:34:03,120
Speaker 4: getting short term capital gains on it.

613
00:34:03,360 --> 00:34:07,240
Speaker 6: Yeah, because they yeah, they distributed short term, so it

614
00:34:07,240 --> 00:34:08,040
Speaker 6: wouldn't really.

615
00:34:07,840 --> 00:34:12,480
Speaker 4: Be more time perfect check in.

616
00:34:16,080 --> 00:34:19,560
Speaker 6: All right, So escorps, so your escort, you have your

617
00:34:19,600 --> 00:34:24,160
Speaker 6: business income, not tax on the business level. So with

618
00:34:24,320 --> 00:34:30,319
Speaker 6: an escort s corporations is I love es corporations because

619
00:34:30,360 --> 00:34:32,880
Speaker 6: I think that it is an amazing tool and it

620
00:34:33,000 --> 00:34:35,560
Speaker 6: really as you start to sit back, you start to

621
00:34:35,600 --> 00:34:41,120
Speaker 6: realize that the real separation between the escort and an

622
00:34:41,320 --> 00:34:43,160
Speaker 6: LLC most of the time, it's just people not knowing

623
00:34:43,200 --> 00:34:45,160
Speaker 6: about it. Most of the time. It's not that people

624
00:34:45,200 --> 00:34:47,160
Speaker 6: don't want to be escorts, it's just that they never

625
00:34:47,239 --> 00:34:49,440
Speaker 6: knew about it and knew the advantages of it, so

626
00:34:49,480 --> 00:34:51,840
Speaker 6: they just did not take it, you know, take advantage

627
00:34:51,880 --> 00:34:55,760
Speaker 6: of converting their LLCs or their corporations over to escorts.

628
00:34:55,760 --> 00:34:59,760
Speaker 6: So let's talk about escorts and how they save business

629
00:34:59,800 --> 00:35:04,000
Speaker 6: owned all the time on that self employment tax and

630
00:35:04,200 --> 00:35:06,960
Speaker 6: help them significantly, Like I have clients save in thout

631
00:35:07,120 --> 00:35:10,920
Speaker 6: like so like tens of thousands of dollars just by

632
00:35:11,000 --> 00:35:13,040
Speaker 6: simply saying, Hey, I don't want to be an LLC,

633
00:35:13,160 --> 00:35:17,200
Speaker 6: I'm going to be an sport. So with your business income,

634
00:35:17,480 --> 00:35:20,600
Speaker 6: the business income is not tax on the business level,

635
00:35:20,640 --> 00:35:24,760
Speaker 6: so similar to an LLC, it is a pass through entity.

636
00:35:25,040 --> 00:35:28,080
Speaker 6: So with the pass through entity, again that just means

637
00:35:28,120 --> 00:35:30,840
Speaker 6: that it is not tax on the business level. It

638
00:35:30,920 --> 00:35:35,240
Speaker 6: passes through to the personal taxes and then it's tax there. Okay,

639
00:35:35,320 --> 00:35:40,160
Speaker 6: So what happens with the es coort is that you

640
00:35:40,320 --> 00:35:44,759
Speaker 6: have to file tax form eleven twenty S. So with

641
00:35:44,960 --> 00:35:47,280
Speaker 6: once you file eleven twenty S, that's where you're reporting

642
00:35:47,320 --> 00:35:50,200
Speaker 6: your income, that's where you're reporting your expenses, and then

643
00:35:50,239 --> 00:35:53,319
Speaker 6: you have your profit. Similar to when you are like

644
00:35:53,360 --> 00:35:57,839
Speaker 6: a partnership or two plus member LLC, each owner of

645
00:35:57,880 --> 00:36:00,400
Speaker 6: the sport, because you can have up to one hundred

646
00:36:00,400 --> 00:36:04,480
Speaker 6: owners in an escort, each owner will receive a K one.

647
00:36:04,560 --> 00:36:07,160
Speaker 6: If it's just you, then you would have one hundred

648
00:36:07,120 --> 00:36:09,759
Speaker 6: percent and one hundred percent of the profits will just

649
00:36:09,880 --> 00:36:13,400
Speaker 6: go to you. So that K one is going to

650
00:36:13,440 --> 00:36:15,960
Speaker 6: then be included on your personal taxes and then your

651
00:36:16,000 --> 00:36:19,640
Speaker 6: tax there. However, the tax the taxes that you have

652
00:36:19,800 --> 00:36:22,759
Speaker 6: to think about well that you will incur is just

653
00:36:22,800 --> 00:36:26,479
Speaker 6: income taxes and state taxes. Notice I didn't say self

654
00:36:26,560 --> 00:36:32,919
Speaker 6: employment taxes. So let's talk about that really quick, all right,

655
00:36:33,080 --> 00:36:36,640
Speaker 6: So I have to always bring this chart into my

656
00:36:36,760 --> 00:36:43,000
Speaker 6: conversation because it is so important that I give visuals

657
00:36:43,040 --> 00:36:46,799
Speaker 6: because people digest it and understand it a lot more. So.

658
00:36:46,960 --> 00:36:51,600
Speaker 6: This is a diagram of how someone that's making one

659
00:36:51,680 --> 00:36:56,520
Speaker 6: hundred thousand dollars profit, how they were able to save

660
00:36:56,680 --> 00:37:00,879
Speaker 6: on self employment tax by being an sport versus being

661
00:37:00,880 --> 00:37:04,200
Speaker 6: an LLC. So to quickly run through this, on the

662
00:37:04,280 --> 00:37:07,839
Speaker 6: left hand side, you have LLC, So you have one

663
00:37:07,880 --> 00:37:11,800
Speaker 6: hundred thousand dollars of income that you made in your LLC.

664
00:37:12,840 --> 00:37:15,920
Speaker 6: That one hundred thousand dollars is subjected to self employment tax,

665
00:37:15,920 --> 00:37:18,960
Speaker 6: so that self employment tax is fifteen point three percent.

666
00:37:20,800 --> 00:37:24,400
Speaker 6: That sorry, the income is then reported on your personal

667
00:37:24,520 --> 00:37:28,120
Speaker 6: tax return, okay, and all the income is subjected to

668
00:37:28,239 --> 00:37:31,719
Speaker 6: ordinary income tax. Keep in mind, all the income is

669
00:37:31,760 --> 00:37:34,520
Speaker 6: always going to be subjected to ordinary income tax once

670
00:37:34,520 --> 00:37:39,719
Speaker 6: it hits the bottom. This diagram is simply to show

671
00:37:39,719 --> 00:37:43,240
Speaker 6: you how you are going to save on self employment taxes. Okay,

672
00:37:43,320 --> 00:37:47,800
Speaker 6: So we're not necessarily getting into the reducing income taxes,

673
00:37:47,840 --> 00:37:52,080
Speaker 6: but more so how to save on self employment taxes. Now,

674
00:37:52,120 --> 00:37:55,040
Speaker 6: if we go to the right, you have your s

675
00:37:55,160 --> 00:37:59,279
Speaker 6: corporation made the same hundred thousand dollars income. But you

676
00:37:59,360 --> 00:38:01,960
Speaker 6: notice that the p and pay themselves a salary of

677
00:38:02,000 --> 00:38:06,799
Speaker 6: forty thousand dollars. Keep in mind, when you are an esport,

678
00:38:07,040 --> 00:38:10,480
Speaker 6: you are required to pay yourself a salary. It's no

679
00:38:10,560 --> 00:38:13,600
Speaker 6: specific number or percentage, but you have to pay yourself

680
00:38:13,640 --> 00:38:17,439
Speaker 6: a salary. Now, this person decides to pay their self

681
00:38:17,480 --> 00:38:20,600
Speaker 6: a salary of forty thousand that is an expense to

682
00:38:20,680 --> 00:38:23,440
Speaker 6: the business, so that the business is left with sixty

683
00:38:23,480 --> 00:38:26,400
Speaker 6: thousand dollars on the right hand side. As you can see,

684
00:38:27,160 --> 00:38:30,120
Speaker 6: let's just look on the forty thousand dollars side, forty

685
00:38:30,160 --> 00:38:34,440
Speaker 6: thousand dollars. It shows that on that forty thousand dollars

686
00:38:34,800 --> 00:38:37,680
Speaker 6: they encourage Social Security tax and Medicare tax, so that

687
00:38:37,719 --> 00:38:41,000
Speaker 6: fifteen point three percent was taken out because guess what,

688
00:38:41,120 --> 00:38:44,439
Speaker 6: they are an employee, so on their on their check,

689
00:38:44,760 --> 00:38:47,160
Speaker 6: they took out fifteen points I mean sorry, seven point

690
00:38:47,200 --> 00:38:50,239
Speaker 6: sixty five percent, and then the company paid the other

691
00:38:50,400 --> 00:38:53,520
Speaker 6: seven point sixty five percent, right, but technically it's all

692
00:38:53,520 --> 00:38:57,560
Speaker 6: their companies, so in this example, they were responsible for

693
00:38:57,600 --> 00:39:01,520
Speaker 6: that fifteen point three percent. That forty thousand dollars was

694
00:39:01,560 --> 00:39:05,520
Speaker 6: then reported on a W two. So before we go on,

695
00:39:05,760 --> 00:39:08,680
Speaker 6: I just want to show you all that what this

696
00:39:08,880 --> 00:39:13,480
Speaker 6: is saying here is that the person went from paying

697
00:39:13,760 --> 00:39:16,560
Speaker 6: fifteen point three percent on one hundred thousand dollars to

698
00:39:16,640 --> 00:39:20,279
Speaker 6: only paint it on forty thousand dollars. Okay, So I

699
00:39:20,360 --> 00:39:23,920
Speaker 6: really wanted to point that out, and I like to

700
00:39:23,960 --> 00:39:27,239
Speaker 6: improve this because it helps people understand exactly, you know,

701
00:39:27,280 --> 00:39:31,839
Speaker 6: how that savings work, and so it really is, it

702
00:39:31,880 --> 00:39:34,760
Speaker 6: really is the phenomenal tool by just changing your entity.

703
00:39:35,080 --> 00:39:37,359
Speaker 6: I usually suggest that I always get this question on

704
00:39:37,400 --> 00:39:41,720
Speaker 6: what income threshold, I usually say anything over thirty five

705
00:39:41,960 --> 00:39:45,480
Speaker 6: forty thousand dollars, I suggest that you convert over to

706
00:39:45,520 --> 00:39:48,799
Speaker 6: an escort. If you are making anything under that, then

707
00:39:48,840 --> 00:39:52,600
Speaker 6: I would suggest remaining as an LLC until you are

708
00:39:52,840 --> 00:39:57,960
Speaker 6: profiting you know, above those numbers, because an escort has requirements, right,

709
00:39:58,000 --> 00:40:00,000
Speaker 6: you have to process kroll, you have to fire tax

710
00:40:00,239 --> 00:40:02,800
Speaker 6: every single year. So you just want it to make sense,

711
00:40:03,360 --> 00:40:06,080
Speaker 6: all right. So just to kind of finish out this diagram,

712
00:40:06,120 --> 00:40:08,239
Speaker 6: we had the forty thousand dollars being reported on a

713
00:40:08,360 --> 00:40:11,320
Speaker 6: W two, the sixty thousand dollars going to be reported

714
00:40:11,360 --> 00:40:13,799
Speaker 6: on a K one, which also does not have any

715
00:40:13,800 --> 00:40:16,600
Speaker 6: self employment tax, and then the whole hundred thousand kind

716
00:40:16,600 --> 00:40:18,520
Speaker 6: of goes down and is going to be tax on

717
00:40:18,719 --> 00:40:22,439
Speaker 6: ordinary income taxes. Okay, So I just wanted to talk

718
00:40:22,480 --> 00:40:26,160
Speaker 6: about that now. I had to bring you guys through

719
00:40:26,160 --> 00:40:29,080
Speaker 6: that because I think that it's like so important, and

720
00:40:29,600 --> 00:40:31,440
Speaker 6: we talked about on the episode, like things you need

721
00:40:31,480 --> 00:40:33,880
Speaker 6: to consider when you're forming your business, but I wanted

722
00:40:33,920 --> 00:40:36,600
Speaker 6: to go into a little bit more on like, Okay,

723
00:40:36,600 --> 00:40:38,960
Speaker 6: what does it all mean, and to make sure that

724
00:40:39,040 --> 00:40:43,000
Speaker 6: you all are doing it correctly. So now positioning yourself

725
00:40:43,040 --> 00:40:46,279
Speaker 6: to sell. Now you may know the craft, but not

726
00:40:46,520 --> 00:40:50,200
Speaker 6: the business. This is so important because I feel that

727
00:40:50,280 --> 00:40:53,879
Speaker 6: it doesn't matter what industry it is, the business side

728
00:40:53,920 --> 00:40:56,600
Speaker 6: of things will take the fun out of everything. I

729
00:40:56,640 --> 00:40:59,719
Speaker 6: have a ton of creative clients, and the business side

730
00:40:59,719 --> 00:41:02,520
Speaker 6: of things just extremely stress them out because they're like,

731
00:41:02,600 --> 00:41:04,640
Speaker 6: I just want to be, like I just want to create,

732
00:41:04,960 --> 00:41:07,279
Speaker 6: Like even me, I most days I'm screaming. I'm like,

733
00:41:07,360 --> 00:41:10,000
Speaker 6: I just want to do taxes. I want to do taxes.

734
00:41:10,239 --> 00:41:12,359
Speaker 6: I want to educate, I want to talk to people, right,

735
00:41:12,400 --> 00:41:14,160
Speaker 6: But then when I have to sit down and really

736
00:41:14,320 --> 00:41:16,879
Speaker 6: do the business side of it, what I call fun,

737
00:41:16,920 --> 00:41:19,400
Speaker 6: which I know most people want call fun, like doing taxes,

738
00:41:19,800 --> 00:41:23,560
Speaker 6: but like what I call fun, it's not fun, right

739
00:41:23,560 --> 00:41:26,640
Speaker 6: because the business side of it is so technical and

740
00:41:26,680 --> 00:41:29,680
Speaker 6: it's so serious, and it's so important, and it's something

741
00:41:29,680 --> 00:41:32,600
Speaker 6: that you have to really think about. When you're really

742
00:41:32,640 --> 00:41:36,960
Speaker 6: thinking thinking about, you know, starting this business, you have

743
00:41:37,080 --> 00:41:39,719
Speaker 6: to think about what do I what do I need

744
00:41:39,760 --> 00:41:42,560
Speaker 6: to do versus what do I need to delegate? Or

745
00:41:42,560 --> 00:41:44,040
Speaker 6: who do I need to hire? Or who do I

746
00:41:44,080 --> 00:41:48,600
Speaker 6: need to engage? Like what consultant can I pay to

747
00:41:48,760 --> 00:41:52,080
Speaker 6: help me? You know, eliminate a lot of mistakes. So

748
00:41:52,880 --> 00:41:56,760
Speaker 6: put this picture hair, because you have to hire a team.

749
00:41:56,920 --> 00:41:59,279
Speaker 6: And again I started out it was just me. I

750
00:41:59,400 --> 00:42:03,239
Speaker 6: was answering phone, doing the consultations, doing the taxes, I

751
00:42:03,360 --> 00:42:08,680
Speaker 6: was doing everything. However, I understood very early that I

752
00:42:09,040 --> 00:42:12,279
Speaker 6: needed to hire someone. So my first person that I

753
00:42:12,360 --> 00:42:15,640
Speaker 6: hired wasn't admin. That was my first person because guess what,

754
00:42:16,320 --> 00:42:19,239
Speaker 6: there's a lot of administrative tasks and there's a lot

755
00:42:19,239 --> 00:42:23,319
Speaker 6: of you know, duties that needs to get done on

756
00:42:23,360 --> 00:42:27,319
Speaker 6: a day to day, but no one really talks about

757
00:42:27,320 --> 00:42:29,400
Speaker 6: those things. Everybody makes it seem like you can do

758
00:42:29,480 --> 00:42:32,200
Speaker 6: it all. But what start to happen is that I

759
00:42:32,280 --> 00:42:35,239
Speaker 6: was forgetting things I wasn't able to show up, and

760
00:42:35,600 --> 00:42:40,080
Speaker 6: I quickly quickly understood that I needed to hire a team.

761
00:42:40,560 --> 00:42:43,680
Speaker 6: I also needed to delegate. What I didn't put on

762
00:42:43,800 --> 00:42:48,960
Speaker 6: here that I want to talk about is just outsourcing

763
00:42:49,680 --> 00:42:54,160
Speaker 6: and bringing in and hiring experts that you really need

764
00:42:54,200 --> 00:42:56,640
Speaker 6: to hire. And so I want to spend a minute

765
00:42:56,680 --> 00:42:59,840
Speaker 6: just talking about that, because when you hire an ex

766
00:43:00,600 --> 00:43:03,439
Speaker 6: and most of you all are you know, on this

767
00:43:03,960 --> 00:43:06,160
Speaker 6: you know, on this zoom right now, and so you're

768
00:43:06,160 --> 00:43:08,680
Speaker 6: already showing up for yourself, right you're here, You're showing

769
00:43:08,719 --> 00:43:12,359
Speaker 6: up for the information. So that is amazing. But I

770
00:43:12,480 --> 00:43:15,560
Speaker 6: want you all to take it a step further and

771
00:43:15,800 --> 00:43:20,040
Speaker 6: really take that knowledge and execute on it. Right, So

772
00:43:20,080 --> 00:43:23,600
Speaker 6: we're all always talking about listen, you need to hire

773
00:43:23,640 --> 00:43:27,240
Speaker 6: the experts you need to you know, get whatever knowledge

774
00:43:27,239 --> 00:43:29,560
Speaker 6: it is that you need. You need to take it

775
00:43:29,600 --> 00:43:31,960
Speaker 6: a step further. Right, So after you sit here and

776
00:43:32,040 --> 00:43:34,560
Speaker 6: you get this knowledge, okay, so what is that next step?

777
00:43:35,160 --> 00:43:40,200
Speaker 6: And so really really really think about, Okay, who can

778
00:43:40,280 --> 00:43:43,040
Speaker 6: help me eliminate my mistakes? Who do I need in

779
00:43:43,120 --> 00:43:45,720
Speaker 6: my one percent team? Isn't my CPA?

780
00:43:45,880 --> 00:43:46,080
Speaker 5: Right?

781
00:43:46,120 --> 00:43:49,960
Speaker 6: So I always say my one percent team includes my CPA.

782
00:43:50,440 --> 00:43:54,120
Speaker 6: My fight, Well, I'm kind of the CPA I'm actually

783
00:43:54,120 --> 00:43:56,439
Speaker 6: looking for to CBA because it's gotten to a point

784
00:43:56,440 --> 00:43:59,640
Speaker 6: where I'm like, I need to like outsource some of

785
00:43:59,640 --> 00:44:02,319
Speaker 6: these things, right, But as a business owner, you need

786
00:44:02,360 --> 00:44:05,919
Speaker 6: a CPA. I help people say, so much money, I'm

787
00:44:05,920 --> 00:44:08,000
Speaker 6: a tax right off, I'm a whole asset, right, And

788
00:44:08,000 --> 00:44:09,839
Speaker 6: I say that. I jokingly say that to people all

789
00:44:09,880 --> 00:44:11,960
Speaker 6: the time. I'm like, yeah, I'm a write off, but

790
00:44:12,280 --> 00:44:15,640
Speaker 6: I'm truly an asset because not only am I going

791
00:44:15,719 --> 00:44:18,839
Speaker 6: to save you on taxes, but I'm also going to

792
00:44:18,960 --> 00:44:21,920
Speaker 6: help you with your business. I'm all. I also have

793
00:44:22,000 --> 00:44:25,120
Speaker 6: the resources, right, and the experience, and a lot of

794
00:44:25,160 --> 00:44:29,840
Speaker 6: people like don't value the fact of having people in

795
00:44:29,840 --> 00:44:33,239
Speaker 6: your corner that you can pick up the phone to say, hey,

796
00:44:33,239 --> 00:44:36,400
Speaker 6: do you have a referral for I want to start payroll.

797
00:44:36,480 --> 00:44:38,880
Speaker 6: Who can I you know, get to my payroll?

798
00:44:39,080 --> 00:44:39,279
Speaker 7: Oh?

799
00:44:39,360 --> 00:44:42,160
Speaker 6: I want I need a financial advisor? Who do I need?

800
00:44:42,280 --> 00:44:47,560
Speaker 6: Like those things are extremely important because you have to

801
00:44:47,600 --> 00:44:51,160
Speaker 6: be able to eliminate the mistakes because if you're starting,

802
00:44:51,280 --> 00:44:53,680
Speaker 6: and if you don't have anybody to say listen, here

803
00:44:53,920 --> 00:44:56,120
Speaker 6: here's what you need to do. You have to create

804
00:44:56,160 --> 00:44:59,680
Speaker 6: your team. So get your banker, get your lender, get

805
00:44:59,760 --> 00:45:02,480
Speaker 6: you know that funding expert. Get these people, you know,

806
00:45:02,680 --> 00:45:05,480
Speaker 6: whoever your brand strategist is going to be, whoever's going

807
00:45:05,560 --> 00:45:08,440
Speaker 6: to you know, look into marketing. So pace yourself. But

808
00:45:08,520 --> 00:45:11,440
Speaker 6: you need all of these people on your team because

809
00:45:11,480 --> 00:45:13,840
Speaker 6: these are the people that's going to help you grow

810
00:45:13,880 --> 00:45:18,120
Speaker 6: your business. Okay, so that is so important. So marketing

811
00:45:18,560 --> 00:45:24,960
Speaker 6: that takes me into marketing. Marketing is so important. A

812
00:45:25,000 --> 00:45:28,600
Speaker 6: lot of people will spend so much time worried about

813
00:45:28,640 --> 00:45:32,120
Speaker 6: packaging and you know, all the pretty things and all

814
00:45:32,160 --> 00:45:34,960
Speaker 6: the things that they're so passionate about, and they forget

815
00:45:35,000 --> 00:45:40,680
Speaker 6: to tell people about their business. So what is going

816
00:45:40,719 --> 00:45:43,120
Speaker 6: to like, how are you going to get the word out? What?

817
00:45:43,680 --> 00:45:45,680
Speaker 6: How are you going to get more clients? How are

818
00:45:45,719 --> 00:45:48,719
Speaker 6: you going to get people to purchase your item of

819
00:45:49,000 --> 00:45:50,680
Speaker 6: you know, your service? How are you going to get

820
00:45:50,680 --> 00:45:52,920
Speaker 6: people to invest in you? What is going to be

821
00:45:53,000 --> 00:45:55,879
Speaker 6: your strategy? Most people are not thinking about it. What

822
00:45:56,000 --> 00:45:58,239
Speaker 6: is the budget for it? Create a budget for it.

823
00:45:58,640 --> 00:46:00,680
Speaker 6: I don't know if you guys seem as didy episode

824
00:46:00,760 --> 00:46:02,719
Speaker 6: last now on the podcast, I love this ditty by

825
00:46:02,760 --> 00:46:06,120
Speaker 6: the way, So I watched the whole episode. But she said, like,

826
00:46:06,200 --> 00:46:08,720
Speaker 6: you have to put money into bunch, I mean into marketing.

827
00:46:09,640 --> 00:46:11,960
Speaker 6: And if you look at I think Elon Mus said

828
00:46:11,960 --> 00:46:14,360
Speaker 6: it too, like I will put my last money into marketing.

829
00:46:15,320 --> 00:46:21,440
Speaker 6: People are not valuing marketing enough. Everyone's so consumed and

830
00:46:21,520 --> 00:46:24,200
Speaker 6: so tied up into what they think is such a

831
00:46:24,239 --> 00:46:27,279
Speaker 6: good product and a good service, and then they do

832
00:46:27,360 --> 00:46:29,640
Speaker 6: all of these things on the back end, but nobody

833
00:46:29,719 --> 00:46:34,200
Speaker 6: knows that it's available. Nobody knows what service or product

834
00:46:34,239 --> 00:46:36,840
Speaker 6: you have, so no one can purchase it. What is

835
00:46:36,920 --> 00:46:40,280
Speaker 6: going to be your plan of action to actually get

836
00:46:40,280 --> 00:46:44,840
Speaker 6: that out there? Okay, so understanding funnels, right, So funnels

837
00:46:44,840 --> 00:46:47,839
Speaker 6: can be from It doesn't matter if you're online. Well

838
00:46:47,840 --> 00:46:50,319
Speaker 6: most people, I'm sure you guys are online, but if

839
00:46:50,360 --> 00:46:53,600
Speaker 6: you aren't online, you need to be online. You have

840
00:46:53,680 --> 00:46:57,560
Speaker 6: to have some sort of social presence to your business.

841
00:46:57,600 --> 00:46:59,160
Speaker 6: Because I don't care if I walk in the store,

842
00:46:59,239 --> 00:47:02,480
Speaker 6: I still go into the still go on Instagram pages.

843
00:47:02,600 --> 00:47:04,839
Speaker 6: I'm like, oh, I wonder what their Instagram page looks like. Right,

844
00:47:04,840 --> 00:47:08,040
Speaker 6: And I'm not the only person that does that. So

845
00:47:08,120 --> 00:47:11,080
Speaker 6: you have to understand funnels, and a funnel is really

846
00:47:11,120 --> 00:47:13,799
Speaker 6: nothing more than how are you going to get your

847
00:47:13,880 --> 00:47:18,920
Speaker 6: client into your process and service them. How are you

848
00:47:18,960 --> 00:47:20,839
Speaker 6: going to get them to buy whatever it is that

849
00:47:20,880 --> 00:47:22,719
Speaker 6: you want them to buy? How are they going to

850
00:47:22,760 --> 00:47:24,799
Speaker 6: start here? What's the next step, what's the next set,

851
00:47:24,800 --> 00:47:26,800
Speaker 6: what's the next step until you get them to purchase

852
00:47:26,800 --> 00:47:29,880
Speaker 6: from you? You have to think about those things. You

853
00:47:29,920 --> 00:47:32,560
Speaker 6: can't just think because you're passionate and you think that

854
00:47:32,600 --> 00:47:35,320
Speaker 6: it's a great product that it's going to sell, because

855
00:47:35,320 --> 00:47:38,440
Speaker 6: that is not the case, okay. And also think about

856
00:47:38,480 --> 00:47:41,960
Speaker 6: how are you going to retain clients. Everyone's always concerned

857
00:47:41,960 --> 00:47:44,480
Speaker 6: about how they're going to key, I mean, get new clients,

858
00:47:44,560 --> 00:47:48,080
Speaker 6: but in terms of retaining clients, people are not thinking

859
00:47:48,120 --> 00:47:51,040
Speaker 6: about that or talking about how they're going to actually

860
00:47:51,080 --> 00:47:55,480
Speaker 6: retain the clients that they actually have. Like, you already

861
00:47:55,560 --> 00:47:58,640
Speaker 6: have the clients here, how are you going to service them?

862
00:47:58,680 --> 00:48:01,440
Speaker 6: What are you going to do the follow up? Is it?

863
00:48:01,520 --> 00:48:02,480
Speaker 6: You know, an offer?

864
00:48:02,640 --> 00:48:02,920
Speaker 7: Is it?

865
00:48:03,239 --> 00:48:07,120
Speaker 6: You know? Just finding different services for me? I keep

866
00:48:07,160 --> 00:48:09,360
Speaker 6: my clients because I listen to what they're telling me

867
00:48:09,400 --> 00:48:12,319
Speaker 6: that they need. So if my client's like, hey, I

868
00:48:12,400 --> 00:48:14,080
Speaker 6: need this, I need this, I'm like, you know what,

869
00:48:14,400 --> 00:48:17,680
Speaker 6: like sales taxes, I originally was not doing sales taxes,

870
00:48:18,719 --> 00:48:22,400
Speaker 6: but now I'm bringing sales taxes, and so by the

871
00:48:22,560 --> 00:48:26,239
Speaker 6: end of the end of March, my firm will be

872
00:48:26,320 --> 00:48:30,440
Speaker 6: offering tax I mean sales tax services on a larger

873
00:48:30,480 --> 00:48:34,320
Speaker 6: scale because clients need it, especially with so many people

874
00:48:34,719 --> 00:48:39,160
Speaker 6: selling online. And so you have to keep you have

875
00:48:39,280 --> 00:48:41,520
Speaker 6: to keep those things in mind, and you have to listen.

876
00:48:41,560 --> 00:48:43,960
Speaker 6: You sell by listening, so you have to listen to

877
00:48:44,000 --> 00:48:48,719
Speaker 6: your current clients. So the last thing is funding, right,

878
00:48:48,800 --> 00:48:51,320
Speaker 6: So funding is something that you have to think about

879
00:48:51,960 --> 00:48:54,880
Speaker 6: in the beginning. Right, you may try to understand like okay,

880
00:48:54,920 --> 00:48:58,719
Speaker 6: well what exactly like how am I going to actually

881
00:48:58,880 --> 00:49:02,200
Speaker 6: get the money to start my business? Or Okay, I

882
00:49:02,239 --> 00:49:04,600
Speaker 6: have my business is here, but I need to hire

883
00:49:04,640 --> 00:49:07,440
Speaker 6: more employees, I need a new software, I need to

884
00:49:07,480 --> 00:49:09,920
Speaker 6: do these things, and I don't have the money to

885
00:49:10,000 --> 00:49:12,840
Speaker 6: do it. And I always say that small business owners,

886
00:49:13,680 --> 00:49:18,120
Speaker 6: we're always in a bad position because we need more

887
00:49:18,239 --> 00:49:21,160
Speaker 6: money in order to grow, but a lot of times

888
00:49:21,200 --> 00:49:22,919
Speaker 6: we don't have the money to grow. So you wind

889
00:49:23,000 --> 00:49:25,600
Speaker 6: up in this vicious cycle where it's like, Okay, well,

890
00:49:25,800 --> 00:49:27,399
Speaker 6: in order for me to grow, I need more money

891
00:49:27,400 --> 00:49:28,839
Speaker 6: to grow, but I don't have more money to grow.

892
00:49:28,880 --> 00:49:30,799
Speaker 6: So how what am I going to do, and so

893
00:49:30,920 --> 00:49:33,839
Speaker 6: you have to be creative. You cannot just sit back again,

894
00:49:33,880 --> 00:49:36,960
Speaker 6: as I said earlier, We're not going to sit back

895
00:49:37,239 --> 00:49:43,160
Speaker 6: and just simply say, oh, this isn't like okay, I

896
00:49:43,160 --> 00:49:45,480
Speaker 6: don't have enough money right now and that's it. No,

897
00:49:45,640 --> 00:49:47,880
Speaker 6: you have to think about what am I going to

898
00:49:47,920 --> 00:49:50,719
Speaker 6: do for more money. That changes your mindset and that

899
00:49:50,840 --> 00:49:53,440
Speaker 6: makes you think about what are the steps and the

900
00:49:53,480 --> 00:49:56,280
Speaker 6: things that you have to do in order to become

901
00:49:56,280 --> 00:49:59,240
Speaker 6: more creative. So that way you can get the funding

902
00:49:59,280 --> 00:50:02,440
Speaker 6: that you need in order to start your business. So

903
00:50:02,680 --> 00:50:05,640
Speaker 6: let's talk about funding. You're starting out your business, I'm

904
00:50:05,680 --> 00:50:10,080
Speaker 6: going to start out with tax free money. So what

905
00:50:10,200 --> 00:50:14,759
Speaker 6: I call tax free money is when people go and

906
00:50:14,800 --> 00:50:18,239
Speaker 6: they start, they may drive Uber or they may do

907
00:50:18,239 --> 00:50:22,520
Speaker 6: door dash right to get some additional income. Pretty much

908
00:50:22,520 --> 00:50:25,880
Speaker 6: any income that you are generating that's a ten ninety nine,

909
00:50:26,000 --> 00:50:29,200
Speaker 6: not necessarily a W two. So you will receive that

910
00:50:29,200 --> 00:50:30,799
Speaker 6: ten ninety nine at the end of the year. And

911
00:50:30,800 --> 00:50:33,439
Speaker 6: why I call it tax free money is because at

912
00:50:33,440 --> 00:50:36,560
Speaker 6: the same time, when you're driving that Uber and you're

913
00:50:36,600 --> 00:50:42,040
Speaker 6: starting your business, you could take that money purchase laptops,

914
00:50:42,480 --> 00:50:47,279
Speaker 6: purchase softwares, supplies, materials, and guess what it is. It's

915
00:50:47,280 --> 00:50:49,680
Speaker 6: a tax write off. And that tax right off is

916
00:50:49,719 --> 00:50:54,000
Speaker 6: going to go against the money that you were already making, right,

917
00:50:54,080 --> 00:50:56,719
Speaker 6: And so now what happens is when you bring that

918
00:50:56,800 --> 00:51:01,440
Speaker 6: money in, it's income. But now when you start buying

919
00:51:01,560 --> 00:51:06,759
Speaker 6: things for the business, it is now an expense, right.

920
00:51:06,800 --> 00:51:08,560
Speaker 6: And so what happens Let's say you brung in ten

921
00:51:08,600 --> 00:51:11,360
Speaker 6: thousand dollars an income and then you had your laptop,

922
00:51:11,440 --> 00:51:13,759
Speaker 6: and you had you know, you needed supplies and you

923
00:51:13,800 --> 00:51:17,320
Speaker 6: needed all these things. That is ten thousand dollars worth

924
00:51:17,320 --> 00:51:20,279
Speaker 6: of expenses that you may bring in that Now guess what,

925
00:51:20,640 --> 00:51:23,800
Speaker 6: Now your net income is zero. So now that's technically

926
00:51:23,840 --> 00:51:26,040
Speaker 6: tax free money. So now you have to think about

927
00:51:26,320 --> 00:51:29,960
Speaker 6: because the reality is when you pay taxes, you're holding

928
00:51:30,000 --> 00:51:32,440
Speaker 6: yourself back, right. So the more you overpaying taxes, the

929
00:51:32,440 --> 00:51:34,680
Speaker 6: more you hold yourself back because you could be getting

930
00:51:34,680 --> 00:51:38,040
Speaker 6: a lot further with that money that you're paying taxes with.

931
00:51:38,640 --> 00:51:42,399
Speaker 6: So instead of just saying, okay, well I'm gonna take

932
00:51:42,400 --> 00:51:45,359
Speaker 6: the money drive where I'm not gonna do anything. If

933
00:51:45,400 --> 00:51:48,680
Speaker 6: you were getting that additional money in, instead of just

934
00:51:48,719 --> 00:51:50,960
Speaker 6: getting the money in, you take that and you use

935
00:51:51,000 --> 00:51:54,799
Speaker 6: it towards your startup costs right for your business. And

936
00:51:54,880 --> 00:51:57,840
Speaker 6: so that's why I call that uh tax free money.

937
00:51:58,320 --> 00:52:01,560
Speaker 6: Now credit cards, so well, thinking about credit cards, you

938
00:52:01,719 --> 00:52:05,720
Speaker 6: have to understand that there's different tiers of credit cards.

939
00:52:06,000 --> 00:52:06,160
Speaker 5: Right.

940
00:52:06,239 --> 00:52:10,359
Speaker 6: So there may be your bank credit card, right, and

941
00:52:10,880 --> 00:52:13,960
Speaker 6: they may require you if you have good personal credit,

942
00:52:14,160 --> 00:52:16,760
Speaker 6: you may go there to open up a business bank account.

943
00:52:17,040 --> 00:52:18,680
Speaker 6: Nine times out of ten, the next thing they're going

944
00:52:18,719 --> 00:52:20,080
Speaker 6: to say to you is do you want a business

945
00:52:20,080 --> 00:52:23,359
Speaker 6: credit card? If they don't, just ask them for it, right,

946
00:52:23,719 --> 00:52:28,720
Speaker 6: every bank does it. So if they have business checking accounts,

947
00:52:28,719 --> 00:52:33,040
Speaker 6: which ninety five percent of banks do. So, if they

948
00:52:33,120 --> 00:52:35,720
Speaker 6: ask you, you know, do you want a business credit card?

949
00:52:36,000 --> 00:52:39,520
Speaker 6: If your business is new and you are just establishing

950
00:52:39,560 --> 00:52:42,600
Speaker 6: your business, what the bank will do is they will

951
00:52:42,640 --> 00:52:46,680
Speaker 6: take your They would pretty much make you personally guarantee

952
00:52:47,120 --> 00:52:50,359
Speaker 6: the credit card. And what that really means is that

953
00:52:51,360 --> 00:52:54,759
Speaker 6: you will they will run your personal credit to see

954
00:52:54,760 --> 00:52:58,520
Speaker 6: what your personal credit is, to see if they will allow,

955
00:52:58,880 --> 00:53:01,359
Speaker 6: you know, give you some line of credit on your

956
00:53:01,440 --> 00:53:05,520
Speaker 6: well not line of credit, but will give you, yeah,

957
00:53:05,560 --> 00:53:09,680
Speaker 6: a lot of credit on your credit card. So that

958
00:53:09,920 --> 00:53:13,080
Speaker 6: is so important, right, And sometimes most people say, oh,

959
00:53:13,360 --> 00:53:16,840
Speaker 6: I don't want them to, you know, look at my

960
00:53:16,920 --> 00:53:20,239
Speaker 6: personal credit at all. That's fine. However, if you want

961
00:53:20,280 --> 00:53:21,960
Speaker 6: to get where you're going a little fast, so you

962
00:53:22,000 --> 00:53:25,400
Speaker 6: may have to use yourself to leverage in order to

963
00:53:25,440 --> 00:53:29,000
Speaker 6: get that credit card. Now, as you start establishing that

964
00:53:29,120 --> 00:53:32,480
Speaker 6: business credit and you are now in a better position,

965
00:53:32,600 --> 00:53:36,399
Speaker 6: Now what happens is that you are able to then

966
00:53:36,480 --> 00:53:38,839
Speaker 6: get credit cards down the line where you don't need

967
00:53:38,880 --> 00:53:41,640
Speaker 6: to run your personal credit because now your business is

968
00:53:41,760 --> 00:53:44,439
Speaker 6: establishing credit. And most of the times when you get

969
00:53:44,440 --> 00:53:48,920
Speaker 6: these credit cards, they have zero interest, you know, zero

970
00:53:49,120 --> 00:53:52,680
Speaker 6: transfer balance, and so you can utilize that. So now

971
00:53:52,760 --> 00:53:55,080
Speaker 6: I just open up a business. I have a new business,

972
00:53:55,120 --> 00:53:57,319
Speaker 6: and I just opened up a credit card and they

973
00:53:57,320 --> 00:54:01,520
Speaker 6: gave me like thirteen months for free. Oh that's free money,

974
00:54:02,080 --> 00:54:04,719
Speaker 6: like not free money, but interest free money. Right, that's

975
00:54:04,840 --> 00:54:07,520
Speaker 6: cheap money. So because it's cheap money, gu's what I'm

976
00:54:07,520 --> 00:54:09,440
Speaker 6: going to do. I'm gonna take it. I'm gonna invest

977
00:54:09,520 --> 00:54:12,799
Speaker 6: it in my business and my returns. Now I just

978
00:54:12,880 --> 00:54:14,839
Speaker 6: have a bunch of money that I can play with

979
00:54:15,160 --> 00:54:18,720
Speaker 6: that I don't have to pay any interest on until

980
00:54:19,000 --> 00:54:22,800
Speaker 6: next year February. So you all have to think about

981
00:54:22,840 --> 00:54:27,399
Speaker 6: these things as well, and you know, utilize yourself if

982
00:54:27,440 --> 00:54:30,839
Speaker 6: you need to to get where you're going. Okay, so

983
00:54:30,880 --> 00:54:33,360
Speaker 6: now loans and lines of credits. So now loans and

984
00:54:33,400 --> 00:54:37,920
Speaker 6: lines of credit will require you to have like your business.

985
00:54:37,960 --> 00:54:41,920
Speaker 6: And keep in mind you when you're going for loans

986
00:54:42,320 --> 00:54:45,080
Speaker 6: lines of credits, you have to make sure that your

987
00:54:45,160 --> 00:54:47,600
Speaker 6: business entity. And this is why I left funding for

988
00:54:47,640 --> 00:54:50,520
Speaker 6: the end, because it is so important that your business

989
00:54:50,560 --> 00:54:52,880
Speaker 6: is set up properly or you will not get funding.

990
00:54:53,239 --> 00:54:56,839
Speaker 6: When it comes to advancing, you have to know that

991
00:54:57,160 --> 00:54:59,960
Speaker 6: you are not going to get to that next level

992
00:55:00,480 --> 00:55:05,200
Speaker 6: until you are structured correctly. So you're gonna need to

993
00:55:05,200 --> 00:55:08,839
Speaker 6: make sure that your entity is set up correctly. As

994
00:55:08,880 --> 00:55:10,719
Speaker 6: we talked about on the episode, you need to make

995
00:55:10,760 --> 00:55:13,040
Speaker 6: sure that that address is not a home address. You

996
00:55:13,080 --> 00:55:15,960
Speaker 6: need to make sure that it's a virtual address, something

997
00:55:15,960 --> 00:55:18,000
Speaker 6: that they can search and see that you are a

998
00:55:18,080 --> 00:55:20,040
Speaker 6: legitimate business. You want to make sure that you have

999
00:55:20,120 --> 00:55:23,760
Speaker 6: a website, you have an office telephone number, and wherever

1000
00:55:23,840 --> 00:55:26,719
Speaker 6: you're getting these things at right it doesn't matter, but

1001
00:55:26,800 --> 00:55:29,120
Speaker 6: you have to make sure that they are put in place.

1002
00:55:29,480 --> 00:55:33,200
Speaker 6: You also need to make sure that you have income

1003
00:55:33,200 --> 00:55:36,480
Speaker 6: coming into your business bank account because so many people

1004
00:55:36,760 --> 00:55:39,279
Speaker 6: will go for loans or go for some sort of

1005
00:55:39,280 --> 00:55:42,040
Speaker 6: funding and they're like, oh my god, like I have

1006
00:55:42,239 --> 00:55:45,160
Speaker 6: all my income for my business going into my personal account.

1007
00:55:45,440 --> 00:55:48,440
Speaker 6: That is not going to work. They want to see

1008
00:55:48,680 --> 00:55:52,280
Speaker 6: money coming into your business, and if you have everything

1009
00:55:52,320 --> 00:55:56,040
Speaker 6: going into your personal that does not cut it. You

1010
00:55:56,120 --> 00:55:58,560
Speaker 6: have to make sure that is done. The next thing

1011
00:55:58,600 --> 00:56:01,640
Speaker 6: that they're always going to ask are your tax returns,

1012
00:56:01,760 --> 00:56:03,840
Speaker 6: So you need to make sure that you are filing

1013
00:56:03,880 --> 00:56:08,040
Speaker 6: your tax returns. Okay, So keep in mind those things

1014
00:56:08,080 --> 00:56:10,440
Speaker 6: are always going to be needed when you need when

1015
00:56:10,480 --> 00:56:12,920
Speaker 6: you need to go for a loan or aligne of credit.

1016
00:56:13,800 --> 00:56:15,279
Speaker 6: So with the loan and the line of credit, your

1017
00:56:15,280 --> 00:56:18,600
Speaker 6: business does need to be established. Every bank or lender

1018
00:56:18,640 --> 00:56:21,359
Speaker 6: has their own criteria. You know, some is a year,

1019
00:56:21,480 --> 00:56:23,960
Speaker 6: some is two years, but at minimum it has to

1020
00:56:23,960 --> 00:56:26,120
Speaker 6: be a year because they want to see those taxes.

1021
00:56:26,400 --> 00:56:28,160
Speaker 6: They want to see that you have money coming in.

1022
00:56:28,239 --> 00:56:30,319
Speaker 6: They want to see that you know, you reported it,

1023
00:56:30,360 --> 00:56:32,880
Speaker 6: and that's what they are going to go off of

1024
00:56:33,200 --> 00:56:36,280
Speaker 6: when they are deciding if they are going to approve

1025
00:56:36,360 --> 00:56:40,160
Speaker 6: you or not. Okay, So please keep in mind that

1026
00:56:40,320 --> 00:56:43,600
Speaker 6: you have to be positioned correctly so when you go

1027
00:56:44,239 --> 00:56:46,640
Speaker 6: they are going to look at your taxes, They're going

1028
00:56:46,680 --> 00:56:48,839
Speaker 6: to look at your bank statements, and that's what they

1029
00:56:48,880 --> 00:56:52,960
Speaker 6: are going to use to determine if you are eligible

1030
00:56:53,400 --> 00:56:57,879
Speaker 6: for loans. But there's also different tiers funding. I think

1031
00:56:57,880 --> 00:57:01,200
Speaker 6: we can kind to talk about all day, but I

1032
00:57:01,239 --> 00:57:04,239
Speaker 6: know we don't have all these all this time. But

1033
00:57:05,560 --> 00:57:08,160
Speaker 6: just so that you all know, and I'm driving this

1034
00:57:08,360 --> 00:57:12,479
Speaker 6: point home, eighty eight percent of millionaires are self made

1035
00:57:12,640 --> 00:57:16,240
Speaker 6: entrepreneurs in the United States. So there's a facade out

1036
00:57:16,240 --> 00:57:20,440
Speaker 6: there that millionaires are all millionaires they get their money

1037
00:57:20,480 --> 00:57:23,760
Speaker 6: passed down to them. That's not true. Eighty eight percent

1038
00:57:23,840 --> 00:57:27,000
Speaker 6: of millionaires are self made millionaires in the United States.

1039
00:57:27,160 --> 00:57:30,400
Speaker 6: That means that everybody had a dream, they worked hard,

1040
00:57:30,680 --> 00:57:33,400
Speaker 6: they believed in themselves, they seen their future self, and

1041
00:57:33,440 --> 00:57:36,120
Speaker 6: they showed up every single day for their future self

1042
00:57:36,320 --> 00:57:40,240
Speaker 6: because they wanted a different change in a different circumstance. Okay,

1043
00:57:40,320 --> 00:57:43,680
Speaker 6: So keep that in mind, and if eighty eight percent

1044
00:57:43,840 --> 00:57:47,200
Speaker 6: like there's a lot of millionaires, there's a lot of millionaires.

1045
00:57:47,400 --> 00:57:51,760
Speaker 6: Eighty eight percent of millionaires can do so by being

1046
00:57:51,880 --> 00:57:54,280
Speaker 6: self made, meaning they didn't have any help, they had

1047
00:57:54,320 --> 00:57:56,840
Speaker 6: an idea and they went after it. Then you can

1048
00:57:56,920 --> 00:58:00,720
Speaker 6: too you know, and so believe in yourself. I find

1049
00:58:00,720 --> 00:58:04,720
Speaker 6: that that's the biggest limitation. Five hundred thousand people put

1050
00:58:04,720 --> 00:58:07,080
Speaker 6: their jobs in twenty twenty one, and that number is

1051
00:58:07,120 --> 00:58:12,680
Speaker 6: expected to continue to increase. Okay, so please please, please

1052
00:58:12,720 --> 00:58:16,520
Speaker 6: please please keep that in mind as you all are thinking,

1053
00:58:16,960 --> 00:58:21,520
Speaker 6: you know, about this entrepreneur journey. There's so many people

1054
00:58:21,600 --> 00:58:24,959
Speaker 6: out here just doing it for themselves, showing up for themselves.

1055
00:58:25,280 --> 00:58:28,400
Speaker 6: You know, we all have an amazing platform of EYL

1056
00:58:28,640 --> 00:58:31,880
Speaker 6: just letting us know everything that's possible. I've learned about

1057
00:58:31,920 --> 00:58:35,200
Speaker 6: so many different industries, you know, just through watching the

1058
00:58:35,240 --> 00:58:37,920
Speaker 6: podcast and just being present that I'm like, oh my god,

1059
00:58:37,960 --> 00:58:39,680
Speaker 6: I didn't even know I can make money this way,

1060
00:58:39,920 --> 00:58:41,880
Speaker 6: or I didn't know or you know, really understand the

1061
00:58:41,920 --> 00:58:44,760
Speaker 6: logistics behind it. And so we have to make sure

1062
00:58:44,800 --> 00:58:48,760
Speaker 6: that it's a situation where we are, you know, really

1063
00:58:48,800 --> 00:58:58,280
Speaker 6: really taking advantage of these things. So that concludes my presentation.

1064
00:58:59,080 --> 00:58:59,520
Speaker 2: Elevation.

1065
00:59:01,960 --> 00:59:05,760
Speaker 4: Yeah, I'm glad you brought up that that great resignation

1066
00:59:05,840 --> 00:59:08,720
Speaker 4: as they're calling it, right, because the unemployment rate is

1067
00:59:09,560 --> 00:59:12,720
Speaker 4: going lower every month, and so if the people are resigning,

1068
00:59:12,720 --> 00:59:15,960
Speaker 4: they're not found for unemployment, they must be creating their businesses.

1069
00:59:15,960 --> 00:59:17,240
Speaker 2: So I'm glad you brought that plant up.

1070
00:59:17,400 --> 00:59:19,439
Speaker 3: Yes. So now we're going to go into the part

1071
00:59:19,520 --> 00:59:23,080
Speaker 3: that's probably the most beneficial. As I said, you want

1072
00:59:23,120 --> 00:59:23,480
Speaker 3: to take.

1073
00:59:23,360 --> 00:59:29,040
Speaker 9: The that's now we're gonna go into the part that

1074
00:59:29,080 --> 00:59:32,680
Speaker 9: is pitt most beneficial for the EYO University classes is

1075
00:59:33,200 --> 00:59:34,439
Speaker 9: the question and answer part.

1076
00:59:34,680 --> 00:59:37,320
Speaker 3: Anytime we do a YouTube lib, whether it's market Mondays,

1077
00:59:37,320 --> 00:59:40,440
Speaker 3: whether it's over enrollment, whether it's even a podcast, people

1078
00:59:40,600 --> 00:59:43,640
Speaker 3: ask questions, which is weird because I mean, you would know,

1079
00:59:43,680 --> 00:59:45,720
Speaker 3: you would think that people know that the question is

1080
00:59:45,720 --> 00:59:47,640
Speaker 3: not going to get answered in a podcast because it's

1081
00:59:47,640 --> 00:59:51,200
Speaker 3: pre recorded. But people still, like in the common sessions,

1082
00:59:51,200 --> 00:59:54,160
Speaker 3: don't ask questions during the recording of like during the

1083
00:59:54,240 --> 00:59:57,600
Speaker 3: like premiere of the podcast. So this is an opportunity

1084
00:59:57,600 --> 01:00:01,200
Speaker 3: for people to actually ask questions and it becomes, you know,

1085
01:00:01,320 --> 01:00:04,440
Speaker 3: more of an intimate situation, kind of like a consultation. Really.

1086
01:00:05,480 --> 01:00:08,640
Speaker 3: So we're going to open it up and yeah, answer

1087
01:00:08,720 --> 01:00:10,960
Speaker 3: some questions that I'm sure a lot of people will have, like,

1088
01:00:11,040 --> 01:00:12,400
Speaker 3: you know, similar type of questions.

1089
01:00:12,480 --> 01:00:13,400
Speaker 2: Yeah, let's do it. Let's do it.

1090
01:00:13,400 --> 01:00:17,160
Speaker 4: We're gonna start with Patrack. We're coming to you. Mute

1091
01:00:17,160 --> 01:00:18,840
Speaker 4: yourself you've been unmuted. What's going on?

1092
01:00:18,920 --> 01:00:22,160
Speaker 2: Patrick? Good evening?

1093
01:00:22,240 --> 01:00:23,080
Speaker 6: Hello everyone?

1094
01:00:23,160 --> 01:00:24,640
Speaker 2: How are you? I am great?

1095
01:00:24,680 --> 01:00:25,000
Speaker 3: How are you?

1096
01:00:25,640 --> 01:00:26,520
Speaker 5: I'm very well.

1097
01:00:26,640 --> 01:00:29,320
Speaker 2: Thank you miss business. You made this so simplified.

1098
01:00:29,560 --> 01:00:30,560
Speaker 6: I mean you really did.

1099
01:00:30,600 --> 01:00:31,880
Speaker 2: I thank you. Listen.

1100
01:00:31,960 --> 01:00:36,760
Speaker 10: My question is I'm thinking about moving from LLC to

1101
01:00:36,960 --> 01:00:40,600
Speaker 10: Escort real soon. But my question was about adding children

1102
01:00:40,720 --> 01:00:47,120
Speaker 10: to the payroll and the additional benefits. I have an

1103
01:00:47,120 --> 01:00:53,960
Speaker 10: inquisitive granddaughter. She loves doing whatever you know I'm doing

1104
01:00:54,080 --> 01:00:56,400
Speaker 10: to help me along, and I'm just wondering if that

1105
01:00:56,480 --> 01:00:58,520
Speaker 10: will help me because I think it's what like almost

1106
01:00:58,600 --> 01:01:01,040
Speaker 10: thirteen thousand dollars I can out over the.

1107
01:01:01,080 --> 01:01:04,400
Speaker 2: Year just trying to tax free. Is it what I'm understanding?

1108
01:01:04,840 --> 01:01:07,640
Speaker 6: Absolutely? So let's talk about this because this is always

1109
01:01:07,720 --> 01:01:10,960
Speaker 6: a hot topic on how much people can pay themselves

1110
01:01:10,960 --> 01:01:14,240
Speaker 6: and then what that process is. So in regards to

1111
01:01:14,440 --> 01:01:19,680
Speaker 6: paying yourselves, sorry, in regards to paying your granddaughter or pa.

1112
01:01:20,800 --> 01:01:21,520
Speaker 2: Earners, what's up?

1113
01:01:21,640 --> 01:01:24,080
Speaker 4: You ever walk into a small business and everything just

1114
01:01:24,240 --> 01:01:27,400
Speaker 4: works like the checkout is fast, the seats are digital,

1115
01:01:27,960 --> 01:01:30,919
Speaker 4: tipping is a breeze, and you're out the door before

1116
01:01:30,920 --> 01:01:35,080
Speaker 4: the line even builds. Odds are they're using square? We

1117
01:01:35,240 --> 01:01:37,800
Speaker 4: love supporting businesses that run on Square because it just

1118
01:01:37,840 --> 01:01:41,080
Speaker 4: feels seamless. Whether it's a local coffee shop, a vendor

1119
01:01:41,120 --> 01:01:43,400
Speaker 4: at a pop up market, or even one of our

1120
01:01:43,440 --> 01:01:47,120
Speaker 4: merch partners, Square makes it easy for them to take payments,

1121
01:01:47,320 --> 01:01:51,040
Speaker 4: manage inventory, and run their business with confidence, all from

1122
01:01:51,120 --> 01:01:54,520
Speaker 4: one simple system. If you're a business owner or even

1123
01:01:54,640 --> 01:01:58,120
Speaker 4: just thinking about launching something soon, Square is hands down

1124
01:01:58,160 --> 01:02:00,520
Speaker 4: one of the best tools out there to help you start,

1125
01:02:00,880 --> 01:02:04,480
Speaker 4: run and grow. It's not just about payments, it's about

1126
01:02:04,480 --> 01:02:06,920
Speaker 4: giving you time back so you can focus on what

1127
01:02:07,080 --> 01:02:10,760
Speaker 4: matters most ready. To see how Square can transform your business,

1128
01:02:11,000 --> 01:02:15,640
Speaker 4: visit Square dot com backslash, go backslash eyl to learn

1129
01:02:15,680 --> 01:02:20,880
Speaker 4: more that Square dot com backslash, go backslash eyl. Don't wait,

1130
01:02:21,200 --> 01:02:24,000
Speaker 4: don't hesitate, Let Square handle the back end so you

1131
01:02:24,040 --> 01:02:30,360
Speaker 4: can keep pushing your vision forward. This episode is brought

1132
01:02:30,360 --> 01:02:32,240
Speaker 4: to you by P and C Bank. A lot of

1133
01:02:32,280 --> 01:02:35,880
Speaker 4: people think podcasts about work are boring, and sure, they

1134
01:02:35,960 --> 01:02:39,840
Speaker 4: definitely can be, but understanding a professionals routine shows us

1135
01:02:39,840 --> 01:02:44,400
Speaker 4: how they achieve their success little by little, day after day.

1136
01:02:44,480 --> 01:02:46,960
Speaker 4: It's like banking with P and C Bank. It might

1137
01:02:47,080 --> 01:02:49,960
Speaker 4: seem boring to save plan and make calculated decisions with

1138
01:02:50,040 --> 01:02:50,600
Speaker 4: your bank.

1139
01:02:51,000 --> 01:02:51,800
Speaker 2: But keeping your.

1140
01:02:51,720 --> 01:02:54,480
Speaker 4: Money boring is what helps you live or more happily

1141
01:02:54,480 --> 01:02:58,800
Speaker 4: fulfilled life. P and C Bank Brilliantly Boring since eighteen

1142
01:02:58,920 --> 01:03:02,760
Speaker 4: sixty five. Brilliantly Boring since eighteen sixty five is a

1143
01:03:02,800 --> 01:03:06,080
Speaker 4: service mark of the PNC Financial Service Group, Inc. P

1144
01:03:06,200 --> 01:03:09,400
Speaker 4: and C Bank National Association Member FDIC.

1145
01:03:11,160 --> 01:03:14,840
Speaker 11: An illegal alien from Guatemala charged with raping a child

1146
01:03:14,880 --> 01:03:18,680
Speaker 11: in Massachusetts. An MS thirteen gang member from Al Salvador

1147
01:03:18,920 --> 01:03:23,040
Speaker 11: accused of murdering a Texas. Man of Venezuelan charged with

1148
01:03:23,120 --> 01:03:27,000
Speaker 11: filming and selling child pornography in Michigan. These are just

1149
01:03:27,120 --> 01:03:30,880
Speaker 11: some of the heinous migrant criminals caught because of President

1150
01:03:30,920 --> 01:03:34,439
Speaker 11: Donald J. Trump's leadership. I'm Christy Noman, the United States

1151
01:03:34,480 --> 01:03:39,280
Speaker 11: Secretary of Homeland Security. Under President Trump, attempted illegal border

1152
01:03:39,320 --> 01:03:42,880
Speaker 11: crossings are at the lowest levels ever recorded, and over

1153
01:03:42,920 --> 01:03:46,160
Speaker 11: one hundred thousand illegal aliens have been arrested. If you

1154
01:03:46,240 --> 01:03:50,080
Speaker 11: are here illegally, your next you will be fined nearly

1155
01:03:50,160 --> 01:03:54,200
Speaker 11: one thousand dollars a day, imprisoned, and deported. You will

1156
01:03:54,240 --> 01:03:57,880
Speaker 11: never return. But if you register using our CBP home

1157
01:03:57,920 --> 01:04:00,360
Speaker 11: app and leave now, you could be a lie to

1158
01:04:00,440 --> 01:04:02,439
Speaker 11: return legally, do what's right.

1159
01:04:03,040 --> 01:04:03,840
Speaker 6: Leave now.

1160
01:04:04,200 --> 01:04:08,560
Speaker 11: Under President Trump, America's laws, border and families.

1161
01:04:08,200 --> 01:04:10,560
Speaker 2: Will be protected sponsored by the United States Department of

1162
01:04:10,600 --> 01:04:11,240
Speaker 2: Homeland Security.

1163
01:04:11,360 --> 01:04:15,160
Speaker 6: And you're any child, what needs to happen. You don't

1164
01:04:15,160 --> 01:04:17,920
Speaker 6: have to put them on payroll like officially, like through

1165
01:04:18,000 --> 01:04:20,600
Speaker 6: like an ADP, or you don't have to do that.

1166
01:04:20,680 --> 01:04:23,800
Speaker 6: What you can do is you simply can take the

1167
01:04:23,920 --> 01:04:27,120
Speaker 6: money from the business account to and send it to

1168
01:04:27,160 --> 01:04:30,560
Speaker 6: the child's personal account. But keep in mind that the

1169
01:04:30,680 --> 01:04:34,880
Speaker 6: child must the account has to be in the child's name, right,

1170
01:04:34,920 --> 01:04:37,040
Speaker 6: It can't be in your name or let's say your

1171
01:04:37,120 --> 01:04:39,680
Speaker 6: daughter's name or your son's name. It has to be

1172
01:04:39,720 --> 01:04:43,120
Speaker 6: in the child's name, Okay. And so what happens is

1173
01:04:43,160 --> 01:04:45,480
Speaker 6: you can say you can pay them, pay your granddaughter

1174
01:04:45,560 --> 01:04:48,600
Speaker 6: up to twelve five hundred dollars and send the money

1175
01:04:48,600 --> 01:04:51,400
Speaker 6: from the business account to the personal account. It then

1176
01:04:52,080 --> 01:04:54,680
Speaker 6: is a tax deduction at the end of the year.

1177
01:04:56,360 --> 01:04:59,720
Speaker 10: Awesome, awesome, thank you for the thank you for clarifying

1178
01:04:59,720 --> 01:05:01,480
Speaker 10: that need to be another thank you.

1179
01:05:01,960 --> 01:05:03,720
Speaker 3: And then you could take that money and invest and

1180
01:05:03,760 --> 01:05:05,160
Speaker 3: put it in a broken board.

1181
01:05:07,440 --> 01:05:11,920
Speaker 4: That's right, that's right. Valuable information right there, yeah, appreciate you.

1182
01:05:11,920 --> 01:05:14,680
Speaker 3: Pat. Then you could even go a step further and

1183
01:05:15,280 --> 01:05:17,200
Speaker 3: if the child is old enough, you could put you know,

1184
01:05:17,200 --> 01:05:19,000
Speaker 3: you could put the money in a raw ira up

1185
01:05:19,000 --> 01:05:22,160
Speaker 3: to six thousand dollars right business. Yeah, and that's tax

1186
01:05:22,200 --> 01:05:24,720
Speaker 3: free when they take it out later on down the line.

1187
01:05:24,800 --> 01:05:28,120
Speaker 3: So it's a lot of different ways that you can actually,

1188
01:05:28,160 --> 01:05:29,800
Speaker 3: you know, benefit from that situation.

1189
01:05:30,560 --> 01:05:33,520
Speaker 10: Awesome, Thank you so much. I am so glad I

1190
01:05:33,560 --> 01:05:36,880
Speaker 10: finally joined E y L. It's a plethora of information.

1191
01:05:37,080 --> 01:05:39,520
Speaker 2: Thank you so much. Guys. I'll let someone else come on.

1192
01:05:39,600 --> 01:05:40,560
Speaker 3: So we appreciate you.

1193
01:05:40,640 --> 01:05:40,960
Speaker 2: Thank you.

1194
01:05:41,160 --> 01:05:42,200
Speaker 3: Welcome to the family.

1195
01:05:42,320 --> 01:05:45,560
Speaker 2: It's been a minute, I said through my little cold.

1196
01:05:45,640 --> 01:05:48,280
Speaker 2: There we go, Aaron, we're coming to you. Mute yourself,

1197
01:05:48,320 --> 01:05:56,479
Speaker 2: you've been unmuted. What's going on? Peace? Peace? How y'all doing?

1198
01:05:56,520 --> 01:05:56,680
Speaker 3: Man?

1199
01:05:56,920 --> 01:06:01,080
Speaker 2: Everybody? Good man? All right? Respect? Okay.

1200
01:06:01,160 --> 01:06:07,840
Speaker 12: So last year I started a LLC for real estate investment.

1201
01:06:08,280 --> 01:06:14,440
Speaker 12: I started with twenty thousand dollars startup funding and a

1202
01:06:14,480 --> 01:06:24,640
Speaker 12: friend of mine wanted to help my business establish credit

1203
01:06:24,800 --> 01:06:34,600
Speaker 12: by purchasing by purchasing a condo, so they invested one

1204
01:06:34,680 --> 01:06:38,840
Speaker 12: hundred and thirty thousand into my business savings account.

1205
01:06:38,920 --> 01:06:41,280
Speaker 2: It was a business. It's a business savings account.

1206
01:06:41,800 --> 01:06:45,400
Speaker 12: They invested one hundred and thirty thousand for me to

1207
01:06:45,480 --> 01:06:52,800
Speaker 12: make this purchase of a condo, and they wasn't really

1208
01:06:52,840 --> 01:06:58,400
Speaker 12: agreeing with the market based on our search, so they

1209
01:06:58,480 --> 01:07:04,400
Speaker 12: decided to make another move, so they I withdrew that

1210
01:07:04,480 --> 01:07:07,040
Speaker 12: third one hundred and thirty thousand dollars and gave it

1211
01:07:07,080 --> 01:07:13,320
Speaker 12: back to them. How how should I classify that on

1212
01:07:13,400 --> 01:07:18,280
Speaker 12: my taxes? You know, to avoid any issues.

1213
01:07:19,520 --> 01:07:21,880
Speaker 6: Well, you don't have to claim it on your taxes

1214
01:07:21,920 --> 01:07:24,760
Speaker 6: because when you receive the money, it's not considered income.

1215
01:07:25,160 --> 01:07:28,280
Speaker 6: It was more so considered like a loan. Right, if

1216
01:07:28,320 --> 01:07:31,080
Speaker 6: the money that was provided to you as a loan,

1217
01:07:31,200 --> 01:07:34,960
Speaker 6: and then the money that when you basically repaid the loan,

1218
01:07:36,240 --> 01:07:38,960
Speaker 6: you just repaid the loan. What I will say that

1219
01:07:39,000 --> 01:07:41,040
Speaker 6: you need to do is you, I don't know if

1220
01:07:41,080 --> 01:07:44,000
Speaker 6: you all already have a loan agreement in place, but

1221
01:07:44,080 --> 01:07:46,560
Speaker 6: if you, if you all you or anyone in here

1222
01:07:46,640 --> 01:07:49,240
Speaker 6: have a situation similar to that, you want to make

1223
01:07:49,240 --> 01:07:52,360
Speaker 6: sure that you establish like a loan agreement, right, So

1224
01:07:52,480 --> 01:07:54,680
Speaker 6: that way, and it just needs to say, you know

1225
01:07:54,760 --> 01:07:58,040
Speaker 6: who was the borrow who gave the money? What are

1226
01:07:58,080 --> 01:08:00,520
Speaker 6: the terms? What is the you know expected hey day,

1227
01:08:00,920 --> 01:08:04,560
Speaker 6: So that way you won't have a real true partnership

1228
01:08:04,600 --> 01:08:08,600
Speaker 6: agreement and then any ambiguity about if it was income

1229
01:08:08,720 --> 01:08:08,920
Speaker 6: or not.

1230
01:08:09,760 --> 01:08:13,000
Speaker 2: Oh yeah, and I totally understand, Thank you.

1231
01:08:13,040 --> 01:08:15,040
Speaker 6: I appreciate it, no problem.

1232
01:08:15,560 --> 01:08:18,240
Speaker 2: Yeah, yeah, those all those agreements are extremely important.

1233
01:08:18,280 --> 01:08:21,519
Speaker 4: Operating agreement, partnership agreement, and obviously a loan agreement. As

1234
01:08:21,520 --> 01:08:23,320
Speaker 4: we can see right now, that's something that we don't

1235
01:08:23,360 --> 01:08:25,519
Speaker 4: even think about when we go into business, especially when

1236
01:08:25,560 --> 01:08:27,599
Speaker 4: we do it with like our partners, our friends. It's

1237
01:08:27,680 --> 01:08:29,840
Speaker 4: kind of like, yo, hey, you'll do this, I'll do this.

1238
01:08:29,920 --> 01:08:32,639
Speaker 4: But to have something that's formally put together, it's very

1239
01:08:32,640 --> 01:08:33,920
Speaker 4: important in a case like this.

1240
01:08:34,680 --> 01:08:36,800
Speaker 2: It could be almost detrimental if you don't.

1241
01:08:37,560 --> 01:08:38,320
Speaker 3: Yeah, for sure.

1242
01:08:38,920 --> 01:08:42,080
Speaker 2: All right, let's go, let's go to uh Tariq. We're

1243
01:08:42,080 --> 01:08:44,080
Speaker 2: coming to you. I mute yourself, you've been unmuted. What's

1244
01:08:44,120 --> 01:08:47,640
Speaker 2: going on? Torek its loan on your piece? Everybody? How

1245
01:08:47,720 --> 01:08:51,040
Speaker 2: y'all feeling to night? Are you going on? Bless man?

1246
01:08:51,080 --> 01:08:54,280
Speaker 2: I'm blessed. I appreciating this business for everything you've done.

1247
01:08:54,640 --> 01:08:57,640
Speaker 13: I know you talk shouting choice from the beginning, appreciating

1248
01:08:57,680 --> 01:09:00,240
Speaker 13: the Jim Joad and gave my question. Actually, I was

1249
01:09:00,280 --> 01:09:03,360
Speaker 13: right up on Troy's point. Can you list your top

1250
01:09:03,439 --> 01:09:06,160
Speaker 13: ten things that you would list in an operating agreement?

1251
01:09:06,800 --> 01:09:08,439
Speaker 13: I don't want to know what which you would actually

1252
01:09:08,520 --> 01:09:13,080
Speaker 13: personated Jesus we can.

1253
01:09:14,520 --> 01:09:16,640
Speaker 3: And also, can you just explain what a operator I

1254
01:09:16,640 --> 01:09:18,600
Speaker 3: had this conversation with somebody today. Can you explain what

1255
01:09:18,600 --> 01:09:22,960
Speaker 3: an operating agreement actually is and why it is beneficial

1256
01:09:23,000 --> 01:09:25,320
Speaker 3: for starting your business or having a business?

1257
01:09:25,920 --> 01:09:29,479
Speaker 6: Absolutely? So, operating agreement pretty much is the rules of

1258
01:09:29,520 --> 01:09:31,760
Speaker 6: the business. You want to make sure that you establish

1259
01:09:32,320 --> 01:09:34,400
Speaker 6: what is going to be the tone and the rules

1260
01:09:34,400 --> 01:09:36,760
Speaker 6: of your business when you are first started. So the

1261
01:09:36,800 --> 01:09:40,400
Speaker 6: operating agreement will detail things out like when are you

1262
01:09:40,520 --> 01:09:44,679
Speaker 6: going to take profits? What is the ownership percentage? When

1263
01:09:45,000 --> 01:09:46,920
Speaker 6: is there lock up period? Are you going to bring

1264
01:09:47,000 --> 01:09:49,280
Speaker 6: some you know, let's say an investor decides to invest

1265
01:09:49,280 --> 01:09:51,559
Speaker 6: in your company and you wanted to have some sort

1266
01:09:51,560 --> 01:09:54,679
Speaker 6: of lock up period. You would include all of those

1267
01:09:54,720 --> 01:09:59,000
Speaker 6: things those terms inside of inside of the operating agreement.

1268
01:09:59,120 --> 01:10:02,200
Speaker 6: Are you all going to decide to dissolve the business

1269
01:10:02,280 --> 01:10:04,559
Speaker 6: after five years or ten years?

1270
01:10:04,880 --> 01:10:05,080
Speaker 5: Right?

1271
01:10:05,400 --> 01:10:08,320
Speaker 6: What role and of all of the what are the

1272
01:10:08,400 --> 01:10:12,320
Speaker 6: roles of all of the partners of the business, who's

1273
01:10:12,360 --> 01:10:15,439
Speaker 6: going to do what? What are the ownership percentages? Those

1274
01:10:15,520 --> 01:10:17,519
Speaker 6: are the type of things that goes in an operating

1275
01:10:17,560 --> 01:10:20,200
Speaker 6: agreement because you want to make sure that you are

1276
01:10:20,240 --> 01:10:23,120
Speaker 6: detailing it out. And it is very, very very important,

1277
01:10:23,560 --> 01:10:27,519
Speaker 6: especially when you have partnerships of multiple members, because you

1278
01:10:27,560 --> 01:10:30,040
Speaker 6: want to detail out one and make it clear who's

1279
01:10:30,080 --> 01:10:35,000
Speaker 6: doing what. Right, that is a big thing in partnerships.

1280
01:10:35,200 --> 01:10:38,360
Speaker 6: Most people will start it and have no idea who's

1281
01:10:38,400 --> 01:10:41,479
Speaker 6: doing what that business, So you have to think about, Okay,

1282
01:10:41,600 --> 01:10:47,839
Speaker 6: who's doing what, what is the profit sharing, who's liable

1283
01:10:48,520 --> 01:10:51,800
Speaker 6: for what? If anyone? Right? Those are the things that

1284
01:10:51,840 --> 01:10:54,040
Speaker 6: you would put in there. Right, is there lock up period?

1285
01:10:54,800 --> 01:10:58,679
Speaker 6: Are you going to dissolve the business? Who's responsible for what?

1286
01:10:58,479 --> 01:10:58,599
Speaker 2: Who?

1287
01:10:58,680 --> 01:11:00,000
Speaker 6: What's the ownership percentage?

1288
01:11:00,000 --> 01:11:00,040
Speaker 2: So?

1289
01:11:00,120 --> 01:11:02,519
Speaker 6: I thought I just almost gave you like ten so

1290
01:11:02,560 --> 01:11:03,960
Speaker 6: I know you did.

1291
01:11:04,120 --> 01:11:07,439
Speaker 2: You did you give me a sil list? I appreciate it.

1292
01:11:07,439 --> 01:11:09,640
Speaker 2: Thank you so much. Okay, that's off the top of

1293
01:11:09,680 --> 01:11:14,680
Speaker 2: the ad man, it's late. I understand. I appreciate, really

1294
01:11:14,720 --> 01:11:16,160
Speaker 2: appreciate you, bro, sir.

1295
01:11:19,160 --> 01:11:22,440
Speaker 6: Ten, I'm like I got close.

1296
01:11:22,479 --> 01:11:25,200
Speaker 4: The ten business commandments. Rina, We're coming to you. I

1297
01:11:25,320 --> 01:11:27,120
Speaker 4: meet yourself you've been unmuted. What's going on?

1298
01:11:29,800 --> 01:11:30,920
Speaker 5: Hello evening, y'all.

1299
01:11:31,439 --> 01:11:32,639
Speaker 2: Hello, how you doing?

1300
01:11:33,240 --> 01:11:34,200
Speaker 14: I'm well, thank you.

1301
01:11:34,240 --> 01:11:34,400
Speaker 3: So.

1302
01:11:34,479 --> 01:11:37,519
Speaker 14: I am a mature earner and new to EU y L.

1303
01:11:39,240 --> 01:11:43,840
Speaker 14: I have recently started taking care of my mom and

1304
01:11:43,880 --> 01:11:47,600
Speaker 14: I also have my granddaughter. So I'm thinking that I

1305
01:11:47,640 --> 01:11:51,000
Speaker 14: could do something in terms of like maybe a boarding

1306
01:11:51,120 --> 01:11:55,280
Speaker 14: care something like that, something where I'm able to care

1307
01:11:55,360 --> 01:12:02,439
Speaker 14: for others. So my question is what I be better

1308
01:12:03,120 --> 01:12:07,639
Speaker 14: just starting off renting or leasing a home or buying

1309
01:12:08,080 --> 01:12:11,280
Speaker 14: the home to start your business? Put the business into

1310
01:12:12,360 --> 01:12:13,440
Speaker 14: what are your thoughts?

1311
01:12:14,840 --> 01:12:18,920
Speaker 6: So you would have to really consider I hate given

1312
01:12:19,080 --> 01:12:22,439
Speaker 6: the explanation of it depends, but it really does depend

1313
01:12:22,600 --> 01:12:26,360
Speaker 6: on like what those facts and circumstances are, you know,

1314
01:12:26,479 --> 01:12:29,320
Speaker 6: like what is the value of the home? Right? Are

1315
01:12:29,360 --> 01:12:32,160
Speaker 6: you able to purchase the home at a good you know,

1316
01:12:32,400 --> 01:12:35,320
Speaker 6: at a good rate. Does it make sense for you

1317
01:12:35,360 --> 01:12:37,639
Speaker 6: to maybe rent at you know, rent for a certain

1318
01:12:37,640 --> 01:12:40,559
Speaker 6: period of time and then you know, buy at a

1319
01:12:40,640 --> 01:12:43,360
Speaker 6: later time You have to kind of I wouldn't be

1320
01:12:43,400 --> 01:12:45,840
Speaker 6: able to make that decision, but what I can say

1321
01:12:46,000 --> 01:12:48,280
Speaker 6: is that while you are trying to make that decision,

1322
01:12:48,600 --> 01:12:50,840
Speaker 6: you need to think about and weigh in all the

1323
01:12:51,000 --> 01:12:54,799
Speaker 6: factors about you know, the financial you know, the financial

1324
01:12:54,840 --> 01:12:58,400
Speaker 6: responsibility that that is going to put on you, and

1325
01:12:58,479 --> 01:13:00,800
Speaker 6: another thing that you know. I'm so happy that you

1326
01:13:00,880 --> 01:13:02,719
Speaker 6: asked this because a lot of people don't think about

1327
01:13:02,800 --> 01:13:05,280
Speaker 6: let's say, startup costs, right, so now you have to

1328
01:13:05,320 --> 01:13:07,519
Speaker 6: think about all the costs that is going to cost

1329
01:13:07,560 --> 01:13:10,519
Speaker 6: you to actually start this up. The licenses, you know,

1330
01:13:10,600 --> 01:13:13,280
Speaker 6: the registration, especially if you're getting into a feel like that,

1331
01:13:13,680 --> 01:13:18,439
Speaker 6: you know, the professionals, the certifications, you know, the decor,

1332
01:13:18,680 --> 01:13:21,920
Speaker 6: the supplies, all of the things that you're going to need.

1333
01:13:22,240 --> 01:13:25,200
Speaker 6: And then on top of that, if you add a mortgage,

1334
01:13:25,400 --> 01:13:27,960
Speaker 6: will it be the same as paying rent? If so,

1335
01:13:28,160 --> 01:13:31,840
Speaker 6: then you know, land is you know happen. Land is better,

1336
01:13:32,240 --> 01:13:35,360
Speaker 6: you know. But if it's a situation that you know

1337
01:13:35,400 --> 01:13:37,320
Speaker 6: it's going to be is going to put you in

1338
01:13:37,360 --> 01:13:40,040
Speaker 6: a bad space and not allow you to be able

1339
01:13:40,080 --> 01:13:42,880
Speaker 6: to reinvest into your business, then you may want to

1340
01:13:42,920 --> 01:13:45,200
Speaker 6: be able to kind of take that step back, rent

1341
01:13:45,240 --> 01:13:48,360
Speaker 6: for a little bit and then purchase the home so

1342
01:13:48,400 --> 01:13:52,600
Speaker 6: that would be mine. Okay, I appreciate that. Thank you

1343
01:13:52,720 --> 01:13:53,080
Speaker 6: very much.

1344
01:13:53,240 --> 01:13:54,080
Speaker 14: Y'all have a good one.

1345
01:13:54,400 --> 01:13:57,760
Speaker 4: You are thank you by no shout out to all

1346
01:13:57,760 --> 01:14:01,400
Speaker 4: the Mature Earnest. Man, that's one of those dope. Uh,

1347
01:14:01,560 --> 01:14:02,800
Speaker 4: that's the they.

1348
01:14:02,720 --> 01:14:03,639
Speaker 2: Got a lot of information.

1349
01:14:03,760 --> 01:14:03,920
Speaker 8: Man.

1350
01:14:04,000 --> 01:14:06,479
Speaker 3: Yep, that's one of the best Infinity clubs that we

1351
01:14:06,560 --> 01:14:10,280
Speaker 3: have Mature Earnest. Oh, yeah, it's really dope.

1352
01:14:10,479 --> 01:14:11,599
Speaker 2: All right. I want to I don't want to get

1353
01:14:11,600 --> 01:14:14,720
Speaker 2: this name wrong. I think it's shown Aatina.

1354
01:14:14,400 --> 01:14:16,600
Speaker 4: But I might be wrong, but I'm unutube anyway to

1355
01:14:16,680 --> 01:14:18,680
Speaker 4: talk and then if I'm said it wrong, you can

1356
01:14:18,680 --> 01:14:19,080
Speaker 4: correct me.

1357
01:14:19,720 --> 01:14:20,040
Speaker 5: I did.

1358
01:14:20,360 --> 01:14:20,720
Speaker 6: Thank you.

1359
01:14:20,800 --> 01:14:21,679
Speaker 5: It's shan Tina.

1360
01:14:21,760 --> 01:14:22,360
Speaker 6: You are close.

1361
01:14:22,520 --> 01:14:25,439
Speaker 2: Ah, Shantina. What's going on? How are you? I'm good

1362
01:14:25,479 --> 01:14:28,160
Speaker 2: in you, I'm great, I'm great, Thank you for being My.

1363
01:14:28,840 --> 01:14:29,599
Speaker 6: Question is.

1364
01:14:31,160 --> 01:14:36,080
Speaker 15: I I work a regular job and I also had

1365
01:14:36,160 --> 01:14:41,439
Speaker 15: invested in a uh and I'm in a business that

1366
01:14:41,520 --> 01:14:42,880
Speaker 15: we eventually just sold.

1367
01:14:43,040 --> 01:14:44,040
Speaker 6: But I get a.

1368
01:14:45,640 --> 01:14:47,080
Speaker 3: Like a a.

1369
01:14:47,160 --> 01:14:52,920
Speaker 15: Worties payment every like every six months. But my question

1370
01:14:53,040 --> 01:14:56,160
Speaker 15: is when I turn my taxes in to the CPA

1371
01:14:56,320 --> 01:15:01,559
Speaker 15: to get done, do I get them?

1372
01:15:01,720 --> 01:15:02,000
Speaker 2: I don't know?

1373
01:15:02,160 --> 01:15:03,559
Speaker 15: How do how do I do that? And I'm trying

1374
01:15:03,600 --> 01:15:05,280
Speaker 15: to start a business, so I still give them my

1375
01:15:05,800 --> 01:15:11,479
Speaker 15: W two stuff and my investment business stuff, and I

1376
01:15:11,520 --> 01:15:14,639
Speaker 15: need to file taxes for my personal business. So when

1377
01:15:14,680 --> 01:15:18,280
Speaker 15: I do go get a loan for my own personal business,

1378
01:15:18,640 --> 01:15:21,280
Speaker 15: I want to show the lener that I have income.

1379
01:15:21,439 --> 01:15:23,599
Speaker 15: I mean, I have income, but not for my business

1380
01:15:23,640 --> 01:15:27,280
Speaker 15: that I haven't really produced income yet, if it makes sense.

1381
01:15:27,760 --> 01:15:30,000
Speaker 6: Okay, So let me just say this again to make

1382
01:15:30,000 --> 01:15:32,760
Speaker 6: sure I have it. You had a business, you sold it,

1383
01:15:32,800 --> 01:15:36,519
Speaker 6: and you're getting royalties. Yes, okay, then you also have

1384
01:15:36,600 --> 01:15:41,320
Speaker 6: another business, but you're not really operating that that other business.

1385
01:15:41,360 --> 01:15:41,799
Speaker 2: Correct.

1386
01:15:42,160 --> 01:15:44,559
Speaker 3: Okay, she's getting royalties from my job, though you're getting

1387
01:15:44,600 --> 01:15:45,760
Speaker 3: royalties from your job. Right.

1388
01:15:46,160 --> 01:15:49,960
Speaker 15: No, I'm getting royalties from the business business I was

1389
01:15:50,000 --> 01:15:53,000
Speaker 15: in a group with we sold it, but I'm getting

1390
01:15:53,120 --> 01:15:57,560
Speaker 15: royalties from that. But I'm that's still coming along for

1391
01:15:57,600 --> 01:15:59,800
Speaker 15: another a year or two. But I want to start

1392
01:15:59,800 --> 01:16:03,120
Speaker 15: my own own business, but I want to file. Understanding

1393
01:16:03,160 --> 01:16:05,600
Speaker 15: is I need to file taxes for the business that

1394
01:16:05,720 --> 01:16:08,160
Speaker 15: haven't started to get a loan or a business credit?

1395
01:16:10,000 --> 01:16:12,280
Speaker 6: Got you? Okay? So when you file your taxes, you

1396
01:16:12,320 --> 01:16:15,400
Speaker 6: have to report the roadtees. If there are any expenses

1397
01:16:15,439 --> 01:16:20,120
Speaker 6: that you that you incurred, then what will happen is

1398
01:16:20,160 --> 01:16:23,760
Speaker 6: that you will report those expenses. If you have your

1399
01:16:23,880 --> 01:16:27,880
Speaker 6: W two, you'll report that in terms of your business.

1400
01:16:28,160 --> 01:16:31,240
Speaker 6: So with your business, if you haven't made you have

1401
01:16:31,280 --> 01:16:33,880
Speaker 6: to report the income that you've made as well as

1402
01:16:33,960 --> 01:16:37,320
Speaker 6: report the expenses. So if you're in a position where

1403
01:16:37,360 --> 01:16:40,479
Speaker 6: you haven't made any money in that business, then you

1404
01:16:40,520 --> 01:16:43,040
Speaker 6: wouldn't report any money in that business. So that's how

1405
01:16:43,160 --> 01:16:46,280
Speaker 6: you would file that, So you would you would only

1406
01:16:46,360 --> 01:16:48,639
Speaker 6: let's say, if you whatever you made in the business

1407
01:16:48,680 --> 01:16:50,640
Speaker 6: and whatever you spent in the business, that's what you

1408
01:16:50,640 --> 01:16:52,080
Speaker 6: would report on the taxes.

1409
01:16:53,200 --> 01:16:56,760
Speaker 15: So so earlier when you was explaining like because I

1410
01:16:56,760 --> 01:16:59,720
Speaker 15: already have the LLC credit for the new business for myself,

1411
01:17:00,000 --> 01:17:02,400
Speaker 15: I'm not in a group business anymore, so I don't

1412
01:17:02,439 --> 01:17:04,559
Speaker 15: need to do a C CORP along with to see

1413
01:17:04,680 --> 01:17:07,080
Speaker 15: with the LLC that I credit for my own business

1414
01:17:07,520 --> 01:17:09,839
Speaker 15: because I hadded a business with a group of people

1415
01:17:10,200 --> 01:17:13,920
Speaker 15: where I get royalties from which I made over almost

1416
01:17:13,920 --> 01:17:14,920
Speaker 15: almost two hundred k.

1417
01:17:14,960 --> 01:17:15,920
Speaker 5: Almost two hundred k.

1418
01:17:16,479 --> 01:17:19,640
Speaker 6: Mm hmm. So they're paying your royalties out to your

1419
01:17:19,720 --> 01:17:22,400
Speaker 6: name or to your business. It's coming to me.

1420
01:17:22,479 --> 01:17:25,599
Speaker 15: So I get I do a schedule K one because

1421
01:17:25,600 --> 01:17:27,519
Speaker 15: I have I have a ten forty form that I

1422
01:17:27,520 --> 01:17:27,960
Speaker 15: have to do.

1423
01:17:28,360 --> 01:17:28,760
Speaker 4: Mm hmm.

1424
01:17:29,400 --> 01:17:32,960
Speaker 6: Okay, that's fine. So yeah, so you will report that,

1425
01:17:33,240 --> 01:17:35,400
Speaker 6: so you will report that, but you wouldn't report on

1426
01:17:35,479 --> 01:17:38,559
Speaker 6: the personal business that you're referring to. There's nothing for

1427
01:17:38,640 --> 01:17:41,519
Speaker 6: you to report if you didn't have any activity, but

1428
01:17:41,600 --> 01:17:44,240
Speaker 6: you still will include the K one. If you did

1429
01:17:44,280 --> 01:17:47,720
Speaker 6: receive any like separate royalties, then you would report that.

1430
01:17:48,520 --> 01:17:50,600
Speaker 6: And then you're also your W two and all of

1431
01:17:50,640 --> 01:17:52,760
Speaker 6: that if you do need to provide all of that

1432
01:17:52,800 --> 01:17:55,880
Speaker 6: to your CPA, and they will they should, you know,

1433
01:17:55,880 --> 01:17:58,160
Speaker 6: know what to do with it and report everything and

1434
01:17:58,320 --> 01:17:59,240
Speaker 6: filing correctly.

1435
01:18:00,000 --> 01:18:01,760
Speaker 15: Okay, because I was just nervous because when I do,

1436
01:18:02,320 --> 01:18:04,360
Speaker 15: like I'm getting like my little list of things to

1437
01:18:04,400 --> 01:18:08,200
Speaker 15: do for my new business, which is a totally different business,

1438
01:18:08,680 --> 01:18:12,639
Speaker 15: but I'm just trying to get my my my equipment

1439
01:18:12,680 --> 01:18:14,439
Speaker 15: that I need to start that business. And I just

1440
01:18:14,439 --> 01:18:19,479
Speaker 15: didn't know if I needed a file taxif O business

1441
01:18:19,560 --> 01:18:21,439
Speaker 15: I didn't create income on, and that's what it was

1442
01:18:21,520 --> 01:18:22,760
Speaker 15: making me a little nervous.

1443
01:18:23,200 --> 01:18:25,680
Speaker 6: No, no, no, So your requirement for filing if you're

1444
01:18:25,680 --> 01:18:29,400
Speaker 6: an LLC is if you've made four hundred dollars or more,

1445
01:18:29,439 --> 01:18:33,000
Speaker 6: you're required to file your taxes if you did not,

1446
01:18:33,240 --> 01:18:36,479
Speaker 6: and let's say you have startup expenses that you had

1447
01:18:36,560 --> 01:18:39,840
Speaker 6: to put out. You can file, but you're not required

1448
01:18:39,880 --> 01:18:42,080
Speaker 6: to file if you didn't make four hundred dollars or more.

1449
01:18:42,439 --> 01:18:44,600
Speaker 6: So just keep that in mind so you don't have

1450
01:18:44,760 --> 01:18:48,719
Speaker 6: to file those taxes, not for the business. Everything else

1451
01:18:48,760 --> 01:18:49,360
Speaker 6: you have to file.

1452
01:18:49,920 --> 01:18:53,320
Speaker 2: Okay, thank you so much, Hiray, thank you, have a

1453
01:18:53,360 --> 01:18:56,559
Speaker 2: good one and congrats on those royalties. Thank you so much.

1454
01:18:57,800 --> 01:19:00,519
Speaker 2: Of course, of course, all right, let's go to jail. James, James,

1455
01:19:00,560 --> 01:19:02,680
Speaker 2: what's going on? I'm mute yourself? You've been unmuted? What's

1456
01:19:02,680 --> 01:19:07,479
Speaker 2: the deal? It was going on? A piece piece?

1457
01:19:08,800 --> 01:19:10,320
Speaker 3: Good at you?

1458
01:19:10,520 --> 01:19:13,880
Speaker 16: I'm good, I'm good man. Thank you guys for everything

1459
01:19:13,960 --> 01:19:16,679
Speaker 16: you do. Tuning in for a minute, been to earner,

1460
01:19:16,760 --> 01:19:20,800
Speaker 16: four minute shut out to earner. I have a truck

1461
01:19:20,840 --> 01:19:25,360
Speaker 16: and company and I was I switched over my LLC

1462
01:19:26,120 --> 01:19:28,960
Speaker 16: to an S corpor a while ago, and I was

1463
01:19:29,000 --> 01:19:32,719
Speaker 16: wondering do I have to set up.

1464
01:19:32,640 --> 01:19:36,599
Speaker 2: The ADP and how to go about that?

1465
01:19:37,680 --> 01:19:40,559
Speaker 6: So you do need to set up payroll. It is

1466
01:19:40,560 --> 01:19:44,800
Speaker 6: a requirement. They can revoke your escorts status if you

1467
01:19:44,920 --> 01:19:49,400
Speaker 6: are not in compliance with payroll, so you do need

1468
01:19:49,439 --> 01:19:52,679
Speaker 6: to do that. You. I do have an ADP REP

1469
01:19:53,760 --> 01:19:55,920
Speaker 6: that I can connect you with. She works with all

1470
01:19:55,960 --> 01:19:57,240
Speaker 6: of my clients.

1471
01:19:56,800 --> 01:19:57,679
Speaker 2: Shout to Nicole.

1472
01:19:58,160 --> 01:20:05,719
Speaker 6: Yes Nicole O night, Yes, yes, yes, yes, Nicole is amazing.

1473
01:20:06,160 --> 01:20:08,719
Speaker 6: She helps every like she helps out all my clients.

1474
01:20:08,800 --> 01:20:13,840
Speaker 6: So if you just send me over a d M

1475
01:20:14,040 --> 01:20:16,480
Speaker 6: or an email, go to my DM. My my instagram

1476
01:20:16,520 --> 01:20:19,160
Speaker 6: is miss Business, so ms dot business one on one

1477
01:20:20,439 --> 01:20:24,760
Speaker 6: and I will send you over her contact. I'll make

1478
01:20:24,760 --> 01:20:25,559
Speaker 6: sure that you get.

1479
01:20:25,360 --> 01:20:27,920
Speaker 2: Her contact on Instagram.

1480
01:20:28,240 --> 01:20:29,480
Speaker 6: Yeah, yeah on Instagram.

1481
01:20:29,600 --> 01:20:31,479
Speaker 2: Yeah. Did y'all did a live the other night?

1482
01:20:31,560 --> 01:20:33,679
Speaker 6: Right, Yeah, we did a live the other Night's actually

1483
01:20:33,680 --> 01:20:35,920
Speaker 6: still on my page so you can take us. Yeah.

1484
01:20:35,920 --> 01:20:38,320
Speaker 6: We talked about like W two ten ninety nine, get

1485
01:20:38,320 --> 01:20:40,080
Speaker 6: in that process, all of those things.

1486
01:20:40,200 --> 01:20:42,320
Speaker 4: Yeah, so James, when you go to her page, you'll

1487
01:20:42,320 --> 01:20:45,080
Speaker 4: probably see Nicole from ADP. She's on a page is

1488
01:20:45,080 --> 01:20:47,000
Speaker 4: probably within the last three or four posts. They actually

1489
01:20:47,000 --> 01:20:50,080
Speaker 4: did a live the other night, which is pretty dope. Okay,

1490
01:20:50,400 --> 01:20:51,639
Speaker 4: all right, bro, appreciate you.

1491
01:20:51,920 --> 01:20:53,560
Speaker 2: I appreciate it. Yeah, appreciate it.

1492
01:20:53,640 --> 01:20:55,559
Speaker 3: Let me get some let me get some housekeeping items

1493
01:20:55,560 --> 01:20:58,160
Speaker 3: in before we could just break it out. I know, room, Yeah,

1494
01:20:58,160 --> 01:21:00,120
Speaker 3: we're gonna we're gonna keep answering questions. But I know

1495
01:21:00,200 --> 01:21:01,920
Speaker 3: she's been talking for like forty five minutes, so I'll

1496
01:21:01,960 --> 01:21:03,760
Speaker 3: give her a break to get some water if she

1497
01:21:03,840 --> 01:21:08,040
Speaker 3: needs it. But yes, this once again, this is a

1498
01:21:08,120 --> 01:21:12,320
Speaker 3: window into Eyo University. This is what we do every

1499
01:21:12,400 --> 01:21:14,960
Speaker 3: single week. We just covered this. The last Wednesday of

1500
01:21:15,000 --> 01:21:17,000
Speaker 3: the month is open enrollment. But I wanted to talk

1501
01:21:17,000 --> 01:21:19,439
Speaker 3: about women's business has going on for a minute because

1502
01:21:20,439 --> 01:21:24,559
Speaker 3: she actually just dropped her. I don't even want to

1503
01:21:24,600 --> 01:21:26,160
Speaker 3: call it a course. I really want to call it

1504
01:21:26,360 --> 01:21:29,040
Speaker 3: a business blueprint, And that's actually the name of it,

1505
01:21:29,080 --> 01:21:33,280
Speaker 3: business blueprint, where it's fifteen hours of information everything every

1506
01:21:33,320 --> 01:21:35,800
Speaker 3: single thing that you need to know about setting up

1507
01:21:35,800 --> 01:21:37,680
Speaker 3: a business, like we cover we can only cover so

1508
01:21:37,800 --> 01:21:39,360
Speaker 3: much in the hour and a half or two hours,

1509
01:21:39,400 --> 01:21:43,320
Speaker 3: but like detailed, like you know, bullet points on every

1510
01:21:43,360 --> 01:21:47,640
Speaker 3: single thing from payroll structure to retirement plan structure to

1511
01:21:48,280 --> 01:21:52,559
Speaker 3: you know, selling a business, to everything business credit, like

1512
01:21:52,760 --> 01:21:57,240
Speaker 3: all paled in to fifteen hours of video, and it's

1513
01:21:57,280 --> 01:22:00,559
Speaker 3: actually assessments after like you go through different things, different

1514
01:22:00,560 --> 01:22:04,799
Speaker 3: assessments for the modules. There's different guest instructures. I'm actually

1515
01:22:04,840 --> 01:22:08,519
Speaker 3: in there teaching about retirement planning and there's a work

1516
01:22:08,560 --> 01:22:12,000
Speaker 3: book attached to it as well, So it's a great

1517
01:22:12,040 --> 01:22:16,640
Speaker 3: body work. I actually went through it myself, so I

1518
01:22:16,680 --> 01:22:20,960
Speaker 3: appreciate that. I'll say she's she's modest, so I'm saying

1519
01:22:20,960 --> 01:22:23,880
Speaker 3: her praise for her. So I say that to say,

1520
01:22:23,920 --> 01:22:27,080
Speaker 3: if anybody's interested and really wants to take that business

1521
01:22:27,080 --> 01:22:30,559
Speaker 3: serious and really start a business, I highly, highly strongly

1522
01:22:30,600 --> 01:22:34,000
Speaker 3: suggest that you invest in that. Like I said, being

1523
01:22:34,000 --> 01:22:38,320
Speaker 3: a financial advisor, you know, you get a business plan

1524
01:22:38,520 --> 01:22:40,800
Speaker 3: and you're paying anywhere from two to five thousand dollars

1525
01:22:40,800 --> 01:22:44,720
Speaker 3: for a business plan, and that's something that is not

1526
01:22:44,840 --> 01:22:48,280
Speaker 3: even half of what she has actually put out. She's

1527
01:22:48,360 --> 01:22:51,320
Speaker 3: a business plan on steroids, actually, like detailing so many

1528
01:22:51,320 --> 01:22:54,040
Speaker 3: different things and so many different resources. Really, the encyclopedia,

1529
01:22:54,080 --> 01:22:58,760
Speaker 3: it's really like a college bachelor's degree in business, all

1530
01:22:58,800 --> 01:23:02,960
Speaker 3: wrapped in fifteen hours. So it's an amazing body of

1531
01:23:02,960 --> 01:23:04,720
Speaker 3: work that she put together. I'm not just saying that

1532
01:23:04,760 --> 01:23:07,360
Speaker 3: because she's here. I'm saying that because I actually went

1533
01:23:07,400 --> 01:23:10,639
Speaker 3: through it and actually got a chance to actually learn

1534
01:23:11,200 --> 01:23:13,479
Speaker 3: as well. That's one thing I always learned. So we're

1535
01:23:13,479 --> 01:23:16,280
Speaker 3: gonna pin the link and it's a thousand dollars. We

1536
01:23:16,320 --> 01:23:19,400
Speaker 3: have a thousand dollars off, so it's actually five hundred dollars.

1537
01:23:19,400 --> 01:23:21,960
Speaker 3: The whole the whole fifteen hours is five hundred dollars.

1538
01:23:22,160 --> 01:23:23,640
Speaker 3: Ian will be very disappointed.

1539
01:23:24,800 --> 01:23:27,240
Speaker 2: I can hear him now pounding the air.

1540
01:23:27,680 --> 01:23:29,960
Speaker 3: Yeah, he would be very disappointed with that, if he's

1541
01:23:29,960 --> 01:23:32,360
Speaker 3: still in the live But I'm gonna pin it. So yeah,

1542
01:23:32,400 --> 01:23:35,080
Speaker 3: Like I said, if you if you're interested in starting

1543
01:23:35,120 --> 01:23:37,040
Speaker 3: a business, or if you have a business and you

1544
01:23:37,040 --> 01:23:39,400
Speaker 3: want to take a visit to the next level, extremely

1545
01:23:39,520 --> 01:23:42,920
Speaker 3: extremely important, I highly suggest that you all invest in that.

1546
01:23:43,000 --> 01:23:47,400
Speaker 3: So yeah. The website is MS blueprint Eyo dot com.

1547
01:23:47,439 --> 01:23:50,240
Speaker 3: I penned it, and it's also in the description of

1548
01:23:50,280 --> 01:23:52,800
Speaker 3: this video and the description of like when we put

1549
01:23:52,800 --> 01:23:55,920
Speaker 3: it on Apple and Spotify as well. So yeah, I

1550
01:23:55,960 --> 01:23:57,160
Speaker 3: just wanted to do that before we get.

1551
01:23:57,280 --> 01:23:59,040
Speaker 2: Yeah, and I think that can I sing your praises

1552
01:23:59,040 --> 01:23:59,679
Speaker 2: a little bit more?

1553
01:24:00,080 --> 01:24:01,000
Speaker 6: Yeah, Yeah, go ahead.

1554
01:24:01,800 --> 01:24:03,519
Speaker 4: I mean obviously went through the course, went through all

1555
01:24:03,520 --> 01:24:05,840
Speaker 4: the assessments for the course what's your incredible But one

1556
01:24:05,840 --> 01:24:08,400
Speaker 4: of the dopest things was the workbook, right, And so

1557
01:24:08,479 --> 01:24:11,519
Speaker 4: I think you want to talk about the work work, I'll.

1558
01:24:11,320 --> 01:24:13,120
Speaker 6: Talk about the work Actually, can I pull up the

1559
01:24:13,160 --> 01:24:15,080
Speaker 6: work book? But on foll, can I just pull up

1560
01:24:15,080 --> 01:24:15,639
Speaker 6: the workbook?

1561
01:24:15,720 --> 01:24:19,880
Speaker 4: You I'm gonna pull it up because I think this

1562
01:24:19,960 --> 01:24:21,599
Speaker 4: is one of the dopest features and I don't think

1563
01:24:21,600 --> 01:24:23,559
Speaker 4: I've seen anybody do it like this, So yeah, pull

1564
01:24:23,560 --> 01:24:24,000
Speaker 4: it up.

1565
01:24:24,479 --> 01:24:28,240
Speaker 6: Yeah. So the idea behind the workbook, so the the course,

1566
01:24:28,280 --> 01:24:32,160
Speaker 6: the business blueprint. The reason why I even started the blueprint,

1567
01:24:32,360 --> 01:24:35,440
Speaker 6: I mean, why I even thought to do the blueprint

1568
01:24:35,760 --> 01:24:40,639
Speaker 6: is because here's a situation where I had a ton

1569
01:24:41,520 --> 01:24:44,280
Speaker 6: hold on one second, let me just pull this over here.

1570
01:24:45,280 --> 01:24:49,240
Speaker 6: I have twenty five hundred business clients and I realized

1571
01:24:49,280 --> 01:24:52,960
Speaker 6: that we were not operating or doing business correctly. So

1572
01:24:53,080 --> 01:24:55,120
Speaker 6: what I wanted to do was be able to be

1573
01:24:55,200 --> 01:25:00,360
Speaker 6: a resource for people because they just were not doing

1574
01:25:00,400 --> 01:25:04,000
Speaker 6: business correctly. And it's so important, and I ultimately feel

1575
01:25:04,080 --> 01:25:06,320
Speaker 6: that it's not a situation where people don't want to

1576
01:25:06,320 --> 01:25:09,160
Speaker 6: do better, is that they necessarily don't have the tool,

1577
01:25:09,240 --> 01:25:13,519
Speaker 6: they don't have the resources. So outside of like having marketing,

1578
01:25:13,920 --> 01:25:16,880
Speaker 6: having you know, in the course, we walked through everything,

1579
01:25:16,920 --> 01:25:21,000
Speaker 6: your ideas, having partners, contracts, rashads. They're talking about retirement,

1580
01:25:21,080 --> 01:25:24,680
Speaker 6: dissolving your business, which no one talks about. You know,

1581
01:25:25,439 --> 01:25:28,240
Speaker 6: I had King Ashley Inn and there she's talking about marketing.

1582
01:25:28,320 --> 01:25:32,280
Speaker 6: Someone from HR hading a call from ADP and they're

1583
01:25:32,320 --> 01:25:36,960
Speaker 6: just talking about payroll and hold on one second, and

1584
01:25:37,080 --> 01:25:41,600
Speaker 6: I thought of the idea to actually put together like

1585
01:25:41,640 --> 01:25:44,840
Speaker 6: a business plan. So this is the workbook. Hold on

1586
01:25:44,840 --> 01:25:49,719
Speaker 6: one second, that's just the cover page. Hold on where

1587
01:25:49,960 --> 01:25:51,800
Speaker 6: we were, Oh, here we go.

1588
01:25:51,920 --> 01:25:52,400
Speaker 5: Hold on.

1589
01:25:54,120 --> 01:25:57,320
Speaker 4: No, yeah, some people in the zoom are asking for

1590
01:25:57,360 --> 01:25:58,519
Speaker 4: the link. I just put it in the link for

1591
01:25:58,560 --> 01:26:01,120
Speaker 4: everybody to see. So everybody has asked us to that

1592
01:26:01,160 --> 01:26:03,880
Speaker 4: link and YouTube. It's already in there for y'all as well.

1593
01:26:07,280 --> 01:26:17,080
Speaker 6: Hold on, give me one second, because I think that

1594
01:26:17,400 --> 01:26:20,559
Speaker 6: the workbook is so good. It's like over one hundred pages,

1595
01:26:21,960 --> 01:26:23,160
Speaker 6: so we're really hard on this.

1596
01:26:24,600 --> 01:26:27,400
Speaker 3: Yeah, the workbook work definitely a good idea for sure.

1597
01:26:27,720 --> 01:26:30,280
Speaker 6: Because they got so the idea is that when you

1598
01:26:30,320 --> 01:26:34,000
Speaker 6: walk away, you have a you have a business plan.

1599
01:26:34,360 --> 01:26:38,000
Speaker 6: And as Rashad said, most people are paying thousands of

1600
01:26:38,000 --> 01:26:40,760
Speaker 6: dollars for a business plan and they don't even have

1601
01:26:41,640 --> 01:26:44,920
Speaker 6: they don't have anything. They don't have half the stuff

1602
01:26:44,920 --> 01:26:52,599
Speaker 6: that you're getting in here. So all right, finally got it,

1603
01:27:07,040 --> 01:27:10,679
Speaker 6: all right, and I got it to open.

1604
01:27:12,960 --> 01:27:15,360
Speaker 3: So let's get one more question than business You could

1605
01:27:15,360 --> 01:27:16,160
Speaker 3: ask you why you're doing that.

1606
01:27:16,160 --> 01:27:18,439
Speaker 6: We could just oh, I got it, got it, yep,

1607
01:27:18,600 --> 01:27:22,440
Speaker 6: I got it. So pretty much this is the workbook

1608
01:27:22,439 --> 01:27:24,439
Speaker 6: where we have my one percent team. So this is

1609
01:27:24,479 --> 01:27:26,920
Speaker 6: all the people that are featured in the course. So

1610
01:27:26,960 --> 01:27:31,120
Speaker 6: we have Rishad actually in Sabine the purpose lawyer. We

1611
01:27:31,200 --> 01:27:35,120
Speaker 6: have Chrisly she's in there talking about hr Rosina. She's

1612
01:27:35,160 --> 01:27:41,599
Speaker 6: talking about trademarks. Connie's talking about processes, Nicole's talking about payroll.

1613
01:27:41,840 --> 01:27:45,519
Speaker 6: We have Brandon from PGG talking about how to buy

1614
01:27:45,760 --> 01:27:48,680
Speaker 6: vehicles and assets in your business name. But we have

1615
01:27:49,000 --> 01:27:52,559
Speaker 6: my team here, my branding and marketing strategists and brand

1616
01:27:52,600 --> 01:27:56,400
Speaker 6: strategists and photographer. I had them hopping there to like

1617
01:27:56,520 --> 01:28:00,559
Speaker 6: just talk about from their perspective. We have Ellieto Money

1618
01:28:00,560 --> 01:28:04,479
Speaker 6: talking about funding, so she dropped a lot Breed talking about,

1619
01:28:05,000 --> 01:28:07,280
Speaker 6: you know, just buying assets in your name and business

1620
01:28:07,320 --> 01:28:11,479
Speaker 6: credit and personal credit. And Jalen in there talking about

1621
01:28:11,680 --> 01:28:15,920
Speaker 6: pr all right, so pretty much just to give you guys,

1622
01:28:16,080 --> 01:28:19,920
Speaker 6: like a peek into the work book, the idea behind

1623
01:28:19,920 --> 01:28:21,839
Speaker 6: the work book. And keep in mind you can actually

1624
01:28:22,000 --> 01:28:25,799
Speaker 6: right inside of the workbook, so when you download the workbook,

1625
01:28:25,840 --> 01:28:28,040
Speaker 6: it's you can literally do it on your phone. So

1626
01:28:28,120 --> 01:28:31,120
Speaker 6: the entire workbook is fillable, so you'll be able to

1627
01:28:31,240 --> 01:28:33,800
Speaker 6: like check boxes, write in all of these boxes so

1628
01:28:33,840 --> 01:28:36,439
Speaker 6: it's not something that you have to print out. So

1629
01:28:36,560 --> 01:28:40,000
Speaker 6: really going through your your SWAT, your pros and cons

1630
01:28:40,320 --> 01:28:44,200
Speaker 6: partnership agreement templates are in here, you know, just really

1631
01:28:44,760 --> 01:28:47,720
Speaker 6: going through all of these things, like breaking down all

1632
01:28:47,760 --> 01:28:50,320
Speaker 6: the things that I just went through. Here, here's all

1633
01:28:50,360 --> 01:28:52,320
Speaker 6: the links. Right if you want to apply for EI

1634
01:28:52,520 --> 01:28:56,599
Speaker 6: in that's there, right, So, ok, what are what's the thing?

1635
01:28:59,439 --> 01:29:03,120
Speaker 6: So all of those things here because I don'et lost

1636
01:29:03,160 --> 01:29:05,599
Speaker 6: the page, but yeah, all of those things are pretty

1637
01:29:05,640 --> 01:29:08,200
Speaker 6: much in the world book.

1638
01:29:09,479 --> 01:29:10,320
Speaker 3: And that's an addition.

1639
01:29:10,360 --> 01:29:12,760
Speaker 6: That's an addition, that's an addition to the course, right,

1640
01:29:12,800 --> 01:29:15,240
Speaker 6: because I felt I don't I don't want you guys

1641
01:29:15,240 --> 01:29:17,960
Speaker 6: with your opening paper. I needed to guide you. I

1642
01:29:18,000 --> 01:29:20,519
Speaker 6: needed to make sure that you know I got it,

1643
01:29:20,720 --> 01:29:24,280
Speaker 6: guided you all throughout all of those lessons because I

1644
01:29:24,600 --> 01:29:27,080
Speaker 6: really think that it's so it's so good to have

1645
01:29:27,280 --> 01:29:29,760
Speaker 6: like a big thing. I say that twenty twenty two

1646
01:29:29,800 --> 01:29:32,400
Speaker 6: is the year of the bosses. Some years is real estate.

1647
01:29:32,560 --> 01:29:35,240
Speaker 6: Twenty twenty two is for bosses. We have too many

1648
01:29:35,280 --> 01:29:38,160
Speaker 6: people quitting their job. We have too many people, you know,

1649
01:29:38,360 --> 01:29:40,440
Speaker 6: just kind of just want to show up for themselves.

1650
01:29:40,560 --> 01:29:42,759
Speaker 6: So that's my theory.

1651
01:29:43,479 --> 01:29:44,280
Speaker 2: Yeah, the bosses.

1652
01:29:44,400 --> 01:29:46,040
Speaker 3: I love it, gentlemen.

1653
01:29:46,360 --> 01:29:49,639
Speaker 4: And from an educator to an educator, man, I appreciate that.

1654
01:29:49,880 --> 01:29:50,080
Speaker 17: Right.

1655
01:29:50,120 --> 01:29:51,679
Speaker 2: And at the end of it, you got your whole

1656
01:29:51,680 --> 01:29:54,160
Speaker 2: business plan. Let's say, are get a few more questions

1657
01:29:54,160 --> 01:29:56,519
Speaker 2: before we saw we come to you and meet yourself.

1658
01:29:56,520 --> 01:30:01,400
Speaker 2: You've been unmuted at what's going on? How you doing?

1659
01:30:02,000 --> 01:30:03,520
Speaker 5: I'm good? Okay?

1660
01:30:04,040 --> 01:30:08,080
Speaker 8: Can you explain the process to switch over from LLC

1661
01:30:08,200 --> 01:30:09,160
Speaker 8: to escorre.

1662
01:30:10,120 --> 01:30:19,360
Speaker 6: Hi toush on tray baby, jeuse me client? So the

1663
01:30:19,439 --> 01:30:24,040
Speaker 6: process to switch over from LLC to escort, the process

1664
01:30:24,080 --> 01:30:26,080
Speaker 6: has to be done on the federal side and the

1665
01:30:26,120 --> 01:30:29,559
Speaker 6: state side, depending on which state you are in. So

1666
01:30:29,760 --> 01:30:32,400
Speaker 6: there's only a few states that require you to also

1667
01:30:32,479 --> 01:30:37,040
Speaker 6: do the election on the state side. But keep in mind, guys,

1668
01:30:37,040 --> 01:30:39,599
Speaker 6: and ESCORP is not an entity type. It is a

1669
01:30:39,720 --> 01:30:42,479
Speaker 6: tax election. So what that means is that you have

1670
01:30:42,640 --> 01:30:45,800
Speaker 6: to complete tax You have to complete Form twenty five

1671
01:30:45,960 --> 01:30:49,560
Speaker 6: fifty three and you have to submit it to the IRS.

1672
01:30:49,800 --> 01:30:52,280
Speaker 6: Now keep in mind, once you submit that form to

1673
01:30:52,400 --> 01:30:56,280
Speaker 6: the IRS, they will require you I mean they will

1674
01:30:56,360 --> 01:30:59,439
Speaker 6: require about four months in order to get that form

1675
01:30:59,479 --> 01:31:02,080
Speaker 6: back to you just to say, hey, I acknowledge that

1676
01:31:02,120 --> 01:31:05,120
Speaker 6: you are an esport. Okay, so you have to keep

1677
01:31:05,160 --> 01:31:08,639
Speaker 6: that in mind. There are certain states I think right

1678
01:31:08,680 --> 01:31:14,120
Speaker 6: now it's just New York, I believe, Ohio, New Jersey,

1679
01:31:15,560 --> 01:31:17,439
Speaker 6: in one other state I can't remember the other state

1680
01:31:17,520 --> 01:31:20,919
Speaker 6: that's still that requires you to do it and basically

1681
01:31:20,920 --> 01:31:25,759
Speaker 6: complete the form on the state side. But most states

1682
01:31:25,800 --> 01:31:28,200
Speaker 6: don't require you to also take that additional step on

1683
01:31:28,280 --> 01:31:30,360
Speaker 6: the state side. They pretty much just follow suit with

1684
01:31:31,160 --> 01:31:34,400
Speaker 6: whatever you elect on the federal side. In regards to

1685
01:31:34,439 --> 01:31:37,439
Speaker 6: the state level, like where you actually formed your entity.

1686
01:31:37,800 --> 01:31:40,679
Speaker 6: You don't need to notify them or let them know like, hey,

1687
01:31:40,760 --> 01:31:47,920
Speaker 6: I'm now an esport. Yes, twenty five fifty three, Thank you,

1688
01:31:47,920 --> 01:31:48,559
Speaker 6: You're welcome.

1689
01:31:50,680 --> 01:31:51,400
Speaker 3: Get a few more.

1690
01:31:51,479 --> 01:31:52,840
Speaker 2: Let's do it. Let's do it. Let's do it.

1691
01:31:54,800 --> 01:31:58,840
Speaker 4: Let's go to uh Anna. We're coming to you, Anna.

1692
01:31:59,120 --> 01:32:01,000
Speaker 4: I'm mute yourself. I'm it was going on.

1693
01:32:05,600 --> 01:32:07,640
Speaker 7: Hi there, good evening, can you hear me?

1694
01:32:10,080 --> 01:32:12,840
Speaker 2: Yeah, yeah, right when imute yourself. Y'all on it. Love it.

1695
01:32:15,320 --> 01:32:19,599
Speaker 7: Hi, rashod Hi, Troy, nice to see you this evening, Hello,

1696
01:32:19,720 --> 01:32:24,800
Speaker 7: this business. I enjoy your presentation. My question is this

1697
01:32:24,880 --> 01:32:30,040
Speaker 7: and this goes to funding. Can we talk about or

1698
01:32:30,080 --> 01:32:35,120
Speaker 7: can you express your views on shelf corporations because a

1699
01:32:35,120 --> 01:32:38,360
Speaker 7: lot of credit agencies want you to have some seasoning,

1700
01:32:38,479 --> 01:32:42,759
Speaker 7: especially if you're new, and so I know that shelf

1701
01:32:42,800 --> 01:32:47,759
Speaker 7: corporations are a way to try to put your business

1702
01:32:47,760 --> 01:32:52,280
Speaker 7: in the position of of uh longevity, shown that you've

1703
01:32:52,280 --> 01:32:55,559
Speaker 7: been around a little while. So can you share it

1704
01:32:55,600 --> 01:32:56,160
Speaker 7: relates to.

1705
01:32:56,120 --> 01:33:02,320
Speaker 6: Funding absolutely so with shell for shelf corporations. For those

1706
01:33:02,360 --> 01:33:05,200
Speaker 6: of you who aren't familiar, that just means that someone

1707
01:33:05,280 --> 01:33:09,800
Speaker 6: purchased a corporation or an LLC and they said, you

1708
01:33:09,840 --> 01:33:13,040
Speaker 6: know what, we are going to hold on to this

1709
01:33:13,360 --> 01:33:15,840
Speaker 6: LLC for a certain amount of years and then you

1710
01:33:15,880 --> 01:33:20,240
Speaker 6: can then buy into this business that has already been established.

1711
01:33:20,520 --> 01:33:22,519
Speaker 6: And that's why I always tell people when they ask

1712
01:33:22,600 --> 01:33:24,439
Speaker 6: me like when should I start an LLC, I'm like,

1713
01:33:24,479 --> 01:33:27,400
Speaker 6: today asap, don't wait. And the reason why I say

1714
01:33:27,439 --> 01:33:31,200
Speaker 6: that is because when you go to lenders, the first

1715
01:33:31,200 --> 01:33:33,320
Speaker 6: thing that they're going to ask you is when did

1716
01:33:33,400 --> 01:33:37,760
Speaker 6: you form your business? When was your business established? Longevity matters.

1717
01:33:38,200 --> 01:33:42,839
Speaker 6: So if you are just getting into you know funding,

1718
01:33:42,880 --> 01:33:45,599
Speaker 6: I mean, you're just getting into business and you are

1719
01:33:45,600 --> 01:33:47,879
Speaker 6: in a position where you want to go for funding,

1720
01:33:48,200 --> 01:33:50,160
Speaker 6: but of course you're just getting into business, so you

1721
01:33:50,160 --> 01:33:53,759
Speaker 6: don't have the time. I think that shelf corporations are great.

1722
01:33:53,800 --> 01:33:56,480
Speaker 6: You just want to make sure that they are in compliance.

1723
01:33:56,800 --> 01:34:01,240
Speaker 6: I have had a person acquire a entity and they

1724
01:34:01,320 --> 01:34:05,280
Speaker 6: had a ton of unfouled tax returns, a ton of

1725
01:34:05,400 --> 01:34:08,559
Speaker 6: annual foul tax returns that were not filed. So you

1726
01:34:08,640 --> 01:34:10,640
Speaker 6: just want to make sure that you are you're not

1727
01:34:10,640 --> 01:34:19,840
Speaker 6: getting yourself into anything. You're welcome, and.

1728
01:34:19,800 --> 01:34:21,760
Speaker 2: It was right now her notes. I appreciate you and

1729
01:34:21,920 --> 01:34:22,280
Speaker 2: thank you.

1730
01:34:22,600 --> 01:34:24,280
Speaker 3: Let's get a few more before we bat.

1731
01:34:25,479 --> 01:34:26,840
Speaker 2: Yeah, let's do it. Let's do it. Let's see what

1732
01:34:26,880 --> 01:34:27,200
Speaker 2: we got.

1733
01:34:27,400 --> 01:34:31,720
Speaker 4: Uh, let's go to Kendra hoole Kendrew, We're coming to you.

1734
01:34:31,800 --> 01:34:33,840
Speaker 2: I'm mute yourself. You've been unmuted. What's going on?

1735
01:34:37,120 --> 01:34:37,559
Speaker 5: Hello?

1736
01:34:38,040 --> 01:34:41,480
Speaker 8: I I have a couple of questions.

1737
01:34:41,680 --> 01:34:45,960
Speaker 5: Well, one, my husband and I already have a corporation

1738
01:34:46,120 --> 01:34:50,960
Speaker 5: which is a private investigation company, but we also have

1739
01:34:51,600 --> 01:34:55,800
Speaker 5: nine rental properties, and one of those rental properties we

1740
01:34:55,840 --> 01:35:00,920
Speaker 5: want to do an Airbnb. All the rental properties are

1741
01:35:00,920 --> 01:35:05,760
Speaker 5: in our name, and I am wanting to know is

1742
01:35:05,800 --> 01:35:10,759
Speaker 5: it best for us to establish an allc and to

1743
01:35:10,840 --> 01:35:15,840
Speaker 5: run the business or should we do another corporation in

1744
01:35:16,160 --> 01:35:20,360
Speaker 5: escort for the Airbnb and the ransom properties.

1745
01:35:21,000 --> 01:35:23,400
Speaker 6: No, so you should do an LLC. And the reason

1746
01:35:23,400 --> 01:35:27,360
Speaker 6: why you should not and this will take extreme strategy

1747
01:35:27,479 --> 01:35:30,160
Speaker 6: if it would make sense to ever put an real

1748
01:35:30,240 --> 01:35:32,960
Speaker 6: estate in a corporation. But for the most part, it

1749
01:35:33,200 --> 01:35:37,200
Speaker 6: almost does not make sense to put real estate in

1750
01:35:37,400 --> 01:35:41,680
Speaker 6: a corporation only because of the tax rates on the

1751
01:35:41,880 --> 01:35:45,240
Speaker 6: sales when it is going to be time to sell

1752
01:35:45,400 --> 01:35:49,240
Speaker 6: or transfer. It just is a nightmare in corporation. So

1753
01:35:49,280 --> 01:35:51,240
Speaker 6: I wouldn't suggest that you do it in a corporation,

1754
01:35:51,840 --> 01:35:56,160
Speaker 6: but if you do it inside of a sorry, if

1755
01:35:56,200 --> 01:35:59,360
Speaker 6: you do it inside of an LLC, that will be

1756
01:35:59,520 --> 01:36:03,920
Speaker 6: the solution that you need. Now with the Airbnb, you

1757
01:36:04,040 --> 01:36:06,639
Speaker 6: now have to consider you know, how much income you're

1758
01:36:06,680 --> 01:36:09,439
Speaker 6: going to have coming in and what that profit looks like.

1759
01:36:09,439 --> 01:36:11,720
Speaker 6: If it's one property, you you know you should be

1760
01:36:11,760 --> 01:36:16,519
Speaker 6: okay in a in an LLC. But as you let's say,

1761
01:36:16,560 --> 01:36:20,280
Speaker 6: if you require more Airbnbs, you may want to consider

1762
01:36:21,439 --> 01:36:25,040
Speaker 6: an escort because now you are moving into a transactional

1763
01:36:25,120 --> 01:36:26,960
Speaker 6: business and you don't want to get caught up in

1764
01:36:27,000 --> 01:36:28,280
Speaker 6: that self employment tax.

1765
01:36:29,280 --> 01:36:34,120
Speaker 8: Okay, So with the Airbnb, we would need maybe a

1766
01:36:34,160 --> 01:36:38,000
Speaker 8: couple of employees because the business is like, I can't

1767
01:36:38,120 --> 01:36:41,759
Speaker 8: run it because I have a regular job as well.

1768
01:36:42,320 --> 01:36:47,439
Speaker 8: So to pay them, we can pay them through the

1769
01:36:47,720 --> 01:36:52,040
Speaker 8: LLC and it's okay or we how does that work?

1770
01:36:52,880 --> 01:36:56,519
Speaker 6: Absolutely? So when you say pay them, are you referring

1771
01:36:56,560 --> 01:36:59,680
Speaker 6: to paying them? Like, are you saying do they need

1772
01:36:59,720 --> 01:37:01,679
Speaker 6: to like how to pay them like a payroll?

1773
01:37:01,760 --> 01:37:03,599
Speaker 5: Right, like a payroll or something.

1774
01:37:03,840 --> 01:37:06,680
Speaker 6: Yeah, So if you do have them down as employees,

1775
01:37:06,720 --> 01:37:10,920
Speaker 6: you do want to get a payroll company. One thing

1776
01:37:10,960 --> 01:37:14,200
Speaker 6: that you all have to understand is that when you

1777
01:37:14,280 --> 01:37:16,760
Speaker 6: decide to start bringing on employees, you want to make

1778
01:37:16,800 --> 01:37:20,680
Speaker 6: sure that you're thinking about your payroll. And I just

1779
01:37:20,720 --> 01:37:22,479
Speaker 6: want to talk about this a little bit because it's

1780
01:37:22,479 --> 01:37:25,960
Speaker 6: so important when you decide to get employees or even

1781
01:37:26,000 --> 01:37:30,479
Speaker 6: pay yourself on payroll. Keep in mind you have federal

1782
01:37:30,520 --> 01:37:32,800
Speaker 6: deposits that have to be made to the federal You

1783
01:37:32,840 --> 01:37:34,800
Speaker 6: have state deposits that have to be made to the

1784
01:37:34,880 --> 01:37:38,040
Speaker 6: state every single payroll, right, so if it's bi weekly,

1785
01:37:38,080 --> 01:37:41,639
Speaker 6: those are bi weekly deposits. You also have to file

1786
01:37:42,200 --> 01:37:49,280
Speaker 6: quarterly taxes, right quarterly your quarterly payroll taxes. Those taxes

1787
01:37:49,320 --> 01:37:53,120
Speaker 6: also need to be remitted to Social Security and Medicare,

1788
01:37:53,400 --> 01:37:55,040
Speaker 6: and you also have to keep in mind that there's

1789
01:37:55,080 --> 01:37:58,360
Speaker 6: an annual return that has to be filed. That's why

1790
01:37:58,400 --> 01:38:00,519
Speaker 6: I use ADP. They kind of take care of everything.

1791
01:38:00,600 --> 01:38:03,000
Speaker 6: Is something that you even need to think about. The

1792
01:38:03,160 --> 01:38:06,240
Speaker 6: everything is so seamless. But I just wanted, you know,

1793
01:38:06,280 --> 01:38:08,600
Speaker 6: I want to be very transparent because I've seen so

1794
01:38:08,680 --> 01:38:11,400
Speaker 6: many people. I've seen people lose their businesses because of taxes.

1795
01:38:12,080 --> 01:38:15,000
Speaker 6: So I'm always so adamant about you know, when you

1796
01:38:15,040 --> 01:38:17,720
Speaker 6: do it, just do it right. So yes, if you

1797
01:38:17,760 --> 01:38:21,200
Speaker 6: are going to hire people because you cannot you know,

1798
01:38:21,280 --> 01:38:24,120
Speaker 6: be active in the business, that's totally fine. Just enroll

1799
01:38:24,160 --> 01:38:26,320
Speaker 6: in a payroll provider, get them set up as W

1800
01:38:26,520 --> 01:38:29,639
Speaker 6: two's and whatever that pay frequency is, if that's every

1801
01:38:29,680 --> 01:38:33,240
Speaker 6: week or if that is you know, bi weekly, you

1802
01:38:33,280 --> 01:38:35,640
Speaker 6: can set that up. You can always change it to

1803
01:38:35,720 --> 01:38:37,720
Speaker 6: make sure that they're being paid what they need to

1804
01:38:37,760 --> 01:38:41,799
Speaker 6: be paid. Okay, Okay, thank.

1805
01:38:41,640 --> 01:38:43,720
Speaker 2: You, Kendra, You're welcome.

1806
01:38:45,040 --> 01:38:45,160
Speaker 18: More.

1807
01:38:45,640 --> 01:38:48,080
Speaker 2: Let's do it. Let's do let's go to uh, Brian,

1808
01:38:48,160 --> 01:38:50,439
Speaker 2: We're coming to you. Brian. I mute yourself. You've been

1809
01:38:50,520 --> 01:38:58,639
Speaker 2: unmuted that what's going on? You perfectly Uh, this is surreal.

1810
01:38:58,680 --> 01:39:00,840
Speaker 2: I mean, yeah, you got listen ui every day.

1811
01:39:00,840 --> 01:39:01,639
Speaker 6: I'm a new earner.

1812
01:39:02,000 --> 01:39:03,840
Speaker 19: Really appreciate everything you guys do.

1813
01:39:04,000 --> 01:39:06,360
Speaker 2: This is amazing. I really do appreciate it. Man, I

1814
01:39:06,400 --> 01:39:07,280
Speaker 2: got weazy up tonight.

1815
01:39:07,280 --> 01:39:14,559
Speaker 3: You see them weezy baby the for phenomenals for front though,

1816
01:39:17,800 --> 01:39:18,160
Speaker 3: I have.

1817
01:39:18,080 --> 01:39:22,559
Speaker 2: A two part question. If that's all right, no guidelines

1818
01:39:22,600 --> 01:39:24,400
Speaker 2: to night, man, let's do it all right?

1819
01:39:24,400 --> 01:39:24,679
Speaker 5: Cool?

1820
01:39:24,720 --> 01:39:26,840
Speaker 19: So I have an investment group that I run. It's

1821
01:39:26,920 --> 01:39:29,240
Speaker 19: nineteen of us in there. We put in two thousand

1822
01:39:29,280 --> 01:39:31,840
Speaker 19: dollars a year total. So I was trying to figure

1823
01:39:31,880 --> 01:39:33,960
Speaker 19: out what's the best type of entity that we can

1824
01:39:34,080 --> 01:39:38,200
Speaker 19: put together for that type of group where we're not

1825
01:39:38,240 --> 01:39:40,240
Speaker 19: paying too much in taxes because I know with the

1826
01:39:40,640 --> 01:39:43,759
Speaker 19: LLC with the partnerships, we got to pay per member

1827
01:39:44,000 --> 01:39:45,880
Speaker 19: like per partner in there when it comes to following

1828
01:39:45,880 --> 01:39:49,320
Speaker 19: your taxes, I believe. And then since it's not really

1829
01:39:49,320 --> 01:39:51,799
Speaker 19: a business, we're just a group, we're not really producing

1830
01:39:52,040 --> 01:39:54,240
Speaker 19: active income right now. So I was trying to see

1831
01:39:54,280 --> 01:39:56,640
Speaker 19: what you think makes the most sense for us to

1832
01:39:56,680 --> 01:39:58,880
Speaker 19: protect ourselves absolutely.

1833
01:39:58,960 --> 01:40:01,920
Speaker 6: So I just want to clarify in terms of the

1834
01:40:02,040 --> 01:40:06,200
Speaker 6: filing the per member. The only time you there's any

1835
01:40:06,320 --> 01:40:09,280
Speaker 6: fees per member is if you don't file your taxes.

1836
01:40:09,680 --> 01:40:13,479
Speaker 6: So I'm happy that you mentioned that because anyone that

1837
01:40:13,560 --> 01:40:16,679
Speaker 6: is an sport or partnership or two plus member LLC

1838
01:40:17,000 --> 01:40:20,479
Speaker 6: keep in mind that your filing date is March fifteen. Okay,

1839
01:40:20,560 --> 01:40:23,800
Speaker 6: so your filing date is March fifteen, and you want

1840
01:40:23,880 --> 01:40:27,000
Speaker 6: to make sure that you spail your taxes by March

1841
01:40:27,000 --> 01:40:32,680
Speaker 6: fifteenth or put in an extension because sorry, because the

1842
01:40:32,720 --> 01:40:35,439
Speaker 6: penalty for non filing is two hundred and five dollars

1843
01:40:35,479 --> 01:40:37,760
Speaker 6: per month per member. So in your case, if you

1844
01:40:37,760 --> 01:40:41,639
Speaker 6: have an investment group and it's ten people, that's two

1845
01:40:41,760 --> 01:40:45,400
Speaker 6: hundred and five dollars times ten times twelve. Right, if

1846
01:40:45,439 --> 01:40:48,720
Speaker 6: you do not file your taxes. In terms of the

1847
01:40:48,880 --> 01:40:51,120
Speaker 6: entity type that I think is best. When you say

1848
01:40:51,120 --> 01:40:53,599
Speaker 6: an investment group, what are you guys investing in? Are

1849
01:40:53,600 --> 01:40:57,839
Speaker 6: you guys pulling money together? What exactly does the investment

1850
01:40:57,840 --> 01:40:58,200
Speaker 6: group do?

1851
01:40:59,000 --> 01:41:01,679
Speaker 19: So currently we've been putting in the two thousand dollars.

1852
01:41:01,720 --> 01:41:04,320
Speaker 19: We first we did long term stocks, then after that

1853
01:41:04,360 --> 01:41:08,160
Speaker 19: we invested in crypto and trying to do some swing

1854
01:41:08,240 --> 01:41:10,679
Speaker 19: trading and I personally do d trading for the group.

1855
01:41:11,680 --> 01:41:14,240
Speaker 19: In the future, we will be starting businesses. This year,

1856
01:41:14,240 --> 01:41:18,280
Speaker 19: We're looking to open up airbnb business, Touro, and a

1857
01:41:18,360 --> 01:41:20,840
Speaker 19: vendor machine. So that was my second part question of

1858
01:41:20,880 --> 01:41:24,080
Speaker 19: is we should be getting separate entities for each business

1859
01:41:24,080 --> 01:41:25,640
Speaker 19: that we open up or should we just keep it

1860
01:41:25,680 --> 01:41:26,679
Speaker 19: all under the one group?

1861
01:41:27,520 --> 01:41:30,800
Speaker 6: Gotcha? So the first part, you should be an LLC

1862
01:41:31,240 --> 01:41:33,240
Speaker 6: because it is so many of you. You want to

1863
01:41:33,360 --> 01:41:37,120
Speaker 6: and you guys are investing in different things. You want

1864
01:41:37,120 --> 01:41:39,639
Speaker 6: to make sure that I know you mentioned that you're

1865
01:41:39,680 --> 01:41:41,839
Speaker 6: doing the trading, so I'm hoping that the Brokeridge account

1866
01:41:41,880 --> 01:41:44,200
Speaker 6: is in the business name. So that way when the

1867
01:41:44,200 --> 01:41:47,760
Speaker 6: money comes in and you guys have to distribute all

1868
01:41:47,800 --> 01:41:50,479
Speaker 6: of the profits that each of you will receive a

1869
01:41:50,560 --> 01:41:54,479
Speaker 6: K one and then you would only you only report

1870
01:41:54,920 --> 01:41:58,840
Speaker 6: your respective share on your taxes, right, and so the

1871
01:41:59,120 --> 01:42:02,400
Speaker 6: LLC would be the route for that and to your

1872
01:42:02,720 --> 01:42:06,040
Speaker 6: the second part of your question, absolutely, you should definitely

1873
01:42:06,479 --> 01:42:10,800
Speaker 6: put all of those additional businesses inside of you know,

1874
01:42:10,880 --> 01:42:16,799
Speaker 6: different entities. One because I've had various investment group clients

1875
01:42:17,040 --> 01:42:19,519
Speaker 6: and what's going to happen. I don't want say it's

1876
01:42:19,520 --> 01:42:22,280
Speaker 6: going to happen, but what may happen is that somebody

1877
01:42:22,280 --> 01:42:24,960
Speaker 6: may say, you know, I don't want to invest into Roo. No,

1878
01:42:25,160 --> 01:42:28,280
Speaker 6: I'm fine over here with stocks and Airbnb, right, and

1879
01:42:28,320 --> 01:42:30,719
Speaker 6: then you don't want to have to try to figure out, okay,

1880
01:42:30,800 --> 01:42:33,559
Speaker 6: well what now happens that is supposed to be ten

1881
01:42:33,600 --> 01:42:36,679
Speaker 6: of us and now this other person doesn't want this now.

1882
01:42:36,760 --> 01:42:39,519
Speaker 6: It just makes it very messy. And then another thing

1883
01:42:39,520 --> 01:42:43,160
Speaker 6: that you have to consider is the liability if something happens,

1884
01:42:43,520 --> 01:42:46,200
Speaker 6: you know, in one of your other businesses. You don't

1885
01:42:46,200 --> 01:42:48,120
Speaker 6: want it to be a situation where they can come

1886
01:42:48,479 --> 01:42:51,840
Speaker 6: and take all of the like all of your assets,

1887
01:42:51,840 --> 01:42:54,960
Speaker 6: your stocks, your you know, whatever other investment or other

1888
01:42:55,000 --> 01:42:58,400
Speaker 6: businesses you start make fair sense.

1889
01:42:58,400 --> 01:43:00,639
Speaker 3: Thank you so much, Thank you.

1890
01:43:00,680 --> 01:43:01,640
Speaker 2: Please appreciate you.

1891
01:43:01,680 --> 01:43:01,800
Speaker 8: Bro.

1892
01:43:02,120 --> 01:43:04,160
Speaker 3: How are you feeling this business like? You want to

1893
01:43:04,160 --> 01:43:05,200
Speaker 3: go a little longer?

1894
01:43:05,439 --> 01:43:10,160
Speaker 4: Listen, I'm here, got a lot of hands, there's a

1895
01:43:10,200 --> 01:43:18,639
Speaker 4: lot of hands here. Let's keep rolling, all right, Lauren,

1896
01:43:18,680 --> 01:43:19,960
Speaker 4: we're coming to you and need yourself.

1897
01:43:20,000 --> 01:43:27,760
Speaker 2: You've been unmuted. Hello, what's going on? Hey? What's going on?

1898
01:43:27,920 --> 01:43:30,600
Speaker 2: Thank you? Thank you for letting me in. Man, great presentation,

1899
01:43:30,680 --> 01:43:31,280
Speaker 2: miss business.

1900
01:43:31,320 --> 01:43:34,840
Speaker 6: Appreciate it all right?

1901
01:43:34,920 --> 01:43:39,799
Speaker 17: Yeah, the S Corporation is it's interesting to me because

1902
01:43:40,040 --> 01:43:43,160
Speaker 17: it sounds like I've been paying that fifteen and not

1903
01:43:43,320 --> 01:43:45,000
Speaker 17: knowing it with the LLC.

1904
01:43:45,520 --> 01:43:48,719
Speaker 5: And but I don't.

1905
01:43:48,520 --> 01:43:52,400
Speaker 17: Recall clearly, but I remember somebody telling me they couldn't

1906
01:43:52,439 --> 01:43:56,720
Speaker 17: get the PPP long because of another corporate. I think

1907
01:43:56,720 --> 01:43:59,840
Speaker 17: they said that es corporate is what they had. And

1908
01:44:01,200 --> 01:44:03,479
Speaker 17: is that is that true that you couldn't get you know, say,

1909
01:44:03,520 --> 01:44:05,000
Speaker 17: if it come up again, you know, I want to

1910
01:44:05,000 --> 01:44:10,200
Speaker 17: be prepared for all of that stuff.

1911
01:44:11,720 --> 01:44:12,719
Speaker 2: Asking for front.

1912
01:44:13,880 --> 01:44:20,000
Speaker 6: Absolutely, so that is false. That is false. Your entity

1913
01:44:20,120 --> 01:44:24,200
Speaker 6: type had has nothing to do with you being eligible

1914
01:44:25,160 --> 01:44:30,160
Speaker 6: for a loan. What may have happened in that person's case,

1915
01:44:30,200 --> 01:44:33,559
Speaker 6: but I feel like they they revamped p PP so

1916
01:44:33,720 --> 01:44:37,639
Speaker 6: many times. If the person did have an escort esport.

1917
01:44:37,720 --> 01:44:39,760
Speaker 6: One of the requirements for an escort is that you

1918
01:44:39,800 --> 01:44:44,479
Speaker 6: pay yourself salary. So because you need to pay yourself salary,

1919
01:44:44,840 --> 01:44:47,360
Speaker 6: it was a requirement for you to have had kaid

1920
01:44:47,400 --> 01:44:50,160
Speaker 6: some sort of payroll that the person was in LLC,

1921
01:44:50,840 --> 01:44:53,799
Speaker 6: then they would not have needed to pay themselves technically

1922
01:44:53,800 --> 01:44:56,839
Speaker 6: a payroll, because when you are an LLC, your profit

1923
01:44:56,960 --> 01:45:01,040
Speaker 6: is considered your payroll. But they were not denied because

1924
01:45:01,080 --> 01:45:04,040
Speaker 6: they were an escort. They just were not in compliance,

1925
01:45:04,320 --> 01:45:07,120
Speaker 6: which I'm happy that you said this, because this is

1926
01:45:07,160 --> 01:45:10,120
Speaker 6: what I mean. And I became very passionate about business

1927
01:45:10,120 --> 01:45:13,720
Speaker 6: owners being in compliance during the whole pandemic because me

1928
01:45:13,800 --> 01:45:17,559
Speaker 6: being the accounting accountant, I've seen so much, you know,

1929
01:45:17,640 --> 01:45:20,880
Speaker 6: just trying to help people qualify for all the eidls

1930
01:45:20,920 --> 01:45:24,160
Speaker 6: and PPPs. It was a situation where people just were

1931
01:45:24,320 --> 01:45:28,160
Speaker 6: not positioned and they were not set up correctly, so

1932
01:45:28,280 --> 01:45:31,840
Speaker 6: therefore they were not able to take advantage of certain things,

1933
01:45:31,880 --> 01:45:34,920
Speaker 6: which I e. Again is going to hold us back

1934
01:45:35,000 --> 01:45:38,920
Speaker 6: while other people are able to take advantage of these things.

1935
01:45:39,000 --> 01:45:41,800
Speaker 6: So that's what that whole thing is.

1936
01:45:43,000 --> 01:45:44,800
Speaker 2: Okay, great, thank you, thank you, thank you.

1937
01:45:45,080 --> 01:45:45,240
Speaker 5: Well.

1938
01:45:46,439 --> 01:45:51,519
Speaker 17: Now one more question about the es CORP. Now, So

1939
01:45:52,120 --> 01:45:56,040
Speaker 17: I would have to put myself on payroll if I,

1940
01:45:56,160 --> 01:46:00,080
Speaker 17: you know, like how you were talking about earlier, I

1941
01:46:00,080 --> 01:46:04,879
Speaker 17: would pay the fifteen percent on what the business profity.

1942
01:46:05,000 --> 01:46:08,600
Speaker 6: Right, No, the fifteen percent is going to only be

1943
01:46:08,680 --> 01:46:10,960
Speaker 6: on whatever you decide your salary is going to be.

1944
01:46:11,320 --> 01:46:13,320
Speaker 6: So if you, let's say, made one hundred thousand, but

1945
01:46:13,400 --> 01:46:15,280
Speaker 6: you say your salary is going to be thirty thousand,

1946
01:46:15,360 --> 01:46:17,719
Speaker 6: you would only be paying that fifteen point three percent

1947
01:46:18,000 --> 01:46:19,120
Speaker 6: on the thirty thousand.

1948
01:46:20,720 --> 01:46:25,200
Speaker 17: Okay, Okay, great, okay for that, clear up everything, thanks Milliam.

1949
01:46:25,240 --> 01:46:29,599
Speaker 2: All right, all right, likewise, man give it the good work, y'all.

1950
01:46:29,800 --> 01:46:35,479
Speaker 4: All right man, fifteen three percent, let's do it all right,

1951
01:46:35,560 --> 01:46:36,680
Speaker 4: Naikiza were coming to you?

1952
01:46:36,800 --> 01:46:39,120
Speaker 2: What's going on? I mute yourself. You've been muted.

1953
01:46:40,000 --> 01:46:42,439
Speaker 5: Good evening, good evening, good night everyone.

1954
01:46:44,520 --> 01:46:45,040
Speaker 2: How you doing?

1955
01:46:45,400 --> 01:46:46,120
Speaker 5: How you doing?

1956
01:46:46,680 --> 01:46:48,600
Speaker 20: I would like to say thank y'all for all the

1957
01:46:48,640 --> 01:46:50,200
Speaker 20: information you're giving miss business.

1958
01:46:50,240 --> 01:46:52,640
Speaker 6: You're killing it tonight. The problem. Thank you.

1959
01:46:54,760 --> 01:46:59,639
Speaker 20: I recently got anc I want to get a mixed

1960
01:46:59,680 --> 01:47:04,040
Speaker 20: dwell property, which will we have apartments on top and

1961
01:47:04,080 --> 01:47:06,720
Speaker 20: I want to get a cafe on the bottom. So

1962
01:47:06,800 --> 01:47:09,760
Speaker 20: when I open it up the LLC, I open up

1963
01:47:09,760 --> 01:47:12,759
Speaker 20: as a real estate because I don't have the cafe

1964
01:47:12,840 --> 01:47:13,719
Speaker 20: yet since I don't.

1965
01:47:13,520 --> 01:47:14,120
Speaker 2: Have the build it.

1966
01:47:14,880 --> 01:47:17,880
Speaker 20: So you just said, don't do the es Corp for

1967
01:47:18,000 --> 01:47:20,639
Speaker 20: the real estate part. Should I do the es Corp

1968
01:47:20,760 --> 01:47:22,639
Speaker 20: for the cafe once I get it?

1969
01:47:23,600 --> 01:47:28,200
Speaker 6: Yes? And those should be in two separate entities anyway, right,

1970
01:47:28,280 --> 01:47:32,440
Speaker 6: because you have to think about your cafe is transactional,

1971
01:47:32,479 --> 01:47:35,080
Speaker 6: so yes, that should be an escort. I'm considering that

1972
01:47:35,160 --> 01:47:38,400
Speaker 6: you know your profits are projected to be above that

1973
01:47:38,920 --> 01:47:42,840
Speaker 6: thirty five to forty thousand dollars mark. Now, if you

1974
01:47:42,920 --> 01:47:45,599
Speaker 6: have real estate, you have tenants, that's risky. They can slip,

1975
01:47:45,640 --> 01:47:48,880
Speaker 6: they can fall. So you may want to consider if

1976
01:47:48,920 --> 01:47:52,240
Speaker 6: that building is going to be in your name, maybe renting,

1977
01:47:52,360 --> 01:47:57,240
Speaker 6: maybe renting out the maybe creating a lease between you

1978
01:47:57,320 --> 01:48:01,680
Speaker 6: and the LLC and having your tenants rent from the LLC. Right,

1979
01:48:01,720 --> 01:48:04,120
Speaker 6: because now what that's doing is that's going to create

1980
01:48:04,160 --> 01:48:07,519
Speaker 6: a separation between your assets and your tenants if in

1981
01:48:07,560 --> 01:48:09,080
Speaker 6: the event something were to happen.

1982
01:48:09,720 --> 01:48:12,639
Speaker 20: Okay, I was going to ask, should I created another

1983
01:48:12,720 --> 01:48:16,200
Speaker 20: business to collect the rent? So the one business was

1984
01:48:16,439 --> 01:48:20,519
Speaker 20: to buy the property? And like like I guess somebody

1985
01:48:20,640 --> 01:48:24,080
Speaker 20: was saying, like a property management business to collect the rent,

1986
01:48:24,400 --> 01:48:26,200
Speaker 20: so all of that would be separate.

1987
01:48:29,080 --> 01:48:32,640
Speaker 6: I don't think that the first, your first property that

1988
01:48:32,760 --> 01:48:37,599
Speaker 6: structured in this way needs that, only because now you're

1989
01:48:37,640 --> 01:48:40,519
Speaker 6: still not protecting yourself against liability. It doesn't matter if

1990
01:48:40,520 --> 01:48:43,120
Speaker 6: a property management company, you know, it's like if a

1991
01:48:43,160 --> 01:48:46,640
Speaker 6: third party collected rent for you, you the least is

1992
01:48:46,720 --> 01:48:50,479
Speaker 6: still with you know, you and the tenant. So I

1993
01:48:50,520 --> 01:48:52,960
Speaker 6: think the better way is to as you know what

1994
01:48:53,040 --> 01:48:55,160
Speaker 6: I just explained, and you can have them pay the

1995
01:48:55,360 --> 01:48:58,839
Speaker 6: LLC and never pay us because they're rented from the LLC.

1996
01:48:58,840 --> 01:48:59,040
Speaker 2: Not you.

1997
01:48:59,520 --> 01:49:02,120
Speaker 6: Okay, thank you so much, and keep no problem.

1998
01:49:02,200 --> 01:49:03,839
Speaker 2: Y'all are doing is needed.

1999
01:49:04,439 --> 01:49:05,400
Speaker 20: It's very needed.

2000
01:49:05,520 --> 01:49:08,560
Speaker 6: Thank you, Thank you.

2001
01:49:09,040 --> 01:49:10,719
Speaker 2: We're gonna do one more.

2002
01:49:10,800 --> 01:49:11,240
Speaker 6: One more.

2003
01:49:11,280 --> 01:49:14,400
Speaker 2: Okay, that's it. That's it. We're just gonna do one more.

2004
01:49:14,439 --> 01:49:16,720
Speaker 2: Let's let's go to case Sue. We're coming to you.

2005
01:49:16,720 --> 01:49:18,599
Speaker 2: I mute yourself. You've been unmuted. What's going on?

2006
01:49:24,400 --> 01:49:24,559
Speaker 3: Oh?

2007
01:49:24,960 --> 01:49:27,120
Speaker 2: Oh word, today I've.

2008
01:49:26,960 --> 01:49:30,240
Speaker 6: Seen some people asking, am I taking clients for tax season?

2009
01:49:30,400 --> 01:49:34,360
Speaker 6: I am you. Guys can sign up, schedule your on boarding.

2010
01:49:34,680 --> 01:49:38,840
Speaker 6: Tax season has begun arrest already starting with me.

2011
01:49:40,760 --> 01:49:44,760
Speaker 2: So it's over all. We're gonna go to Jerry. Jerry.

2012
01:49:45,240 --> 01:49:47,720
Speaker 2: It's a middle part too. Jerry coming to you. I

2013
01:49:47,840 --> 01:49:51,640
Speaker 2: mute yourself. You've been unmuted. What's the deal? Hike any guys, Jeremy.

2014
01:49:51,600 --> 01:49:52,960
Speaker 6: Perfect, Hi Jerry?

2015
01:49:53,120 --> 01:49:57,439
Speaker 2: Well is this Jerry case Sue? This is Jerry? All right, Jerry?

2016
01:49:57,479 --> 01:49:57,840
Speaker 2: What's the deal?

2017
01:49:57,920 --> 01:49:58,360
Speaker 3: What's good?

2018
01:49:59,400 --> 01:50:01,680
Speaker 18: Thanks guys taking me up? So my question is there.

2019
01:50:02,360 --> 01:50:05,040
Speaker 18: So I've been a member for about a few months now.

2020
01:50:05,040 --> 01:50:07,400
Speaker 18: I'm Canadian. I'm trying to can so shout out to

2021
01:50:07,439 --> 01:50:11,599
Speaker 18: all their adians there. One of the things about starting

2022
01:50:11,600 --> 01:50:15,479
Speaker 18: the business is that it's always challenging to get information from,

2023
01:50:15,560 --> 01:50:18,200
Speaker 18: you know, people that you're trying to you know, mimic

2024
01:50:18,240 --> 01:50:21,400
Speaker 18: their business. So I guess my question is, how do

2025
01:50:21,520 --> 01:50:25,679
Speaker 18: you strategize, you know, getting information on you know from

2026
01:50:25,760 --> 01:50:27,840
Speaker 18: Like let's say I'm a nurse ber for example. So

2027
01:50:27,920 --> 01:50:30,080
Speaker 18: if I want to start like a nurse's staffing agency,

2028
01:50:30,840 --> 01:50:33,880
Speaker 18: but then I know of another company that's doing it,

2029
01:50:33,920 --> 01:50:35,719
Speaker 18: but I know they're not probably not going to share information,

2030
01:50:35,840 --> 01:50:39,400
Speaker 18: how do you build those partnerships or strategies in terms

2031
01:50:39,439 --> 01:50:42,760
Speaker 18: of getting information on how to you know, get up

2032
01:50:42,760 --> 01:50:45,479
Speaker 18: and running in terms of starting a business.

2033
01:50:46,120 --> 01:50:48,920
Speaker 6: So I think you should just find someone that is

2034
01:50:48,960 --> 01:50:51,960
Speaker 6: willing to give you the information. Like there's so many

2035
01:50:52,000 --> 01:50:55,400
Speaker 6: people that have learned from whatever industry it is, and

2036
01:50:55,560 --> 01:50:59,680
Speaker 6: they have courses or they have you know, consultations, or

2037
01:50:59,680 --> 01:51:03,240
Speaker 6: they have you know, something that can help you. I mean,

2038
01:51:03,280 --> 01:51:06,080
Speaker 6: you know, nine times out of ten, your your competitor

2039
01:51:06,320 --> 01:51:09,479
Speaker 6: isn't going to say, hey, come over here, like I'm

2040
01:51:09,479 --> 01:51:12,599
Speaker 6: gonna let you into you know, everything that I've built

2041
01:51:12,640 --> 01:51:15,599
Speaker 6: so hard, right, because building a business is hard work,

2042
01:51:15,680 --> 01:51:17,920
Speaker 6: and so most people are not just gonna say, hey, yeah,

2043
01:51:18,040 --> 01:51:21,840
Speaker 6: you know, here's all my secrets, here's everything, because again,

2044
01:51:21,880 --> 01:51:25,320
Speaker 6: that is valuable. So I mean you may want you

2045
01:51:25,400 --> 01:51:28,320
Speaker 6: also can approach them and let them know that you know,

2046
01:51:28,640 --> 01:51:33,120
Speaker 6: you will pay for whatever information. I don't know, come on, Torry, Rashad,

2047
01:51:33,200 --> 01:51:34,400
Speaker 6: you guys have anything for this.

2048
01:51:35,360 --> 01:51:39,080
Speaker 3: I feel like, I feel like it's extremely important to network,

2049
01:51:39,760 --> 01:51:43,400
Speaker 3: so you know, your network will determine your network. Is

2050
01:51:44,040 --> 01:51:47,760
Speaker 3: sounds sounds like a cliche saying, but it's actually true. Right,

2051
01:51:47,840 --> 01:51:51,200
Speaker 3: So if I was in a position, I would identify

2052
01:51:51,720 --> 01:51:54,760
Speaker 3: the people that have reached the level of success that

2053
01:51:54,840 --> 01:51:57,599
Speaker 3: you would that you want to achieve and find out

2054
01:51:57,640 --> 01:51:59,920
Speaker 3: how you can add value to them without even ask

2055
01:52:00,320 --> 01:52:03,000
Speaker 3: them for anything, Like you know, see how you can

2056
01:52:03,040 --> 01:52:06,040
Speaker 3: add value to them for free, whether it's through introducing

2057
01:52:06,040 --> 01:52:09,320
Speaker 3: them to somebody else or you know, you know, working

2058
01:52:09,400 --> 01:52:11,720
Speaker 3: with them or working for them or whatever. Like you know,

2059
01:52:11,720 --> 01:52:13,760
Speaker 3: I would try to figure out how I could add

2060
01:52:13,880 --> 01:52:17,839
Speaker 3: value to that particular person and then from their establish

2061
01:52:17,880 --> 01:52:20,800
Speaker 3: a relationship with that person, and then from establishing a

2062
01:52:20,800 --> 01:52:24,600
Speaker 3: relationship from that person, actually learning from that person. But

2063
01:52:25,200 --> 01:52:27,040
Speaker 3: I mean, that's that's how I would go about it.

2064
01:52:27,080 --> 01:52:29,439
Speaker 3: If there's not information online or if she said if

2065
01:52:29,439 --> 01:52:31,920
Speaker 3: there's not a course available, stuff like that, I would

2066
01:52:31,960 --> 01:52:34,040
Speaker 3: try to identify the people that I really want to

2067
01:52:34,280 --> 01:52:37,559
Speaker 3: learn from, see how I can be an asset to them,

2068
01:52:38,000 --> 01:52:41,240
Speaker 3: build a relationship with them, and then learn from them.

2069
01:52:41,320 --> 01:52:42,960
Speaker 4: Yeah, I'll just add to that, You're probably in the

2070
01:52:43,040 --> 01:52:44,880
Speaker 4: right space for that, right because there's over twelve thousand

2071
01:52:44,880 --> 01:52:47,120
Speaker 4: people in this community, and so I'm sure that there's

2072
01:52:47,120 --> 01:52:49,120
Speaker 4: somebody that is in that space right now that can

2073
01:52:49,120 --> 01:52:51,880
Speaker 4: help you as a peer and you could perhaps grow together.

2074
01:52:51,960 --> 01:52:54,679
Speaker 4: Right your next business partner could be listening to your

2075
01:52:54,680 --> 01:52:57,280
Speaker 4: plea right now. So I would put that in the

2076
01:52:57,280 --> 01:53:00,320
Speaker 4: Facebook group and then to see the response, especially we

2077
01:53:00,439 --> 01:53:03,559
Speaker 4: got a large audience in Toronto, so shout there by

2078
01:53:03,560 --> 01:53:05,400
Speaker 4: in Toronto. But there's somebody right now that can help

2079
01:53:05,400 --> 01:53:07,840
Speaker 4: you maybe here. So put that out there and see

2080
01:53:07,920 --> 01:53:08,760
Speaker 4: what the feedback is.

2081
01:53:08,760 --> 01:53:08,960
Speaker 2: Man.

2082
01:53:09,120 --> 01:53:12,160
Speaker 3: And in regard to the Canadian question, because I did

2083
01:53:12,240 --> 01:53:14,639
Speaker 3: see somebody on YouTube earlier that said that that, you know,

2084
01:53:14,760 --> 01:53:17,879
Speaker 3: there's not a lot of content that's related to Canada.

2085
01:53:18,200 --> 01:53:22,240
Speaker 3: The stocks is related to anything crypto and stocks, you

2086
01:53:22,240 --> 01:53:23,960
Speaker 3: can do anything. There's a lot of content with that.

2087
01:53:24,040 --> 01:53:28,040
Speaker 3: But I would say this, let's let's if there's enough

2088
01:53:28,080 --> 01:53:31,760
Speaker 3: Canadians in Eyo University. Let's let's create an infinity group

2089
01:53:31,840 --> 01:53:35,720
Speaker 3: inside of Eyo University for Canadians. Like I'm not sure

2090
01:53:35,760 --> 01:53:38,920
Speaker 3: if there's one that's already exist or not, but I

2091
01:53:39,080 --> 01:53:39,720
Speaker 3: thought it.

2092
01:53:39,800 --> 01:53:42,679
Speaker 2: So, you know, we just we just bought the idea.

2093
01:53:42,720 --> 01:53:43,439
Speaker 2: We had a UK one.

2094
01:53:43,479 --> 01:53:45,559
Speaker 3: Yeah, we have one in the UK. Shout out to Scarlett,

2095
01:53:45,680 --> 01:53:47,679
Speaker 3: she's ahead of that. Shout to all the UK earners.

2096
01:53:47,680 --> 01:53:50,519
Speaker 3: We have an infinity group for UK earnest. So I

2097
01:53:50,600 --> 01:53:53,559
Speaker 3: know that obviously, like the laws are different in Canada,

2098
01:53:53,720 --> 01:53:57,000
Speaker 3: attack structures different in Canada, real estate is different in Canada.

2099
01:53:57,439 --> 01:54:00,799
Speaker 3: So let's uh, you know, we're always looking to the situation.

2100
01:54:01,560 --> 01:54:06,280
Speaker 3: So let's figure out how we can add more value

2101
01:54:06,320 --> 01:54:10,439
Speaker 3: to the Canadian earnest. Create an affinity group, get different

2102
01:54:10,520 --> 01:54:14,719
Speaker 3: people that are doing business inside of Canada to actually,

2103
01:54:14,800 --> 01:54:18,280
Speaker 3: you know, come speak and talk about topics that are

2104
01:54:18,439 --> 01:54:20,560
Speaker 3: specific to Canada.

2105
01:54:21,240 --> 01:54:26,640
Speaker 4: And then when we come up there there you do it.

2106
01:54:26,680 --> 01:54:28,519
Speaker 3: So let's get on that. Let's get on that aside,

2107
01:54:28,560 --> 01:54:31,680
Speaker 3: I'll hit Janet and we can start working on that,

2108
01:54:31,760 --> 01:54:34,440
Speaker 3: you know, this week as far as building building more

2109
01:54:34,480 --> 01:54:39,240
Speaker 3: of a stronger content strategy for the Canadians.

2110
01:54:39,680 --> 01:54:41,120
Speaker 2: Uy International, Thanks.

2111
01:54:43,280 --> 01:54:45,560
Speaker 3: Yes, yes, no, Toronto, Canada. That's like one of my

2112
01:54:45,600 --> 01:54:46,720
Speaker 3: favorite cities in the world.

2113
01:54:46,800 --> 01:54:48,920
Speaker 2: So shout out to the Toronto family.

2114
01:54:49,120 --> 01:54:52,240
Speaker 3: As soon as they lift this COVID relasions, you know,

2115
01:54:52,360 --> 01:54:54,200
Speaker 3: I'm headed to Caravanners.

2116
01:54:55,080 --> 01:54:57,960
Speaker 4: Yeah, shout out to Kitty Caravan and everybody that pulled

2117
01:54:58,040 --> 01:54:59,440
Speaker 4: up to that back in the day.

2118
01:55:00,360 --> 01:55:03,560
Speaker 2: Change our lives forever. All I appreciate you. Jay, Yes,

2119
01:55:03,680 --> 01:55:04,440
Speaker 2: thanks all that stuff.

2120
01:55:04,440 --> 01:55:06,520
Speaker 3: A good night, all right. So this was a jam

2121
01:55:06,600 --> 01:55:11,680
Speaker 3: pack session, almost two hours of straight information. Miss Business

2122
01:55:11,760 --> 01:55:15,360
Speaker 3: once again hit her up if you need your taxes done,

2123
01:55:15,560 --> 01:55:19,120
Speaker 3: but even you know, outside of that, really create I

2124
01:55:19,120 --> 01:55:21,919
Speaker 3: want to just hammer this part home. She really created

2125
01:55:21,960 --> 01:55:28,600
Speaker 3: the Encyclopedia for Business. That workbook that she gave a

2126
01:55:28,840 --> 01:55:31,600
Speaker 3: view to that was actually amazing, Like it had hyperlinks

2127
01:55:31,640 --> 01:55:34,760
Speaker 3: into actually the IRS website to actually get your EI

2128
01:55:34,840 --> 01:55:38,000
Speaker 3: in number. It's like that is like a college booklet

2129
01:55:38,080 --> 01:55:40,360
Speaker 3: right there. And that's just the workbook that has nothing

2130
01:55:40,360 --> 01:55:43,520
Speaker 3: to do with the fifteen hours of actual content. So

2131
01:55:43,640 --> 01:55:46,840
Speaker 3: for five hundred dollars, like I said, if you are

2132
01:55:46,920 --> 01:55:50,320
Speaker 3: in business, that's an investment that you honestly cannot afford

2133
01:55:50,360 --> 01:55:54,200
Speaker 3: not to make. So the link is pinned. I highly

2134
01:55:54,240 --> 01:55:59,000
Speaker 3: strongly suggest that you know check it out MS Blueprinteyo

2135
01:55:59,120 --> 01:56:04,960
Speaker 3: dot com extremely extremely valuable information there and once again,

2136
01:56:05,000 --> 01:56:08,280
Speaker 3: anybody interested in joining Eyo University. We do this almost

2137
01:56:08,320 --> 01:56:10,920
Speaker 3: every day at this point, where we have classes and

2138
01:56:11,040 --> 01:56:14,040
Speaker 3: community and like I said, we're gonna have physical events.

2139
01:56:14,720 --> 01:56:18,720
Speaker 3: It's like NonStop. It never stops. So e Yo University

2140
01:56:18,760 --> 01:56:21,400
Speaker 3: dot com if you want to join and become an earner,

2141
01:56:23,000 --> 01:56:25,760
Speaker 3: I mean, I don't see why you wouldn't. It's uh

2142
01:56:26,200 --> 01:56:31,360
Speaker 3: the gift that keeps giving. And yeah, anything anything that

2143
01:56:31,400 --> 01:56:33,000
Speaker 3: you want to says MS Business.

2144
01:56:33,960 --> 01:56:36,879
Speaker 6: Thank you guys for having me again. I love my earners.

2145
01:56:37,360 --> 01:56:39,560
Speaker 6: I had a client today call me. He was like,

2146
01:56:39,760 --> 01:56:43,200
Speaker 6: so like triple A, I'm an earner, so do I

2147
01:56:43,240 --> 01:56:48,680
Speaker 6: get a discount? I'm like, do not play. But earners

2148
01:56:48,680 --> 01:56:53,680
Speaker 6: are treated very special in my office. I appreciate all

2149
01:56:53,680 --> 01:56:56,680
Speaker 6: of you guys for even showing up for yourself. As

2150
01:56:56,760 --> 01:57:02,280
Speaker 6: Rashad said, this course should be a lot more money. However,

2151
01:57:02,440 --> 01:57:05,920
Speaker 6: the goal right now, as I said, twenty twenty two

2152
01:57:06,040 --> 01:57:07,840
Speaker 6: is the year of the bosses. So for me, it's

2153
01:57:07,880 --> 01:57:11,760
Speaker 6: so important to have more of us doing good business

2154
01:57:11,800 --> 01:57:15,400
Speaker 6: and not having our business fail because we feel that,

2155
01:57:15,760 --> 01:57:18,440
Speaker 6: you know, we're not seeing or we don't have the

2156
01:57:18,480 --> 01:57:22,800
Speaker 6: solution or the resources or the understanding. And so every

2157
01:57:22,840 --> 01:57:27,440
Speaker 6: single person in that workbook has provided resources, has pretty

2158
01:57:27,480 --> 01:57:31,000
Speaker 6: much showed up with the blueprint, like every single topic,

2159
01:57:31,120 --> 01:57:34,040
Speaker 6: every person showed up. And that's what's important to me

2160
01:57:34,520 --> 01:57:38,240
Speaker 6: because it's cool to start an LLC, but it cannot

2161
01:57:38,240 --> 01:57:41,160
Speaker 6: stop thing. We're no longer just starting LLC's. We are

2162
01:57:41,240 --> 01:57:45,560
Speaker 6: starting profitable businesses, sustainable businesses, and we cannot do that

2163
01:57:45,600 --> 01:57:48,800
Speaker 6: without the knowledge. So again, thank you guys so much

2164
01:57:48,800 --> 01:57:49,360
Speaker 6: for having me.

2165
01:57:51,600 --> 01:57:54,800
Speaker 3: Janet let me know that the orientation will be on

2166
01:57:56,000 --> 01:57:59,440
Speaker 3: February fifth, fifth, So orientation. So, like I said, how

2167
01:57:59,480 --> 01:58:02,240
Speaker 3: we run university, we kind of took the whole blueprint

2168
01:58:02,320 --> 01:58:05,800
Speaker 3: up like a college, but took the good parts and

2169
01:58:05,880 --> 01:58:08,040
Speaker 3: left the bad parts. So you don't have to go

2170
01:58:08,120 --> 01:58:12,080
Speaker 3: to philosophy class, you don't have to go to you know,

2171
01:58:12,720 --> 01:58:15,720
Speaker 3: how to dissect the turtle. You just get the information

2172
01:58:15,800 --> 01:58:19,320
Speaker 3: that you need. Or like orientation, like Howard College University

2173
01:58:19,360 --> 01:58:21,560
Speaker 3: has orientation. We do that once a month for all

2174
01:58:21,560 --> 01:58:24,000
Speaker 3: the new earners that come in. Because the website has

2175
01:58:24,040 --> 01:58:26,879
Speaker 3: like over one hundred and fifty different like archived classes.

2176
01:58:26,920 --> 01:58:29,560
Speaker 3: All the classes are archive too, So we got that

2177
01:58:29,640 --> 01:58:33,400
Speaker 3: from like a college structure. The infinity groups very similar

2178
01:58:33,440 --> 01:58:35,400
Speaker 3: to like a college like you go, you have like

2179
01:58:35,440 --> 01:58:38,160
Speaker 3: the black student Union, you have all of that, Like

2180
01:58:38,400 --> 01:58:42,920
Speaker 3: that's how we got the infinity group situation. Of course,

2181
01:58:43,000 --> 01:58:46,560
Speaker 3: you know, we got the cap that's like the mascot,

2182
01:58:48,640 --> 01:58:51,600
Speaker 3: and you know, we have a hierarchy being a students.

2183
01:58:51,640 --> 01:58:54,680
Speaker 3: We have professors. Miss Business actually is a professor. So

2184
01:58:54,720 --> 01:58:59,800
Speaker 3: we have season tenured professors that teach on an ongoing basis.

2185
01:59:00,360 --> 01:59:04,600
Speaker 3: We have some professors that come in as one off.

2186
01:59:04,640 --> 01:59:07,800
Speaker 3: Those are like you know, guests that just come in

2187
01:59:07,960 --> 01:59:14,640
Speaker 3: for you know, presentations, and then yeah, we we have

2188
01:59:14,680 --> 01:59:19,240
Speaker 3: a movie club, book club, very similar. The problem with

2189
01:59:19,440 --> 01:59:23,160
Speaker 3: is not the educational It's not necessarily the structure of

2190
01:59:23,360 --> 01:59:26,640
Speaker 3: education that's the problem. It's what they're teaching that's the problem.

2191
01:59:26,720 --> 01:59:28,600
Speaker 3: Because there are a lot of good things in the

2192
01:59:28,720 --> 01:59:31,560
Speaker 3: educational structure, Like you can learn a lot from the

2193
01:59:31,640 --> 01:59:35,120
Speaker 3: educational structure. It's the information that they're teaching and the

2194
01:59:35,160 --> 01:59:38,000
Speaker 3: price that you're paying that's usually the problem. So we,

2195
01:59:38,200 --> 01:59:40,200
Speaker 3: like I said, we took the good parts. We didn't

2196
01:59:40,280 --> 01:59:42,480
Speaker 3: just come up with this overnight. We actually like really

2197
01:59:42,480 --> 01:59:45,879
Speaker 3: studied this. It's like a whole thought process behind Eyo University.

2198
01:59:46,160 --> 01:59:49,240
Speaker 3: So we literally took like the good parts of college

2199
01:59:49,240 --> 01:59:53,480
Speaker 3: and higher learning and adapted it to the new age

2200
01:59:53,560 --> 01:59:57,600
Speaker 3: way of learning online virtual at a fraction of the course,

2201
01:59:58,200 --> 02:00:04,320
Speaker 3: which is like the perfect blend of a new higher education.

2202
02:00:04,800 --> 02:00:08,480
Speaker 4: We also added one of our tenured professors, credit Dude,

2203
02:00:08,480 --> 02:00:10,960
Speaker 4: who was doing once a quarter, is now going to

2204
02:00:11,000 --> 02:00:13,160
Speaker 4: be here every month by popular demand. He's dropped so

2205
02:00:13,200 --> 02:00:15,720
Speaker 4: much information and just such a positive dude that he

2206
02:00:15,800 --> 02:00:18,360
Speaker 4: decided to, Look, I love the earners, I love the community.

2207
02:00:18,440 --> 02:00:20,120
Speaker 2: I gotta come back more often. So he's gonna be

2208
02:00:20,160 --> 02:00:20,880
Speaker 2: once a month as well.

2209
02:00:20,920 --> 02:00:24,760
Speaker 4: So it's I mean, your favorite guests now becoming your professors.

2210
02:00:24,760 --> 02:00:25,840
Speaker 2: It's like, what else is happening.

2211
02:00:25,920 --> 02:00:27,760
Speaker 3: This is the first time I've actually said this publicly.

2212
02:00:27,800 --> 02:00:29,960
Speaker 3: But maybe we can do a podcast about because it's

2213
02:00:30,000 --> 02:00:33,440
Speaker 3: actually a business structure behind the Eyo University and it's

2214
02:00:33,480 --> 02:00:38,160
Speaker 3: a lot that goes into that, and yeah, maybe we

2215
02:00:38,200 --> 02:00:39,960
Speaker 3: could do a podcast to break that down. But even

2216
02:00:39,960 --> 02:00:41,760
Speaker 3: like different stuff that we have planned, like we have

2217
02:00:41,840 --> 02:00:44,480
Speaker 3: like sports events playing for this this year, like we

2218
02:00:44,480 --> 02:00:46,320
Speaker 3: probably end up doing like a cookout stuff like that,

2219
02:00:46,360 --> 02:00:48,960
Speaker 3: like you need the school spirit. School spirit is extremely

2220
02:00:49,000 --> 02:00:52,360
Speaker 3: important to any university if you really think about it,

2221
02:00:52,160 --> 02:00:54,920
Speaker 3: that's it's a whole psychological play with these universities. So

2222
02:00:54,920 --> 02:00:57,840
Speaker 3: school spirit is something that's extremely important. It's important to

2223
02:00:57,920 --> 02:01:00,880
Speaker 3: have high morale and high school spirit. So this is

2224
02:01:00,880 --> 02:01:03,160
Speaker 3: why we're going to start doing live events. This is

2225
02:01:03,200 --> 02:01:07,760
Speaker 3: why you know we have colors blue and white. Every

2226
02:01:07,880 --> 02:01:13,360
Speaker 3: university has a color scheme to the universities. Homecomings. Homecomings

2227
02:01:13,520 --> 02:01:19,920
Speaker 3: extremely important. Homecomings is extremely important to universities. But the

2228
02:01:20,000 --> 02:01:23,320
Speaker 3: last thing I say about this is that a university

2229
02:01:23,360 --> 02:01:27,520
Speaker 3: is only as good as it's alumni, it's students, student body.

2230
02:01:28,000 --> 02:01:30,480
Speaker 3: If you really think about it, Harvard doesn't really have

2231
02:01:30,560 --> 02:01:36,840
Speaker 3: to market Harvard. Their students and their students' achievements make

2232
02:01:36,920 --> 02:01:40,760
Speaker 3: Harvard Harvard. Whether it's Howard University, whether it's Yale, whether

2233
02:01:40,800 --> 02:01:43,240
Speaker 3: it's Duke, whether it's Columbia. So the same thing with

2234
02:01:43,280 --> 02:01:47,480
Speaker 3: Eyo University. It's up to you guys to really implement

2235
02:01:47,560 --> 02:01:52,360
Speaker 3: this information and then your success is ultimately our success

2236
02:01:52,640 --> 02:01:58,040
Speaker 3: because we're only as good as students. So it's very

2237
02:01:58,080 --> 02:02:01,400
Speaker 3: extremely important that the information acts it get supplied and

2238
02:02:01,520 --> 02:02:04,360
Speaker 3: you guys make money. So it's in our it's actually

2239
02:02:04,400 --> 02:02:07,360
Speaker 3: in our best interest to help you guys make money

2240
02:02:07,400 --> 02:02:14,120
Speaker 3: because as you become successful, now the institution becomes more

2241
02:02:14,160 --> 02:02:19,080
Speaker 3: and more prestigious because we will have the next Jeff Bezos,

2242
02:02:19,160 --> 02:02:24,200
Speaker 3: the next Elon Muss, the next whoever come out of

2243
02:02:24,480 --> 02:02:25,800
Speaker 3: e y L University.

2244
02:02:25,840 --> 02:02:27,360
Speaker 4: Don't don't worry, man, you don't got to get the

2245
02:02:27,360 --> 02:02:30,080
Speaker 4: one hundred and twenty credits. Just get the credit score

2246
02:02:30,320 --> 02:02:32,880
Speaker 4: and get the businesses up and running and make that money.

2247
02:02:33,040 --> 02:02:35,400
Speaker 2: So and we was very even the logo.

2248
02:02:35,400 --> 02:02:38,000
Speaker 3: If you look at the logo, it's very Ivy leaguash

2249
02:02:38,280 --> 02:02:43,000
Speaker 3: with the with the shield and the branch. So you know,

2250
02:02:44,280 --> 02:02:47,320
Speaker 3: the there's a lot of thought process that went into

2251
02:02:47,320 --> 02:02:52,440
Speaker 3: the Eyo University. So yes, just wanted to put that

2252
02:02:52,480 --> 02:02:58,040
Speaker 3: out there. Yes, all right, ten o'clock on eas. The

2253
02:02:58,040 --> 02:03:02,160
Speaker 3: state of time uhlks has been real again. We said

2254
02:03:02,160 --> 02:03:04,520
Speaker 3: it on Monday, but again obviously today is the twenty

2255
02:03:04,560 --> 02:03:09,560
Speaker 3: sixth of January twenty twenty two, and so we remember

2256
02:03:09,600 --> 02:03:11,880
Speaker 3: in Kobe Bryant and all the lives loss and the

2257
02:03:11,880 --> 02:03:14,240
Speaker 3: tragedy that happened two years ago today.

2258
02:03:14,520 --> 02:03:16,040
Speaker 2: So rest in peace to him and his family and

2259
02:03:16,040 --> 02:03:17,760
Speaker 2: all the families that were a.

2260
02:03:17,720 --> 02:03:21,560
Speaker 4: Part of that tragedy. And that's some birthday. Happy birthday

2261
02:03:21,600 --> 02:03:22,080
Speaker 4: to Kira.

2262
02:03:22,120 --> 02:03:24,800
Speaker 2: Shout out to George's daughter just turned nineteen, which was crazy.

2263
02:03:24,840 --> 02:03:26,920
Speaker 4: He was there when she was born. And shout out

2264
02:03:26,960 --> 02:03:29,680
Speaker 4: to Saiz my god daughter. Spence was good. She'll be

2265
02:03:29,760 --> 02:03:32,120
Speaker 4: nineteen on the twenty eighth. And today's I need a

2266
02:03:32,120 --> 02:03:34,840
Speaker 4: Baker's birthday. I don't know why to put an album up.

2267
02:03:35,520 --> 02:03:39,160
Speaker 4: I should have had cut like I Needa Bakers. Shout

2268
02:03:39,160 --> 02:03:43,280
Speaker 4: out to y'all be safe, love each other.

2269
02:03:43,200 --> 02:03:47,080
Speaker 3: And we we're back tomorrow with Ransom Jim's podcast Don't

2270
02:03:47,120 --> 02:03:48,600
Speaker 3: Stop NonStop content.

2271
02:03:48,640 --> 02:03:51,840
Speaker 2: We shot four episodes around the clock, working all day.

2272
02:03:51,760 --> 02:03:55,520
Speaker 3: Keep going, keep going. So that is the key to business.

2273
02:03:55,840 --> 02:03:59,080
Speaker 3: You got to keep going, never stop, never, never stop,

2274
02:03:59,120 --> 02:04:01,280
Speaker 3: because as soon as you start, somebody else is working

2275
02:04:01,680 --> 02:04:02,760
Speaker 3: and they're gonna catch you.

2276
02:04:02,800 --> 02:04:04,440
Speaker 2: So they ain't gonna work. I'll work us.

2277
02:04:04,440 --> 02:04:06,440
Speaker 3: We've been we've been in the studio all day.

2278
02:04:06,440 --> 02:04:08,240
Speaker 2: Eleven o'clock. We've been saying this is eleven night.

2279
02:04:08,320 --> 02:04:10,360
Speaker 3: We like recording artists. We don't leave the studio. We

2280
02:04:10,480 --> 02:04:13,240
Speaker 3: just stay in the studio and just record content. Very

2281
02:04:13,240 --> 02:04:18,920
Speaker 3: similar to a musical artists. So work work, work, work, work.

2282
02:04:19,080 --> 02:04:22,680
Speaker 3: Nothing beats work, Nothing beats work. Mamba mentality, rest in

2283
02:04:22,720 --> 02:04:23,360
Speaker 3: peace to Kobe.

2284
02:04:23,440 --> 02:04:25,760
Speaker 2: That's what will end on Mama mentality. Miss business. Love

2285
02:04:25,840 --> 02:04:29,480
Speaker 2: is love, right, good night, guys. Alight, y'all, y'all be.

2286
02:04:29,440 --> 02:04:34,240
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2287
02:04:34,320 --> 02:04:40,240
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