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Speaker 2: Yeah, we was muted to what's up laughing New York YLO.
Speaker 3: What's popping YouTube? What's going on?
Speaker 2: It's not the team?
Speaker 3: Yes, yes, yes, yes, dreams.
Speaker 2: Are big and my team's rich.
Speaker 3: I hope everyone is uh making money very important. This
Speaker 3: is gonna be fun. Something that is extremely beneficial and needed.
Speaker 3: It's needed as far as you know, starting a business
Speaker 3: something that we are huge advocates of financial literacy entrepreneurship
Speaker 3: in business. So this is right up the alley one
Speaker 3: of the most important episodes that we probably ever have.
Speaker 4: Yeah, no pressure, we know a thing or two about
Speaker 4: starting a business. It's starting multiple businesses. I'll watched the journey.
Speaker 4: Now we're gonna get some details.
Speaker 3: Yeah, shout out to everybody that checked out the episode
Speaker 3: yesterday with Miss Diddy, Super Super Dope. Shout out to
Speaker 3: everybody that was on Market Mondays the other day Super
Speaker 3: Super Dope. We got a lot and this is just
Speaker 3: a tip of the iceberg week. We have a lot
Speaker 3: planned for this year. It's going to be jam packed
Speaker 3: with NonStop content. We got events that we're gonna be
Speaker 3: talking about. We got new partnerships. We're gonna have new
Speaker 3: shows the Eyo now Work, so new content for Eyo University.
Speaker 3: So this is just the beginning.
Speaker 2: Yeah, we go. I mean twenty twenty two is it.
Speaker 2: We wasn't playing man.
Speaker 4: We got the game plan already mapped out for the
Speaker 4: whole year, so now it's just about releasing them strategically.
Speaker 4: So I hope everybody is in tuning and chat what
Speaker 4: was about to happen for those who've been here on
Speaker 4: the entire journey from like November twenty nineteen. So now
Speaker 4: we appreciate your whole heartedly. We said shall was grandfather
Speaker 4: ya was? So hopefully you've taken advantage of the information.
Speaker 4: You've applied a lot of it, you've executed on some
Speaker 4: of it, and most importantly, you spread some of the
Speaker 4: knowledge that you've learned. That's the most important thing, right.
Speaker 4: There's no penalty for spreading information unless it's not valuable,
Speaker 4: and that's not even a loud here. So anything that's
Speaker 4: coming from us will be valuable and will be beneficial
Speaker 4: for you, not only you, but everybody year around. So
Speaker 4: tell a friend, to tell a friend. That's the requirement.
Speaker 3: Shout out to MG, the mortgage guy on a super chat.
Speaker 2: So yeah already MG, what up?
Speaker 5: Bro?
Speaker 3: Yeah, he gave a super chat. So we'll get into
Speaker 3: it as we wait for miss Business to come in.
Speaker 3: So as waiting for her, I'll just kind of go
Speaker 3: over what we're going to be talking about today. So
Speaker 3: today's topic is how to start and run a business.
Speaker 3: This is a follow up from the episode that we
Speaker 3: put in put out a few weeks ago where you know,
Speaker 3: it got a really a lot of positive reviews, a
Speaker 3: lot of people you know were interested in it. So
Speaker 3: you know, during that episode A you should definitely watch
Speaker 3: that episode with Miss Business. She talked about you know, LLC,
Speaker 3: she talked about business formation, EI in numbers, different things
Speaker 3: of that nature. So and she also dropped her actual
Speaker 3: business blueprint course that she has on that episode as well.
Speaker 3: So we are doing a follow up because notice a
Speaker 3: lot of people have questions, so this is a perfect
Speaker 3: opportunity to kind of talk about some things that maybe
Speaker 3: we're not talked about during the episode, or maybe just
Speaker 3: go a little bit deeper, and also to answer live questions.
Speaker 3: That's probably the best part of the whole situation's question answer.
Speaker 3: So what we do with this for anybody that's not familiar,
Speaker 3: is Eyo University biggest online platform for education out there.
Speaker 3: So we've created an online institution where we actually have
Speaker 3: weekly classes every Wednesday at eight o'clock and the last
Speaker 3: Wednesday of the month, we have what's called open enrollment
Speaker 3: where the class is actually open to the public. So
Speaker 3: this is an actual window into eyl University for anybody.
Speaker 3: That's why it's on YouTube and it's also on our
Speaker 3: podcast outlets as well. So this is the opportunity to
Speaker 3: actually see what we have going on, what we do
Speaker 3: on an ongoing basis at eyl University, and if you're
Speaker 3: interested in joining, then you know, the doors are open
Speaker 3: for you to join. So part of eyl University is
Speaker 3: that we have the weekly classes every Wednesday, which is
Speaker 3: a different topic every single week. We do about real estate,
Speaker 3: talk about credit, and talk about business formation, we talk
Speaker 3: about trust wills, all kinds of different stuff and it's interactive.
Speaker 3: A lot of people ask like, what's the difference between
Speaker 3: that and the podcast where it's like the podcast you
Speaker 3: listen to the content, Eyo University is something that you actually,
Speaker 3: you know, interact with, you know people that's presenting, so
Speaker 3: you get to ask questions on zooms in the zoom chat.
Speaker 3: It's a more interactive feel, but even deeper than that,
Speaker 3: there's a lot of other stuff. Almost every single day
Speaker 3: that's something so shout out to Lawrence. He's taking over
Speaker 3: our investment wing. So he does a twelve o'clock class
Speaker 3: on Monday which he actually goes over trading, goes over
Speaker 3: the stock market technical. Now it's it's like live trading.
Speaker 3: It's a live trading class if you're interested in the
Speaker 3: options trading, stock trading, day trading, and stuff like that.
Speaker 3: That's every Monday at twelve o'clock and then every Wednesday
Speaker 3: at six o'clock. He actually does an entry to stock
Speaker 3: class where he actually talks about like opening a brokerage
Speaker 3: account like stock market one oh one, very basic information
Speaker 3: for people that's like just trying to get on board.
Speaker 3: We also have MG the mortgage guy. He does biweekly
Speaker 3: real estate calls. Troy does the book club and the
Speaker 3: movie club. I have financial planning calls. And then we
Speaker 3: actually have infinity groups inside of Eyo University as well,
Speaker 3: like over twenty different infinity groups. You have a Crypto club,
Speaker 3: you have real estate club, and these are people that's
Speaker 3: actually in eyl University and they actually formed clubs. So
Speaker 3: now it's like, you know, you might have thirty people
Speaker 3: in a crypto club meeting, you might have twenty five
Speaker 3: people in a real estate meeting. So it's a dope
Speaker 3: way to kind of network and build with each other.
Speaker 3: So it's a huge I mean I can go on
Speaker 3: for hours about that. But Eyo University is an interactive
Speaker 3: experience where you actually get to learn in real time
Speaker 3: and actually build a community. That's the best part about it.
Speaker 3: It's actually a community of people that network and build
Speaker 3: with each other. We're gonna be doing live events this year.
Speaker 3: It's discounts to all events, so if you're interested, it's
Speaker 3: fifty percent off the annual membership. I'll put it in
Speaker 3: here at eyouniversity dot com. I'll pin it in YouTube.
Speaker 3: So yeah, this is a way to actually see what
Speaker 3: we have going on. But Miss Business, you are here.
Speaker 3: What's going on? How are you? You're muted right now?
Speaker 6: I am here. Tried to take me out, I'm here.
Speaker 3: Okay, yeah you didn't have that.
Speaker 2: Shout out to the zoom god. So yes, Miss Business.
Speaker 3: Obviously everybody knows Miss Business needs no introduction. She was
Speaker 3: the very first alumni that we've ever had on the
Speaker 3: podcast Brilliant CPA. We've been working with her for a
Speaker 3: couple of years. She also sets up LLCs for people, business, Formation, bookkeeping,
Speaker 3: the whole nine.
Speaker 4: So the inormal class of professors at eyl University as well.
Speaker 4: So shout out to you.
Speaker 3: Yeah, yeah, for sure. So we'll talk about you know,
Speaker 3: all of the other stuff that you have going on.
Speaker 3: But I know, you know, this class is kind of
Speaker 3: a follow up from the episode, So yeah, let's get
Speaker 3: into it.
Speaker 6: Yes, let's get into it. Because I have gotten so
Speaker 6: much great feedback about that episode. People were like, oh
Speaker 6: my god, you gave me so much inspiration. I was
Speaker 6: able to start my business. Everybody needed the virtual address link.
Speaker 7: It was like, it's crazy, it's.
Speaker 6: So crazy, Like I love I love that. You know,
Speaker 6: people aren't only like listening, but they're actually taking action
Speaker 6: and so that's the best part to me because they
Speaker 6: are definitely on it. All right, let me present, I'm
Speaker 6: gonna share my screen.
Speaker 3: What was some of the questions that you got from
Speaker 3: after the episode?
Speaker 6: Oh my god, everybody wanted to know how to change
Speaker 6: their business address. Everybody wanted to know that. So everyone
Speaker 6: wanted to know that more so thought provoking about just
Speaker 6: how to start a business. I think that's just the
Speaker 6: overall phone lines in my office have been kind of
Speaker 6: going crazy because people are like, I want to start
Speaker 6: a business. I want to start my business correctly. I
Speaker 6: don't know, you know, if it should be an LLC,
Speaker 6: if it should be an escorp. I want to do
Speaker 6: this right. And so I think the overall tone of
Speaker 6: it is that people are ready to just do good
Speaker 6: business and to legitimately start their business. So that that
Speaker 6: makes me happy and that should make you all happy.
Speaker 2: Yeah, that's extreme executing. Yeah, that's extremely encouraging.
Speaker 4: Right, not only do they want to start the business,
Speaker 4: but they know that some of the pitfalls that come
Speaker 4: with the formation of it and not doing it correctly
Speaker 4: and how far back that can set you. So to
Speaker 4: know that that's what people are asking is super encouraging.
Speaker 2: That's dope.
Speaker 6: Yes, yes, they are on it job that.
Speaker 4: The earners man, y'all love Yeah, different, that's special. We
Speaker 4: love y'all for really.
Speaker 6: All right, let's get into this, okay, So we're going
Speaker 6: to talk about how to start and run a business
Speaker 6: because a lot of times, you know, most times you
Speaker 6: may have hobbies that turn into business. Is you may
Speaker 6: just have a passion, or you may just be really
Speaker 6: good at you know something that you may say, you
Speaker 6: know what, you may have a skill, you may have
Speaker 6: something that you're like, listen, I really want to turn
Speaker 6: this into a business, or you may have already had
Speaker 6: you may already have a business that you're like, you
Speaker 6: know what, listen, I really want to, you know, start
Speaker 6: this and again a lot. I just started my business
Speaker 6: four years ago, so it hasn't been that long since
Speaker 6: I started my business. And when I really thought about
Speaker 6: what I wanted to talk about today as it related
Speaker 6: to starting and running a business, I wanted to talk
Speaker 6: about how to position yourself to start, positioning yourself to sell,
Speaker 6: and positioning yourself for funding, right, because those are the
Speaker 6: most well like the most important, well the top questions
Speaker 6: that I get all the time, like after I start, like, okay, now,
Speaker 6: how do I sell my product? How do I get
Speaker 6: people to care about it? And how do I get
Speaker 6: funding right, either even if it's in the beginning or
Speaker 6: it could be during your business, right, because most of
Speaker 6: us are thinking about the funding in the beginning of
Speaker 6: the business to just start it. But as you start
Speaker 6: your business, you're also going to have to consider and
Speaker 6: think about funding as well. A brief introduction to me
Speaker 6: and my business and what I do. For those of
Speaker 6: you who don't know me. My name is Shapana. I
Speaker 6: go buy this business across all platforms. I am a
Speaker 6: certified public accountant. Four years ago I started Brooks Alliance
Speaker 6: and now I have thirteen. Actually just hire somebody. Today
Speaker 6: I have fourteen employees, and so for those of you
Speaker 6: who need motivation, there's your motivation. Four years ago, it
Speaker 6: was just me. I was in corporated, trying to figure
Speaker 6: out what I was going to do, and I decided
Speaker 6: that I was going to take a chance on myself
Speaker 6: and bet on myself, and so I started my tax
Speaker 6: and accounting company, Brooks Alliance. And in regards to services
Speaker 6: that we provide, we provide personal tax preparation, business tax preparations,
Speaker 6: business formation, book keeping, tax planning, payroll. If you see
Speaker 6: the ADP, I have a relationship with ADP, so we
Speaker 6: do all of our payroll processing through them. It is
Speaker 6: so important, you know, to figure out what that business
Speaker 6: is going to be to serve, and that's what I do.
Speaker 6: So just wanted to give you guys a brief introduction
Speaker 6: to give you give you guys a little bit more
Speaker 6: about me. For those of you who don't know me,
Speaker 6: I started my career big four accounting firm. I stayed
Speaker 6: there for six and a half years, really mastered my craft,
Speaker 6: really made a lot of connections, a lot of relationships
Speaker 6: before deciding to start my business. When I did this,
Speaker 6: When I did decide to start my business, I was
Speaker 6: still at work and I was trying to figure it out,
Speaker 6: and I wanted to serve entrepreneurs, real estate investors, all
Speaker 6: of the entrepreneurs that today, you know, we're always like,
Speaker 6: you know, I want to get money. I want to
Speaker 6: get money, and so I just want to bring taxes
Speaker 6: and make it a part of the conversation. So that's
Speaker 6: a little bit about me now, jumping right into it.
Speaker 6: Let's just talk about positioning to start right. So when
Speaker 6: you're starting, you really have to think about, Okay, so
Speaker 6: what is a business?
Speaker 8: Right?
Speaker 6: So business is the practice of making ones living by
Speaker 6: engaging in commerce. So businesses range from so for prietorships
Speaker 6: to international corporations and can range in size from small
Speaker 6: to large. Now that is important because you have to
Speaker 6: think about where do you want to be? Where are
Speaker 6: you currently? Are you you know, at a job right now?
Speaker 6: Did you just start a business, did you just quit
Speaker 6: your job? But where do you want to be? Where
Speaker 6: you want to be is very important because if you're thinking, Okay,
Speaker 6: I want to just be a sop for prietorship, you know,
Speaker 6: I don't I don't want to bring on you know,
Speaker 6: any employees. I just want to do it by myself.
Speaker 6: Some people are like, listen, I want to have a
Speaker 6: side hobby, but you know, I want to know how
Speaker 6: to operate it properly. Some people are like, Okay, I
Speaker 6: want to have a business, but how big of a business?
Speaker 5: Right?
Speaker 6: What goes into it? What are things that you need
Speaker 6: to do? If you're thinking about being a big international corporation,
Speaker 6: you may need to consider, you know, positioning yourself to
Speaker 6: be purchased, to have investors investing you, to go public,
Speaker 6: things like that. So you have to think about where
Speaker 6: you are in your business now before we really get
Speaker 6: into it. I want us to think about and envision
Speaker 6: your future and the reason why. I always encourage everyone
Speaker 6: who's thinking about a business or getting into a business,
Speaker 6: because you need to establish your why. Establishing your why
Speaker 6: makes that journey of entrepreneurship, which is not an easy journey,
Speaker 6: it makes it so much easier when you have your
Speaker 6: why defined. So you have to define your why envision
Speaker 6: your future. So what does that dream look like? What
Speaker 6: kind of car do you want to drive, what kind
Speaker 6: of house do you you want to live in? Who
Speaker 6: do you want to be surrounded by? How much money
Speaker 6: do you want to have? What is what do you
Speaker 6: want to feel like? What do you want your health
Speaker 6: to be?
Speaker 5: Like?
Speaker 6: What do you want your reach to be? All of
Speaker 6: these things you have to like sit and just close
Speaker 6: your eyes and just think about it. That's what I
Speaker 6: did when I first started my company. Close my eyes
Speaker 6: and I thought about it and I said, you know what,
Speaker 6: what life do I want to live? Who do I
Speaker 6: want to be surrounded by? And when you become clear
Speaker 6: on what you want, it makes it so much easier
Speaker 6: to go after exactly what it is that you want,
Speaker 6: And so you cannot be afraid. And so many people
Speaker 6: are afraid to say what it is that they want.
Speaker 6: You have to you have to define it. What do
Speaker 6: you want to drive? Be very clear? How like what's
Speaker 6: your happiest moment? When are you your happiest self? So
Speaker 6: you have to think about that because entrepreneurship is hard
Speaker 6: and you are going to need a why like why
Speaker 6: are you doing this? So you have to think about
Speaker 6: you have to think about that. The next thing that
Speaker 6: you have to think about as you decide to start
Speaker 6: your business is what are your money goals? Right? How
Speaker 6: are you going to really break that down from you
Speaker 6: know and I use example here for one hundred thousand dollars,
Speaker 6: but if your goal was a million dollars, if your
Speaker 6: goal is ten thousand dollars additional a year, fifty thousand
Speaker 6: dollars additional year, whatever it is, you have to break
Speaker 6: that down, Okay, And so I gave two examples because
Speaker 6: I know a lot of times we always see for
Speaker 6: shock value people will you know, kind of put put
Speaker 6: out there. You know, to make a hundred k, you
Speaker 6: have three hundred and sixty five days, but realistically, like no,
Speaker 6: I mean some people, I mean you just have to
Speaker 6: get it done and work every single day, but you
Speaker 6: may not want to work every single day. So I
Speaker 6: broke that one hundred k down into two hundred and
Speaker 6: fifty days, which kind of excludes the weekends as well
Speaker 6: as holidays. So just taking a look at the top right,
Speaker 6: just breaking your money goals down, and why it's so
Speaker 6: important to break your money goes down again, It gives
Speaker 6: you direction. You know where you're going. So whatever amount
Speaker 6: of money you want to make, whether it is to
Speaker 6: replace your job or to bring an additional income or
Speaker 6: to create this you know the life that you want.
Speaker 6: Whatever it is, you have to be clear on it.
Speaker 6: So if it is one hundred k, three hundred and
Speaker 6: sixty five days, you break that down into months, and
Speaker 6: then you break it down into weeks, and you break
Speaker 6: it down into days. Now, keep in mind, I know
Speaker 6: most people when you all are doing the calculation, most
Speaker 6: people would try to take Some people hit me up like, oh,
Speaker 6: your calculation is wrong. So it's not wrong. When you
Speaker 6: guys are doing this, you have to take into consideration.
Speaker 6: If you have three hundred and sixty five days in
Speaker 6: a year and you break that down right into twelve months,
Speaker 6: you have to consider that not every month just has
Speaker 6: four just has four weeks, right, So if you technically
Speaker 6: took twelve months and then died it by four, then
Speaker 6: technically you would only get forty eight weeks right in
Speaker 6: a year, and there's fifty two right. So that is
Speaker 6: why you can't just keep dividing it. So you just
Speaker 6: have to consider how many weeks there are in a year.
Speaker 6: So you have let's say, if we have this hundred k,
Speaker 6: you have eighty three hundred and thirty three dollars a
Speaker 6: month you would have to make. So when people say, oh,
Speaker 6: I want to make one hundred k, it's like, are
Speaker 6: you positioned or are you in the are you in
Speaker 6: a place with your business to say that you want to,
Speaker 6: I mean that you can make eighty three hundred and
Speaker 6: thirty three dollars a month. If not, that means that
Speaker 6: you are not positioning yourself to make one hundred K.
Speaker 6: So now you have to start becoming creative to say, okay, well,
Speaker 6: how am I going to make eight thousand, three hundred
Speaker 6: and thirty three dollars in a month? What do I
Speaker 6: have to sell? How many people do I have to
Speaker 6: talk to? How many contracts do I have to close?
Speaker 6: What do I really need to do in order to
Speaker 6: get to this this number? And so again, being intentional
Speaker 6: about what it is that you want is going to
Speaker 6: make the difference when you are when you are starting
Speaker 6: a business, or you're doing anything in life. Now, what
Speaker 6: I did below with the one hundred k, the two
Speaker 6: hundred and fifty days, I pretty much broke that down
Speaker 6: into just dividing it by twelve. This formula works by
Speaker 6: keep dividing it because I excluded all the additional days,
Speaker 6: So it works out. However, again, if you wanted to say, Okay,
Speaker 6: I want to make one hundred K, but I want
Speaker 6: to take weekends off and I want to take all
Speaker 6: the all those US holidays off. Then that means that
Speaker 6: you are only I mean that means that you have
Speaker 6: to make twelve thousand dollars a month versus only the
Speaker 6: eight three hundred and thirty three dollars. So you have
Speaker 6: to think about that. So some people may look at
Speaker 6: that and say, Nope, well for one year, I have
Speaker 6: to go harder because you know what, I can't. I
Speaker 6: didn't budget or it's not in my bandwidth to do
Speaker 6: twelve thousand. Right, even though that's a limitation and we
Speaker 6: don't do those, you figure it out. I always tell
Speaker 6: people you, if it's the money problem, you have to
Speaker 6: figure out and be creative on how to make more money.
Speaker 6: Never for it to be a situation for you to
Speaker 6: sit back and say, oh, I don't have it right,
Speaker 6: that's a limitation, and there's so many ways to get
Speaker 6: money in this world. So never that you can't do it.
Speaker 6: Just you have to be creative and figure out how
Speaker 6: you are going to do it. Now, to extend the
Speaker 6: conversation from the episode that I did last week, well,
Speaker 6: I wanted to get into entities because a lot of
Speaker 6: times people are not clear on what type of entities
Speaker 6: they are forming, and why they are forming them, and
Speaker 6: what it needs. So I want to quickly break it
Speaker 6: down and just go through. Okay, if you know every
Speaker 6: single entity it means from a tax perspective, and I'll
Speaker 6: also break down as corpse visually because I know that
Speaker 6: it helps people really grasp the idea on what exactly
Speaker 6: that that savings is and how we can reduce those taxes. Right,
Speaker 6: and so most people, when you're thinking about your entities,
Speaker 6: most people will say that they want to start an LLC.
Speaker 6: And it's so it's so I call it like the
Speaker 6: popular entity because everyone just says that they want to
Speaker 6: start an LLC. And yes, from a legal perspective, it
Speaker 6: is going to protect you against liability the same way
Speaker 6: that a corporation will. So just keep in mind that
Speaker 6: you know most people will say to me, listen, I
Speaker 6: want to be able to write things off, So I'm
Speaker 6: going to start an LLC or I want to, you know,
Speaker 6: I want to. I don't want anybody to assume me
Speaker 6: and take my person no items, so I'm going to
Speaker 6: start an LLC. Please keep in mind, especially from a
Speaker 6: tax perspective, and LLC does not allow you to write
Speaker 6: off anything additional. Okay, that is a big misconception. Keep
Speaker 6: in mind that an LLC is not a tax entity.
Speaker 6: An LLC is a legal structure. And so what that
Speaker 6: means is that had formed an LLC does not breed
Speaker 6: you any additional tax write offs. So I have sole
Speaker 6: pro prietorship here and single member LLC because they are
Speaker 6: taxed the same exact way. The same things that you
Speaker 6: can write off as a sole proprietorship is the same
Speaker 6: things that you can write off as a single member LLC. Now,
Speaker 6: as a single member LLC, I do suggest that you
Speaker 6: register your business and you form your business, and you
Speaker 6: form your business correctly, because again, you want to separate
Speaker 6: out that liability. You don't want someone to come and
Speaker 6: sue you. And then all of the all of your
Speaker 6: stocks and your personal now your primary residence, all of
Speaker 6: those your cash that's in your accounts, all of those
Speaker 6: things that are personal to you. You want to be
Speaker 6: able to separate those out from your business. So just
Speaker 6: if in the event, you know we're in America, if
Speaker 6: someone goes assume you, you want to make sure that
Speaker 6: it's a situation where you are protecting yourself. So this
Speaker 6: is not in any way. Me saying that you don't
Speaker 6: need to form an LLC is that I want you
Speaker 6: to be aware that when you are choosing these entities,
Speaker 6: that you are telling the irs how you want to
Speaker 6: be taxed. No one talks about that. Everyone just talks
Speaker 6: about the legal side of it and the legal perspective
Speaker 6: of it. But we have to also consider what that
Speaker 6: means from a tax perspective. So if you see on
Speaker 6: the right hand side, I have business income not taxed
Speaker 6: on a business level. So only thing that that means
Speaker 6: is that as an LLC. An LLC is what's called
Speaker 6: a pass through entity, So that just means that it's
Speaker 6: a pass whatever the profit of the businesses, it passes
Speaker 6: through to your personal taxes and then your tax there.
Speaker 6: You're not you know, as a corporation, which will go
Speaker 6: over you're not tax on the business side, and then
Speaker 6: again tax on the personal side. It all flows through
Speaker 6: on your personal side and then your tax there. Now,
Speaker 6: in regards to the tax form and how it's filed,
Speaker 6: when you have a single member LLC or sole proprietorship,
Speaker 6: you will use Schedule see which is filed with your
Speaker 6: personal taxes, which is your tax form ten forty, So
Speaker 6: again you're not filing a whole separate business return. Business
Speaker 6: and personal is filed together. In regards to the tax
Speaker 6: liability that you have to think about when you form
Speaker 6: a business is your income tax, your self employment tax,
Speaker 6: and your state taxes. Okay, so keep those in mind.
Speaker 6: And of course state taxes only if you are in
Speaker 6: a state that taxes income tax, so those like Florida, Texes,
Speaker 6: you don't have to worry about income I mean state tax.
Speaker 6: Now let's talk about self employment tax. So self employment
Speaker 6: tax is fifteen point three percent. It's typically when clients
Speaker 6: come to me and they've had businesses, existing businesses, and
Speaker 6: they come to me and I'm all like, I'll always
Speaker 6: show them, like, hey, did you know that you were
Speaker 6: paying this additional fifteen percent on your taxes? And ninety
Speaker 6: percent of them will tell me no, they didn't know
Speaker 6: because no one explained it to them. And most of
Speaker 6: the time people aren't questioning what these additional taxes are,
Speaker 6: They just will, you know, pay it, because at the
Speaker 6: end of the day, they don't understand it. No one's
Speaker 6: explaining it to them, and so they just go ahead
Speaker 6: and pay. But you have to keep in mind this
Speaker 6: self employment tax really is just Social Security tax and
Speaker 6: Medicare tax. When you are an employee, if you've ever
Speaker 6: received the W two you receive, I mean you pay,
Speaker 6: your employer pays have so you pay seven point sixty
Speaker 6: five percent. Your employer pays seven point sixty five percent.
Speaker 6: But when you are the owner, you pretty much are
Speaker 6: responsible for the entire fifteen point three percent, Okay, So
Speaker 6: you have to keep that in mind when you are
Speaker 6: thinking about that. And so that is a high number.
Speaker 6: And I always say to people, would you let somebody
Speaker 6: just come to you and say, let me get fifteen
Speaker 6: percent of your business? You will tell them no. You
Speaker 6: would be like, no, why would I give you fifteen
Speaker 6: percent of my business? And so we have to think
Speaker 6: about it the same exact way as it relates to taxes. Okay,
Speaker 6: now let's talk about partnership and two plus member LLCs.
Speaker 6: So thinking about that, we also I put partnership and
Speaker 6: two plus member LLCs because very similar to a sole proprietorship,
Speaker 6: a partnership just means that two people got together started
Speaker 6: a business. However, they did not take the additional steps
Speaker 6: to separate, well, to register their business, which separates the
Speaker 6: business out from themselves, right, and so that is important
Speaker 6: for you to understand. And so the two plus member
Speaker 6: LLC just means that you form the LLC, you have
Speaker 6: two plus members in there, and you have registered the business.
Speaker 6: There is a separation between yourself and the business. Now
Speaker 6: you have your business income, so it says business income
Speaker 6: is not tax on the business level. Now the difference
Speaker 6: with the tax form and partnership people, please listen up
Speaker 6: because I have tons of people that make this mistake
Speaker 6: every single year. If you decide to form a partnership
Speaker 6: or two plus member LLC, you cannot just divide out
Speaker 6: the income and expenses on your personal taxes on a
Speaker 6: schedule see right. That is for single member LLCs. If
Speaker 6: you are a partnership or a two plus member LLC,
Speaker 6: you have to file tax form ten sixty five. That's
Speaker 6: where you're going to report all of your income, all
Speaker 6: of your expenses, and then you are going to receive
Speaker 6: a K one. So all partners are going to receive
Speaker 6: a K one. The K one pretty much just shows
Speaker 6: the profit of sorry the profit share of each of
Speaker 6: the owners. So if there was a business you all
Speaker 6: profited ten thousand dollars, there was fifty to fifty ownership.
Speaker 6: Each partner will receive five thousand dollars on their K
Speaker 6: one that they then will have to include in their
Speaker 6: personal taxes. Okay, so please keep that in mind. Now
Speaker 6: in regards to the tax liability you have to think
Speaker 6: about your income tax. There is self employment tax relating
Speaker 6: to a two plus member LLC, but to the extent
Speaker 6: of guaranteed payments, which just means that there was some
Speaker 6: additional work done by one of the partners that wasn't
Speaker 6: typically like in their scope in the business, so they
Speaker 6: were paid additional So that is kind of seen as
Speaker 6: look kind of like a payroll or salary almost. And
Speaker 6: then there's state taxes right again, if you are in
Speaker 6: a state that allow I mean, if you are in
Speaker 6: a state that requires you to pay state taxes. See corporations.
Speaker 6: So now see corporations, you are taxed on the business level.
Speaker 6: So what that means is that you are taxed on
Speaker 6: the business level. And as your tax on the business level,
Speaker 6: what happens, sorry, as your tax on the business level.
Speaker 6: That's very different from an LLC and a two plus
Speaker 6: member LLC that I just described to you, all right,
Speaker 6: because those are not tax on the business level. So
Speaker 6: to be tax on the business level. What that means
Speaker 6: is that your income and your expenses are being reported
Speaker 6: on your corporate tax return, which if you see below
Speaker 6: that is taxed form eleven twenty. Whatever that profit is,
Speaker 6: you will pay taxes on that on the business level.
Speaker 6: So on that corporation tax return, there will be a
Speaker 6: tax liability do if you are operating out a profit.
Speaker 6: So in that same example, if it was ten thousand dollars,
Speaker 6: it doesn't matter how much how many shareholders and all
Speaker 6: is in the business, that ten thousand dollars will be
Speaker 6: taxed at twenty one percent. That is the corporate tax rate.
Speaker 6: So it will be taxed at twenty one percent then,
Speaker 6: and why, if you've ever heard about a corporation, you
Speaker 6: will hear double taxation because then you have your corporate
Speaker 6: corporate partners. Share of the profits then has to be
Speaker 6: distributed as dividends, right, and so now you have to
Speaker 6: deal with being taxed again. So this may you know,
Speaker 6: makes sense as it relates. So let's say an Apple.
Speaker 6: I always like to use Apple. Everybody knows you know
Speaker 6: Apple as the company. So think about if Apple's on
Speaker 6: the stock exchange, you can purchase Apple. You can own
Speaker 6: a piece of Apple. So now when you purchase a stop,
Speaker 6: you now are an owner of Apple. What happens is
Speaker 6: every year Apple has to file their tax form eleven.
Speaker 6: They have to pay their taxes and then guess what.
Speaker 6: Everybody everyone's looking for their dividends, right, their share, their
Speaker 6: profit share of what however much of the company that
Speaker 6: they own. So what happens is they will distribute our
Speaker 6: dividends and then guess what happens. You all receive a
Speaker 6: ten ninety nine DIIV which states, Okay, this is how
Speaker 6: much dividends the company has paid out to you throughout
Speaker 6: the year. And so when that happens, you then have
Speaker 6: to report it on your personal taxes. And when you
Speaker 6: have to report it on your personal taxes, what happens
Speaker 6: your tax again, So you have to think about that.
Speaker 6: And so most people will say, okay, well, if I'm
Speaker 6: paying all those taxes, like, why would it ever make
Speaker 6: sense for me to be a C corporation? And so
Speaker 6: some people are C corporations for some of the following reasons,
Speaker 6: such as they want investors, right, So some investors will
Speaker 6: require you to be a corporation if you ever have
Speaker 6: a plan to go public. If you have a plan
Speaker 6: to go public, then you will need to be a corporation.
Speaker 6: You cannot be an LLC and go public. You would
Speaker 6: have to be operating as a corporation. Some people it
Speaker 6: is an income threshold. If you are making over a
Speaker 6: certain amount of money, you will it will be in
Speaker 6: your advantage some of the time for you to be
Speaker 6: a C corporation. So those are some of the some
Speaker 6: of the reasons why you some companies will choose to
Speaker 6: even be a CEA corporation. Now, keeping in mind in
Speaker 6: terms of you know what the taxes look like. You
Speaker 6: do have your corporate income taxes, your dividend uh taxes
Speaker 6: that you well you're dividend, sorry, the dividend income is
Speaker 6: being taxed, and then your state taxes. Okay, so that's
Speaker 6: something to think about.
Speaker 4: Now, escort business real quick, real quick, because no, no, no,
Speaker 4: we just watch I'm taking notes and I'm watching I'm
Speaker 4: listening to this apple and I'm listening to the dividend payment.
Speaker 2: How is that is it?
Speaker 4: Is it tax as a as a long term capital
Speaker 4: game or is it like a short term How is that.
Speaker 6: Tax It's like short term like ordinary?
Speaker 4: Yes, So if they're doing like quarterly diffidens. Then you're
Speaker 4: getting short term capital gains on it.
Speaker 6: Yeah, because they yeah, they distributed short term, so it
Speaker 6: wouldn't really.
Speaker 4: Be more time perfect check in.
Speaker 6: All right, So escorps, so your escort, you have your
Speaker 6: business income, not tax on the business level. So with
Speaker 6: an escort s corporations is I love es corporations because
Speaker 6: I think that it is an amazing tool and it
Speaker 6: really as you start to sit back, you start to
Speaker 6: realize that the real separation between the escort and an
Speaker 6: LLC most of the time, it's just people not knowing
Speaker 6: about it. Most of the time. It's not that people
Speaker 6: don't want to be escorts, it's just that they never
Speaker 6: knew about it and knew the advantages of it, so
Speaker 6: they just did not take it, you know, take advantage
Speaker 6: of converting their LLCs or their corporations over to escorts.
Speaker 6: So let's talk about escorts and how they save business
Speaker 6: owned all the time on that self employment tax and
Speaker 6: help them significantly, Like I have clients save in thout
Speaker 6: like so like tens of thousands of dollars just by
Speaker 6: simply saying, Hey, I don't want to be an LLC,
Speaker 6: I'm going to be an sport. So with your business income,
Speaker 6: the business income is not tax on the business level,
Speaker 6: so similar to an LLC, it is a pass through entity.
Speaker 6: So with the pass through entity, again that just means
Speaker 6: that it is not tax on the business level. It
Speaker 6: passes through to the personal taxes and then it's tax there. Okay,
Speaker 6: So what happens with the es coort is that you
Speaker 6: have to file tax form eleven twenty S. So with
Speaker 6: once you file eleven twenty S, that's where you're reporting
Speaker 6: your income, that's where you're reporting your expenses, and then
Speaker 6: you have your profit. Similar to when you are like
Speaker 6: a partnership or two plus member LLC, each owner of
Speaker 6: the sport, because you can have up to one hundred
Speaker 6: owners in an escort, each owner will receive a K one.
Speaker 6: If it's just you, then you would have one hundred
Speaker 6: percent and one hundred percent of the profits will just
Speaker 6: go to you. So that K one is going to
Speaker 6: then be included on your personal taxes and then your
Speaker 6: tax there. However, the tax the taxes that you have
Speaker 6: to think about well that you will incur is just
Speaker 6: income taxes and state taxes. Notice I didn't say self
Speaker 6: employment taxes. So let's talk about that really quick, all right,
Speaker 6: So I have to always bring this chart into my
Speaker 6: conversation because it is so important that I give visuals
Speaker 6: because people digest it and understand it a lot more. So.
Speaker 6: This is a diagram of how someone that's making one
Speaker 6: hundred thousand dollars profit, how they were able to save
Speaker 6: on self employment tax by being an sport versus being
Speaker 6: an LLC. So to quickly run through this, on the
Speaker 6: left hand side, you have LLC, So you have one
Speaker 6: hundred thousand dollars of income that you made in your LLC.
Speaker 6: That one hundred thousand dollars is subjected to self employment tax,
Speaker 6: so that self employment tax is fifteen point three percent.
Speaker 6: That sorry, the income is then reported on your personal
Speaker 6: tax return, okay, and all the income is subjected to
Speaker 6: ordinary income tax. Keep in mind, all the income is
Speaker 6: always going to be subjected to ordinary income tax once
Speaker 6: it hits the bottom. This diagram is simply to show
Speaker 6: you how you are going to save on self employment taxes. Okay,
Speaker 6: So we're not necessarily getting into the reducing income taxes,
Speaker 6: but more so how to save on self employment taxes. Now,
Speaker 6: if we go to the right, you have your s
Speaker 6: corporation made the same hundred thousand dollars income. But you
Speaker 6: notice that the p and pay themselves a salary of
Speaker 6: forty thousand dollars. Keep in mind, when you are an esport,
Speaker 6: you are required to pay yourself a salary. It's no
Speaker 6: specific number or percentage, but you have to pay yourself
Speaker 6: a salary. Now, this person decides to pay their self
Speaker 6: a salary of forty thousand that is an expense to
Speaker 6: the business, so that the business is left with sixty
Speaker 6: thousand dollars on the right hand side. As you can see,
Speaker 6: let's just look on the forty thousand dollars side, forty
Speaker 6: thousand dollars. It shows that on that forty thousand dollars
Speaker 6: they encourage Social Security tax and Medicare tax, so that
Speaker 6: fifteen point three percent was taken out because guess what,
Speaker 6: they are an employee, so on their on their check,
Speaker 6: they took out fifteen points I mean sorry, seven point
Speaker 6: sixty five percent, and then the company paid the other
Speaker 6: seven point sixty five percent, right, but technically it's all
Speaker 6: their companies, so in this example, they were responsible for
Speaker 6: that fifteen point three percent. That forty thousand dollars was
Speaker 6: then reported on a W two. So before we go on,
Speaker 6: I just want to show you all that what this
Speaker 6: is saying here is that the person went from paying
Speaker 6: fifteen point three percent on one hundred thousand dollars to
Speaker 6: only paint it on forty thousand dollars. Okay, So I
Speaker 6: really wanted to point that out, and I like to
Speaker 6: improve this because it helps people understand exactly, you know,
Speaker 6: how that savings work, and so it really is, it
Speaker 6: really is the phenomenal tool by just changing your entity.
Speaker 6: I usually suggest that I always get this question on
Speaker 6: what income threshold, I usually say anything over thirty five
Speaker 6: forty thousand dollars, I suggest that you convert over to
Speaker 6: an escort. If you are making anything under that, then
Speaker 6: I would suggest remaining as an LLC until you are
Speaker 6: profiting you know, above those numbers, because an escort has requirements, right,
Speaker 6: you have to process kroll, you have to fire tax
Speaker 6: every single year. So you just want it to make sense,
Speaker 6: all right. So just to kind of finish out this diagram,
Speaker 6: we had the forty thousand dollars being reported on a
Speaker 6: W two, the sixty thousand dollars going to be reported
Speaker 6: on a K one, which also does not have any
Speaker 6: self employment tax, and then the whole hundred thousand kind
Speaker 6: of goes down and is going to be tax on
Speaker 6: ordinary income taxes. Okay, So I just wanted to talk
Speaker 6: about that now. I had to bring you guys through
Speaker 6: that because I think that it's like so important, and
Speaker 6: we talked about on the episode, like things you need
Speaker 6: to consider when you're forming your business, but I wanted
Speaker 6: to go into a little bit more on like, Okay,
Speaker 6: what does it all mean, and to make sure that
Speaker 6: you all are doing it correctly. So now positioning yourself
Speaker 6: to sell. Now you may know the craft, but not
Speaker 6: the business. This is so important because I feel that
Speaker 6: it doesn't matter what industry it is, the business side
Speaker 6: of things will take the fun out of everything. I
Speaker 6: have a ton of creative clients, and the business side
Speaker 6: of things just extremely stress them out because they're like,
Speaker 6: I just want to be, like I just want to create,
Speaker 6: Like even me, I most days I'm screaming. I'm like,
Speaker 6: I just want to do taxes. I want to do taxes.
Speaker 6: I want to educate, I want to talk to people, right,
Speaker 6: But then when I have to sit down and really
Speaker 6: do the business side of it, what I call fun,
Speaker 6: which I know most people want call fun, like doing taxes,
Speaker 6: but like what I call fun, it's not fun, right
Speaker 6: because the business side of it is so technical and
Speaker 6: it's so serious, and it's so important, and it's something
Speaker 6: that you have to really think about. When you're really
Speaker 6: thinking thinking about, you know, starting this business, you have
Speaker 6: to think about what do I what do I need
Speaker 6: to do versus what do I need to delegate? Or
Speaker 6: who do I need to hire? Or who do I
Speaker 6: need to engage? Like what consultant can I pay to
Speaker 6: help me? You know, eliminate a lot of mistakes. So
Speaker 6: put this picture hair, because you have to hire a team.
Speaker 6: And again I started out it was just me. I
Speaker 6: was answering phone, doing the consultations, doing the taxes, I
Speaker 6: was doing everything. However, I understood very early that I
Speaker 6: needed to hire someone. So my first person that I
Speaker 6: hired wasn't admin. That was my first person because guess what,
Speaker 6: there's a lot of administrative tasks and there's a lot
Speaker 6: of you know, duties that needs to get done on
Speaker 6: a day to day, but no one really talks about
Speaker 6: those things. Everybody makes it seem like you can do
Speaker 6: it all. But what start to happen is that I
Speaker 6: was forgetting things I wasn't able to show up, and
Speaker 6: I quickly quickly understood that I needed to hire a team.
Speaker 6: I also needed to delegate. What I didn't put on
Speaker 6: here that I want to talk about is just outsourcing
Speaker 6: and bringing in and hiring experts that you really need
Speaker 6: to hire. And so I want to spend a minute
Speaker 6: just talking about that, because when you hire an ex
Speaker 6: and most of you all are you know, on this
Speaker 6: you know, on this zoom right now, and so you're
Speaker 6: already showing up for yourself, right you're here, You're showing
Speaker 6: up for the information. So that is amazing. But I
Speaker 6: want you all to take it a step further and
Speaker 6: really take that knowledge and execute on it. Right, So
Speaker 6: we're all always talking about listen, you need to hire
Speaker 6: the experts you need to you know, get whatever knowledge
Speaker 6: it is that you need. You need to take it
Speaker 6: a step further. Right, So after you sit here and
Speaker 6: you get this knowledge, okay, so what is that next step?
Speaker 6: And so really really really think about, Okay, who can
Speaker 6: help me eliminate my mistakes? Who do I need in
Speaker 6: my one percent team? Isn't my CPA?
Speaker 5: Right?
Speaker 6: So I always say my one percent team includes my CPA.
Speaker 6: My fight, Well, I'm kind of the CPA I'm actually
Speaker 6: looking for to CBA because it's gotten to a point
Speaker 6: where I'm like, I need to like outsource some of
Speaker 6: these things, right, But as a business owner, you need
Speaker 6: a CPA. I help people say, so much money, I'm
Speaker 6: a tax right off, I'm a whole asset, right, And
Speaker 6: I say that. I jokingly say that to people all
Speaker 6: the time. I'm like, yeah, I'm a write off, but
Speaker 6: I'm truly an asset because not only am I going
Speaker 6: to save you on taxes, but I'm also going to
Speaker 6: help you with your business. I'm all. I also have
Speaker 6: the resources, right, and the experience, and a lot of
Speaker 6: people like don't value the fact of having people in
Speaker 6: your corner that you can pick up the phone to say, hey,
Speaker 6: do you have a referral for I want to start payroll.
Speaker 6: Who can I you know, get to my payroll?
Speaker 7: Oh?
Speaker 6: I want I need a financial advisor? Who do I need?
Speaker 6: Like those things are extremely important because you have to
Speaker 6: be able to eliminate the mistakes because if you're starting,
Speaker 6: and if you don't have anybody to say listen, here
Speaker 6: here's what you need to do. You have to create
Speaker 6: your team. So get your banker, get your lender, get
Speaker 6: you know that funding expert. Get these people, you know,
Speaker 6: whoever your brand strategist is going to be, whoever's going
Speaker 6: to you know, look into marketing. So pace yourself. But
Speaker 6: you need all of these people on your team because
Speaker 6: these are the people that's going to help you grow
Speaker 6: your business. Okay, so that is so important. So marketing
Speaker 6: that takes me into marketing. Marketing is so important. A
Speaker 6: lot of people will spend so much time worried about
Speaker 6: packaging and you know, all the pretty things and all
Speaker 6: the things that they're so passionate about, and they forget
Speaker 6: to tell people about their business. So what is going
Speaker 6: to like, how are you going to get the word out? What?
Speaker 6: How are you going to get more clients? How are
Speaker 6: you going to get people to purchase your item of
Speaker 6: you know, your service? How are you going to get
Speaker 6: people to invest in you? What is going to be
Speaker 6: your strategy? Most people are not thinking about it. What
Speaker 6: is the budget for it? Create a budget for it.
Speaker 6: I don't know if you guys seem as didy episode
Speaker 6: last now on the podcast, I love this ditty by
Speaker 6: the way, So I watched the whole episode. But she said, like,
Speaker 6: you have to put money into bunch, I mean into marketing.
Speaker 6: And if you look at I think Elon Mus said
Speaker 6: it too, like I will put my last money into marketing.
Speaker 6: People are not valuing marketing enough. Everyone's so consumed and
Speaker 6: so tied up into what they think is such a
Speaker 6: good product and a good service, and then they do
Speaker 6: all of these things on the back end, but nobody
Speaker 6: knows that it's available. Nobody knows what service or product
Speaker 6: you have, so no one can purchase it. What is
Speaker 6: going to be your plan of action to actually get
Speaker 6: that out there? Okay, so understanding funnels, right, So funnels
Speaker 6: can be from It doesn't matter if you're online. Well
Speaker 6: most people, I'm sure you guys are online, but if
Speaker 6: you aren't online, you need to be online. You have
Speaker 6: to have some sort of social presence to your business.
Speaker 6: Because I don't care if I walk in the store,
Speaker 6: I still go into the still go on Instagram pages.
Speaker 6: I'm like, oh, I wonder what their Instagram page looks like. Right,
Speaker 6: And I'm not the only person that does that. So
Speaker 6: you have to understand funnels, and a funnel is really
Speaker 6: nothing more than how are you going to get your
Speaker 6: client into your process and service them. How are you
Speaker 6: going to get them to buy whatever it is that
Speaker 6: you want them to buy? How are they going to
Speaker 6: start here? What's the next step, what's the next set,
Speaker 6: what's the next step until you get them to purchase
Speaker 6: from you? You have to think about those things. You
Speaker 6: can't just think because you're passionate and you think that
Speaker 6: it's a great product that it's going to sell, because
Speaker 6: that is not the case, okay. And also think about
Speaker 6: how are you going to retain clients. Everyone's always concerned
Speaker 6: about how they're going to key, I mean, get new clients,
Speaker 6: but in terms of retaining clients, people are not thinking
Speaker 6: about that or talking about how they're going to actually
Speaker 6: retain the clients that they actually have. Like, you already
Speaker 6: have the clients here, how are you going to service them?
Speaker 6: What are you going to do the follow up? Is it?
Speaker 6: You know, an offer?
Speaker 7: Is it?
Speaker 6: You know? Just finding different services for me? I keep
Speaker 6: my clients because I listen to what they're telling me
Speaker 6: that they need. So if my client's like, hey, I
Speaker 6: need this, I need this, I'm like, you know what,
Speaker 6: like sales taxes, I originally was not doing sales taxes,
Speaker 6: but now I'm bringing sales taxes, and so by the
Speaker 6: end of the end of March, my firm will be
Speaker 6: offering tax I mean sales tax services on a larger
Speaker 6: scale because clients need it, especially with so many people
Speaker 6: selling online. And so you have to keep you have
Speaker 6: to keep those things in mind, and you have to listen.
Speaker 6: You sell by listening, so you have to listen to
Speaker 6: your current clients. So the last thing is funding, right,
Speaker 6: So funding is something that you have to think about
Speaker 6: in the beginning. Right, you may try to understand like okay,
Speaker 6: well what exactly like how am I going to actually
Speaker 6: get the money to start my business? Or Okay, I
Speaker 6: have my business is here, but I need to hire
Speaker 6: more employees, I need a new software, I need to
Speaker 6: do these things, and I don't have the money to
Speaker 6: do it. And I always say that small business owners,
Speaker 6: we're always in a bad position because we need more
Speaker 6: money in order to grow, but a lot of times
Speaker 6: we don't have the money to grow. So you wind
Speaker 6: up in this vicious cycle where it's like, Okay, well,
Speaker 6: in order for me to grow, I need more money
Speaker 6: to grow, but I don't have more money to grow.
Speaker 6: So how what am I going to do, and so
Speaker 6: you have to be creative. You cannot just sit back again,
Speaker 6: as I said earlier, We're not going to sit back
Speaker 6: and just simply say, oh, this isn't like okay, I
Speaker 6: don't have enough money right now and that's it. No,
Speaker 6: you have to think about what am I going to
Speaker 6: do for more money. That changes your mindset and that
Speaker 6: makes you think about what are the steps and the
Speaker 6: things that you have to do in order to become
Speaker 6: more creative. So that way you can get the funding
Speaker 6: that you need in order to start your business. So
Speaker 6: let's talk about funding. You're starting out your business, I'm
Speaker 6: going to start out with tax free money. So what
Speaker 6: I call tax free money is when people go and
Speaker 6: they start, they may drive Uber or they may do
Speaker 6: door dash right to get some additional income. Pretty much
Speaker 6: any income that you are generating that's a ten ninety nine,
Speaker 6: not necessarily a W two. So you will receive that
Speaker 6: ten ninety nine at the end of the year. And
Speaker 6: why I call it tax free money is because at
Speaker 6: the same time, when you're driving that Uber and you're
Speaker 6: starting your business, you could take that money purchase laptops,
Speaker 6: purchase softwares, supplies, materials, and guess what it is. It's
Speaker 6: a tax write off. And that tax right off is
Speaker 6: going to go against the money that you were already making, right,
Speaker 6: And so now what happens is when you bring that
Speaker 6: money in, it's income. But now when you start buying
Speaker 6: things for the business, it is now an expense, right.
Speaker 6: And so what happens Let's say you brung in ten
Speaker 6: thousand dollars an income and then you had your laptop,
Speaker 6: and you had you know, you needed supplies and you
Speaker 6: needed all these things. That is ten thousand dollars worth
Speaker 6: of expenses that you may bring in that Now guess what,
Speaker 6: Now your net income is zero. So now that's technically
Speaker 6: tax free money. So now you have to think about
Speaker 6: because the reality is when you pay taxes, you're holding
Speaker 6: yourself back, right. So the more you overpaying taxes, the
Speaker 6: more you hold yourself back because you could be getting
Speaker 6: a lot further with that money that you're paying taxes with.
Speaker 6: So instead of just saying, okay, well I'm gonna take
Speaker 6: the money drive where I'm not gonna do anything. If
Speaker 6: you were getting that additional money in, instead of just
Speaker 6: getting the money in, you take that and you use
Speaker 6: it towards your startup costs right for your business. And
Speaker 6: so that's why I call that uh tax free money.
Speaker 6: Now credit cards, so well, thinking about credit cards, you
Speaker 6: have to understand that there's different tiers of credit cards.
Speaker 5: Right.
Speaker 6: So there may be your bank credit card, right, and
Speaker 6: they may require you if you have good personal credit,
Speaker 6: you may go there to open up a business bank account.
Speaker 6: Nine times out of ten, the next thing they're going
Speaker 6: to say to you is do you want a business
Speaker 6: credit card? If they don't, just ask them for it, right,
Speaker 6: every bank does it. So if they have business checking accounts,
Speaker 6: which ninety five percent of banks do. So, if they
Speaker 6: ask you, you know, do you want a business credit card?
Speaker 6: If your business is new and you are just establishing
Speaker 6: your business, what the bank will do is they will
Speaker 6: take your They would pretty much make you personally guarantee
Speaker 6: the credit card. And what that really means is that
Speaker 6: you will they will run your personal credit to see
Speaker 6: what your personal credit is, to see if they will allow,
Speaker 6: you know, give you some line of credit on your
Speaker 6: well not line of credit, but will give you, yeah,
Speaker 6: a lot of credit on your credit card. So that
Speaker 6: is so important, right, And sometimes most people say, oh,
Speaker 6: I don't want them to, you know, look at my
Speaker 6: personal credit at all. That's fine. However, if you want
Speaker 6: to get where you're going a little fast, so you
Speaker 6: may have to use yourself to leverage in order to
Speaker 6: get that credit card. Now, as you start establishing that
Speaker 6: business credit and you are now in a better position,
Speaker 6: Now what happens is that you are able to then
Speaker 6: get credit cards down the line where you don't need
Speaker 6: to run your personal credit because now your business is
Speaker 6: establishing credit. And most of the times when you get
Speaker 6: these credit cards, they have zero interest, you know, zero
Speaker 6: transfer balance, and so you can utilize that. So now
Speaker 6: I just open up a business. I have a new business,
Speaker 6: and I just opened up a credit card and they
Speaker 6: gave me like thirteen months for free. Oh that's free money,
Speaker 6: like not free money, but interest free money. Right, that's
Speaker 6: cheap money. So because it's cheap money, gu's what I'm
Speaker 6: going to do. I'm gonna take it. I'm gonna invest
Speaker 6: it in my business and my returns. Now I just
Speaker 6: have a bunch of money that I can play with
Speaker 6: that I don't have to pay any interest on until
Speaker 6: next year February. So you all have to think about
Speaker 6: these things as well, and you know, utilize yourself if
Speaker 6: you need to to get where you're going. Okay, so
Speaker 6: now loans and lines of credits. So now loans and
Speaker 6: lines of credit will require you to have like your business.
Speaker 6: And keep in mind you when you're going for loans
Speaker 6: lines of credits, you have to make sure that your
Speaker 6: business entity. And this is why I left funding for
Speaker 6: the end, because it is so important that your business
Speaker 6: is set up properly or you will not get funding.
Speaker 6: When it comes to advancing, you have to know that
Speaker 6: you are not going to get to that next level
Speaker 6: until you are structured correctly. So you're gonna need to
Speaker 6: make sure that your entity is set up correctly. As
Speaker 6: we talked about on the episode, you need to make
Speaker 6: sure that that address is not a home address. You
Speaker 6: need to make sure that it's a virtual address, something
Speaker 6: that they can search and see that you are a
Speaker 6: legitimate business. You want to make sure that you have
Speaker 6: a website, you have an office telephone number, and wherever
Speaker 6: you're getting these things at right it doesn't matter, but
Speaker 6: you have to make sure that they are put in place.
Speaker 6: You also need to make sure that you have income
Speaker 6: coming into your business bank account because so many people
Speaker 6: will go for loans or go for some sort of
Speaker 6: funding and they're like, oh my god, like I have
Speaker 6: all my income for my business going into my personal account.
Speaker 6: That is not going to work. They want to see
Speaker 6: money coming into your business, and if you have everything
Speaker 6: going into your personal that does not cut it. You
Speaker 6: have to make sure that is done. The next thing
Speaker 6: that they're always going to ask are your tax returns,
Speaker 6: So you need to make sure that you are filing
Speaker 6: your tax returns. Okay, So keep in mind those things
Speaker 6: are always going to be needed when you need when
Speaker 6: you need to go for a loan or aligne of credit.
Speaker 6: So with the loan and the line of credit, your
Speaker 6: business does need to be established. Every bank or lender
Speaker 6: has their own criteria. You know, some is a year,
Speaker 6: some is two years, but at minimum it has to
Speaker 6: be a year because they want to see those taxes.
Speaker 6: They want to see that you have money coming in.
Speaker 6: They want to see that you know, you reported it,
Speaker 6: and that's what they are going to go off of
Speaker 6: when they are deciding if they are going to approve
Speaker 6: you or not. Okay, So please keep in mind that
Speaker 6: you have to be positioned correctly so when you go
Speaker 6: they are going to look at your taxes, They're going
Speaker 6: to look at your bank statements, and that's what they
Speaker 6: are going to use to determine if you are eligible
Speaker 6: for loans. But there's also different tiers funding. I think
Speaker 6: we can kind to talk about all day, but I
Speaker 6: know we don't have all these all this time. But
Speaker 6: just so that you all know, and I'm driving this
Speaker 6: point home, eighty eight percent of millionaires are self made
Speaker 6: entrepreneurs in the United States. So there's a facade out
Speaker 6: there that millionaires are all millionaires they get their money
Speaker 6: passed down to them. That's not true. Eighty eight percent
Speaker 6: of millionaires are self made millionaires in the United States.
Speaker 6: That means that everybody had a dream, they worked hard,
Speaker 6: they believed in themselves, they seen their future self, and
Speaker 6: they showed up every single day for their future self
Speaker 6: because they wanted a different change in a different circumstance. Okay,
Speaker 6: So keep that in mind, and if eighty eight percent
Speaker 6: like there's a lot of millionaires, there's a lot of millionaires.
Speaker 6: Eighty eight percent of millionaires can do so by being
Speaker 6: self made, meaning they didn't have any help, they had
Speaker 6: an idea and they went after it. Then you can
Speaker 6: too you know, and so believe in yourself. I find
Speaker 6: that that's the biggest limitation. Five hundred thousand people put
Speaker 6: their jobs in twenty twenty one, and that number is
Speaker 6: expected to continue to increase. Okay, so please please, please
Speaker 6: please please keep that in mind as you all are thinking,
Speaker 6: you know, about this entrepreneur journey. There's so many people
Speaker 6: out here just doing it for themselves, showing up for themselves.
Speaker 6: You know, we all have an amazing platform of EYL
Speaker 6: just letting us know everything that's possible. I've learned about
Speaker 6: so many different industries, you know, just through watching the
Speaker 6: podcast and just being present that I'm like, oh my god,
Speaker 6: I didn't even know I can make money this way,
Speaker 6: or I didn't know or you know, really understand the
Speaker 6: logistics behind it. And so we have to make sure
Speaker 6: that it's a situation where we are, you know, really
Speaker 6: really taking advantage of these things. So that concludes my presentation.
Speaker 2: Elevation.
Speaker 4: Yeah, I'm glad you brought up that that great resignation
Speaker 4: as they're calling it, right, because the unemployment rate is
Speaker 4: going lower every month, and so if the people are resigning,
Speaker 4: they're not found for unemployment, they must be creating their businesses.
Speaker 2: So I'm glad you brought that plant up.
Speaker 3: Yes. So now we're going to go into the part
Speaker 3: that's probably the most beneficial. As I said, you want
Speaker 3: to take.
Speaker 9: The that's now we're gonna go into the part that
Speaker 9: is pitt most beneficial for the EYO University classes is
Speaker 9: the question and answer part.
Speaker 3: Anytime we do a YouTube lib, whether it's market Mondays,
Speaker 3: whether it's over enrollment, whether it's even a podcast, people
Speaker 3: ask questions, which is weird because I mean, you would know,
Speaker 3: you would think that people know that the question is
Speaker 3: not going to get answered in a podcast because it's
Speaker 3: pre recorded. But people still, like in the common sessions,
Speaker 3: don't ask questions during the recording of like during the
Speaker 3: like premiere of the podcast. So this is an opportunity
Speaker 3: for people to actually ask questions and it becomes, you know,
Speaker 3: more of an intimate situation, kind of like a consultation. Really.
Speaker 3: So we're going to open it up and yeah, answer
Speaker 3: some questions that I'm sure a lot of people will have, like,
Speaker 3: you know, similar type of questions.
Speaker 2: Yeah, let's do it. Let's do it.
Speaker 4: We're gonna start with Patrack. We're coming to you. Mute
Speaker 4: yourself you've been unmuted. What's going on?
Speaker 2: Patrick? Good evening?
Speaker 6: Hello everyone?
Speaker 2: How are you? I am great?
Speaker 3: How are you?
Speaker 5: I'm very well.
Speaker 2: Thank you miss business. You made this so simplified.
Speaker 6: I mean you really did.
Speaker 2: I thank you. Listen.
Speaker 10: My question is I'm thinking about moving from LLC to
Speaker 10: Escort real soon. But my question was about adding children
Speaker 10: to the payroll and the additional benefits. I have an
Speaker 10: inquisitive granddaughter. She loves doing whatever you know I'm doing
Speaker 10: to help me along, and I'm just wondering if that
Speaker 10: will help me because I think it's what like almost
Speaker 10: thirteen thousand dollars I can out over the.
Speaker 2: Year just trying to tax free. Is it what I'm understanding?
Speaker 6: Absolutely? So let's talk about this because this is always
Speaker 6: a hot topic on how much people can pay themselves
Speaker 6: and then what that process is. So in regards to
Speaker 6: paying yourselves, sorry, in regards to paying your granddaughter or pa.
Speaker 2: Earners, what's up?
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Speaker 11: An illegal alien from Guatemala charged with raping a child
Speaker 11: in Massachusetts. An MS thirteen gang member from Al Salvador
Speaker 11: accused of murdering a Texas. Man of Venezuelan charged with
Speaker 11: filming and selling child pornography in Michigan. These are just
Speaker 11: some of the heinous migrant criminals caught because of President
Speaker 11: Donald J. Trump's leadership. I'm Christy Noman, the United States
Speaker 11: Secretary of Homeland Security. Under President Trump, attempted illegal border
Speaker 11: crossings are at the lowest levels ever recorded, and over
Speaker 11: one hundred thousand illegal aliens have been arrested. If you
Speaker 11: are here illegally, your next you will be fined nearly
Speaker 11: one thousand dollars a day, imprisoned, and deported. You will
Speaker 11: never return. But if you register using our CBP home
Speaker 11: app and leave now, you could be a lie to
Speaker 11: return legally, do what's right.
Speaker 6: Leave now.
Speaker 11: Under President Trump, America's laws, border and families.
Speaker 2: Will be protected sponsored by the United States Department of
Speaker 2: Homeland Security.
Speaker 6: And you're any child, what needs to happen. You don't
Speaker 6: have to put them on payroll like officially, like through
Speaker 6: like an ADP, or you don't have to do that.
Speaker 6: What you can do is you simply can take the
Speaker 6: money from the business account to and send it to
Speaker 6: the child's personal account. But keep in mind that the
Speaker 6: child must the account has to be in the child's name, right,
Speaker 6: It can't be in your name or let's say your
Speaker 6: daughter's name or your son's name. It has to be
Speaker 6: in the child's name, Okay. And so what happens is
Speaker 6: you can say you can pay them, pay your granddaughter
Speaker 6: up to twelve five hundred dollars and send the money
Speaker 6: from the business account to the personal account. It then
Speaker 6: is a tax deduction at the end of the year.
Speaker 10: Awesome, awesome, thank you for the thank you for clarifying
Speaker 10: that need to be another thank you.
Speaker 3: And then you could take that money and invest and
Speaker 3: put it in a broken board.
Speaker 4: That's right, that's right. Valuable information right there, yeah, appreciate you.
Speaker 3: Pat. Then you could even go a step further and
Speaker 3: if the child is old enough, you could put you know,
Speaker 3: you could put the money in a raw ira up
Speaker 3: to six thousand dollars right business. Yeah, and that's tax
Speaker 3: free when they take it out later on down the line.
Speaker 3: So it's a lot of different ways that you can actually,
Speaker 3: you know, benefit from that situation.
Speaker 10: Awesome, Thank you so much. I am so glad I
Speaker 10: finally joined E y L. It's a plethora of information.
Speaker 2: Thank you so much. Guys. I'll let someone else come on.
Speaker 3: So we appreciate you.
Speaker 2: Thank you.
Speaker 3: Welcome to the family.
Speaker 2: It's been a minute, I said through my little cold.
Speaker 2: There we go, Aaron, we're coming to you. Mute yourself,
Speaker 2: you've been unmuted. What's going on? Peace? Peace? How y'all doing?
Speaker 3: Man?
Speaker 2: Everybody? Good man? All right? Respect? Okay.
Speaker 12: So last year I started a LLC for real estate investment.
Speaker 12: I started with twenty thousand dollars startup funding and a
Speaker 12: friend of mine wanted to help my business establish credit
Speaker 12: by purchasing by purchasing a condo, so they invested one
Speaker 12: hundred and thirty thousand into my business savings account.
Speaker 2: It was a business. It's a business savings account.
Speaker 12: They invested one hundred and thirty thousand for me to
Speaker 12: make this purchase of a condo, and they wasn't really
Speaker 12: agreeing with the market based on our search, so they
Speaker 12: decided to make another move, so they I withdrew that
Speaker 12: third one hundred and thirty thousand dollars and gave it
Speaker 12: back to them. How how should I classify that on
Speaker 12: my taxes? You know, to avoid any issues.
Speaker 6: Well, you don't have to claim it on your taxes
Speaker 6: because when you receive the money, it's not considered income.
Speaker 6: It was more so considered like a loan. Right, if
Speaker 6: the money that was provided to you as a loan,
Speaker 6: and then the money that when you basically repaid the loan,
Speaker 6: you just repaid the loan. What I will say that
Speaker 6: you need to do is you, I don't know if
Speaker 6: you all already have a loan agreement in place, but
Speaker 6: if you, if you all you or anyone in here
Speaker 6: have a situation similar to that, you want to make
Speaker 6: sure that you establish like a loan agreement, right, So
Speaker 6: that way, and it just needs to say, you know
Speaker 6: who was the borrow who gave the money? What are
Speaker 6: the terms? What is the you know expected hey day,
Speaker 6: So that way you won't have a real true partnership
Speaker 6: agreement and then any ambiguity about if it was income
Speaker 6: or not.
Speaker 2: Oh yeah, and I totally understand, Thank you.
Speaker 6: I appreciate it, no problem.
Speaker 2: Yeah, yeah, those all those agreements are extremely important.
Speaker 4: Operating agreement, partnership agreement, and obviously a loan agreement. As
Speaker 4: we can see right now, that's something that we don't
Speaker 4: even think about when we go into business, especially when
Speaker 4: we do it with like our partners, our friends. It's
Speaker 4: kind of like, yo, hey, you'll do this, I'll do this.
Speaker 4: But to have something that's formally put together, it's very
Speaker 4: important in a case like this.
Speaker 2: It could be almost detrimental if you don't.
Speaker 3: Yeah, for sure.
Speaker 2: All right, let's go, let's go to uh Tariq. We're
Speaker 2: coming to you. I mute yourself, you've been unmuted. What's
Speaker 2: going on? Torek its loan on your piece? Everybody? How
Speaker 2: y'all feeling to night? Are you going on? Bless man?
Speaker 2: I'm blessed. I appreciating this business for everything you've done.
Speaker 13: I know you talk shouting choice from the beginning, appreciating
Speaker 13: the Jim Joad and gave my question. Actually, I was
Speaker 13: right up on Troy's point. Can you list your top
Speaker 13: ten things that you would list in an operating agreement?
Speaker 13: I don't want to know what which you would actually
Speaker 13: personated Jesus we can.
Speaker 3: And also, can you just explain what a operator I
Speaker 3: had this conversation with somebody today. Can you explain what
Speaker 3: an operating agreement actually is and why it is beneficial
Speaker 3: for starting your business or having a business?
Speaker 6: Absolutely? So, operating agreement pretty much is the rules of
Speaker 6: the business. You want to make sure that you establish
Speaker 6: what is going to be the tone and the rules
Speaker 6: of your business when you are first started. So the
Speaker 6: operating agreement will detail things out like when are you
Speaker 6: going to take profits? What is the ownership percentage? When
Speaker 6: is there lock up period? Are you going to bring
Speaker 6: some you know, let's say an investor decides to invest
Speaker 6: in your company and you wanted to have some sort
Speaker 6: of lock up period. You would include all of those
Speaker 6: things those terms inside of inside of the operating agreement.
Speaker 6: Are you all going to decide to dissolve the business
Speaker 6: after five years or ten years?
Speaker 5: Right?
Speaker 6: What role and of all of the what are the
Speaker 6: roles of all of the partners of the business, who's
Speaker 6: going to do what? What are the ownership percentages? Those
Speaker 6: are the type of things that goes in an operating
Speaker 6: agreement because you want to make sure that you are
Speaker 6: detailing it out. And it is very, very very important,
Speaker 6: especially when you have partnerships of multiple members, because you
Speaker 6: want to detail out one and make it clear who's
Speaker 6: doing what. Right, that is a big thing in partnerships.
Speaker 6: Most people will start it and have no idea who's
Speaker 6: doing what that business, So you have to think about, Okay,
Speaker 6: who's doing what, what is the profit sharing, who's liable
Speaker 6: for what? If anyone? Right? Those are the things that
Speaker 6: you would put in there. Right, is there lock up period?
Speaker 6: Are you going to dissolve the business? Who's responsible for what?
Speaker 2: Who?
Speaker 6: What's the ownership percentage?
Speaker 2: So?
Speaker 6: I thought I just almost gave you like ten so
Speaker 6: I know you did.
Speaker 2: You did you give me a sil list? I appreciate it.
Speaker 2: Thank you so much. Okay, that's off the top of
Speaker 2: the ad man, it's late. I understand. I appreciate, really
Speaker 2: appreciate you, bro, sir.
Speaker 6: Ten, I'm like I got close.
Speaker 4: The ten business commandments. Rina, We're coming to you. I
Speaker 4: meet yourself you've been unmuted. What's going on?
Speaker 5: Hello evening, y'all.
Speaker 2: Hello, how you doing?
Speaker 14: I'm well, thank you.
Speaker 3: So.
Speaker 14: I am a mature earner and new to EU y L.
Speaker 14: I have recently started taking care of my mom and
Speaker 14: I also have my granddaughter. So I'm thinking that I
Speaker 14: could do something in terms of like maybe a boarding
Speaker 14: care something like that, something where I'm able to care
Speaker 14: for others. So my question is what I be better
Speaker 14: just starting off renting or leasing a home or buying
Speaker 14: the home to start your business? Put the business into
Speaker 14: what are your thoughts?
Speaker 6: So you would have to really consider I hate given
Speaker 6: the explanation of it depends, but it really does depend
Speaker 6: on like what those facts and circumstances are, you know,
Speaker 6: like what is the value of the home? Right? Are
Speaker 6: you able to purchase the home at a good you know,
Speaker 6: at a good rate. Does it make sense for you
Speaker 6: to maybe rent at you know, rent for a certain
Speaker 6: period of time and then you know, buy at a
Speaker 6: later time You have to kind of I wouldn't be
Speaker 6: able to make that decision, but what I can say
Speaker 6: is that while you are trying to make that decision,
Speaker 6: you need to think about and weigh in all the
Speaker 6: factors about you know, the financial you know, the financial
Speaker 6: responsibility that that is going to put on you, and
Speaker 6: another thing that you know. I'm so happy that you
Speaker 6: asked this because a lot of people don't think about
Speaker 6: let's say, startup costs, right, so now you have to
Speaker 6: think about all the costs that is going to cost
Speaker 6: you to actually start this up. The licenses, you know,
Speaker 6: the registration, especially if you're getting into a feel like that,
Speaker 6: you know, the professionals, the certifications, you know, the decor,
Speaker 6: the supplies, all of the things that you're going to need.
Speaker 6: And then on top of that, if you add a mortgage,
Speaker 6: will it be the same as paying rent? If so,
Speaker 6: then you know, land is you know happen. Land is better,
Speaker 6: you know. But if it's a situation that you know
Speaker 6: it's going to be is going to put you in
Speaker 6: a bad space and not allow you to be able
Speaker 6: to reinvest into your business, then you may want to
Speaker 6: be able to kind of take that step back, rent
Speaker 6: for a little bit and then purchase the home so
Speaker 6: that would be mine. Okay, I appreciate that. Thank you
Speaker 6: very much.
Speaker 14: Y'all have a good one.
Speaker 4: You are thank you by no shout out to all
Speaker 4: the Mature Earnest. Man, that's one of those dope. Uh,
Speaker 4: that's the they.
Speaker 2: Got a lot of information.
Speaker 8: Man.
Speaker 3: Yep, that's one of the best Infinity clubs that we
Speaker 3: have Mature Earnest. Oh, yeah, it's really dope.
Speaker 2: All right. I want to I don't want to get
Speaker 2: this name wrong. I think it's shown Aatina.
Speaker 4: But I might be wrong, but I'm unutube anyway to
Speaker 4: talk and then if I'm said it wrong, you can
Speaker 4: correct me.
Speaker 5: I did.
Speaker 6: Thank you.
Speaker 5: It's shan Tina.
Speaker 6: You are close.
Speaker 2: Ah, Shantina. What's going on? How are you? I'm good
Speaker 2: in you, I'm great, I'm great, Thank you for being My.
Speaker 6: Question is.
Speaker 15: I I work a regular job and I also had
Speaker 15: invested in a uh and I'm in a business that
Speaker 15: we eventually just sold.
Speaker 6: But I get a.
Speaker 3: Like a a.
Speaker 15: Worties payment every like every six months. But my question
Speaker 15: is when I turn my taxes in to the CPA
Speaker 15: to get done, do I get them?
Speaker 2: I don't know?
Speaker 15: How do how do I do that? And I'm trying
Speaker 15: to start a business, so I still give them my
Speaker 15: W two stuff and my investment business stuff, and I
Speaker 15: need to file taxes for my personal business. So when
Speaker 15: I do go get a loan for my own personal business,
Speaker 15: I want to show the lener that I have income.
Speaker 15: I mean, I have income, but not for my business
Speaker 15: that I haven't really produced income yet, if it makes sense.
Speaker 6: Okay, So let me just say this again to make
Speaker 6: sure I have it. You had a business, you sold it,
Speaker 6: and you're getting royalties. Yes, okay, then you also have
Speaker 6: another business, but you're not really operating that that other business.
Speaker 2: Correct.
Speaker 3: Okay, she's getting royalties from my job, though you're getting
Speaker 3: royalties from your job. Right.
Speaker 15: No, I'm getting royalties from the business business I was
Speaker 15: in a group with we sold it, but I'm getting
Speaker 15: royalties from that. But I'm that's still coming along for
Speaker 15: another a year or two. But I want to start
Speaker 15: my own own business, but I want to file. Understanding
Speaker 15: is I need to file taxes for the business that
Speaker 15: haven't started to get a loan or a business credit?
Speaker 6: Got you? Okay? So when you file your taxes, you
Speaker 6: have to report the roadtees. If there are any expenses
Speaker 6: that you that you incurred, then what will happen is
Speaker 6: that you will report those expenses. If you have your
Speaker 6: W two, you'll report that in terms of your business.
Speaker 6: So with your business, if you haven't made you have
Speaker 6: to report the income that you've made as well as
Speaker 6: report the expenses. So if you're in a position where
Speaker 6: you haven't made any money in that business, then you
Speaker 6: wouldn't report any money in that business. So that's how
Speaker 6: you would file that, So you would you would only
Speaker 6: let's say, if you whatever you made in the business
Speaker 6: and whatever you spent in the business, that's what you
Speaker 6: would report on the taxes.
Speaker 15: So so earlier when you was explaining like because I
Speaker 15: already have the LLC credit for the new business for myself,
Speaker 15: I'm not in a group business anymore, so I don't
Speaker 15: need to do a C CORP along with to see
Speaker 15: with the LLC that I credit for my own business
Speaker 15: because I hadded a business with a group of people
Speaker 15: where I get royalties from which I made over almost
Speaker 15: almost two hundred k.
Speaker 5: Almost two hundred k.
Speaker 6: Mm hmm. So they're paying your royalties out to your
Speaker 6: name or to your business. It's coming to me.
Speaker 15: So I get I do a schedule K one because
Speaker 15: I have I have a ten forty form that I
Speaker 15: have to do.
Speaker 4: Mm hmm.
Speaker 6: Okay, that's fine. So yeah, so you will report that,
Speaker 6: so you will report that, but you wouldn't report on
Speaker 6: the personal business that you're referring to. There's nothing for
Speaker 6: you to report if you didn't have any activity, but
Speaker 6: you still will include the K one. If you did
Speaker 6: receive any like separate royalties, then you would report that.
Speaker 6: And then you're also your W two and all of
Speaker 6: that if you do need to provide all of that
Speaker 6: to your CPA, and they will they should, you know,
Speaker 6: know what to do with it and report everything and
Speaker 6: filing correctly.
Speaker 15: Okay, because I was just nervous because when I do,
Speaker 15: like I'm getting like my little list of things to
Speaker 15: do for my new business, which is a totally different business,
Speaker 15: but I'm just trying to get my my my equipment
Speaker 15: that I need to start that business. And I just
Speaker 15: didn't know if I needed a file taxif O business
Speaker 15: I didn't create income on, and that's what it was
Speaker 15: making me a little nervous.
Speaker 6: No, no, no, So your requirement for filing if you're
Speaker 6: an LLC is if you've made four hundred dollars or more,
Speaker 6: you're required to file your taxes if you did not,
Speaker 6: and let's say you have startup expenses that you had
Speaker 6: to put out. You can file, but you're not required
Speaker 6: to file if you didn't make four hundred dollars or more.
Speaker 6: So just keep that in mind so you don't have
Speaker 6: to file those taxes, not for the business. Everything else
Speaker 6: you have to file.
Speaker 2: Okay, thank you so much, Hiray, thank you, have a
Speaker 2: good one and congrats on those royalties. Thank you so much.
Speaker 2: Of course, of course, all right, let's go to jail. James, James,
Speaker 2: what's going on? I'm mute yourself? You've been unmuted? What's
Speaker 2: the deal? It was going on? A piece piece?
Speaker 3: Good at you?
Speaker 16: I'm good, I'm good man. Thank you guys for everything
Speaker 16: you do. Tuning in for a minute, been to earner,
Speaker 16: four minute shut out to earner. I have a truck
Speaker 16: and company and I was I switched over my LLC
Speaker 16: to an S corpor a while ago, and I was
Speaker 16: wondering do I have to set up.
Speaker 2: The ADP and how to go about that?
Speaker 6: So you do need to set up payroll. It is
Speaker 6: a requirement. They can revoke your escorts status if you
Speaker 6: are not in compliance with payroll, so you do need
Speaker 6: to do that. You. I do have an ADP REP
Speaker 6: that I can connect you with. She works with all
Speaker 6: of my clients.
Speaker 2: Shout to Nicole.
Speaker 6: Yes Nicole O night, Yes, yes, yes, yes, Nicole is amazing.
Speaker 6: She helps every like she helps out all my clients.
Speaker 6: So if you just send me over a d M
Speaker 6: or an email, go to my DM. My my instagram
Speaker 6: is miss Business, so ms dot business one on one
Speaker 6: and I will send you over her contact. I'll make
Speaker 6: sure that you get.
Speaker 2: Her contact on Instagram.
Speaker 6: Yeah, yeah on Instagram.
Speaker 2: Yeah. Did y'all did a live the other night?
Speaker 6: Right, Yeah, we did a live the other Night's actually
Speaker 6: still on my page so you can take us. Yeah.
Speaker 6: We talked about like W two ten ninety nine, get
Speaker 6: in that process, all of those things.
Speaker 4: Yeah, so James, when you go to her page, you'll
Speaker 4: probably see Nicole from ADP. She's on a page is
Speaker 4: probably within the last three or four posts. They actually
Speaker 4: did a live the other night, which is pretty dope. Okay,
Speaker 4: all right, bro, appreciate you.
Speaker 2: I appreciate it. Yeah, appreciate it.
Speaker 3: Let me get some let me get some housekeeping items
Speaker 3: in before we could just break it out. I know, room, Yeah,
Speaker 3: we're gonna we're gonna keep answering questions. But I know
Speaker 3: she's been talking for like forty five minutes, so I'll
Speaker 3: give her a break to get some water if she
Speaker 3: needs it. But yes, this once again, this is a
Speaker 3: window into Eyo University. This is what we do every
Speaker 3: single week. We just covered this. The last Wednesday of
Speaker 3: the month is open enrollment. But I wanted to talk
Speaker 3: about women's business has going on for a minute because
Speaker 3: she actually just dropped her. I don't even want to
Speaker 3: call it a course. I really want to call it
Speaker 3: a business blueprint, And that's actually the name of it,
Speaker 3: business blueprint, where it's fifteen hours of information everything every
Speaker 3: single thing that you need to know about setting up
Speaker 3: a business, like we cover we can only cover so
Speaker 3: much in the hour and a half or two hours,
Speaker 3: but like detailed, like you know, bullet points on every
Speaker 3: single thing from payroll structure to retirement plan structure to
Speaker 3: you know, selling a business, to everything business credit, like
Speaker 3: all paled in to fifteen hours of video, and it's
Speaker 3: actually assessments after like you go through different things, different
Speaker 3: assessments for the modules. There's different guest instructures. I'm actually
Speaker 3: in there teaching about retirement planning and there's a work
Speaker 3: book attached to it as well, So it's a great
Speaker 3: body work. I actually went through it myself, so I
Speaker 3: appreciate that. I'll say she's she's modest, so I'm saying
Speaker 3: her praise for her. So I say that to say,
Speaker 3: if anybody's interested and really wants to take that business
Speaker 3: serious and really start a business, I highly, highly strongly
Speaker 3: suggest that you invest in that. Like I said, being
Speaker 3: a financial advisor, you know, you get a business plan
Speaker 3: and you're paying anywhere from two to five thousand dollars
Speaker 3: for a business plan, and that's something that is not
Speaker 3: even half of what she has actually put out. She's
Speaker 3: a business plan on steroids, actually, like detailing so many
Speaker 3: different things and so many different resources. Really, the encyclopedia,
Speaker 3: it's really like a college bachelor's degree in business, all
Speaker 3: wrapped in fifteen hours. So it's an amazing body of
Speaker 3: work that she put together. I'm not just saying that
Speaker 3: because she's here. I'm saying that because I actually went
Speaker 3: through it and actually got a chance to actually learn
Speaker 3: as well. That's one thing I always learned. So we're
Speaker 3: gonna pin the link and it's a thousand dollars. We
Speaker 3: have a thousand dollars off, so it's actually five hundred dollars.
Speaker 3: The whole the whole fifteen hours is five hundred dollars.
Speaker 3: Ian will be very disappointed.
Speaker 2: I can hear him now pounding the air.
Speaker 3: Yeah, he would be very disappointed with that, if he's
Speaker 3: still in the live But I'm gonna pin it. So yeah,
Speaker 3: Like I said, if you if you're interested in starting
Speaker 3: a business, or if you have a business and you
Speaker 3: want to take a visit to the next level, extremely
Speaker 3: extremely important, I highly suggest that you all invest in that.
Speaker 3: So yeah. The website is MS blueprint Eyo dot com.
Speaker 3: I penned it, and it's also in the description of
Speaker 3: this video and the description of like when we put
Speaker 3: it on Apple and Spotify as well. So yeah, I
Speaker 3: just wanted to do that before we get.
Speaker 2: Yeah, and I think that can I sing your praises
Speaker 2: a little bit more?
Speaker 6: Yeah, Yeah, go ahead.
Speaker 4: I mean obviously went through the course, went through all
Speaker 4: the assessments for the course what's your incredible But one
Speaker 4: of the dopest things was the workbook, right, And so
Speaker 4: I think you want to talk about the work work, I'll.
Speaker 6: Talk about the work Actually, can I pull up the
Speaker 6: work book? But on foll, can I just pull up
Speaker 6: the workbook?
Speaker 4: You I'm gonna pull it up because I think this
Speaker 4: is one of the dopest features and I don't think
Speaker 4: I've seen anybody do it like this, So yeah, pull
Speaker 4: it up.
Speaker 6: Yeah. So the idea behind the workbook, so the the course,
Speaker 6: the business blueprint. The reason why I even started the blueprint,
Speaker 6: I mean, why I even thought to do the blueprint
Speaker 6: is because here's a situation where I had a ton
Speaker 6: hold on one second, let me just pull this over here.
Speaker 6: I have twenty five hundred business clients and I realized
Speaker 6: that we were not operating or doing business correctly. So
Speaker 6: what I wanted to do was be able to be
Speaker 6: a resource for people because they just were not doing
Speaker 6: business correctly. And it's so important, and I ultimately feel
Speaker 6: that it's not a situation where people don't want to
Speaker 6: do better, is that they necessarily don't have the tool,
Speaker 6: they don't have the resources. So outside of like having marketing,
Speaker 6: having you know, in the course, we walked through everything,
Speaker 6: your ideas, having partners, contracts, rashads. They're talking about retirement,
Speaker 6: dissolving your business, which no one talks about. You know,
Speaker 6: I had King Ashley Inn and there she's talking about marketing.
Speaker 6: Someone from HR hading a call from ADP and they're
Speaker 6: just talking about payroll and hold on one second, and
Speaker 6: I thought of the idea to actually put together like
Speaker 6: a business plan. So this is the workbook. Hold on
Speaker 6: one second, that's just the cover page. Hold on where
Speaker 6: we were, Oh, here we go.
Speaker 5: Hold on.
Speaker 4: No, yeah, some people in the zoom are asking for
Speaker 4: the link. I just put it in the link for
Speaker 4: everybody to see. So everybody has asked us to that
Speaker 4: link and YouTube. It's already in there for y'all as well.
Speaker 6: Hold on, give me one second, because I think that
Speaker 6: the workbook is so good. It's like over one hundred pages,
Speaker 6: so we're really hard on this.
Speaker 3: Yeah, the workbook work definitely a good idea for sure.
Speaker 6: Because they got so the idea is that when you
Speaker 6: walk away, you have a you have a business plan.
Speaker 6: And as Rashad said, most people are paying thousands of
Speaker 6: dollars for a business plan and they don't even have
Speaker 6: they don't have anything. They don't have half the stuff
Speaker 6: that you're getting in here. So all right, finally got it,
Speaker 6: all right, and I got it to open.
Speaker 3: So let's get one more question than business You could
Speaker 3: ask you why you're doing that.
Speaker 6: We could just oh, I got it, got it, yep,
Speaker 6: I got it. So pretty much this is the workbook
Speaker 6: where we have my one percent team. So this is
Speaker 6: all the people that are featured in the course. So
Speaker 6: we have Rishad actually in Sabine the purpose lawyer. We
Speaker 6: have Chrisly she's in there talking about hr Rosina. She's
Speaker 6: talking about trademarks. Connie's talking about processes, Nicole's talking about payroll.
Speaker 6: We have Brandon from PGG talking about how to buy
Speaker 6: vehicles and assets in your business name. But we have
Speaker 6: my team here, my branding and marketing strategists and brand
Speaker 6: strategists and photographer. I had them hopping there to like
Speaker 6: just talk about from their perspective. We have Ellieto Money
Speaker 6: talking about funding, so she dropped a lot Breed talking about,
Speaker 6: you know, just buying assets in your name and business
Speaker 6: credit and personal credit. And Jalen in there talking about
Speaker 6: pr all right, so pretty much just to give you guys,
Speaker 6: like a peek into the work book, the idea behind
Speaker 6: the work book. And keep in mind you can actually
Speaker 6: right inside of the workbook, so when you download the workbook,
Speaker 6: it's you can literally do it on your phone. So
Speaker 6: the entire workbook is fillable, so you'll be able to
Speaker 6: like check boxes, write in all of these boxes so
Speaker 6: it's not something that you have to print out. So
Speaker 6: really going through your your SWAT, your pros and cons
Speaker 6: partnership agreement templates are in here, you know, just really
Speaker 6: going through all of these things, like breaking down all
Speaker 6: the things that I just went through. Here, here's all
Speaker 6: the links. Right if you want to apply for EI
Speaker 6: in that's there, right, So, ok, what are what's the thing?
Speaker 6: So all of those things here because I don'et lost
Speaker 6: the page, but yeah, all of those things are pretty
Speaker 6: much in the world book.
Speaker 3: And that's an addition.
Speaker 6: That's an addition, that's an addition to the course, right,
Speaker 6: because I felt I don't I don't want you guys
Speaker 6: with your opening paper. I needed to guide you. I
Speaker 6: needed to make sure that you know I got it,
Speaker 6: guided you all throughout all of those lessons because I
Speaker 6: really think that it's so it's so good to have
Speaker 6: like a big thing. I say that twenty twenty two
Speaker 6: is the year of the bosses. Some years is real estate.
Speaker 6: Twenty twenty two is for bosses. We have too many
Speaker 6: people quitting their job. We have too many people, you know,
Speaker 6: just kind of just want to show up for themselves.
Speaker 6: So that's my theory.
Speaker 2: Yeah, the bosses.
Speaker 3: I love it, gentlemen.
Speaker 4: And from an educator to an educator, man, I appreciate that.
Speaker 17: Right.
Speaker 2: And at the end of it, you got your whole
Speaker 2: business plan. Let's say, are get a few more questions
Speaker 2: before we saw we come to you and meet yourself.
Speaker 2: You've been unmuted at what's going on? How you doing?
Speaker 5: I'm good? Okay?
Speaker 8: Can you explain the process to switch over from LLC
Speaker 8: to escorre.
Speaker 6: Hi toush on tray baby, jeuse me client? So the
Speaker 6: process to switch over from LLC to escort, the process
Speaker 6: has to be done on the federal side and the
Speaker 6: state side, depending on which state you are in. So
Speaker 6: there's only a few states that require you to also
Speaker 6: do the election on the state side. But keep in mind, guys,
Speaker 6: and ESCORP is not an entity type. It is a
Speaker 6: tax election. So what that means is that you have
Speaker 6: to complete tax You have to complete Form twenty five
Speaker 6: fifty three and you have to submit it to the IRS.
Speaker 6: Now keep in mind, once you submit that form to
Speaker 6: the IRS, they will require you I mean they will
Speaker 6: require about four months in order to get that form
Speaker 6: back to you just to say, hey, I acknowledge that
Speaker 6: you are an esport. Okay, so you have to keep
Speaker 6: that in mind. There are certain states I think right
Speaker 6: now it's just New York, I believe, Ohio, New Jersey,
Speaker 6: in one other state I can't remember the other state
Speaker 6: that's still that requires you to do it and basically
Speaker 6: complete the form on the state side. But most states
Speaker 6: don't require you to also take that additional step on
Speaker 6: the state side. They pretty much just follow suit with
Speaker 6: whatever you elect on the federal side. In regards to
Speaker 6: the state level, like where you actually formed your entity.
Speaker 6: You don't need to notify them or let them know like, hey,
Speaker 6: I'm now an esport. Yes, twenty five fifty three, Thank you,
Speaker 6: You're welcome.
Speaker 3: Get a few more.
Speaker 2: Let's do it. Let's do it. Let's do it.
Speaker 4: Let's go to uh Anna. We're coming to you, Anna.
Speaker 4: I'm mute yourself. I'm it was going on.
Speaker 7: Hi there, good evening, can you hear me?
Speaker 2: Yeah, yeah, right when imute yourself. Y'all on it. Love it.
Speaker 7: Hi, rashod Hi, Troy, nice to see you this evening, Hello,
Speaker 7: this business. I enjoy your presentation. My question is this
Speaker 7: and this goes to funding. Can we talk about or
Speaker 7: can you express your views on shelf corporations because a
Speaker 7: lot of credit agencies want you to have some seasoning,
Speaker 7: especially if you're new, and so I know that shelf
Speaker 7: corporations are a way to try to put your business
Speaker 7: in the position of of uh longevity, shown that you've
Speaker 7: been around a little while. So can you share it
Speaker 7: relates to.
Speaker 6: Funding absolutely so with shell for shelf corporations. For those
Speaker 6: of you who aren't familiar, that just means that someone
Speaker 6: purchased a corporation or an LLC and they said, you
Speaker 6: know what, we are going to hold on to this
Speaker 6: LLC for a certain amount of years and then you
Speaker 6: can then buy into this business that has already been established.
Speaker 6: And that's why I always tell people when they ask
Speaker 6: me like when should I start an LLC, I'm like,
Speaker 6: today asap, don't wait. And the reason why I say
Speaker 6: that is because when you go to lenders, the first
Speaker 6: thing that they're going to ask you is when did
Speaker 6: you form your business? When was your business established? Longevity matters.
Speaker 6: So if you are just getting into you know funding,
Speaker 6: I mean, you're just getting into business and you are
Speaker 6: in a position where you want to go for funding,
Speaker 6: but of course you're just getting into business, so you
Speaker 6: don't have the time. I think that shelf corporations are great.
Speaker 6: You just want to make sure that they are in compliance.
Speaker 6: I have had a person acquire a entity and they
Speaker 6: had a ton of unfouled tax returns, a ton of
Speaker 6: annual foul tax returns that were not filed. So you
Speaker 6: just want to make sure that you are you're not
Speaker 6: getting yourself into anything. You're welcome, and.
Speaker 2: It was right now her notes. I appreciate you and
Speaker 2: thank you.
Speaker 3: Let's get a few more before we bat.
Speaker 2: Yeah, let's do it. Let's do it. Let's see what
Speaker 2: we got.
Speaker 4: Uh, let's go to Kendra hoole Kendrew, We're coming to you.
Speaker 2: I'm mute yourself. You've been unmuted. What's going on?
Speaker 5: Hello?
Speaker 8: I I have a couple of questions.
Speaker 5: Well, one, my husband and I already have a corporation
Speaker 5: which is a private investigation company, but we also have
Speaker 5: nine rental properties, and one of those rental properties we
Speaker 5: want to do an Airbnb. All the rental properties are
Speaker 5: in our name, and I am wanting to know is
Speaker 5: it best for us to establish an allc and to
Speaker 5: run the business or should we do another corporation in
Speaker 5: escort for the Airbnb and the ransom properties.
Speaker 6: No, so you should do an LLC. And the reason
Speaker 6: why you should not and this will take extreme strategy
Speaker 6: if it would make sense to ever put an real
Speaker 6: estate in a corporation. But for the most part, it
Speaker 6: almost does not make sense to put real estate in
Speaker 6: a corporation only because of the tax rates on the
Speaker 6: sales when it is going to be time to sell
Speaker 6: or transfer. It just is a nightmare in corporation. So
Speaker 6: I wouldn't suggest that you do it in a corporation,
Speaker 6: but if you do it inside of a sorry, if
Speaker 6: you do it inside of an LLC, that will be
Speaker 6: the solution that you need. Now with the Airbnb, you
Speaker 6: now have to consider you know, how much income you're
Speaker 6: going to have coming in and what that profit looks like.
Speaker 6: If it's one property, you you know you should be
Speaker 6: okay in a in an LLC. But as you let's say,
Speaker 6: if you require more Airbnbs, you may want to consider
Speaker 6: an escort because now you are moving into a transactional
Speaker 6: business and you don't want to get caught up in
Speaker 6: that self employment tax.
Speaker 8: Okay, So with the Airbnb, we would need maybe a
Speaker 8: couple of employees because the business is like, I can't
Speaker 8: run it because I have a regular job as well.
Speaker 8: So to pay them, we can pay them through the
Speaker 8: LLC and it's okay or we how does that work?
Speaker 6: Absolutely? So when you say pay them, are you referring
Speaker 6: to paying them? Like, are you saying do they need
Speaker 6: to like how to pay them like a payroll?
Speaker 5: Right, like a payroll or something.
Speaker 6: Yeah, So if you do have them down as employees,
Speaker 6: you do want to get a payroll company. One thing
Speaker 6: that you all have to understand is that when you
Speaker 6: decide to start bringing on employees, you want to make
Speaker 6: sure that you're thinking about your payroll. And I just
Speaker 6: want to talk about this a little bit because it's
Speaker 6: so important when you decide to get employees or even
Speaker 6: pay yourself on payroll. Keep in mind you have federal
Speaker 6: deposits that have to be made to the federal You
Speaker 6: have state deposits that have to be made to the
Speaker 6: state every single payroll, right, so if it's bi weekly,
Speaker 6: those are bi weekly deposits. You also have to file
Speaker 6: quarterly taxes, right quarterly your quarterly payroll taxes. Those taxes
Speaker 6: also need to be remitted to Social Security and Medicare,
Speaker 6: and you also have to keep in mind that there's
Speaker 6: an annual return that has to be filed. That's why
Speaker 6: I use ADP. They kind of take care of everything.
Speaker 6: Is something that you even need to think about. The
Speaker 6: everything is so seamless. But I just wanted, you know,
Speaker 6: I want to be very transparent because I've seen so
Speaker 6: many people. I've seen people lose their businesses because of taxes.
Speaker 6: So I'm always so adamant about you know, when you
Speaker 6: do it, just do it right. So yes, if you
Speaker 6: are going to hire people because you cannot you know,
Speaker 6: be active in the business, that's totally fine. Just enroll
Speaker 6: in a payroll provider, get them set up as W
Speaker 6: two's and whatever that pay frequency is, if that's every
Speaker 6: week or if that is you know, bi weekly, you
Speaker 6: can set that up. You can always change it to
Speaker 6: make sure that they're being paid what they need to
Speaker 6: be paid. Okay, Okay, thank.
Speaker 2: You, Kendra, You're welcome.
Speaker 18: More.
Speaker 2: Let's do it. Let's do let's go to uh, Brian,
Speaker 2: We're coming to you. Brian. I mute yourself. You've been
Speaker 2: unmuted that what's going on? You perfectly Uh, this is surreal.
Speaker 2: I mean, yeah, you got listen ui every day.
Speaker 6: I'm a new earner.
Speaker 19: Really appreciate everything you guys do.
Speaker 2: This is amazing. I really do appreciate it. Man, I
Speaker 2: got weazy up tonight.
Speaker 3: You see them weezy baby the for phenomenals for front though,
Speaker 3: I have.
Speaker 2: A two part question. If that's all right, no guidelines
Speaker 2: to night, man, let's do it all right?
Speaker 5: Cool?
Speaker 19: So I have an investment group that I run. It's
Speaker 19: nineteen of us in there. We put in two thousand
Speaker 19: dollars a year total. So I was trying to figure
Speaker 19: out what's the best type of entity that we can
Speaker 19: put together for that type of group where we're not
Speaker 19: paying too much in taxes because I know with the
Speaker 19: LLC with the partnerships, we got to pay per member
Speaker 19: like per partner in there when it comes to following
Speaker 19: your taxes, I believe. And then since it's not really
Speaker 19: a business, we're just a group, we're not really producing
Speaker 19: active income right now. So I was trying to see
Speaker 19: what you think makes the most sense for us to
Speaker 19: protect ourselves absolutely.
Speaker 6: So I just want to clarify in terms of the
Speaker 6: filing the per member. The only time you there's any
Speaker 6: fees per member is if you don't file your taxes.
Speaker 6: So I'm happy that you mentioned that because anyone that
Speaker 6: is an sport or partnership or two plus member LLC
Speaker 6: keep in mind that your filing date is March fifteen. Okay,
Speaker 6: so your filing date is March fifteen, and you want
Speaker 6: to make sure that you spail your taxes by March
Speaker 6: fifteenth or put in an extension because sorry, because the
Speaker 6: penalty for non filing is two hundred and five dollars
Speaker 6: per month per member. So in your case, if you
Speaker 6: have an investment group and it's ten people, that's two
Speaker 6: hundred and five dollars times ten times twelve. Right, if
Speaker 6: you do not file your taxes. In terms of the
Speaker 6: entity type that I think is best. When you say
Speaker 6: an investment group, what are you guys investing in? Are
Speaker 6: you guys pulling money together? What exactly does the investment
Speaker 6: group do?
Speaker 19: So currently we've been putting in the two thousand dollars.
Speaker 19: We first we did long term stocks, then after that
Speaker 19: we invested in crypto and trying to do some swing
Speaker 19: trading and I personally do d trading for the group.
Speaker 19: In the future, we will be starting businesses. This year,
Speaker 19: We're looking to open up airbnb business, Touro, and a
Speaker 19: vendor machine. So that was my second part question of
Speaker 19: is we should be getting separate entities for each business
Speaker 19: that we open up or should we just keep it
Speaker 19: all under the one group?
Speaker 6: Gotcha? So the first part, you should be an LLC
Speaker 6: because it is so many of you. You want to
Speaker 6: and you guys are investing in different things. You want
Speaker 6: to make sure that I know you mentioned that you're
Speaker 6: doing the trading, so I'm hoping that the Brokeridge account
Speaker 6: is in the business name. So that way when the
Speaker 6: money comes in and you guys have to distribute all
Speaker 6: of the profits that each of you will receive a
Speaker 6: K one and then you would only you only report
Speaker 6: your respective share on your taxes, right, and so the
Speaker 6: LLC would be the route for that and to your
Speaker 6: the second part of your question, absolutely, you should definitely
Speaker 6: put all of those additional businesses inside of you know,
Speaker 6: different entities. One because I've had various investment group clients
Speaker 6: and what's going to happen. I don't want say it's
Speaker 6: going to happen, but what may happen is that somebody
Speaker 6: may say, you know, I don't want to invest into Roo. No,
Speaker 6: I'm fine over here with stocks and Airbnb, right, and
Speaker 6: then you don't want to have to try to figure out, okay,
Speaker 6: well what now happens that is supposed to be ten
Speaker 6: of us and now this other person doesn't want this now.
Speaker 6: It just makes it very messy. And then another thing
Speaker 6: that you have to consider is the liability if something happens,
Speaker 6: you know, in one of your other businesses. You don't
Speaker 6: want it to be a situation where they can come
Speaker 6: and take all of the like all of your assets,
Speaker 6: your stocks, your you know, whatever other investment or other
Speaker 6: businesses you start make fair sense.
Speaker 3: Thank you so much, Thank you.
Speaker 2: Please appreciate you.
Speaker 8: Bro.
Speaker 3: How are you feeling this business like? You want to
Speaker 3: go a little longer?
Speaker 4: Listen, I'm here, got a lot of hands, there's a
Speaker 4: lot of hands here. Let's keep rolling, all right, Lauren,
Speaker 4: we're coming to you and need yourself.
Speaker 2: You've been unmuted. Hello, what's going on? Hey? What's going on?
Speaker 2: Thank you? Thank you for letting me in. Man, great presentation,
Speaker 2: miss business.
Speaker 6: Appreciate it all right?
Speaker 17: Yeah, the S Corporation is it's interesting to me because
Speaker 17: it sounds like I've been paying that fifteen and not
Speaker 17: knowing it with the LLC.
Speaker 5: And but I don't.
Speaker 17: Recall clearly, but I remember somebody telling me they couldn't
Speaker 17: get the PPP long because of another corporate. I think
Speaker 17: they said that es corporate is what they had. And
Speaker 17: is that is that true that you couldn't get you know, say,
Speaker 17: if it come up again, you know, I want to
Speaker 17: be prepared for all of that stuff.
Speaker 2: Asking for front.
Speaker 6: Absolutely, so that is false. That is false. Your entity
Speaker 6: type had has nothing to do with you being eligible
Speaker 6: for a loan. What may have happened in that person's case,
Speaker 6: but I feel like they they revamped p PP so
Speaker 6: many times. If the person did have an escort esport.
Speaker 6: One of the requirements for an escort is that you
Speaker 6: pay yourself salary. So because you need to pay yourself salary,
Speaker 6: it was a requirement for you to have had kaid
Speaker 6: some sort of payroll that the person was in LLC,
Speaker 6: then they would not have needed to pay themselves technically
Speaker 6: a payroll, because when you are an LLC, your profit
Speaker 6: is considered your payroll. But they were not denied because
Speaker 6: they were an escort. They just were not in compliance,
Speaker 6: which I'm happy that you said this, because this is
Speaker 6: what I mean. And I became very passionate about business
Speaker 6: owners being in compliance during the whole pandemic because me
Speaker 6: being the accounting accountant, I've seen so much, you know,
Speaker 6: just trying to help people qualify for all the eidls
Speaker 6: and PPPs. It was a situation where people just were
Speaker 6: not positioned and they were not set up correctly, so
Speaker 6: therefore they were not able to take advantage of certain things,
Speaker 6: which I e. Again is going to hold us back
Speaker 6: while other people are able to take advantage of these things.
Speaker 6: So that's what that whole thing is.
Speaker 2: Okay, great, thank you, thank you, thank you.
Speaker 5: Well.
Speaker 17: Now one more question about the es CORP. Now, So
Speaker 17: I would have to put myself on payroll if I,
Speaker 17: you know, like how you were talking about earlier, I
Speaker 17: would pay the fifteen percent on what the business profity.
Speaker 6: Right, No, the fifteen percent is going to only be
Speaker 6: on whatever you decide your salary is going to be.
Speaker 6: So if you, let's say, made one hundred thousand, but
Speaker 6: you say your salary is going to be thirty thousand,
Speaker 6: you would only be paying that fifteen point three percent
Speaker 6: on the thirty thousand.
Speaker 17: Okay, Okay, great, okay for that, clear up everything, thanks Milliam.
Speaker 2: All right, all right, likewise, man give it the good work, y'all.
Speaker 4: All right man, fifteen three percent, let's do it all right,
Speaker 4: Naikiza were coming to you?
Speaker 2: What's going on? I mute yourself. You've been muted.
Speaker 5: Good evening, good evening, good night everyone.
Speaker 2: How you doing?
Speaker 5: How you doing?
Speaker 20: I would like to say thank y'all for all the
Speaker 20: information you're giving miss business.
Speaker 6: You're killing it tonight. The problem. Thank you.
Speaker 20: I recently got anc I want to get a mixed
Speaker 20: dwell property, which will we have apartments on top and
Speaker 20: I want to get a cafe on the bottom. So
Speaker 20: when I open it up the LLC, I open up
Speaker 20: as a real estate because I don't have the cafe
Speaker 20: yet since I don't.
Speaker 2: Have the build it.
Speaker 20: So you just said, don't do the es Corp for
Speaker 20: the real estate part. Should I do the es Corp
Speaker 20: for the cafe once I get it?
Speaker 6: Yes? And those should be in two separate entities anyway, right,
Speaker 6: because you have to think about your cafe is transactional,
Speaker 6: so yes, that should be an escort. I'm considering that
Speaker 6: you know your profits are projected to be above that
Speaker 6: thirty five to forty thousand dollars mark. Now, if you
Speaker 6: have real estate, you have tenants, that's risky. They can slip,
Speaker 6: they can fall. So you may want to consider if
Speaker 6: that building is going to be in your name, maybe renting,
Speaker 6: maybe renting out the maybe creating a lease between you
Speaker 6: and the LLC and having your tenants rent from the LLC. Right,
Speaker 6: because now what that's doing is that's going to create
Speaker 6: a separation between your assets and your tenants if in
Speaker 6: the event something were to happen.
Speaker 20: Okay, I was going to ask, should I created another
Speaker 20: business to collect the rent? So the one business was
Speaker 20: to buy the property? And like like I guess somebody
Speaker 20: was saying, like a property management business to collect the rent,
Speaker 20: so all of that would be separate.
Speaker 6: I don't think that the first, your first property that
Speaker 6: structured in this way needs that, only because now you're
Speaker 6: still not protecting yourself against liability. It doesn't matter if
Speaker 6: a property management company, you know, it's like if a
Speaker 6: third party collected rent for you, you the least is
Speaker 6: still with you know, you and the tenant. So I
Speaker 6: think the better way is to as you know what
Speaker 6: I just explained, and you can have them pay the
Speaker 6: LLC and never pay us because they're rented from the LLC.
Speaker 2: Not you.
Speaker 6: Okay, thank you so much, and keep no problem.
Speaker 2: Y'all are doing is needed.
Speaker 20: It's very needed.
Speaker 6: Thank you, Thank you.
Speaker 2: We're gonna do one more.
Speaker 6: One more.
Speaker 2: Okay, that's it. That's it. We're just gonna do one more.
Speaker 2: Let's let's go to case Sue. We're coming to you.
Speaker 2: I mute yourself. You've been unmuted. What's going on?
Speaker 3: Oh?
Speaker 2: Oh word, today I've.
Speaker 6: Seen some people asking, am I taking clients for tax season?
Speaker 6: I am you. Guys can sign up, schedule your on boarding.
Speaker 6: Tax season has begun arrest already starting with me.
Speaker 2: So it's over all. We're gonna go to Jerry. Jerry.
Speaker 2: It's a middle part too. Jerry coming to you. I
Speaker 2: mute yourself. You've been unmuted. What's the deal? Hike any guys, Jeremy.
Speaker 6: Perfect, Hi Jerry?
Speaker 2: Well is this Jerry case Sue? This is Jerry? All right, Jerry?
Speaker 2: What's the deal?
Speaker 3: What's good?
Speaker 18: Thanks guys taking me up? So my question is there.
Speaker 18: So I've been a member for about a few months now.
Speaker 18: I'm Canadian. I'm trying to can so shout out to
Speaker 18: all their adians there. One of the things about starting
Speaker 18: the business is that it's always challenging to get information from,
Speaker 18: you know, people that you're trying to you know, mimic
Speaker 18: their business. So I guess my question is, how do
Speaker 18: you strategize, you know, getting information on you know from
Speaker 18: Like let's say I'm a nurse ber for example. So
Speaker 18: if I want to start like a nurse's staffing agency,
Speaker 18: but then I know of another company that's doing it,
Speaker 18: but I know they're not probably not going to share information,
Speaker 18: how do you build those partnerships or strategies in terms
Speaker 18: of getting information on how to you know, get up
Speaker 18: and running in terms of starting a business.
Speaker 6: So I think you should just find someone that is
Speaker 6: willing to give you the information. Like there's so many
Speaker 6: people that have learned from whatever industry it is, and
Speaker 6: they have courses or they have you know, consultations, or
Speaker 6: they have you know, something that can help you. I mean,
Speaker 6: you know, nine times out of ten, your your competitor
Speaker 6: isn't going to say, hey, come over here, like I'm
Speaker 6: gonna let you into you know, everything that I've built
Speaker 6: so hard, right, because building a business is hard work,
Speaker 6: and so most people are not just gonna say, hey, yeah,
Speaker 6: you know, here's all my secrets, here's everything, because again,
Speaker 6: that is valuable. So I mean you may want you
Speaker 6: also can approach them and let them know that you know,
Speaker 6: you will pay for whatever information. I don't know, come on, Torry, Rashad,
Speaker 6: you guys have anything for this.
Speaker 3: I feel like, I feel like it's extremely important to network,
Speaker 3: so you know, your network will determine your network. Is
Speaker 3: sounds sounds like a cliche saying, but it's actually true. Right,
Speaker 3: So if I was in a position, I would identify
Speaker 3: the people that have reached the level of success that
Speaker 3: you would that you want to achieve and find out
Speaker 3: how you can add value to them without even ask
Speaker 3: them for anything, Like you know, see how you can
Speaker 3: add value to them for free, whether it's through introducing
Speaker 3: them to somebody else or you know, you know, working
Speaker 3: with them or working for them or whatever. Like you know,
Speaker 3: I would try to figure out how I could add
Speaker 3: value to that particular person and then from their establish
Speaker 3: a relationship with that person, and then from establishing a
Speaker 3: relationship from that person, actually learning from that person. But
Speaker 3: I mean, that's that's how I would go about it.
Speaker 3: If there's not information online or if she said if
Speaker 3: there's not a course available, stuff like that, I would
Speaker 3: try to identify the people that I really want to
Speaker 3: learn from, see how I can be an asset to them,
Speaker 3: build a relationship with them, and then learn from them.
Speaker 4: Yeah, I'll just add to that, You're probably in the
Speaker 4: right space for that, right because there's over twelve thousand
Speaker 4: people in this community, and so I'm sure that there's
Speaker 4: somebody that is in that space right now that can
Speaker 4: help you as a peer and you could perhaps grow together.
Speaker 4: Right your next business partner could be listening to your
Speaker 4: plea right now. So I would put that in the
Speaker 4: Facebook group and then to see the response, especially we
Speaker 4: got a large audience in Toronto, so shout there by
Speaker 4: in Toronto. But there's somebody right now that can help
Speaker 4: you maybe here. So put that out there and see
Speaker 4: what the feedback is.
Speaker 2: Man.
Speaker 3: And in regard to the Canadian question, because I did
Speaker 3: see somebody on YouTube earlier that said that that, you know,
Speaker 3: there's not a lot of content that's related to Canada.
Speaker 3: The stocks is related to anything crypto and stocks, you
Speaker 3: can do anything. There's a lot of content with that.
Speaker 3: But I would say this, let's let's if there's enough
Speaker 3: Canadians in Eyo University. Let's let's create an infinity group
Speaker 3: inside of Eyo University for Canadians. Like I'm not sure
Speaker 3: if there's one that's already exist or not, but I
Speaker 3: thought it.
Speaker 2: So, you know, we just we just bought the idea.
Speaker 2: We had a UK one.
Speaker 3: Yeah, we have one in the UK. Shout out to Scarlett,
Speaker 3: she's ahead of that. Shout to all the UK earners.
Speaker 3: We have an infinity group for UK earnest. So I
Speaker 3: know that obviously, like the laws are different in Canada,
Speaker 3: attack structures different in Canada, real estate is different in Canada.
Speaker 3: So let's uh, you know, we're always looking to the situation.
Speaker 3: So let's figure out how we can add more value
Speaker 3: to the Canadian earnest. Create an affinity group, get different
Speaker 3: people that are doing business inside of Canada to actually,
Speaker 3: you know, come speak and talk about topics that are
Speaker 3: specific to Canada.
Speaker 4: And then when we come up there there you do it.
Speaker 3: So let's get on that. Let's get on that aside,
Speaker 3: I'll hit Janet and we can start working on that,
Speaker 3: you know, this week as far as building building more
Speaker 3: of a stronger content strategy for the Canadians.
Speaker 2: Uy International, Thanks.
Speaker 3: Yes, yes, no, Toronto, Canada. That's like one of my
Speaker 3: favorite cities in the world.
Speaker 2: So shout out to the Toronto family.
Speaker 3: As soon as they lift this COVID relasions, you know,
Speaker 3: I'm headed to Caravanners.
Speaker 4: Yeah, shout out to Kitty Caravan and everybody that pulled
Speaker 4: up to that back in the day.
Speaker 2: Change our lives forever. All I appreciate you. Jay, Yes,
Speaker 2: thanks all that stuff.
Speaker 3: A good night, all right. So this was a jam
Speaker 3: pack session, almost two hours of straight information. Miss Business
Speaker 3: once again hit her up if you need your taxes done,
Speaker 3: but even you know, outside of that, really create I
Speaker 3: want to just hammer this part home. She really created
Speaker 3: the Encyclopedia for Business. That workbook that she gave a
Speaker 3: view to that was actually amazing, Like it had hyperlinks
Speaker 3: into actually the IRS website to actually get your EI
Speaker 3: in number. It's like that is like a college booklet
Speaker 3: right there. And that's just the workbook that has nothing
Speaker 3: to do with the fifteen hours of actual content. So
Speaker 3: for five hundred dollars, like I said, if you are
Speaker 3: in business, that's an investment that you honestly cannot afford
Speaker 3: not to make. So the link is pinned. I highly
Speaker 3: strongly suggest that you know check it out MS Blueprinteyo
Speaker 3: dot com extremely extremely valuable information there and once again,
Speaker 3: anybody interested in joining Eyo University. We do this almost
Speaker 3: every day at this point, where we have classes and
Speaker 3: community and like I said, we're gonna have physical events.
Speaker 3: It's like NonStop. It never stops. So e Yo University
Speaker 3: dot com if you want to join and become an earner,
Speaker 3: I mean, I don't see why you wouldn't. It's uh
Speaker 3: the gift that keeps giving. And yeah, anything anything that
Speaker 3: you want to says MS Business.
Speaker 6: Thank you guys for having me again. I love my earners.
Speaker 6: I had a client today call me. He was like,
Speaker 6: so like triple A, I'm an earner, so do I
Speaker 6: get a discount? I'm like, do not play. But earners
Speaker 6: are treated very special in my office. I appreciate all
Speaker 6: of you guys for even showing up for yourself. As
Speaker 6: Rashad said, this course should be a lot more money. However,
Speaker 6: the goal right now, as I said, twenty twenty two
Speaker 6: is the year of the bosses. So for me, it's
Speaker 6: so important to have more of us doing good business
Speaker 6: and not having our business fail because we feel that,
Speaker 6: you know, we're not seeing or we don't have the
Speaker 6: solution or the resources or the understanding. And so every
Speaker 6: single person in that workbook has provided resources, has pretty
Speaker 6: much showed up with the blueprint, like every single topic,
Speaker 6: every person showed up. And that's what's important to me
Speaker 6: because it's cool to start an LLC, but it cannot
Speaker 6: stop thing. We're no longer just starting LLC's. We are
Speaker 6: starting profitable businesses, sustainable businesses, and we cannot do that
Speaker 6: without the knowledge. So again, thank you guys so much
Speaker 6: for having me.
Speaker 3: Janet let me know that the orientation will be on
Speaker 3: February fifth, fifth, So orientation. So, like I said, how
Speaker 3: we run university, we kind of took the whole blueprint
Speaker 3: up like a college, but took the good parts and
Speaker 3: left the bad parts. So you don't have to go
Speaker 3: to philosophy class, you don't have to go to you know,
Speaker 3: how to dissect the turtle. You just get the information
Speaker 3: that you need. Or like orientation, like Howard College University
Speaker 3: has orientation. We do that once a month for all
Speaker 3: the new earners that come in. Because the website has
Speaker 3: like over one hundred and fifty different like archived classes.
Speaker 3: All the classes are archive too, So we got that
Speaker 3: from like a college structure. The infinity groups very similar
Speaker 3: to like a college like you go, you have like
Speaker 3: the black student Union, you have all of that, Like
Speaker 3: that's how we got the infinity group situation. Of course,
Speaker 3: you know, we got the cap that's like the mascot,
Speaker 3: and you know, we have a hierarchy being a students.
Speaker 3: We have professors. Miss Business actually is a professor. So
Speaker 3: we have season tenured professors that teach on an ongoing basis.
Speaker 3: We have some professors that come in as one off.
Speaker 3: Those are like you know, guests that just come in
Speaker 3: for you know, presentations, and then yeah, we we have
Speaker 3: a movie club, book club, very similar. The problem with
Speaker 3: is not the educational It's not necessarily the structure of
Speaker 3: education that's the problem. It's what they're teaching that's the problem.
Speaker 3: Because there are a lot of good things in the
Speaker 3: educational structure, Like you can learn a lot from the
Speaker 3: educational structure. It's the information that they're teaching and the
Speaker 3: price that you're paying that's usually the problem. So we,
Speaker 3: like I said, we took the good parts. We didn't
Speaker 3: just come up with this overnight. We actually like really
Speaker 3: studied this. It's like a whole thought process behind Eyo University.
Speaker 3: So we literally took like the good parts of college
Speaker 3: and higher learning and adapted it to the new age
Speaker 3: way of learning online virtual at a fraction of the course,
Speaker 3: which is like the perfect blend of a new higher education.
Speaker 4: We also added one of our tenured professors, credit Dude,
Speaker 4: who was doing once a quarter, is now going to
Speaker 4: be here every month by popular demand. He's dropped so
Speaker 4: much information and just such a positive dude that he
Speaker 4: decided to, Look, I love the earners, I love the community.
Speaker 2: I gotta come back more often. So he's gonna be
Speaker 2: once a month as well.
Speaker 4: So it's I mean, your favorite guests now becoming your professors.
Speaker 2: It's like, what else is happening.
Speaker 3: This is the first time I've actually said this publicly.
Speaker 3: But maybe we can do a podcast about because it's
Speaker 3: actually a business structure behind the Eyo University and it's
Speaker 3: a lot that goes into that, and yeah, maybe we
Speaker 3: could do a podcast to break that down. But even
Speaker 3: like different stuff that we have planned, like we have
Speaker 3: like sports events playing for this this year, like we
Speaker 3: probably end up doing like a cookout stuff like that,
Speaker 3: like you need the school spirit. School spirit is extremely
Speaker 3: important to any university if you really think about it,
Speaker 3: that's it's a whole psychological play with these universities. So
Speaker 3: school spirit is something that's extremely important. It's important to
Speaker 3: have high morale and high school spirit. So this is
Speaker 3: why we're going to start doing live events. This is
Speaker 3: why you know we have colors blue and white. Every
Speaker 3: university has a color scheme to the universities. Homecomings. Homecomings
Speaker 3: extremely important. Homecomings is extremely important to universities. But the
Speaker 3: last thing I say about this is that a university
Speaker 3: is only as good as it's alumni, it's students, student body.
Speaker 3: If you really think about it, Harvard doesn't really have
Speaker 3: to market Harvard. Their students and their students' achievements make
Speaker 3: Harvard Harvard. Whether it's Howard University, whether it's Yale, whether
Speaker 3: it's Duke, whether it's Columbia. So the same thing with
Speaker 3: Eyo University. It's up to you guys to really implement
Speaker 3: this information and then your success is ultimately our success
Speaker 3: because we're only as good as students. So it's very
Speaker 3: extremely important that the information acts it get supplied and
Speaker 3: you guys make money. So it's in our it's actually
Speaker 3: in our best interest to help you guys make money
Speaker 3: because as you become successful, now the institution becomes more
Speaker 3: and more prestigious because we will have the next Jeff Bezos,
Speaker 3: the next Elon Muss, the next whoever come out of
Speaker 3: e y L University.
Speaker 4: Don't don't worry, man, you don't got to get the
Speaker 4: one hundred and twenty credits. Just get the credit score
Speaker 4: and get the businesses up and running and make that money.
Speaker 2: So and we was very even the logo.
Speaker 3: If you look at the logo, it's very Ivy leaguash
Speaker 3: with the with the shield and the branch. So you know,
Speaker 3: the there's a lot of thought process that went into
Speaker 3: the Eyo University. So yes, just wanted to put that
Speaker 3: out there. Yes, all right, ten o'clock on eas. The
Speaker 3: state of time uhlks has been real again. We said
Speaker 3: it on Monday, but again obviously today is the twenty
Speaker 3: sixth of January twenty twenty two, and so we remember
Speaker 3: in Kobe Bryant and all the lives loss and the
Speaker 3: tragedy that happened two years ago today.
Speaker 2: So rest in peace to him and his family and
Speaker 2: all the families that were a.
Speaker 4: Part of that tragedy. And that's some birthday. Happy birthday
Speaker 4: to Kira.
Speaker 2: Shout out to George's daughter just turned nineteen, which was crazy.
Speaker 4: He was there when she was born. And shout out
Speaker 4: to Saiz my god daughter. Spence was good. She'll be
Speaker 4: nineteen on the twenty eighth. And today's I need a
Speaker 4: Baker's birthday. I don't know why to put an album up.
Speaker 4: I should have had cut like I Needa Bakers. Shout
Speaker 4: out to y'all be safe, love each other.
Speaker 3: And we we're back tomorrow with Ransom Jim's podcast Don't
Speaker 3: Stop NonStop content.
Speaker 2: We shot four episodes around the clock, working all day.
Speaker 3: Keep going, keep going. So that is the key to business.
Speaker 3: You got to keep going, never stop, never, never stop,
Speaker 3: because as soon as you start, somebody else is working
Speaker 3: and they're gonna catch you.
Speaker 2: So they ain't gonna work. I'll work us.
Speaker 3: We've been we've been in the studio all day.
Speaker 2: Eleven o'clock. We've been saying this is eleven night.
Speaker 3: We like recording artists. We don't leave the studio. We
Speaker 3: just stay in the studio and just record content. Very
Speaker 3: similar to a musical artists. So work work, work, work, work.
Speaker 3: Nothing beats work, Nothing beats work. Mamba mentality, rest in
Speaker 3: peace to Kobe.
Speaker 2: That's what will end on Mama mentality. Miss business. Love
Speaker 2: is love, right, good night, guys. Alight, y'all, y'all be.
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