WEBVTT - Study Hall: How to Start and Run a Business 0:00:00.400 --> 0:00:04.280 You just realized your business needed to hire someone yesterday. 0:00:04.800 --> 0:00:09.520 How can you find amazing candidates fast? Easy? Just use Indeed. 0:00:09.960 --> 0:00:12.680 Stop struggling to get your job posts seen on other 0:00:12.760 --> 0:00:16.439 job sites. With Indeed sponsored jobs, your post jumps to 0:00:16.480 --> 0:00:19.000 the top of the page for your relevant candidates, so 0:00:19.120 --> 0:00:22.119 you can reach the people you want faster. According to 0:00:22.160 --> 0:00:26.120 Indeed data, sponsored jobs posted directly on Indeed have forty 0:00:26.120 --> 0:00:30.040 five percent more applications than non sponsored jobs. Don't wait 0:00:30.080 --> 0:00:33.519 any longer. Speed up your hiring right now with Indeed, 0:00:33.960 --> 0:00:36.200 and listeners of this show will get a seventy five 0:00:36.280 --> 0:00:39.440 dollars sponsored job credit to get your jobs more visibility 0:00:39.600 --> 0:00:45.320 at indeed dot com slash pod Katz thirteen. Just go 0:00:45.360 --> 0:00:50.120 to Indeed dot com slash pod katz thirteen right now 0:00:50.479 --> 0:00:53.040 and support our show by saying you heard about Indeed 0:00:53.080 --> 0:00:57.400 on this podcast. Terms and conditions apply. Hiring Indeed is 0:00:57.440 --> 0:00:58.040 all you need. 0:01:23.080 --> 0:01:29.199 Yeah, we was muted to what's up laughing New York YLO. 0:01:29.600 --> 0:01:32.120 What's popping YouTube? What's going on? 0:01:32.959 --> 0:01:33.640 It's not the team? 0:01:38.520 --> 0:01:41.240 Yes, yes, yes, yes, dreams. 0:01:40.880 --> 0:01:42.640 Are big and my team's rich. 0:01:44.360 --> 0:01:51.560 I hope everyone is uh making money very important. This 0:01:51.680 --> 0:01:56.400 is gonna be fun. Something that is extremely beneficial and needed. 0:01:57.160 --> 0:02:01.160 It's needed as far as you know, starting a business 0:02:01.160 --> 0:02:09.960 something that we are huge advocates of financial literacy entrepreneurship 0:02:10.600 --> 0:02:14.160 in business. So this is right up the alley one 0:02:14.160 --> 0:02:17.640 of the most important episodes that we probably ever have. 0:02:18.520 --> 0:02:22.520 Yeah, no pressure, we know a thing or two about 0:02:22.520 --> 0:02:27.080 starting a business. It's starting multiple businesses. I'll watched the journey. 0:02:28.320 --> 0:02:29.960 Now we're gonna get some details. 0:02:30.320 --> 0:02:33.680 Yeah, shout out to everybody that checked out the episode 0:02:33.760 --> 0:02:36.880 yesterday with Miss Diddy, Super Super Dope. Shout out to 0:02:36.919 --> 0:02:42.280 everybody that was on Market Mondays the other day Super 0:02:42.280 --> 0:02:45.280 Super Dope. We got a lot and this is just 0:02:45.320 --> 0:02:47.960 a tip of the iceberg week. We have a lot 0:02:48.120 --> 0:02:52.120 planned for this year. It's going to be jam packed 0:02:52.600 --> 0:02:56.200 with NonStop content. We got events that we're gonna be 0:02:56.200 --> 0:02:58.919 talking about. We got new partnerships. We're gonna have new 0:02:58.919 --> 0:03:04.160 shows the Eyo now Work, so new content for Eyo University. 0:03:04.240 --> 0:03:06.320 So this is just the beginning. 0:03:06.919 --> 0:03:08.760 Yeah, we go. I mean twenty twenty two is it. 0:03:08.919 --> 0:03:09.919 We wasn't playing man. 0:03:10.360 --> 0:03:12.560 We got the game plan already mapped out for the 0:03:12.600 --> 0:03:17.120 whole year, so now it's just about releasing them strategically. 0:03:17.200 --> 0:03:20.280 So I hope everybody is in tuning and chat what 0:03:20.440 --> 0:03:23.280 was about to happen for those who've been here on 0:03:23.320 --> 0:03:26.960 the entire journey from like November twenty nineteen. So now 0:03:27.480 --> 0:03:30.880 we appreciate your whole heartedly. We said shall was grandfather 0:03:31.040 --> 0:03:33.960 ya was? So hopefully you've taken advantage of the information. 0:03:34.040 --> 0:03:36.000 You've applied a lot of it, you've executed on some 0:03:36.080 --> 0:03:38.480 of it, and most importantly, you spread some of the 0:03:38.520 --> 0:03:40.920 knowledge that you've learned. That's the most important thing, right. 0:03:41.000 --> 0:03:46.240 There's no penalty for spreading information unless it's not valuable, 0:03:46.360 --> 0:03:48.320 and that's not even a loud here. So anything that's 0:03:48.360 --> 0:03:51.240 coming from us will be valuable and will be beneficial 0:03:51.240 --> 0:03:53.320 for you, not only you, but everybody year around. So 0:03:53.360 --> 0:03:56.280 tell a friend, to tell a friend. That's the requirement. 0:03:56.520 --> 0:03:58.600 Shout out to MG, the mortgage guy on a super chat. 0:03:58.680 --> 0:04:00.800 So yeah already MG, what up? 0:04:00.840 --> 0:04:00.960 Bro? 0:04:01.080 --> 0:04:03.640 Yeah, he gave a super chat. So we'll get into 0:04:03.720 --> 0:04:07.520 it as we wait for miss Business to come in. 0:04:07.640 --> 0:04:10.560 So as waiting for her, I'll just kind of go 0:04:10.640 --> 0:04:13.080 over what we're going to be talking about today. So 0:04:13.560 --> 0:04:16.960 today's topic is how to start and run a business. 0:04:16.960 --> 0:04:19.160 This is a follow up from the episode that we 0:04:19.200 --> 0:04:22.840 put in put out a few weeks ago where you know, 0:04:22.960 --> 0:04:25.880 it got a really a lot of positive reviews, a 0:04:25.920 --> 0:04:29.320 lot of people you know were interested in it. So 0:04:29.960 --> 0:04:32.320 you know, during that episode A you should definitely watch 0:04:32.360 --> 0:04:35.599 that episode with Miss Business. She talked about you know, LLC, 0:04:36.000 --> 0:04:39.600 she talked about business formation, EI in numbers, different things 0:04:39.600 --> 0:04:45.120 of that nature. So and she also dropped her actual 0:04:45.440 --> 0:04:49.719 business blueprint course that she has on that episode as well. 0:04:50.200 --> 0:04:53.960 So we are doing a follow up because notice a 0:04:53.960 --> 0:04:56.320 lot of people have questions, so this is a perfect 0:04:56.360 --> 0:04:58.960 opportunity to kind of talk about some things that maybe 0:04:59.560 --> 0:05:02.159 we're not talked about during the episode, or maybe just 0:05:02.200 --> 0:05:05.719 go a little bit deeper, and also to answer live questions. 0:05:05.720 --> 0:05:08.160 That's probably the best part of the whole situation's question answer. 0:05:08.279 --> 0:05:11.520 So what we do with this for anybody that's not familiar, 0:05:11.720 --> 0:05:16.520 is Eyo University biggest online platform for education out there. 0:05:17.040 --> 0:05:21.160 So we've created an online institution where we actually have 0:05:21.680 --> 0:05:25.520 weekly classes every Wednesday at eight o'clock and the last 0:05:25.640 --> 0:05:28.320 Wednesday of the month, we have what's called open enrollment 0:05:28.360 --> 0:05:31.000 where the class is actually open to the public. So 0:05:31.080 --> 0:05:35.760 this is an actual window into eyl University for anybody. 0:05:36.160 --> 0:05:38.480 That's why it's on YouTube and it's also on our 0:05:38.640 --> 0:05:40.680 podcast outlets as well. So this is the opportunity to 0:05:40.720 --> 0:05:43.680 actually see what we have going on, what we do 0:05:43.880 --> 0:05:47.240 on an ongoing basis at eyl University, and if you're 0:05:47.240 --> 0:05:49.840 interested in joining, then you know, the doors are open 0:05:49.880 --> 0:05:54.040 for you to join. So part of eyl University is 0:05:54.080 --> 0:05:56.760 that we have the weekly classes every Wednesday, which is 0:05:56.800 --> 0:05:59.760 a different topic every single week. We do about real estate, 0:06:00.000 --> 0:06:02.440 talk about credit, and talk about business formation, we talk 0:06:02.480 --> 0:06:06.200 about trust wills, all kinds of different stuff and it's interactive. 0:06:06.200 --> 0:06:07.800 A lot of people ask like, what's the difference between 0:06:07.839 --> 0:06:09.960 that and the podcast where it's like the podcast you 0:06:10.080 --> 0:06:13.479 listen to the content, Eyo University is something that you actually, 0:06:13.520 --> 0:06:16.640 you know, interact with, you know people that's presenting, so 0:06:16.680 --> 0:06:19.040 you get to ask questions on zooms in the zoom chat. 0:06:19.400 --> 0:06:22.160 It's a more interactive feel, but even deeper than that, 0:06:22.240 --> 0:06:24.200 there's a lot of other stuff. Almost every single day 0:06:24.200 --> 0:06:27.839 that's something so shout out to Lawrence. He's taking over 0:06:27.920 --> 0:06:31.840 our investment wing. So he does a twelve o'clock class 0:06:31.920 --> 0:06:34.440 on Monday which he actually goes over trading, goes over 0:06:34.440 --> 0:06:36.679 the stock market technical. Now it's it's like live trading. 0:06:36.680 --> 0:06:39.599 It's a live trading class if you're interested in the 0:06:39.640 --> 0:06:41.920 options trading, stock trading, day trading, and stuff like that. 0:06:41.920 --> 0:06:44.320 That's every Monday at twelve o'clock and then every Wednesday 0:06:44.640 --> 0:06:48.400 at six o'clock. He actually does an entry to stock 0:06:48.480 --> 0:06:50.880 class where he actually talks about like opening a brokerage 0:06:50.880 --> 0:06:54.279 account like stock market one oh one, very basic information 0:06:54.360 --> 0:06:56.279 for people that's like just trying to get on board. 0:06:56.520 --> 0:06:59.440 We also have MG the mortgage guy. He does biweekly 0:06:59.520 --> 0:07:02.800 real estate calls. Troy does the book club and the 0:07:02.839 --> 0:07:06.080 movie club. I have financial planning calls. And then we 0:07:06.200 --> 0:07:09.920 actually have infinity groups inside of Eyo University as well, 0:07:09.960 --> 0:07:12.360 like over twenty different infinity groups. You have a Crypto club, 0:07:12.360 --> 0:07:15.600 you have real estate club, and these are people that's 0:07:15.640 --> 0:07:19.960 actually in eyl University and they actually formed clubs. So 0:07:20.040 --> 0:07:23.160 now it's like, you know, you might have thirty people 0:07:23.160 --> 0:07:25.400 in a crypto club meeting, you might have twenty five 0:07:25.440 --> 0:07:27.480 people in a real estate meeting. So it's a dope 0:07:27.520 --> 0:07:29.440 way to kind of network and build with each other. 0:07:29.560 --> 0:07:31.680 So it's a huge I mean I can go on 0:07:31.720 --> 0:07:35.160 for hours about that. But Eyo University is an interactive 0:07:35.640 --> 0:07:37.880 experience where you actually get to learn in real time 0:07:38.280 --> 0:07:40.640 and actually build a community. That's the best part about it. 0:07:40.640 --> 0:07:43.800 It's actually a community of people that network and build 0:07:43.800 --> 0:07:46.040 with each other. We're gonna be doing live events this year. 0:07:46.840 --> 0:07:49.560 It's discounts to all events, so if you're interested, it's 0:07:49.600 --> 0:07:52.240 fifty percent off the annual membership. I'll put it in 0:07:52.280 --> 0:07:55.240 here at eyouniversity dot com. I'll pin it in YouTube. 0:07:56.000 --> 0:07:58.240 So yeah, this is a way to actually see what 0:07:58.280 --> 0:08:01.400 we have going on. But Miss Business, you are here. 0:08:01.600 --> 0:08:05.520 What's going on? How are you? You're muted right now? 0:08:07.520 --> 0:08:10.440 I am here. Tried to take me out, I'm here. 0:08:10.760 --> 0:08:12.640 Okay, yeah you didn't have that. 0:08:12.680 --> 0:08:15.280 Shout out to the zoom god. So yes, Miss Business. 0:08:16.520 --> 0:08:20.880 Obviously everybody knows Miss Business needs no introduction. She was 0:08:20.920 --> 0:08:23.680 the very first alumni that we've ever had on the 0:08:23.720 --> 0:08:27.800 podcast Brilliant CPA. We've been working with her for a 0:08:27.920 --> 0:08:33.160 couple of years. She also sets up LLCs for people, business, Formation, bookkeeping, 0:08:33.200 --> 0:08:33.880 the whole nine. 0:08:33.800 --> 0:08:37.640 So the inormal class of professors at eyl University as well. 0:08:37.679 --> 0:08:38.320 So shout out to you. 0:08:39.040 --> 0:08:41.880 Yeah, yeah, for sure. So we'll talk about you know, 0:08:42.080 --> 0:08:43.800 all of the other stuff that you have going on. 0:08:43.920 --> 0:08:47.000 But I know, you know, this class is kind of 0:08:47.080 --> 0:08:51.280 a follow up from the episode, So yeah, let's get 0:08:51.320 --> 0:08:51.719 into it. 0:08:52.520 --> 0:08:56.760 Yes, let's get into it. Because I have gotten so 0:08:56.880 --> 0:09:00.640 much great feedback about that episode. People were like, oh 0:09:00.679 --> 0:09:03.920 my god, you gave me so much inspiration. I was 0:09:03.960 --> 0:09:08.800 able to start my business. Everybody needed the virtual address link. 0:09:09.160 --> 0:09:14.120 It was like, it's crazy, it's. 0:09:13.240 --> 0:09:16.480 So crazy, Like I love I love that. You know, 0:09:16.640 --> 0:09:20.800 people aren't only like listening, but they're actually taking action 0:09:21.480 --> 0:09:24.839 and so that's the best part to me because they 0:09:24.840 --> 0:09:28.760 are definitely on it. All right, let me present, I'm 0:09:28.760 --> 0:09:29.960 gonna share my screen. 0:09:43.200 --> 0:09:45.160 What was some of the questions that you got from 0:09:45.200 --> 0:09:46.280 after the episode? 0:09:46.600 --> 0:09:49.720 Oh my god, everybody wanted to know how to change 0:09:49.720 --> 0:09:54.200 their business address. Everybody wanted to know that. So everyone 0:09:54.240 --> 0:09:58.520 wanted to know that more so thought provoking about just 0:09:58.559 --> 0:10:01.719 how to start a business. I think that's just the 0:10:01.800 --> 0:10:05.160 overall phone lines in my office have been kind of 0:10:05.200 --> 0:10:06.880 going crazy because people are like, I want to start 0:10:06.880 --> 0:10:09.160 a business. I want to start my business correctly. I 0:10:09.160 --> 0:10:11.160 don't know, you know, if it should be an LLC, 0:10:11.400 --> 0:10:13.080 if it should be an escorp. I want to do 0:10:13.120 --> 0:10:16.800 this right. And so I think the overall tone of 0:10:16.800 --> 0:10:19.040 it is that people are ready to just do good 0:10:19.160 --> 0:10:24.000 business and to legitimately start their business. So that that 0:10:24.120 --> 0:10:26.240 makes me happy and that should make you all happy. 0:10:26.640 --> 0:10:30.320 Yeah, that's extreme executing. Yeah, that's extremely encouraging. 0:10:30.400 --> 0:10:32.040 Right, not only do they want to start the business, 0:10:32.080 --> 0:10:33.760 but they know that some of the pitfalls that come 0:10:33.880 --> 0:10:36.040 with the formation of it and not doing it correctly 0:10:36.280 --> 0:10:38.440 and how far back that can set you. So to 0:10:38.520 --> 0:10:41.000 know that that's what people are asking is super encouraging. 0:10:41.200 --> 0:10:41.680 That's dope. 0:10:42.320 --> 0:10:45.240 Yes, yes, they are on it job that. 0:10:45.280 --> 0:10:48.680 The earners man, y'all love Yeah, different, that's special. We 0:10:48.720 --> 0:10:49.439 love y'all for really. 0:10:49.840 --> 0:10:53.240 All right, let's get into this, okay, So we're going 0:10:53.280 --> 0:10:55.160 to talk about how to start and run a business 0:10:55.200 --> 0:10:58.120 because a lot of times, you know, most times you 0:10:58.160 --> 0:11:00.560 may have hobbies that turn into business. Is you may 0:11:00.679 --> 0:11:04.000 just have a passion, or you may just be really 0:11:04.080 --> 0:11:07.200 good at you know something that you may say, you 0:11:07.240 --> 0:11:09.480 know what, you may have a skill, you may have 0:11:09.720 --> 0:11:11.800 something that you're like, listen, I really want to turn 0:11:11.840 --> 0:11:15.000 this into a business, or you may have already had 0:11:15.240 --> 0:11:17.280 you may already have a business that you're like, you 0:11:17.280 --> 0:11:21.200 know what, listen, I really want to, you know, start 0:11:21.240 --> 0:11:25.079 this and again a lot. I just started my business 0:11:25.120 --> 0:11:28.280 four years ago, so it hasn't been that long since 0:11:28.640 --> 0:11:31.400 I started my business. And when I really thought about 0:11:31.520 --> 0:11:34.560 what I wanted to talk about today as it related 0:11:34.679 --> 0:11:37.319 to starting and running a business, I wanted to talk 0:11:37.360 --> 0:11:40.520 about how to position yourself to start, positioning yourself to sell, 0:11:40.559 --> 0:11:44.280 and positioning yourself for funding, right, because those are the 0:11:44.320 --> 0:11:47.760 most well like the most important, well the top questions 0:11:48.040 --> 0:11:51.559 that I get all the time, like after I start, like, okay, now, 0:11:51.559 --> 0:11:53.679 how do I sell my product? How do I get 0:11:53.679 --> 0:11:56.080 people to care about it? And how do I get 0:11:56.120 --> 0:11:59.959 funding right, either even if it's in the beginning or 0:12:00.240 --> 0:12:02.560 it could be during your business, right, because most of 0:12:02.640 --> 0:12:05.520 us are thinking about the funding in the beginning of 0:12:05.520 --> 0:12:08.040 the business to just start it. But as you start 0:12:08.080 --> 0:12:10.360 your business, you're also going to have to consider and 0:12:10.360 --> 0:12:14.080 think about funding as well. A brief introduction to me 0:12:14.240 --> 0:12:16.840 and my business and what I do. For those of 0:12:16.840 --> 0:12:19.720 you who don't know me. My name is Shapana. I 0:12:19.920 --> 0:12:22.840 go buy this business across all platforms. I am a 0:12:22.880 --> 0:12:27.120 certified public accountant. Four years ago I started Brooks Alliance 0:12:27.160 --> 0:12:31.840 and now I have thirteen. Actually just hire somebody. Today 0:12:32.040 --> 0:12:35.320 I have fourteen employees, and so for those of you 0:12:35.360 --> 0:12:39.640 who need motivation, there's your motivation. Four years ago, it 0:12:39.679 --> 0:12:42.280 was just me. I was in corporated, trying to figure 0:12:42.320 --> 0:12:45.120 out what I was going to do, and I decided 0:12:45.160 --> 0:12:48.320 that I was going to take a chance on myself 0:12:48.320 --> 0:12:50.400 and bet on myself, and so I started my tax 0:12:50.400 --> 0:12:54.599 and accounting company, Brooks Alliance. And in regards to services 0:12:55.440 --> 0:12:59.640 that we provide, we provide personal tax preparation, business tax preparations, 0:13:00.120 --> 0:13:03.880 business formation, book keeping, tax planning, payroll. If you see 0:13:03.880 --> 0:13:06.560 the ADP, I have a relationship with ADP, so we 0:13:06.640 --> 0:13:10.400 do all of our payroll processing through them. It is 0:13:10.440 --> 0:13:14.320 so important, you know, to figure out what that business 0:13:14.360 --> 0:13:17.400 is going to be to serve, and that's what I do. 0:13:17.480 --> 0:13:20.240 So just wanted to give you guys a brief introduction 0:13:21.120 --> 0:13:23.800 to give you give you guys a little bit more 0:13:23.840 --> 0:13:25.880 about me. For those of you who don't know me, 0:13:26.480 --> 0:13:32.160 I started my career big four accounting firm. I stayed 0:13:32.200 --> 0:13:34.960 there for six and a half years, really mastered my craft, 0:13:35.120 --> 0:13:38.520 really made a lot of connections, a lot of relationships 0:13:38.520 --> 0:13:41.720 before deciding to start my business. When I did this, 0:13:42.240 --> 0:13:46.480 When I did decide to start my business, I was 0:13:46.520 --> 0:13:48.640 still at work and I was trying to figure it out, 0:13:49.000 --> 0:13:53.480 and I wanted to serve entrepreneurs, real estate investors, all 0:13:53.480 --> 0:13:57.200 of the entrepreneurs that today, you know, we're always like, 0:13:57.200 --> 0:13:58.520 you know, I want to get money. I want to 0:13:58.559 --> 0:14:01.240 get money, and so I just want to bring taxes 0:14:01.640 --> 0:14:05.040 and make it a part of the conversation. So that's 0:14:05.080 --> 0:14:08.760 a little bit about me now, jumping right into it. 0:14:08.880 --> 0:14:11.760 Let's just talk about positioning to start right. So when 0:14:11.760 --> 0:14:14.280 you're starting, you really have to think about, Okay, so 0:14:14.400 --> 0:14:15.320 what is a business? 0:14:15.440 --> 0:14:15.560 Right? 0:14:15.600 --> 0:14:18.160 So business is the practice of making ones living by 0:14:18.200 --> 0:14:22.360 engaging in commerce. So businesses range from so for prietorships 0:14:22.400 --> 0:14:26.800 to international corporations and can range in size from small 0:14:26.840 --> 0:14:31.320 to large. Now that is important because you have to 0:14:31.400 --> 0:14:34.000 think about where do you want to be? Where are 0:14:34.000 --> 0:14:37.920 you currently? Are you you know, at a job right now? 0:14:37.960 --> 0:14:39.880 Did you just start a business, did you just quit 0:14:39.920 --> 0:14:42.240 your job? But where do you want to be? Where 0:14:42.320 --> 0:14:46.360 you want to be is very important because if you're thinking, Okay, 0:14:46.400 --> 0:14:49.280 I want to just be a sop for prietorship, you know, 0:14:49.520 --> 0:14:52.720 I don't I don't want to bring on you know, 0:14:53.400 --> 0:14:55.680 any employees. I just want to do it by myself. 0:14:55.720 --> 0:14:57.200 Some people are like, listen, I want to have a 0:14:57.240 --> 0:14:59.040 side hobby, but you know, I want to know how 0:14:59.040 --> 0:15:01.280 to operate it properly. Some people are like, Okay, I 0:15:01.320 --> 0:15:04.119 want to have a business, but how big of a business? 0:15:04.320 --> 0:15:04.480 Right? 0:15:04.600 --> 0:15:06.920 What goes into it? What are things that you need 0:15:07.000 --> 0:15:10.680 to do? If you're thinking about being a big international corporation, 0:15:10.840 --> 0:15:14.280 you may need to consider, you know, positioning yourself to 0:15:14.400 --> 0:15:18.320 be purchased, to have investors investing you, to go public, 0:15:18.400 --> 0:15:21.880 things like that. So you have to think about where 0:15:21.920 --> 0:15:27.160 you are in your business now before we really get 0:15:27.200 --> 0:15:30.360 into it. I want us to think about and envision 0:15:30.480 --> 0:15:35.160 your future and the reason why. I always encourage everyone 0:15:35.240 --> 0:15:37.880 who's thinking about a business or getting into a business, 0:15:38.000 --> 0:15:42.040 because you need to establish your why. Establishing your why 0:15:43.160 --> 0:15:47.600 makes that journey of entrepreneurship, which is not an easy journey, 0:15:47.640 --> 0:15:51.160 it makes it so much easier when you have your 0:15:51.280 --> 0:15:54.600 why defined. So you have to define your why envision 0:15:54.720 --> 0:15:57.640 your future. So what does that dream look like? What 0:15:57.760 --> 0:15:59.400 kind of car do you want to drive, what kind 0:15:59.440 --> 0:16:01.040 of house do you you want to live in? Who 0:16:01.080 --> 0:16:04.080 do you want to be surrounded by? How much money 0:16:04.080 --> 0:16:06.680 do you want to have? What is what do you 0:16:06.680 --> 0:16:08.520 want to feel like? What do you want your health 0:16:08.560 --> 0:16:08.760 to be? 0:16:08.880 --> 0:16:08.960 Like? 0:16:09.320 --> 0:16:11.480 What do you want your reach to be? All of 0:16:11.480 --> 0:16:14.120 these things you have to like sit and just close 0:16:14.160 --> 0:16:16.240 your eyes and just think about it. That's what I 0:16:16.240 --> 0:16:18.880 did when I first started my company. Close my eyes 0:16:18.920 --> 0:16:21.360 and I thought about it and I said, you know what, 0:16:21.360 --> 0:16:23.120 what life do I want to live? Who do I 0:16:23.160 --> 0:16:26.960 want to be surrounded by? And when you become clear 0:16:27.080 --> 0:16:30.400 on what you want, it makes it so much easier 0:16:30.440 --> 0:16:33.360 to go after exactly what it is that you want, 0:16:33.680 --> 0:16:36.400 And so you cannot be afraid. And so many people 0:16:36.440 --> 0:16:39.360 are afraid to say what it is that they want. 0:16:39.440 --> 0:16:42.320 You have to you have to define it. What do 0:16:42.360 --> 0:16:45.800 you want to drive? Be very clear? How like what's 0:16:45.800 --> 0:16:48.920 your happiest moment? When are you your happiest self? So 0:16:48.960 --> 0:16:51.560 you have to think about that because entrepreneurship is hard 0:16:52.040 --> 0:16:54.840 and you are going to need a why like why 0:16:54.880 --> 0:16:58.600 are you doing this? So you have to think about 0:16:58.960 --> 0:17:02.440 you have to think about that. The next thing that 0:17:02.520 --> 0:17:05.080 you have to think about as you decide to start 0:17:05.119 --> 0:17:08.840 your business is what are your money goals? Right? How 0:17:08.840 --> 0:17:12.199 are you going to really break that down from you 0:17:12.200 --> 0:17:16.320 know and I use example here for one hundred thousand dollars, 0:17:16.359 --> 0:17:18.640 but if your goal was a million dollars, if your 0:17:18.680 --> 0:17:22.119 goal is ten thousand dollars additional a year, fifty thousand 0:17:22.160 --> 0:17:25.280 dollars additional year, whatever it is, you have to break 0:17:25.480 --> 0:17:29.720 that down, Okay, And so I gave two examples because 0:17:30.400 --> 0:17:32.439 I know a lot of times we always see for 0:17:32.480 --> 0:17:34.880 shock value people will you know, kind of put put 0:17:34.880 --> 0:17:37.760 out there. You know, to make a hundred k, you 0:17:37.800 --> 0:17:41.000 have three hundred and sixty five days, but realistically, like no, 0:17:41.359 --> 0:17:42.840 I mean some people, I mean you just have to 0:17:42.840 --> 0:17:45.199 get it done and work every single day, but you 0:17:45.280 --> 0:17:47.960 may not want to work every single day. So I 0:17:48.040 --> 0:17:51.520 broke that one hundred k down into two hundred and 0:17:51.600 --> 0:17:54.400 fifty days, which kind of excludes the weekends as well 0:17:54.440 --> 0:17:57.480 as holidays. So just taking a look at the top right, 0:17:57.560 --> 0:17:59.879 just breaking your money goals down, and why it's so 0:18:00.080 --> 0:18:03.520 important to break your money goes down again, It gives 0:18:03.600 --> 0:18:07.240 you direction. You know where you're going. So whatever amount 0:18:07.240 --> 0:18:09.679 of money you want to make, whether it is to 0:18:09.760 --> 0:18:13.679 replace your job or to bring an additional income or 0:18:13.760 --> 0:18:16.480 to create this you know the life that you want. 0:18:16.560 --> 0:18:19.239 Whatever it is, you have to be clear on it. 0:18:19.520 --> 0:18:22.240 So if it is one hundred k, three hundred and 0:18:22.320 --> 0:18:25.119 sixty five days, you break that down into months, and 0:18:25.160 --> 0:18:27.400 then you break it down into weeks, and you break 0:18:27.400 --> 0:18:29.919 it down into days. Now, keep in mind, I know 0:18:30.000 --> 0:18:33.960 most people when you all are doing the calculation, most 0:18:33.960 --> 0:18:36.560 people would try to take Some people hit me up like, oh, 0:18:36.600 --> 0:18:39.479 your calculation is wrong. So it's not wrong. When you 0:18:39.480 --> 0:18:43.920 guys are doing this, you have to take into consideration. 0:18:43.960 --> 0:18:45.920 If you have three hundred and sixty five days in 0:18:45.960 --> 0:18:49.560 a year and you break that down right into twelve months, 0:18:49.800 --> 0:18:53.400 you have to consider that not every month just has 0:18:53.720 --> 0:18:58.280 four just has four weeks, right, So if you technically 0:18:58.320 --> 0:19:02.280 took twelve months and then died it by four, then 0:19:02.800 --> 0:19:06.359 technically you would only get forty eight weeks right in 0:19:06.400 --> 0:19:09.719 a year, and there's fifty two right. So that is 0:19:09.760 --> 0:19:13.119 why you can't just keep dividing it. So you just 0:19:13.160 --> 0:19:16.800 have to consider how many weeks there are in a year. 0:19:17.200 --> 0:19:21.720 So you have let's say, if we have this hundred k, 0:19:22.240 --> 0:19:24.720 you have eighty three hundred and thirty three dollars a 0:19:24.800 --> 0:19:27.479 month you would have to make. So when people say, oh, 0:19:27.480 --> 0:19:29.680 I want to make one hundred k, it's like, are 0:19:29.720 --> 0:19:32.040 you positioned or are you in the are you in 0:19:32.080 --> 0:19:35.280 a place with your business to say that you want to, 0:19:35.440 --> 0:19:37.679 I mean that you can make eighty three hundred and 0:19:37.680 --> 0:19:40.320 thirty three dollars a month. If not, that means that 0:19:40.600 --> 0:19:44.360 you are not positioning yourself to make one hundred K. 0:19:44.680 --> 0:19:48.320 So now you have to start becoming creative to say, okay, well, 0:19:48.359 --> 0:19:50.879 how am I going to make eight thousand, three hundred 0:19:50.880 --> 0:19:53.959 and thirty three dollars in a month? What do I 0:19:54.000 --> 0:19:56.080 have to sell? How many people do I have to 0:19:56.080 --> 0:19:58.359 talk to? How many contracts do I have to close? 0:19:58.800 --> 0:20:01.399 What do I really need to do in order to 0:20:01.440 --> 0:20:06.160 get to this this number? And so again, being intentional 0:20:06.320 --> 0:20:09.439 about what it is that you want is going to 0:20:09.520 --> 0:20:14.120 make the difference when you are when you are starting 0:20:14.119 --> 0:20:16.840 a business, or you're doing anything in life. Now, what 0:20:16.960 --> 0:20:19.480 I did below with the one hundred k, the two 0:20:19.600 --> 0:20:23.840 hundred and fifty days, I pretty much broke that down 0:20:24.359 --> 0:20:28.040 into just dividing it by twelve. This formula works by 0:20:28.119 --> 0:20:31.800 keep dividing it because I excluded all the additional days, 0:20:32.280 --> 0:20:36.359 So it works out. However, again, if you wanted to say, Okay, 0:20:36.359 --> 0:20:38.400 I want to make one hundred K, but I want 0:20:38.400 --> 0:20:40.240 to take weekends off and I want to take all 0:20:40.240 --> 0:20:44.199 the all those US holidays off. Then that means that 0:20:44.240 --> 0:20:46.280 you are only I mean that means that you have 0:20:46.400 --> 0:20:50.639 to make twelve thousand dollars a month versus only the 0:20:50.760 --> 0:20:53.399 eight three hundred and thirty three dollars. So you have 0:20:53.520 --> 0:20:55.760 to think about that. So some people may look at 0:20:55.760 --> 0:20:57.840 that and say, Nope, well for one year, I have 0:20:57.920 --> 0:21:00.800 to go harder because you know what, I can't. I 0:21:00.800 --> 0:21:03.600 didn't budget or it's not in my bandwidth to do 0:21:03.680 --> 0:21:06.240 twelve thousand. Right, even though that's a limitation and we 0:21:06.280 --> 0:21:08.680 don't do those, you figure it out. I always tell 0:21:08.720 --> 0:21:11.119 people you, if it's the money problem, you have to 0:21:11.119 --> 0:21:13.719 figure out and be creative on how to make more money. 0:21:13.760 --> 0:21:16.560 Never for it to be a situation for you to 0:21:16.560 --> 0:21:18.800 sit back and say, oh, I don't have it right, 0:21:18.920 --> 0:21:22.040 that's a limitation, and there's so many ways to get 0:21:22.040 --> 0:21:25.920 money in this world. So never that you can't do it. 0:21:26.080 --> 0:21:27.760 Just you have to be creative and figure out how 0:21:27.760 --> 0:21:32.119 you are going to do it. Now, to extend the 0:21:32.200 --> 0:21:40.240 conversation from the episode that I did last week, well, 0:21:40.240 --> 0:21:44.480 I wanted to get into entities because a lot of 0:21:44.520 --> 0:21:48.400 times people are not clear on what type of entities 0:21:48.440 --> 0:21:52.040 they are forming, and why they are forming them, and 0:21:52.080 --> 0:21:55.080 what it needs. So I want to quickly break it 0:21:55.280 --> 0:21:58.880 down and just go through. Okay, if you know every 0:21:58.920 --> 0:22:02.879 single entity it means from a tax perspective, and I'll 0:22:02.920 --> 0:22:07.080 also break down as corpse visually because I know that 0:22:07.160 --> 0:22:11.120 it helps people really grasp the idea on what exactly 0:22:12.000 --> 0:22:19.440 that that savings is and how we can reduce those taxes. Right, 0:22:19.520 --> 0:22:22.720 and so most people, when you're thinking about your entities, 0:22:23.480 --> 0:22:26.680 most people will say that they want to start an LLC. 0:22:27.520 --> 0:22:32.040 And it's so it's so I call it like the 0:22:32.240 --> 0:22:35.679 popular entity because everyone just says that they want to 0:22:35.680 --> 0:22:39.160 start an LLC. And yes, from a legal perspective, it 0:22:39.240 --> 0:22:43.000 is going to protect you against liability the same way 0:22:43.080 --> 0:22:46.720 that a corporation will. So just keep in mind that 0:22:46.840 --> 0:22:49.000 you know most people will say to me, listen, I 0:22:49.040 --> 0:22:51.520 want to be able to write things off, So I'm 0:22:51.560 --> 0:22:55.320 going to start an LLC or I want to, you know, 0:22:55.480 --> 0:22:59.000 I want to. I don't want anybody to assume me 0:22:59.119 --> 0:23:01.359 and take my person no items, so I'm going to 0:23:01.400 --> 0:23:04.960 start an LLC. Please keep in mind, especially from a 0:23:05.000 --> 0:23:09.880 tax perspective, and LLC does not allow you to write 0:23:09.920 --> 0:23:14.720 off anything additional. Okay, that is a big misconception. Keep 0:23:14.720 --> 0:23:17.480 in mind that an LLC is not a tax entity. 0:23:18.119 --> 0:23:21.560 An LLC is a legal structure. And so what that 0:23:21.840 --> 0:23:26.440 means is that had formed an LLC does not breed 0:23:26.560 --> 0:23:30.640 you any additional tax write offs. So I have sole 0:23:30.720 --> 0:23:34.199 pro prietorship here and single member LLC because they are 0:23:34.400 --> 0:23:37.359 taxed the same exact way. The same things that you 0:23:37.400 --> 0:23:40.040 can write off as a sole proprietorship is the same 0:23:40.080 --> 0:23:43.760 things that you can write off as a single member LLC. Now, 0:23:43.800 --> 0:23:46.760 as a single member LLC, I do suggest that you 0:23:46.880 --> 0:23:50.119 register your business and you form your business, and you 0:23:50.200 --> 0:23:54.320 form your business correctly, because again, you want to separate 0:23:54.400 --> 0:23:57.200 out that liability. You don't want someone to come and 0:23:57.359 --> 0:24:01.000 sue you. And then all of the all of your 0:24:01.040 --> 0:24:07.000 stocks and your personal now your primary residence, all of 0:24:07.040 --> 0:24:09.800 those your cash that's in your accounts, all of those 0:24:09.840 --> 0:24:12.000 things that are personal to you. You want to be 0:24:12.000 --> 0:24:14.520 able to separate those out from your business. So just 0:24:14.720 --> 0:24:16.640 if in the event, you know we're in America, if 0:24:16.680 --> 0:24:19.159 someone goes assume you, you want to make sure that 0:24:19.200 --> 0:24:22.320 it's a situation where you are protecting yourself. So this 0:24:22.480 --> 0:24:24.920 is not in any way. Me saying that you don't 0:24:25.080 --> 0:24:27.840 need to form an LLC is that I want you 0:24:27.920 --> 0:24:30.680 to be aware that when you are choosing these entities, 0:24:31.160 --> 0:24:34.560 that you are telling the irs how you want to 0:24:34.600 --> 0:24:37.560 be taxed. No one talks about that. Everyone just talks 0:24:37.600 --> 0:24:40.119 about the legal side of it and the legal perspective 0:24:40.160 --> 0:24:43.080 of it. But we have to also consider what that 0:24:43.240 --> 0:24:46.280 means from a tax perspective. So if you see on 0:24:46.320 --> 0:24:50.199 the right hand side, I have business income not taxed 0:24:50.240 --> 0:24:53.320 on a business level. So only thing that that means 0:24:53.440 --> 0:24:56.560 is that as an LLC. An LLC is what's called 0:24:56.560 --> 0:24:59.400 a pass through entity, So that just means that it's 0:24:59.520 --> 0:25:03.280 a pass whatever the profit of the businesses, it passes 0:25:03.320 --> 0:25:06.680 through to your personal taxes and then your tax there. 0:25:07.000 --> 0:25:09.520 You're not you know, as a corporation, which will go 0:25:09.760 --> 0:25:12.600 over you're not tax on the business side, and then 0:25:12.640 --> 0:25:15.760 again tax on the personal side. It all flows through 0:25:15.760 --> 0:25:18.920 on your personal side and then your tax there. Now, 0:25:19.040 --> 0:25:22.480 in regards to the tax form and how it's filed, 0:25:23.240 --> 0:25:26.480 when you have a single member LLC or sole proprietorship, 0:25:26.840 --> 0:25:30.399 you will use Schedule see which is filed with your 0:25:30.480 --> 0:25:34.479 personal taxes, which is your tax form ten forty, So 0:25:36.119 --> 0:25:39.600 again you're not filing a whole separate business return. Business 0:25:39.600 --> 0:25:43.040 and personal is filed together. In regards to the tax 0:25:43.160 --> 0:25:46.800 liability that you have to think about when you form 0:25:46.840 --> 0:25:49.880 a business is your income tax, your self employment tax, 0:25:49.960 --> 0:25:53.920 and your state taxes. Okay, so keep those in mind. 0:25:53.960 --> 0:25:56.240 And of course state taxes only if you are in 0:25:56.280 --> 0:26:00.359 a state that taxes income tax, so those like Florida, Texes, 0:26:00.720 --> 0:26:03.280 you don't have to worry about income I mean state tax. 0:26:03.920 --> 0:26:09.040 Now let's talk about self employment tax. So self employment 0:26:09.080 --> 0:26:14.760 tax is fifteen point three percent. It's typically when clients 0:26:14.840 --> 0:26:18.360 come to me and they've had businesses, existing businesses, and 0:26:18.400 --> 0:26:21.760 they come to me and I'm all like, I'll always 0:26:21.840 --> 0:26:23.520 show them, like, hey, did you know that you were 0:26:23.560 --> 0:26:28.560 paying this additional fifteen percent on your taxes? And ninety 0:26:28.600 --> 0:26:31.280 percent of them will tell me no, they didn't know 0:26:31.320 --> 0:26:33.960 because no one explained it to them. And most of 0:26:34.000 --> 0:26:38.720 the time people aren't questioning what these additional taxes are, 0:26:39.200 --> 0:26:42.520 They just will, you know, pay it, because at the 0:26:42.600 --> 0:26:45.320 end of the day, they don't understand it. No one's 0:26:45.359 --> 0:26:47.639 explaining it to them, and so they just go ahead 0:26:47.680 --> 0:26:50.000 and pay. But you have to keep in mind this 0:26:50.080 --> 0:26:53.199 self employment tax really is just Social Security tax and 0:26:53.240 --> 0:26:57.000 Medicare tax. When you are an employee, if you've ever 0:26:57.040 --> 0:26:59.840 received the W two you receive, I mean you pay, 0:27:00.240 --> 0:27:03.280 your employer pays have so you pay seven point sixty 0:27:03.320 --> 0:27:06.159 five percent. Your employer pays seven point sixty five percent. 0:27:06.400 --> 0:27:10.080 But when you are the owner, you pretty much are 0:27:10.119 --> 0:27:13.720 responsible for the entire fifteen point three percent, Okay, So 0:27:13.800 --> 0:27:16.159 you have to keep that in mind when you are 0:27:16.200 --> 0:27:19.080 thinking about that. And so that is a high number. 0:27:19.119 --> 0:27:21.560 And I always say to people, would you let somebody 0:27:21.600 --> 0:27:23.760 just come to you and say, let me get fifteen 0:27:23.800 --> 0:27:26.479 percent of your business? You will tell them no. You 0:27:26.520 --> 0:27:28.959 would be like, no, why would I give you fifteen 0:27:28.960 --> 0:27:31.359 percent of my business? And so we have to think 0:27:31.359 --> 0:27:36.320 about it the same exact way as it relates to taxes. Okay, 0:27:37.640 --> 0:27:41.600 now let's talk about partnership and two plus member LLCs. 0:27:41.960 --> 0:27:46.399 So thinking about that, we also I put partnership and 0:27:46.480 --> 0:27:50.480 two plus member LLCs because very similar to a sole proprietorship, 0:27:50.760 --> 0:27:53.720 a partnership just means that two people got together started 0:27:53.720 --> 0:27:57.000 a business. However, they did not take the additional steps 0:27:57.320 --> 0:28:00.679 to separate, well, to register their business, which separates the 0:28:00.720 --> 0:28:05.600 business out from themselves, right, and so that is important 0:28:05.640 --> 0:28:08.640 for you to understand. And so the two plus member 0:28:08.760 --> 0:28:11.280 LLC just means that you form the LLC, you have 0:28:11.320 --> 0:28:14.399 two plus members in there, and you have registered the business. 0:28:14.480 --> 0:28:18.399 There is a separation between yourself and the business. Now 0:28:18.480 --> 0:28:21.560 you have your business income, so it says business income 0:28:21.920 --> 0:28:25.600 is not tax on the business level. Now the difference 0:28:25.640 --> 0:28:28.960 with the tax form and partnership people, please listen up 0:28:29.240 --> 0:28:31.960 because I have tons of people that make this mistake 0:28:32.080 --> 0:28:35.520 every single year. If you decide to form a partnership 0:28:35.600 --> 0:28:40.240 or two plus member LLC, you cannot just divide out 0:28:40.320 --> 0:28:43.760 the income and expenses on your personal taxes on a 0:28:43.800 --> 0:28:47.600 schedule see right. That is for single member LLCs. If 0:28:47.640 --> 0:28:50.200 you are a partnership or a two plus member LLC, 0:28:50.880 --> 0:28:55.000 you have to file tax form ten sixty five. That's 0:28:55.000 --> 0:28:57.400 where you're going to report all of your income, all 0:28:57.400 --> 0:29:00.800 of your expenses, and then you are going to receive 0:29:01.120 --> 0:29:03.959 a K one. So all partners are going to receive 0:29:03.960 --> 0:29:06.800 a K one. The K one pretty much just shows 0:29:06.880 --> 0:29:11.200 the profit of sorry the profit share of each of 0:29:11.280 --> 0:29:13.640 the owners. So if there was a business you all 0:29:13.680 --> 0:29:16.800 profited ten thousand dollars, there was fifty to fifty ownership. 0:29:17.240 --> 0:29:21.520 Each partner will receive five thousand dollars on their K 0:29:21.640 --> 0:29:25.680 one that they then will have to include in their 0:29:25.720 --> 0:29:31.400 personal taxes. Okay, so please keep that in mind. Now 0:29:31.520 --> 0:29:35.160 in regards to the tax liability you have to think 0:29:35.160 --> 0:29:38.600 about your income tax. There is self employment tax relating 0:29:38.600 --> 0:29:41.240 to a two plus member LLC, but to the extent 0:29:41.280 --> 0:29:43.760 of guaranteed payments, which just means that there was some 0:29:43.840 --> 0:29:46.920 additional work done by one of the partners that wasn't 0:29:46.960 --> 0:29:50.160 typically like in their scope in the business, so they 0:29:50.200 --> 0:29:52.600 were paid additional So that is kind of seen as 0:29:52.760 --> 0:29:56.240 look kind of like a payroll or salary almost. And 0:29:56.320 --> 0:29:58.960 then there's state taxes right again, if you are in 0:29:59.000 --> 0:30:03.440 a state that allow I mean, if you are in 0:30:03.480 --> 0:30:08.240 a state that requires you to pay state taxes. See corporations. 0:30:08.320 --> 0:30:12.400 So now see corporations, you are taxed on the business level. 0:30:12.680 --> 0:30:15.480 So what that means is that you are taxed on 0:30:15.600 --> 0:30:20.080 the business level. And as your tax on the business level, 0:30:20.560 --> 0:30:24.280 what happens, sorry, as your tax on the business level. 0:30:25.080 --> 0:30:27.720 That's very different from an LLC and a two plus 0:30:27.760 --> 0:30:30.160 member LLC that I just described to you, all right, 0:30:30.200 --> 0:30:33.080 because those are not tax on the business level. So 0:30:33.160 --> 0:30:36.040 to be tax on the business level. What that means 0:30:36.120 --> 0:30:41.080 is that your income and your expenses are being reported 0:30:41.720 --> 0:30:44.400 on your corporate tax return, which if you see below 0:30:44.440 --> 0:30:48.360 that is taxed form eleven twenty. Whatever that profit is, 0:30:48.960 --> 0:30:53.680 you will pay taxes on that on the business level. 0:30:53.680 --> 0:30:56.239 So on that corporation tax return, there will be a 0:30:56.280 --> 0:30:59.640 tax liability do if you are operating out a profit. 0:31:00.080 --> 0:31:03.160 So in that same example, if it was ten thousand dollars, 0:31:03.920 --> 0:31:06.480 it doesn't matter how much how many shareholders and all 0:31:07.320 --> 0:31:10.640 is in the business, that ten thousand dollars will be 0:31:10.760 --> 0:31:13.760 taxed at twenty one percent. That is the corporate tax rate. 0:31:14.040 --> 0:31:17.520 So it will be taxed at twenty one percent then, 0:31:18.000 --> 0:31:20.640 and why, if you've ever heard about a corporation, you 0:31:20.680 --> 0:31:25.080 will hear double taxation because then you have your corporate 0:31:25.320 --> 0:31:28.680 corporate partners. Share of the profits then has to be 0:31:28.760 --> 0:31:32.600 distributed as dividends, right, and so now you have to 0:31:32.640 --> 0:31:36.719 deal with being taxed again. So this may you know, 0:31:36.960 --> 0:31:39.120 makes sense as it relates. So let's say an Apple. 0:31:39.840 --> 0:31:42.040 I always like to use Apple. Everybody knows you know 0:31:42.160 --> 0:31:45.720 Apple as the company. So think about if Apple's on 0:31:45.760 --> 0:31:49.080 the stock exchange, you can purchase Apple. You can own 0:31:49.240 --> 0:31:51.880 a piece of Apple. So now when you purchase a stop, 0:31:52.200 --> 0:31:56.760 you now are an owner of Apple. What happens is 0:31:56.920 --> 0:31:59.920 every year Apple has to file their tax form eleven. 0:32:00.720 --> 0:32:03.440 They have to pay their taxes and then guess what. 0:32:03.640 --> 0:32:06.680 Everybody everyone's looking for their dividends, right, their share, their 0:32:06.680 --> 0:32:10.360 profit share of what however much of the company that 0:32:10.360 --> 0:32:13.880 they own. So what happens is they will distribute our 0:32:13.960 --> 0:32:17.520 dividends and then guess what happens. You all receive a 0:32:17.600 --> 0:32:20.920 ten ninety nine DIIV which states, Okay, this is how 0:32:21.000 --> 0:32:23.360 much dividends the company has paid out to you throughout 0:32:23.400 --> 0:32:26.160 the year. And so when that happens, you then have 0:32:26.240 --> 0:32:28.680 to report it on your personal taxes. And when you 0:32:28.760 --> 0:32:32.120 have to report it on your personal taxes, what happens 0:32:32.120 --> 0:32:35.040 your tax again, So you have to think about that. 0:32:35.920 --> 0:32:37.640 And so most people will say, okay, well, if I'm 0:32:37.640 --> 0:32:39.640 paying all those taxes, like, why would it ever make 0:32:39.680 --> 0:32:42.440 sense for me to be a C corporation? And so 0:32:42.560 --> 0:32:46.440 some people are C corporations for some of the following reasons, 0:32:46.480 --> 0:32:49.520 such as they want investors, right, So some investors will 0:32:49.560 --> 0:32:52.840 require you to be a corporation if you ever have 0:32:53.640 --> 0:32:56.040 a plan to go public. If you have a plan 0:32:56.160 --> 0:32:58.440 to go public, then you will need to be a corporation. 0:32:58.560 --> 0:33:01.720 You cannot be an LLC and go public. You would 0:33:01.760 --> 0:33:05.120 have to be operating as a corporation. Some people it 0:33:05.160 --> 0:33:07.600 is an income threshold. If you are making over a 0:33:07.640 --> 0:33:10.160 certain amount of money, you will it will be in 0:33:10.240 --> 0:33:13.280 your advantage some of the time for you to be 0:33:13.440 --> 0:33:17.200 a C corporation. So those are some of the some 0:33:17.320 --> 0:33:20.560 of the reasons why you some companies will choose to 0:33:20.640 --> 0:33:23.880 even be a CEA corporation. Now, keeping in mind in 0:33:24.000 --> 0:33:27.360 terms of you know what the taxes look like. You 0:33:27.400 --> 0:33:31.320 do have your corporate income taxes, your dividend uh taxes 0:33:31.320 --> 0:33:35.520 that you well you're dividend, sorry, the dividend income is 0:33:35.560 --> 0:33:39.920 being taxed, and then your state taxes. Okay, so that's 0:33:39.920 --> 0:33:42.440 something to think about. 0:33:42.160 --> 0:33:47.680 Now, escort business real quick, real quick, because no, no, no, 0:33:47.720 --> 0:33:49.640 we just watch I'm taking notes and I'm watching I'm 0:33:49.640 --> 0:33:51.840 listening to this apple and I'm listening to the dividend payment. 0:33:52.040 --> 0:33:52.880 How is that is it? 0:33:53.000 --> 0:33:55.120 Is it tax as a as a long term capital 0:33:55.160 --> 0:33:57.320 game or is it like a short term How is that. 0:33:57.280 --> 0:33:59.400 Tax It's like short term like ordinary? 0:33:59.720 --> 0:34:01.719 Yes, So if they're doing like quarterly diffidens. Then you're 0:34:01.720 --> 0:34:03.120 getting short term capital gains on it. 0:34:03.360 --> 0:34:07.240 Yeah, because they yeah, they distributed short term, so it 0:34:07.240 --> 0:34:08.040 wouldn't really. 0:34:07.840 --> 0:34:12.480 Be more time perfect check in. 0:34:16.080 --> 0:34:19.560 All right, So escorps, so your escort, you have your 0:34:19.600 --> 0:34:24.160 business income, not tax on the business level. So with 0:34:24.320 --> 0:34:30.319 an escort s corporations is I love es corporations because 0:34:30.360 --> 0:34:32.880 I think that it is an amazing tool and it 0:34:33.000 --> 0:34:35.560 really as you start to sit back, you start to 0:34:35.600 --> 0:34:41.120 realize that the real separation between the escort and an 0:34:41.320 --> 0:34:43.160 LLC most of the time, it's just people not knowing 0:34:43.200 --> 0:34:45.160 about it. Most of the time. It's not that people 0:34:45.200 --> 0:34:47.160 don't want to be escorts, it's just that they never 0:34:47.239 --> 0:34:49.440 knew about it and knew the advantages of it, so 0:34:49.480 --> 0:34:51.840 they just did not take it, you know, take advantage 0:34:51.880 --> 0:34:55.760 of converting their LLCs or their corporations over to escorts. 0:34:55.760 --> 0:34:59.760 So let's talk about escorts and how they save business 0:34:59.800 --> 0:35:04.000 owned all the time on that self employment tax and 0:35:04.200 --> 0:35:06.960 help them significantly, Like I have clients save in thout 0:35:07.120 --> 0:35:10.920 like so like tens of thousands of dollars just by 0:35:11.000 --> 0:35:13.040 simply saying, Hey, I don't want to be an LLC, 0:35:13.160 --> 0:35:17.200 I'm going to be an sport. So with your business income, 0:35:17.480 --> 0:35:20.600 the business income is not tax on the business level, 0:35:20.640 --> 0:35:24.760 so similar to an LLC, it is a pass through entity. 0:35:25.040 --> 0:35:28.080 So with the pass through entity, again that just means 0:35:28.120 --> 0:35:30.840 that it is not tax on the business level. It 0:35:30.920 --> 0:35:35.240 passes through to the personal taxes and then it's tax there. Okay, 0:35:35.320 --> 0:35:40.160 So what happens with the es coort is that you 0:35:40.320 --> 0:35:44.759 have to file tax form eleven twenty S. So with 0:35:44.960 --> 0:35:47.280 once you file eleven twenty S, that's where you're reporting 0:35:47.320 --> 0:35:50.200 your income, that's where you're reporting your expenses, and then 0:35:50.239 --> 0:35:53.319 you have your profit. Similar to when you are like 0:35:53.360 --> 0:35:57.839 a partnership or two plus member LLC, each owner of 0:35:57.880 --> 0:36:00.400 the sport, because you can have up to one hundred 0:36:00.400 --> 0:36:04.480 owners in an escort, each owner will receive a K one. 0:36:04.560 --> 0:36:07.160 If it's just you, then you would have one hundred 0:36:07.120 --> 0:36:09.759 percent and one hundred percent of the profits will just 0:36:09.880 --> 0:36:13.400 go to you. So that K one is going to 0:36:13.440 --> 0:36:15.960 then be included on your personal taxes and then your 0:36:16.000 --> 0:36:19.640 tax there. However, the tax the taxes that you have 0:36:19.800 --> 0:36:22.759 to think about well that you will incur is just 0:36:22.800 --> 0:36:26.479 income taxes and state taxes. Notice I didn't say self 0:36:26.560 --> 0:36:32.919 employment taxes. So let's talk about that really quick, all right, 0:36:33.080 --> 0:36:36.640 So I have to always bring this chart into my 0:36:36.760 --> 0:36:43.000 conversation because it is so important that I give visuals 0:36:43.040 --> 0:36:46.799 because people digest it and understand it a lot more. So. 0:36:46.960 --> 0:36:51.600 This is a diagram of how someone that's making one 0:36:51.680 --> 0:36:56.520 hundred thousand dollars profit, how they were able to save 0:36:56.680 --> 0:37:00.879 on self employment tax by being an sport versus being 0:37:00.880 --> 0:37:04.200 an LLC. So to quickly run through this, on the 0:37:04.280 --> 0:37:07.839 left hand side, you have LLC, So you have one 0:37:07.880 --> 0:37:11.800 hundred thousand dollars of income that you made in your LLC. 0:37:12.840 --> 0:37:15.920 That one hundred thousand dollars is subjected to self employment tax, 0:37:15.920 --> 0:37:18.960 so that self employment tax is fifteen point three percent. 0:37:20.800 --> 0:37:24.400 That sorry, the income is then reported on your personal 0:37:24.520 --> 0:37:28.120 tax return, okay, and all the income is subjected to 0:37:28.239 --> 0:37:31.719 ordinary income tax. Keep in mind, all the income is 0:37:31.760 --> 0:37:34.520 always going to be subjected to ordinary income tax once 0:37:34.520 --> 0:37:39.719 it hits the bottom. This diagram is simply to show 0:37:39.719 --> 0:37:43.240 you how you are going to save on self employment taxes. Okay, 0:37:43.320 --> 0:37:47.800 So we're not necessarily getting into the reducing income taxes, 0:37:47.840 --> 0:37:52.080 but more so how to save on self employment taxes. Now, 0:37:52.120 --> 0:37:55.040 if we go to the right, you have your s 0:37:55.160 --> 0:37:59.279 corporation made the same hundred thousand dollars income. But you 0:37:59.360 --> 0:38:01.960 notice that the p and pay themselves a salary of 0:38:02.000 --> 0:38:06.799 forty thousand dollars. Keep in mind, when you are an esport, 0:38:07.040 --> 0:38:10.480 you are required to pay yourself a salary. It's no 0:38:10.560 --> 0:38:13.600 specific number or percentage, but you have to pay yourself 0:38:13.640 --> 0:38:17.439 a salary. Now, this person decides to pay their self 0:38:17.480 --> 0:38:20.600 a salary of forty thousand that is an expense to 0:38:20.680 --> 0:38:23.440 the business, so that the business is left with sixty 0:38:23.480 --> 0:38:26.400 thousand dollars on the right hand side. As you can see, 0:38:27.160 --> 0:38:30.120 let's just look on the forty thousand dollars side, forty 0:38:30.160 --> 0:38:34.440 thousand dollars. It shows that on that forty thousand dollars 0:38:34.800 --> 0:38:37.680 they encourage Social Security tax and Medicare tax, so that 0:38:37.719 --> 0:38:41.000 fifteen point three percent was taken out because guess what, 0:38:41.120 --> 0:38:44.439 they are an employee, so on their on their check, 0:38:44.760 --> 0:38:47.160 they took out fifteen points I mean sorry, seven point 0:38:47.200 --> 0:38:50.239 sixty five percent, and then the company paid the other 0:38:50.400 --> 0:38:53.520 seven point sixty five percent, right, but technically it's all 0:38:53.520 --> 0:38:57.560 their companies, so in this example, they were responsible for 0:38:57.600 --> 0:39:01.520 that fifteen point three percent. That forty thousand dollars was 0:39:01.560 --> 0:39:05.520 then reported on a W two. So before we go on, 0:39:05.760 --> 0:39:08.680 I just want to show you all that what this 0:39:08.880 --> 0:39:13.480 is saying here is that the person went from paying 0:39:13.760 --> 0:39:16.560 fifteen point three percent on one hundred thousand dollars to 0:39:16.640 --> 0:39:20.279 only paint it on forty thousand dollars. Okay, So I 0:39:20.360 --> 0:39:23.920 really wanted to point that out, and I like to 0:39:23.960 --> 0:39:27.239 improve this because it helps people understand exactly, you know, 0:39:27.280 --> 0:39:31.839 how that savings work, and so it really is, it 0:39:31.880 --> 0:39:34.760 really is the phenomenal tool by just changing your entity. 0:39:35.080 --> 0:39:37.359 I usually suggest that I always get this question on 0:39:37.400 --> 0:39:41.720 what income threshold, I usually say anything over thirty five 0:39:41.960 --> 0:39:45.480 forty thousand dollars, I suggest that you convert over to 0:39:45.520 --> 0:39:48.799 an escort. If you are making anything under that, then 0:39:48.840 --> 0:39:52.600 I would suggest remaining as an LLC until you are 0:39:52.840 --> 0:39:57.960 profiting you know, above those numbers, because an escort has requirements, right, 0:39:58.000 --> 0:40:00.000 you have to process kroll, you have to fire tax 0:40:00.239 --> 0:40:02.800 every single year. So you just want it to make sense, 0:40:03.360 --> 0:40:06.080 all right. So just to kind of finish out this diagram, 0:40:06.120 --> 0:40:08.239 we had the forty thousand dollars being reported on a 0:40:08.360 --> 0:40:11.320 W two, the sixty thousand dollars going to be reported 0:40:11.360 --> 0:40:13.799 on a K one, which also does not have any 0:40:13.800 --> 0:40:16.600 self employment tax, and then the whole hundred thousand kind 0:40:16.600 --> 0:40:18.520 of goes down and is going to be tax on 0:40:18.719 --> 0:40:22.439 ordinary income taxes. Okay, So I just wanted to talk 0:40:22.480 --> 0:40:26.160 about that now. I had to bring you guys through 0:40:26.160 --> 0:40:29.080 that because I think that it's like so important, and 0:40:29.600 --> 0:40:31.440 we talked about on the episode, like things you need 0:40:31.480 --> 0:40:33.880 to consider when you're forming your business, but I wanted 0:40:33.920 --> 0:40:36.600 to go into a little bit more on like, Okay, 0:40:36.600 --> 0:40:38.960 what does it all mean, and to make sure that 0:40:39.040 --> 0:40:43.000 you all are doing it correctly. So now positioning yourself 0:40:43.040 --> 0:40:46.279 to sell. Now you may know the craft, but not 0:40:46.520 --> 0:40:50.200 the business. This is so important because I feel that 0:40:50.280 --> 0:40:53.879 it doesn't matter what industry it is, the business side 0:40:53.920 --> 0:40:56.600 of things will take the fun out of everything. I 0:40:56.640 --> 0:40:59.719 have a ton of creative clients, and the business side 0:40:59.719 --> 0:41:02.520 of things just extremely stress them out because they're like, 0:41:02.600 --> 0:41:04.640 I just want to be, like I just want to create, 0:41:04.960 --> 0:41:07.279 Like even me, I most days I'm screaming. I'm like, 0:41:07.360 --> 0:41:10.000 I just want to do taxes. I want to do taxes. 0:41:10.239 --> 0:41:12.359 I want to educate, I want to talk to people, right, 0:41:12.400 --> 0:41:14.160 But then when I have to sit down and really 0:41:14.320 --> 0:41:16.879 do the business side of it, what I call fun, 0:41:16.920 --> 0:41:19.400 which I know most people want call fun, like doing taxes, 0:41:19.800 --> 0:41:23.560 but like what I call fun, it's not fun, right 0:41:23.560 --> 0:41:26.640 because the business side of it is so technical and 0:41:26.680 --> 0:41:29.680 it's so serious, and it's so important, and it's something 0:41:29.680 --> 0:41:32.600 that you have to really think about. When you're really 0:41:32.640 --> 0:41:36.960 thinking thinking about, you know, starting this business, you have 0:41:37.080 --> 0:41:39.719 to think about what do I what do I need 0:41:39.760 --> 0:41:42.560 to do versus what do I need to delegate? Or 0:41:42.560 --> 0:41:44.040 who do I need to hire? Or who do I 0:41:44.080 --> 0:41:48.600 need to engage? Like what consultant can I pay to 0:41:48.760 --> 0:41:52.080 help me? You know, eliminate a lot of mistakes. So 0:41:52.880 --> 0:41:56.760 put this picture hair, because you have to hire a team. 0:41:56.920 --> 0:41:59.279 And again I started out it was just me. I 0:41:59.400 --> 0:42:03.239 was answering phone, doing the consultations, doing the taxes, I 0:42:03.360 --> 0:42:08.680 was doing everything. However, I understood very early that I 0:42:09.040 --> 0:42:12.279 needed to hire someone. So my first person that I 0:42:12.360 --> 0:42:15.640 hired wasn't admin. That was my first person because guess what, 0:42:16.320 --> 0:42:19.239 there's a lot of administrative tasks and there's a lot 0:42:19.239 --> 0:42:23.319 of you know, duties that needs to get done on 0:42:23.360 --> 0:42:27.319 a day to day, but no one really talks about 0:42:27.320 --> 0:42:29.400 those things. Everybody makes it seem like you can do 0:42:29.480 --> 0:42:32.200 it all. But what start to happen is that I 0:42:32.280 --> 0:42:35.239 was forgetting things I wasn't able to show up, and 0:42:35.600 --> 0:42:40.080 I quickly quickly understood that I needed to hire a team. 0:42:40.560 --> 0:42:43.680 I also needed to delegate. What I didn't put on 0:42:43.800 --> 0:42:48.960 here that I want to talk about is just outsourcing 0:42:49.680 --> 0:42:54.160 and bringing in and hiring experts that you really need 0:42:54.200 --> 0:42:56.640 to hire. And so I want to spend a minute 0:42:56.680 --> 0:42:59.840 just talking about that, because when you hire an ex 0:43:00.600 --> 0:43:03.439 and most of you all are you know, on this 0:43:03.960 --> 0:43:06.160 you know, on this zoom right now, and so you're 0:43:06.160 --> 0:43:08.680 already showing up for yourself, right you're here, You're showing 0:43:08.719 --> 0:43:12.359 up for the information. So that is amazing. But I 0:43:12.480 --> 0:43:15.560 want you all to take it a step further and 0:43:15.800 --> 0:43:20.040 really take that knowledge and execute on it. Right, So 0:43:20.080 --> 0:43:23.600 we're all always talking about listen, you need to hire 0:43:23.640 --> 0:43:27.240 the experts you need to you know, get whatever knowledge 0:43:27.239 --> 0:43:29.560 it is that you need. You need to take it 0:43:29.600 --> 0:43:31.960 a step further. Right, So after you sit here and 0:43:32.040 --> 0:43:34.560 you get this knowledge, okay, so what is that next step? 0:43:35.160 --> 0:43:40.200 And so really really really think about, Okay, who can 0:43:40.280 --> 0:43:43.040 help me eliminate my mistakes? Who do I need in 0:43:43.120 --> 0:43:45.720 my one percent team? Isn't my CPA? 0:43:45.880 --> 0:43:46.080 Right? 0:43:46.120 --> 0:43:49.960 So I always say my one percent team includes my CPA. 0:43:50.440 --> 0:43:54.120 My fight, Well, I'm kind of the CPA I'm actually 0:43:54.120 --> 0:43:56.439 looking for to CBA because it's gotten to a point 0:43:56.440 --> 0:43:59.640 where I'm like, I need to like outsource some of 0:43:59.640 --> 0:44:02.319 these things, right, But as a business owner, you need 0:44:02.360 --> 0:44:05.919 a CPA. I help people say, so much money, I'm 0:44:05.920 --> 0:44:08.000 a tax right off, I'm a whole asset, right, And 0:44:08.000 --> 0:44:09.839 I say that. I jokingly say that to people all 0:44:09.880 --> 0:44:11.960 the time. I'm like, yeah, I'm a write off, but 0:44:12.280 --> 0:44:15.640 I'm truly an asset because not only am I going 0:44:15.719 --> 0:44:18.839 to save you on taxes, but I'm also going to 0:44:18.960 --> 0:44:21.920 help you with your business. I'm all. I also have 0:44:22.000 --> 0:44:25.120 the resources, right, and the experience, and a lot of 0:44:25.160 --> 0:44:29.840 people like don't value the fact of having people in 0:44:29.840 --> 0:44:33.239 your corner that you can pick up the phone to say, hey, 0:44:33.239 --> 0:44:36.400 do you have a referral for I want to start payroll. 0:44:36.480 --> 0:44:38.880 Who can I you know, get to my payroll? 0:44:39.080 --> 0:44:39.279 Oh? 0:44:39.360 --> 0:44:42.160 I want I need a financial advisor? Who do I need? 0:44:42.280 --> 0:44:47.560 Like those things are extremely important because you have to 0:44:47.600 --> 0:44:51.160 be able to eliminate the mistakes because if you're starting, 0:44:51.280 --> 0:44:53.680 and if you don't have anybody to say listen, here 0:44:53.920 --> 0:44:56.120 here's what you need to do. You have to create 0:44:56.160 --> 0:44:59.680 your team. So get your banker, get your lender, get 0:44:59.760 --> 0:45:02.480 you know that funding expert. Get these people, you know, 0:45:02.680 --> 0:45:05.480 whoever your brand strategist is going to be, whoever's going 0:45:05.560 --> 0:45:08.440 to you know, look into marketing. So pace yourself. But 0:45:08.520 --> 0:45:11.440 you need all of these people on your team because 0:45:11.480 --> 0:45:13.840 these are the people that's going to help you grow 0:45:13.880 --> 0:45:18.120 your business. Okay, so that is so important. So marketing 0:45:18.560 --> 0:45:24.960 that takes me into marketing. Marketing is so important. A 0:45:25.000 --> 0:45:28.600 lot of people will spend so much time worried about 0:45:28.640 --> 0:45:32.120 packaging and you know, all the pretty things and all 0:45:32.160 --> 0:45:34.960 the things that they're so passionate about, and they forget 0:45:35.000 --> 0:45:40.680 to tell people about their business. So what is going 0:45:40.719 --> 0:45:43.120 to like, how are you going to get the word out? What? 0:45:43.680 --> 0:45:45.680 How are you going to get more clients? How are 0:45:45.719 --> 0:45:48.719 you going to get people to purchase your item of 0:45:49.000 --> 0:45:50.680 you know, your service? How are you going to get 0:45:50.680 --> 0:45:52.920 people to invest in you? What is going to be 0:45:53.000 --> 0:45:55.879 your strategy? Most people are not thinking about it. What 0:45:56.000 --> 0:45:58.239 is the budget for it? Create a budget for it. 0:45:58.640 --> 0:46:00.680 I don't know if you guys seem as didy episode 0:46:00.760 --> 0:46:02.719 last now on the podcast, I love this ditty by 0:46:02.760 --> 0:46:06.120 the way, So I watched the whole episode. But she said, like, 0:46:06.200 --> 0:46:08.720 you have to put money into bunch, I mean into marketing. 0:46:09.640 --> 0:46:11.960 And if you look at I think Elon Mus said 0:46:11.960 --> 0:46:14.360 it too, like I will put my last money into marketing. 0:46:15.320 --> 0:46:21.440 People are not valuing marketing enough. Everyone's so consumed and 0:46:21.520 --> 0:46:24.200 so tied up into what they think is such a 0:46:24.239 --> 0:46:27.279 good product and a good service, and then they do 0:46:27.360 --> 0:46:29.640 all of these things on the back end, but nobody 0:46:29.719 --> 0:46:34.200 knows that it's available. Nobody knows what service or product 0:46:34.239 --> 0:46:36.840 you have, so no one can purchase it. What is 0:46:36.920 --> 0:46:40.280 going to be your plan of action to actually get 0:46:40.280 --> 0:46:44.840 that out there? Okay, so understanding funnels, right, So funnels 0:46:44.840 --> 0:46:47.839 can be from It doesn't matter if you're online. Well 0:46:47.840 --> 0:46:50.319 most people, I'm sure you guys are online, but if 0:46:50.360 --> 0:46:53.600 you aren't online, you need to be online. You have 0:46:53.680 --> 0:46:57.560 to have some sort of social presence to your business. 0:46:57.600 --> 0:46:59.160 Because I don't care if I walk in the store, 0:46:59.239 --> 0:47:02.480 I still go into the still go on Instagram pages. 0:47:02.600 --> 0:47:04.839 I'm like, oh, I wonder what their Instagram page looks like. Right, 0:47:04.840 --> 0:47:08.040 And I'm not the only person that does that. So 0:47:08.120 --> 0:47:11.080 you have to understand funnels, and a funnel is really 0:47:11.120 --> 0:47:13.799 nothing more than how are you going to get your 0:47:13.880 --> 0:47:18.920 client into your process and service them. How are you 0:47:18.960 --> 0:47:20.839 going to get them to buy whatever it is that 0:47:20.880 --> 0:47:22.719 you want them to buy? How are they going to 0:47:22.760 --> 0:47:24.799 start here? What's the next step, what's the next set, 0:47:24.800 --> 0:47:26.800 what's the next step until you get them to purchase 0:47:26.800 --> 0:47:29.880 from you? You have to think about those things. You 0:47:29.920 --> 0:47:32.560 can't just think because you're passionate and you think that 0:47:32.600 --> 0:47:35.320 it's a great product that it's going to sell, because 0:47:35.320 --> 0:47:38.440 that is not the case, okay. And also think about 0:47:38.480 --> 0:47:41.960 how are you going to retain clients. Everyone's always concerned 0:47:41.960 --> 0:47:44.480 about how they're going to key, I mean, get new clients, 0:47:44.560 --> 0:47:48.080 but in terms of retaining clients, people are not thinking 0:47:48.120 --> 0:47:51.040 about that or talking about how they're going to actually 0:47:51.080 --> 0:47:55.480 retain the clients that they actually have. Like, you already 0:47:55.560 --> 0:47:58.640 have the clients here, how are you going to service them? 0:47:58.680 --> 0:48:01.440 What are you going to do the follow up? Is it? 0:48:01.520 --> 0:48:02.480 You know, an offer? 0:48:02.640 --> 0:48:02.920 Is it? 0:48:03.239 --> 0:48:07.120 You know? Just finding different services for me? I keep 0:48:07.160 --> 0:48:09.360 my clients because I listen to what they're telling me 0:48:09.400 --> 0:48:12.319 that they need. So if my client's like, hey, I 0:48:12.400 --> 0:48:14.080 need this, I need this, I'm like, you know what, 0:48:14.400 --> 0:48:17.680 like sales taxes, I originally was not doing sales taxes, 0:48:18.719 --> 0:48:22.400 but now I'm bringing sales taxes, and so by the 0:48:22.560 --> 0:48:26.239 end of the end of March, my firm will be 0:48:26.320 --> 0:48:30.440 offering tax I mean sales tax services on a larger 0:48:30.480 --> 0:48:34.320 scale because clients need it, especially with so many people 0:48:34.719 --> 0:48:39.160 selling online. And so you have to keep you have 0:48:39.280 --> 0:48:41.520 to keep those things in mind, and you have to listen. 0:48:41.560 --> 0:48:43.960 You sell by listening, so you have to listen to 0:48:44.000 --> 0:48:48.719 your current clients. So the last thing is funding, right, 0:48:48.800 --> 0:48:51.320 So funding is something that you have to think about 0:48:51.960 --> 0:48:54.880 in the beginning. Right, you may try to understand like okay, 0:48:54.920 --> 0:48:58.719 well what exactly like how am I going to actually 0:48:58.880 --> 0:49:02.200 get the money to start my business? Or Okay, I 0:49:02.239 --> 0:49:04.600 have my business is here, but I need to hire 0:49:04.640 --> 0:49:07.440 more employees, I need a new software, I need to 0:49:07.480 --> 0:49:09.920 do these things, and I don't have the money to 0:49:10.000 --> 0:49:12.840 do it. And I always say that small business owners, 0:49:13.680 --> 0:49:18.120 we're always in a bad position because we need more 0:49:18.239 --> 0:49:21.160 money in order to grow, but a lot of times 0:49:21.200 --> 0:49:22.919 we don't have the money to grow. So you wind 0:49:23.000 --> 0:49:25.600 up in this vicious cycle where it's like, Okay, well, 0:49:25.800 --> 0:49:27.399 in order for me to grow, I need more money 0:49:27.400 --> 0:49:28.839 to grow, but I don't have more money to grow. 0:49:28.880 --> 0:49:30.799 So how what am I going to do, and so 0:49:30.920 --> 0:49:33.839 you have to be creative. You cannot just sit back again, 0:49:33.880 --> 0:49:36.960 as I said earlier, We're not going to sit back 0:49:37.239 --> 0:49:43.160 and just simply say, oh, this isn't like okay, I 0:49:43.160 --> 0:49:45.480 don't have enough money right now and that's it. No, 0:49:45.640 --> 0:49:47.880 you have to think about what am I going to 0:49:47.920 --> 0:49:50.719 do for more money. That changes your mindset and that 0:49:50.840 --> 0:49:53.440 makes you think about what are the steps and the 0:49:53.480 --> 0:49:56.280 things that you have to do in order to become 0:49:56.280 --> 0:49:59.240 more creative. So that way you can get the funding 0:49:59.280 --> 0:50:02.440 that you need in order to start your business. So 0:50:02.680 --> 0:50:05.640 let's talk about funding. You're starting out your business, I'm 0:50:05.680 --> 0:50:10.080 going to start out with tax free money. So what 0:50:10.200 --> 0:50:14.759 I call tax free money is when people go and 0:50:14.800 --> 0:50:18.239 they start, they may drive Uber or they may do 0:50:18.239 --> 0:50:22.520 door dash right to get some additional income. Pretty much 0:50:22.520 --> 0:50:25.880 any income that you are generating that's a ten ninety nine, 0:50:26.000 --> 0:50:29.200 not necessarily a W two. So you will receive that 0:50:29.200 --> 0:50:30.799 ten ninety nine at the end of the year. And 0:50:30.800 --> 0:50:33.439 why I call it tax free money is because at 0:50:33.440 --> 0:50:36.560 the same time, when you're driving that Uber and you're 0:50:36.600 --> 0:50:42.040 starting your business, you could take that money purchase laptops, 0:50:42.480 --> 0:50:47.279 purchase softwares, supplies, materials, and guess what it is. It's 0:50:47.280 --> 0:50:49.680 a tax write off. And that tax right off is 0:50:49.719 --> 0:50:54.000 going to go against the money that you were already making, right, 0:50:54.080 --> 0:50:56.719 And so now what happens is when you bring that 0:50:56.800 --> 0:51:01.440 money in, it's income. But now when you start buying 0:51:01.560 --> 0:51:06.759 things for the business, it is now an expense, right. 0:51:06.800 --> 0:51:08.560 And so what happens Let's say you brung in ten 0:51:08.600 --> 0:51:11.360 thousand dollars an income and then you had your laptop, 0:51:11.440 --> 0:51:13.759 and you had you know, you needed supplies and you 0:51:13.800 --> 0:51:17.320 needed all these things. That is ten thousand dollars worth 0:51:17.320 --> 0:51:20.279 of expenses that you may bring in that Now guess what, 0:51:20.640 --> 0:51:23.800 Now your net income is zero. So now that's technically 0:51:23.840 --> 0:51:26.040 tax free money. So now you have to think about 0:51:26.320 --> 0:51:29.960 because the reality is when you pay taxes, you're holding 0:51:30.000 --> 0:51:32.440 yourself back, right. So the more you overpaying taxes, the 0:51:32.440 --> 0:51:34.680 more you hold yourself back because you could be getting 0:51:34.680 --> 0:51:38.040 a lot further with that money that you're paying taxes with. 0:51:38.640 --> 0:51:42.399 So instead of just saying, okay, well I'm gonna take 0:51:42.400 --> 0:51:45.359 the money drive where I'm not gonna do anything. If 0:51:45.400 --> 0:51:48.680 you were getting that additional money in, instead of just 0:51:48.719 --> 0:51:50.960 getting the money in, you take that and you use 0:51:51.000 --> 0:51:54.799 it towards your startup costs right for your business. And 0:51:54.880 --> 0:51:57.840 so that's why I call that uh tax free money. 0:51:58.320 --> 0:52:01.560 Now credit cards, so well, thinking about credit cards, you 0:52:01.719 --> 0:52:05.720 have to understand that there's different tiers of credit cards. 0:52:06.000 --> 0:52:06.160 Right. 0:52:06.239 --> 0:52:10.359 So there may be your bank credit card, right, and 0:52:10.880 --> 0:52:13.960 they may require you if you have good personal credit, 0:52:14.160 --> 0:52:16.760 you may go there to open up a business bank account. 0:52:17.040 --> 0:52:18.680 Nine times out of ten, the next thing they're going 0:52:18.719 --> 0:52:20.080 to say to you is do you want a business 0:52:20.080 --> 0:52:23.359 credit card? If they don't, just ask them for it, right, 0:52:23.719 --> 0:52:28.720 every bank does it. So if they have business checking accounts, 0:52:28.719 --> 0:52:33.040 which ninety five percent of banks do. So, if they 0:52:33.120 --> 0:52:35.720 ask you, you know, do you want a business credit card? 0:52:36.000 --> 0:52:39.520 If your business is new and you are just establishing 0:52:39.560 --> 0:52:42.600 your business, what the bank will do is they will 0:52:42.640 --> 0:52:46.680 take your They would pretty much make you personally guarantee 0:52:47.120 --> 0:52:50.359 the credit card. And what that really means is that 0:52:51.360 --> 0:52:54.759 you will they will run your personal credit to see 0:52:54.760 --> 0:52:58.520 what your personal credit is, to see if they will allow, 0:52:58.880 --> 0:53:01.359 you know, give you some line of credit on your 0:53:01.440 --> 0:53:05.520 well not line of credit, but will give you, yeah, 0:53:05.560 --> 0:53:09.680 a lot of credit on your credit card. So that 0:53:09.920 --> 0:53:13.080 is so important, right, And sometimes most people say, oh, 0:53:13.360 --> 0:53:16.840 I don't want them to, you know, look at my 0:53:16.920 --> 0:53:20.239 personal credit at all. That's fine. However, if you want 0:53:20.280 --> 0:53:21.960 to get where you're going a little fast, so you 0:53:22.000 --> 0:53:25.400 may have to use yourself to leverage in order to 0:53:25.440 --> 0:53:29.000 get that credit card. Now, as you start establishing that 0:53:29.120 --> 0:53:32.480 business credit and you are now in a better position, 0:53:32.600 --> 0:53:36.399 Now what happens is that you are able to then 0:53:36.480 --> 0:53:38.839 get credit cards down the line where you don't need 0:53:38.880 --> 0:53:41.640 to run your personal credit because now your business is 0:53:41.760 --> 0:53:44.439 establishing credit. And most of the times when you get 0:53:44.440 --> 0:53:48.920 these credit cards, they have zero interest, you know, zero 0:53:49.120 --> 0:53:52.680 transfer balance, and so you can utilize that. So now 0:53:52.760 --> 0:53:55.080 I just open up a business. I have a new business, 0:53:55.120 --> 0:53:57.319 and I just opened up a credit card and they 0:53:57.320 --> 0:54:01.520 gave me like thirteen months for free. Oh that's free money, 0:54:02.080 --> 0:54:04.719 like not free money, but interest free money. Right, that's 0:54:04.840 --> 0:54:07.520 cheap money. So because it's cheap money, gu's what I'm 0:54:07.520 --> 0:54:09.440 going to do. I'm gonna take it. I'm gonna invest 0:54:09.520 --> 0:54:12.799 it in my business and my returns. Now I just 0:54:12.880 --> 0:54:14.839 have a bunch of money that I can play with 0:54:15.160 --> 0:54:18.720 that I don't have to pay any interest on until 0:54:19.000 --> 0:54:22.800 next year February. So you all have to think about 0:54:22.840 --> 0:54:27.399 these things as well, and you know, utilize yourself if 0:54:27.440 --> 0:54:30.839 you need to to get where you're going. Okay, so 0:54:30.880 --> 0:54:33.360 now loans and lines of credits. So now loans and 0:54:33.400 --> 0:54:37.920 lines of credit will require you to have like your business. 0:54:37.960 --> 0:54:41.920 And keep in mind you when you're going for loans 0:54:42.320 --> 0:54:45.080 lines of credits, you have to make sure that your 0:54:45.160 --> 0:54:47.600 business entity. And this is why I left funding for 0:54:47.640 --> 0:54:50.520 the end, because it is so important that your business 0:54:50.560 --> 0:54:52.880 is set up properly or you will not get funding. 0:54:53.239 --> 0:54:56.839 When it comes to advancing, you have to know that 0:54:57.160 --> 0:54:59.960 you are not going to get to that next level 0:55:00.480 --> 0:55:05.200 until you are structured correctly. So you're gonna need to 0:55:05.200 --> 0:55:08.839 make sure that your entity is set up correctly. As 0:55:08.880 --> 0:55:10.719 we talked about on the episode, you need to make 0:55:10.760 --> 0:55:13.040 sure that that address is not a home address. You 0:55:13.080 --> 0:55:15.960 need to make sure that it's a virtual address, something 0:55:15.960 --> 0:55:18.000 that they can search and see that you are a 0:55:18.080 --> 0:55:20.040 legitimate business. You want to make sure that you have 0:55:20.120 --> 0:55:23.760 a website, you have an office telephone number, and wherever 0:55:23.840 --> 0:55:26.719 you're getting these things at right it doesn't matter, but 0:55:26.800 --> 0:55:29.120 you have to make sure that they are put in place. 0:55:29.480 --> 0:55:33.200 You also need to make sure that you have income 0:55:33.200 --> 0:55:36.480 coming into your business bank account because so many people 0:55:36.760 --> 0:55:39.279 will go for loans or go for some sort of 0:55:39.280 --> 0:55:42.040 funding and they're like, oh my god, like I have 0:55:42.239 --> 0:55:45.160 all my income for my business going into my personal account. 0:55:45.440 --> 0:55:48.440 That is not going to work. They want to see 0:55:48.680 --> 0:55:52.280 money coming into your business, and if you have everything 0:55:52.320 --> 0:55:56.040 going into your personal that does not cut it. You 0:55:56.120 --> 0:55:58.560 have to make sure that is done. The next thing 0:55:58.600 --> 0:56:01.640 that they're always going to ask are your tax returns, 0:56:01.760 --> 0:56:03.840 So you need to make sure that you are filing 0:56:03.880 --> 0:56:08.040 your tax returns. Okay, So keep in mind those things 0:56:08.080 --> 0:56:10.440 are always going to be needed when you need when 0:56:10.480 --> 0:56:12.920 you need to go for a loan or aligne of credit. 0:56:13.800 --> 0:56:15.279 So with the loan and the line of credit, your 0:56:15.280 --> 0:56:18.600 business does need to be established. Every bank or lender 0:56:18.640 --> 0:56:21.359 has their own criteria. You know, some is a year, 0:56:21.480 --> 0:56:23.960 some is two years, but at minimum it has to 0:56:23.960 --> 0:56:26.120 be a year because they want to see those taxes. 0:56:26.400 --> 0:56:28.160 They want to see that you have money coming in. 0:56:28.239 --> 0:56:30.319 They want to see that you know, you reported it, 0:56:30.360 --> 0:56:32.880 and that's what they are going to go off of 0:56:33.200 --> 0:56:36.280 when they are deciding if they are going to approve 0:56:36.360 --> 0:56:40.160 you or not. Okay, So please keep in mind that 0:56:40.320 --> 0:56:43.600 you have to be positioned correctly so when you go 0:56:44.239 --> 0:56:46.640 they are going to look at your taxes, They're going 0:56:46.680 --> 0:56:48.839 to look at your bank statements, and that's what they 0:56:48.880 --> 0:56:52.960 are going to use to determine if you are eligible 0:56:53.400 --> 0:56:57.879 for loans. But there's also different tiers funding. I think 0:56:57.880 --> 0:57:01.200 we can kind to talk about all day, but I 0:57:01.239 --> 0:57:04.239 know we don't have all these all this time. But 0:57:05.560 --> 0:57:08.160 just so that you all know, and I'm driving this 0:57:08.360 --> 0:57:12.479 point home, eighty eight percent of millionaires are self made 0:57:12.640 --> 0:57:16.240 entrepreneurs in the United States. So there's a facade out 0:57:16.240 --> 0:57:20.440 there that millionaires are all millionaires they get their money 0:57:20.480 --> 0:57:23.760 passed down to them. That's not true. Eighty eight percent 0:57:23.840 --> 0:57:27.000 of millionaires are self made millionaires in the United States. 0:57:27.160 --> 0:57:30.400 That means that everybody had a dream, they worked hard, 0:57:30.680 --> 0:57:33.400 they believed in themselves, they seen their future self, and 0:57:33.440 --> 0:57:36.120 they showed up every single day for their future self 0:57:36.320 --> 0:57:40.240 because they wanted a different change in a different circumstance. Okay, 0:57:40.320 --> 0:57:43.680 So keep that in mind, and if eighty eight percent 0:57:43.840 --> 0:57:47.200 like there's a lot of millionaires, there's a lot of millionaires. 0:57:47.400 --> 0:57:51.760 Eighty eight percent of millionaires can do so by being 0:57:51.880 --> 0:57:54.280 self made, meaning they didn't have any help, they had 0:57:54.320 --> 0:57:56.840 an idea and they went after it. Then you can 0:57:56.920 --> 0:58:00.720 too you know, and so believe in yourself. I find 0:58:00.720 --> 0:58:04.720 that that's the biggest limitation. Five hundred thousand people put 0:58:04.720 --> 0:58:07.080 their jobs in twenty twenty one, and that number is 0:58:07.120 --> 0:58:12.680 expected to continue to increase. Okay, so please please, please 0:58:12.720 --> 0:58:16.520 please please keep that in mind as you all are thinking, 0:58:16.960 --> 0:58:21.520 you know, about this entrepreneur journey. There's so many people 0:58:21.600 --> 0:58:24.959 out here just doing it for themselves, showing up for themselves. 0:58:25.280 --> 0:58:28.400 You know, we all have an amazing platform of EYL 0:58:28.640 --> 0:58:31.880 just letting us know everything that's possible. I've learned about 0:58:31.920 --> 0:58:35.200 so many different industries, you know, just through watching the 0:58:35.240 --> 0:58:37.920 podcast and just being present that I'm like, oh my god, 0:58:37.960 --> 0:58:39.680 I didn't even know I can make money this way, 0:58:39.920 --> 0:58:41.880 or I didn't know or you know, really understand the 0:58:41.920 --> 0:58:44.760 logistics behind it. And so we have to make sure 0:58:44.800 --> 0:58:48.760 that it's a situation where we are, you know, really 0:58:48.800 --> 0:58:58.280 really taking advantage of these things. So that concludes my presentation. 0:58:59.080 --> 0:58:59.520 Elevation. 0:59:01.960 --> 0:59:05.760 Yeah, I'm glad you brought up that that great resignation 0:59:05.840 --> 0:59:08.720 as they're calling it, right, because the unemployment rate is 0:59:09.560 --> 0:59:12.720 going lower every month, and so if the people are resigning, 0:59:12.720 --> 0:59:15.960 they're not found for unemployment, they must be creating their businesses. 0:59:15.960 --> 0:59:17.240 So I'm glad you brought that plant up. 0:59:17.400 --> 0:59:19.439 Yes. So now we're going to go into the part 0:59:19.520 --> 0:59:23.080 that's probably the most beneficial. As I said, you want 0:59:23.120 --> 0:59:23.480 to take. 0:59:23.360 --> 0:59:29.040 The that's now we're gonna go into the part that 0:59:29.080 --> 0:59:32.680 is pitt most beneficial for the EYO University classes is 0:59:33.200 --> 0:59:34.439 the question and answer part. 0:59:34.680 --> 0:59:37.320 Anytime we do a YouTube lib, whether it's market Mondays, 0:59:37.320 --> 0:59:40.440 whether it's over enrollment, whether it's even a podcast, people 0:59:40.600 --> 0:59:43.640 ask questions, which is weird because I mean, you would know, 0:59:43.680 --> 0:59:45.720 you would think that people know that the question is 0:59:45.720 --> 0:59:47.640 not going to get answered in a podcast because it's 0:59:47.640 --> 0:59:51.200 pre recorded. But people still, like in the common sessions, 0:59:51.200 --> 0:59:54.160 don't ask questions during the recording of like during the 0:59:54.240 --> 0:59:57.600 like premiere of the podcast. So this is an opportunity 0:59:57.600 --> 1:00:01.200 for people to actually ask questions and it becomes, you know, 1:00:01.320 --> 1:00:04.440 more of an intimate situation, kind of like a consultation. Really. 1:00:05.480 --> 1:00:08.640 So we're going to open it up and yeah, answer 1:00:08.720 --> 1:00:10.960 some questions that I'm sure a lot of people will have, like, 1:00:11.040 --> 1:00:12.400 you know, similar type of questions. 1:00:12.480 --> 1:00:13.400 Yeah, let's do it. Let's do it. 1:00:13.400 --> 1:00:17.160 We're gonna start with Patrack. We're coming to you. Mute 1:00:17.160 --> 1:00:18.840 yourself you've been unmuted. What's going on? 1:00:18.920 --> 1:00:22.160 Patrick? Good evening? 1:00:22.240 --> 1:00:23.080 Hello everyone? 1:00:23.160 --> 1:00:24.640 How are you? I am great? 1:00:24.680 --> 1:00:25.000 How are you? 1:00:25.640 --> 1:00:26.520 I'm very well. 1:00:26.640 --> 1:00:29.320 Thank you miss business. You made this so simplified. 1:00:29.560 --> 1:00:30.560 I mean you really did. 1:00:30.600 --> 1:00:31.880 I thank you. Listen. 1:00:31.960 --> 1:00:36.760 My question is I'm thinking about moving from LLC to 1:00:36.960 --> 1:00:40.600 Escort real soon. But my question was about adding children 1:00:40.720 --> 1:00:47.120 to the payroll and the additional benefits. I have an 1:00:47.120 --> 1:00:53.960 inquisitive granddaughter. She loves doing whatever you know I'm doing 1:00:54.080 --> 1:00:56.400 to help me along, and I'm just wondering if that 1:00:56.480 --> 1:00:58.520 will help me because I think it's what like almost 1:00:58.600 --> 1:01:01.040 thirteen thousand dollars I can out over the. 1:01:01.080 --> 1:01:04.400 Year just trying to tax free. Is it what I'm understanding? 1:01:04.840 --> 1:01:07.640 Absolutely? So let's talk about this because this is always 1:01:07.720 --> 1:01:10.960 a hot topic on how much people can pay themselves 1:01:10.960 --> 1:01:14.240 and then what that process is. So in regards to 1:01:14.440 --> 1:01:19.680 paying yourselves, sorry, in regards to paying your granddaughter or pa. 1:01:20.800 --> 1:01:21.520 Earners, what's up? 1:01:21.640 --> 1:01:24.080 You ever walk into a small business and everything just 1:01:24.240 --> 1:01:27.400 works like the checkout is fast, the seats are digital, 1:01:27.960 --> 1:01:30.919 tipping is a breeze, and you're out the door before 1:01:30.920 --> 1:01:35.080 the line even builds. Odds are they're using square? We 1:01:35.240 --> 1:01:37.800 love supporting businesses that run on Square because it just 1:01:37.840 --> 1:01:41.080 feels seamless. Whether it's a local coffee shop, a vendor 1:01:41.120 --> 1:01:43.400 at a pop up market, or even one of our 1:01:43.440 --> 1:01:47.120 merch partners, Square makes it easy for them to take payments, 1:01:47.320 --> 1:01:51.040 manage inventory, and run their business with confidence, all from 1:01:51.120 --> 1:01:54.520 one simple system. If you're a business owner or even 1:01:54.640 --> 1:01:58.120 just thinking about launching something soon, Square is hands down 1:01:58.160 --> 1:02:00.520 one of the best tools out there to help you start, 1:02:00.880 --> 1:02:04.480 run and grow. It's not just about payments, it's about 1:02:04.480 --> 1:02:06.920 giving you time back so you can focus on what 1:02:07.080 --> 1:02:10.760 matters most ready. To see how Square can transform your business, 1:02:11.000 --> 1:02:15.640 visit Square dot com backslash, go backslash eyl to learn 1:02:15.680 --> 1:02:20.880 more that Square dot com backslash, go backslash eyl. Don't wait, 1:02:21.200 --> 1:02:24.000 don't hesitate, Let Square handle the back end so you 1:02:24.040 --> 1:02:30.360 can keep pushing your vision forward. This episode is brought 1:02:30.360 --> 1:02:32.240 to you by P and C Bank. A lot of 1:02:32.280 --> 1:02:35.880 people think podcasts about work are boring, and sure, they 1:02:35.960 --> 1:02:39.840 definitely can be, but understanding a professionals routine shows us 1:02:39.840 --> 1:02:44.400 how they achieve their success little by little, day after day. 1:02:44.480 --> 1:02:46.960 It's like banking with P and C Bank. It might 1:02:47.080 --> 1:02:49.960 seem boring to save plan and make calculated decisions with 1:02:50.040 --> 1:02:50.600 your bank. 1:02:51.000 --> 1:02:51.800 But keeping your. 1:02:51.720 --> 1:02:54.480 Money boring is what helps you live or more happily 1:02:54.480 --> 1:02:58.800 fulfilled life. P and C Bank Brilliantly Boring since eighteen 1:02:58.920 --> 1:03:02.760 sixty five. Brilliantly Boring since eighteen sixty five is a 1:03:02.800 --> 1:03:06.080 service mark of the PNC Financial Service Group, Inc. P 1:03:06.200 --> 1:03:09.400 and C Bank National Association Member FDIC. 1:03:11.160 --> 1:03:14.840 An illegal alien from Guatemala charged with raping a child 1:03:14.880 --> 1:03:18.680 in Massachusetts. An MS thirteen gang member from Al Salvador 1:03:18.920 --> 1:03:23.040 accused of murdering a Texas. Man of Venezuelan charged with 1:03:23.120 --> 1:03:27.000 filming and selling child pornography in Michigan. These are just 1:03:27.120 --> 1:03:30.880 some of the heinous migrant criminals caught because of President 1:03:30.920 --> 1:03:34.439 Donald J. Trump's leadership. I'm Christy Noman, the United States 1:03:34.480 --> 1:03:39.280 Secretary of Homeland Security. Under President Trump, attempted illegal border 1:03:39.320 --> 1:03:42.880 crossings are at the lowest levels ever recorded, and over 1:03:42.920 --> 1:03:46.160 one hundred thousand illegal aliens have been arrested. If you 1:03:46.240 --> 1:03:50.080 are here illegally, your next you will be fined nearly 1:03:50.160 --> 1:03:54.200 one thousand dollars a day, imprisoned, and deported. You will 1:03:54.240 --> 1:03:57.880 never return. But if you register using our CBP home 1:03:57.920 --> 1:04:00.360 app and leave now, you could be a lie to 1:04:00.440 --> 1:04:02.439 return legally, do what's right. 1:04:03.040 --> 1:04:03.840 Leave now. 1:04:04.200 --> 1:04:08.560 Under President Trump, America's laws, border and families. 1:04:08.200 --> 1:04:10.560 Will be protected sponsored by the United States Department of 1:04:10.600 --> 1:04:11.240 Homeland Security. 1:04:11.360 --> 1:04:15.160 And you're any child, what needs to happen. You don't 1:04:15.160 --> 1:04:17.920 have to put them on payroll like officially, like through 1:04:18.000 --> 1:04:20.600 like an ADP, or you don't have to do that. 1:04:20.680 --> 1:04:23.800 What you can do is you simply can take the 1:04:23.920 --> 1:04:27.120 money from the business account to and send it to 1:04:27.160 --> 1:04:30.560 the child's personal account. But keep in mind that the 1:04:30.680 --> 1:04:34.880 child must the account has to be in the child's name, right, 1:04:34.920 --> 1:04:37.040 It can't be in your name or let's say your 1:04:37.120 --> 1:04:39.680 daughter's name or your son's name. It has to be 1:04:39.720 --> 1:04:43.120 in the child's name, Okay. And so what happens is 1:04:43.160 --> 1:04:45.480 you can say you can pay them, pay your granddaughter 1:04:45.560 --> 1:04:48.600 up to twelve five hundred dollars and send the money 1:04:48.600 --> 1:04:51.400 from the business account to the personal account. It then 1:04:52.080 --> 1:04:54.680 is a tax deduction at the end of the year. 1:04:56.360 --> 1:04:59.720 Awesome, awesome, thank you for the thank you for clarifying 1:04:59.720 --> 1:05:01.480 that need to be another thank you. 1:05:01.960 --> 1:05:03.720 And then you could take that money and invest and 1:05:03.760 --> 1:05:05.160 put it in a broken board. 1:05:07.440 --> 1:05:11.920 That's right, that's right. Valuable information right there, yeah, appreciate you. 1:05:11.920 --> 1:05:14.680 Pat. Then you could even go a step further and 1:05:15.280 --> 1:05:17.200 if the child is old enough, you could put you know, 1:05:17.200 --> 1:05:19.000 you could put the money in a raw ira up 1:05:19.000 --> 1:05:22.160 to six thousand dollars right business. Yeah, and that's tax 1:05:22.200 --> 1:05:24.720 free when they take it out later on down the line. 1:05:24.800 --> 1:05:28.120 So it's a lot of different ways that you can actually, 1:05:28.160 --> 1:05:29.800 you know, benefit from that situation. 1:05:30.560 --> 1:05:33.520 Awesome, Thank you so much. I am so glad I 1:05:33.560 --> 1:05:36.880 finally joined E y L. It's a plethora of information. 1:05:37.080 --> 1:05:39.520 Thank you so much. Guys. I'll let someone else come on. 1:05:39.600 --> 1:05:40.560 So we appreciate you. 1:05:40.640 --> 1:05:40.960 Thank you. 1:05:41.160 --> 1:05:42.200 Welcome to the family. 1:05:42.320 --> 1:05:45.560 It's been a minute, I said through my little cold. 1:05:45.640 --> 1:05:48.280 There we go, Aaron, we're coming to you. Mute yourself, 1:05:48.320 --> 1:05:56.479 you've been unmuted. What's going on? Peace? Peace? How y'all doing? 1:05:56.520 --> 1:05:56.680 Man? 1:05:56.920 --> 1:06:01.080 Everybody? Good man? All right? Respect? Okay. 1:06:01.160 --> 1:06:07.840 So last year I started a LLC for real estate investment. 1:06:08.280 --> 1:06:14.440 I started with twenty thousand dollars startup funding and a 1:06:14.480 --> 1:06:24.640 friend of mine wanted to help my business establish credit 1:06:24.800 --> 1:06:34.600 by purchasing by purchasing a condo, so they invested one 1:06:34.680 --> 1:06:38.840 hundred and thirty thousand into my business savings account. 1:06:38.920 --> 1:06:41.280 It was a business. It's a business savings account. 1:06:41.800 --> 1:06:45.400 They invested one hundred and thirty thousand for me to 1:06:45.480 --> 1:06:52.800 make this purchase of a condo, and they wasn't really 1:06:52.840 --> 1:06:58.400 agreeing with the market based on our search, so they 1:06:58.480 --> 1:07:04.400 decided to make another move, so they I withdrew that 1:07:04.480 --> 1:07:07.040 third one hundred and thirty thousand dollars and gave it 1:07:07.080 --> 1:07:13.320 back to them. How how should I classify that on 1:07:13.400 --> 1:07:18.280 my taxes? You know, to avoid any issues. 1:07:19.520 --> 1:07:21.880 Well, you don't have to claim it on your taxes 1:07:21.920 --> 1:07:24.760 because when you receive the money, it's not considered income. 1:07:25.160 --> 1:07:28.280 It was more so considered like a loan. Right, if 1:07:28.320 --> 1:07:31.080 the money that was provided to you as a loan, 1:07:31.200 --> 1:07:34.960 and then the money that when you basically repaid the loan, 1:07:36.240 --> 1:07:38.960 you just repaid the loan. What I will say that 1:07:39.000 --> 1:07:41.040 you need to do is you, I don't know if 1:07:41.080 --> 1:07:44.000 you all already have a loan agreement in place, but 1:07:44.080 --> 1:07:46.560 if you, if you all you or anyone in here 1:07:46.640 --> 1:07:49.240 have a situation similar to that, you want to make 1:07:49.240 --> 1:07:52.360 sure that you establish like a loan agreement, right, So 1:07:52.480 --> 1:07:54.680 that way, and it just needs to say, you know 1:07:54.760 --> 1:07:58.040 who was the borrow who gave the money? What are 1:07:58.080 --> 1:08:00.520 the terms? What is the you know expected hey day, 1:08:00.920 --> 1:08:04.560 So that way you won't have a real true partnership 1:08:04.600 --> 1:08:08.600 agreement and then any ambiguity about if it was income 1:08:08.720 --> 1:08:08.920 or not. 1:08:09.760 --> 1:08:13.000 Oh yeah, and I totally understand, Thank you. 1:08:13.040 --> 1:08:15.040 I appreciate it, no problem. 1:08:15.560 --> 1:08:18.240 Yeah, yeah, those all those agreements are extremely important. 1:08:18.280 --> 1:08:21.519 Operating agreement, partnership agreement, and obviously a loan agreement. As 1:08:21.520 --> 1:08:23.320 we can see right now, that's something that we don't 1:08:23.360 --> 1:08:25.519 even think about when we go into business, especially when 1:08:25.560 --> 1:08:27.599 we do it with like our partners, our friends. It's 1:08:27.680 --> 1:08:29.840 kind of like, yo, hey, you'll do this, I'll do this. 1:08:29.920 --> 1:08:32.639 But to have something that's formally put together, it's very 1:08:32.640 --> 1:08:33.920 important in a case like this. 1:08:34.680 --> 1:08:36.800 It could be almost detrimental if you don't. 1:08:37.560 --> 1:08:38.320 Yeah, for sure. 1:08:38.920 --> 1:08:42.080 All right, let's go, let's go to uh Tariq. We're 1:08:42.080 --> 1:08:44.080 coming to you. I mute yourself, you've been unmuted. What's 1:08:44.120 --> 1:08:47.640 going on? Torek its loan on your piece? Everybody? How 1:08:47.720 --> 1:08:51.040 y'all feeling to night? Are you going on? Bless man? 1:08:51.080 --> 1:08:54.280 I'm blessed. I appreciating this business for everything you've done. 1:08:54.640 --> 1:08:57.640 I know you talk shouting choice from the beginning, appreciating 1:08:57.680 --> 1:09:00.240 the Jim Joad and gave my question. Actually, I was 1:09:00.280 --> 1:09:03.360 right up on Troy's point. Can you list your top 1:09:03.439 --> 1:09:06.160 ten things that you would list in an operating agreement? 1:09:06.800 --> 1:09:08.439 I don't want to know what which you would actually 1:09:08.520 --> 1:09:13.080 personated Jesus we can. 1:09:14.520 --> 1:09:16.640 And also, can you just explain what a operator I 1:09:16.640 --> 1:09:18.600 had this conversation with somebody today. Can you explain what 1:09:18.600 --> 1:09:22.960 an operating agreement actually is and why it is beneficial 1:09:23.000 --> 1:09:25.320 for starting your business or having a business? 1:09:25.920 --> 1:09:29.479 Absolutely? So, operating agreement pretty much is the rules of 1:09:29.520 --> 1:09:31.760 the business. You want to make sure that you establish 1:09:32.320 --> 1:09:34.400 what is going to be the tone and the rules 1:09:34.400 --> 1:09:36.760 of your business when you are first started. So the 1:09:36.800 --> 1:09:40.400 operating agreement will detail things out like when are you 1:09:40.520 --> 1:09:44.679 going to take profits? What is the ownership percentage? When 1:09:45.000 --> 1:09:46.920 is there lock up period? Are you going to bring 1:09:47.000 --> 1:09:49.280 some you know, let's say an investor decides to invest 1:09:49.280 --> 1:09:51.559 in your company and you wanted to have some sort 1:09:51.560 --> 1:09:54.679 of lock up period. You would include all of those 1:09:54.720 --> 1:09:59.000 things those terms inside of inside of the operating agreement. 1:09:59.120 --> 1:10:02.200 Are you all going to decide to dissolve the business 1:10:02.280 --> 1:10:04.559 after five years or ten years? 1:10:04.880 --> 1:10:05.080 Right? 1:10:05.400 --> 1:10:08.320 What role and of all of the what are the 1:10:08.400 --> 1:10:12.320 roles of all of the partners of the business, who's 1:10:12.360 --> 1:10:15.439 going to do what? What are the ownership percentages? Those 1:10:15.520 --> 1:10:17.519 are the type of things that goes in an operating 1:10:17.560 --> 1:10:20.200 agreement because you want to make sure that you are 1:10:20.240 --> 1:10:23.120 detailing it out. And it is very, very very important, 1:10:23.560 --> 1:10:27.519 especially when you have partnerships of multiple members, because you 1:10:27.560 --> 1:10:30.040 want to detail out one and make it clear who's 1:10:30.080 --> 1:10:35.000 doing what. Right, that is a big thing in partnerships. 1:10:35.200 --> 1:10:38.360 Most people will start it and have no idea who's 1:10:38.400 --> 1:10:41.479 doing what that business, So you have to think about, Okay, 1:10:41.600 --> 1:10:47.839 who's doing what, what is the profit sharing, who's liable 1:10:48.520 --> 1:10:51.800 for what? If anyone? Right? Those are the things that 1:10:51.840 --> 1:10:54.040 you would put in there. Right, is there lock up period? 1:10:54.800 --> 1:10:58.679 Are you going to dissolve the business? Who's responsible for what? 1:10:58.479 --> 1:10:58.599 Who? 1:10:58.680 --> 1:11:00.000 What's the ownership percentage? 1:11:00.000 --> 1:11:00.040 So? 1:11:00.120 --> 1:11:02.519 I thought I just almost gave you like ten so 1:11:02.560 --> 1:11:03.960 I know you did. 1:11:04.120 --> 1:11:07.439 You did you give me a sil list? I appreciate it. 1:11:07.439 --> 1:11:09.640 Thank you so much. Okay, that's off the top of 1:11:09.680 --> 1:11:14.680 the ad man, it's late. I understand. I appreciate, really 1:11:14.720 --> 1:11:16.160 appreciate you, bro, sir. 1:11:19.160 --> 1:11:22.440 Ten, I'm like I got close. 1:11:22.479 --> 1:11:25.200 The ten business commandments. Rina, We're coming to you. I 1:11:25.320 --> 1:11:27.120 meet yourself you've been unmuted. What's going on? 1:11:29.800 --> 1:11:30.920 Hello evening, y'all. 1:11:31.439 --> 1:11:32.639 Hello, how you doing? 1:11:33.240 --> 1:11:34.200 I'm well, thank you. 1:11:34.240 --> 1:11:34.400 So. 1:11:34.479 --> 1:11:37.519 I am a mature earner and new to EU y L. 1:11:39.240 --> 1:11:43.840 I have recently started taking care of my mom and 1:11:43.880 --> 1:11:47.600 I also have my granddaughter. So I'm thinking that I 1:11:47.640 --> 1:11:51.000 could do something in terms of like maybe a boarding 1:11:51.120 --> 1:11:55.280 care something like that, something where I'm able to care 1:11:55.360 --> 1:12:02.439 for others. So my question is what I be better 1:12:03.120 --> 1:12:07.639 just starting off renting or leasing a home or buying 1:12:08.080 --> 1:12:11.280 the home to start your business? Put the business into 1:12:12.360 --> 1:12:13.440 what are your thoughts? 1:12:14.840 --> 1:12:18.920 So you would have to really consider I hate given 1:12:19.080 --> 1:12:22.439 the explanation of it depends, but it really does depend 1:12:22.600 --> 1:12:26.360 on like what those facts and circumstances are, you know, 1:12:26.479 --> 1:12:29.320 like what is the value of the home? Right? Are 1:12:29.360 --> 1:12:32.160 you able to purchase the home at a good you know, 1:12:32.400 --> 1:12:35.320 at a good rate. Does it make sense for you 1:12:35.360 --> 1:12:37.639 to maybe rent at you know, rent for a certain 1:12:37.640 --> 1:12:40.559 period of time and then you know, buy at a 1:12:40.640 --> 1:12:43.360 later time You have to kind of I wouldn't be 1:12:43.400 --> 1:12:45.840 able to make that decision, but what I can say 1:12:46.000 --> 1:12:48.280 is that while you are trying to make that decision, 1:12:48.600 --> 1:12:50.840 you need to think about and weigh in all the 1:12:51.000 --> 1:12:54.799 factors about you know, the financial you know, the financial 1:12:54.840 --> 1:12:58.400 responsibility that that is going to put on you, and 1:12:58.479 --> 1:13:00.800 another thing that you know. I'm so happy that you 1:13:00.880 --> 1:13:02.719 asked this because a lot of people don't think about 1:13:02.800 --> 1:13:05.280 let's say, startup costs, right, so now you have to 1:13:05.320 --> 1:13:07.519 think about all the costs that is going to cost 1:13:07.560 --> 1:13:10.519 you to actually start this up. The licenses, you know, 1:13:10.600 --> 1:13:13.280 the registration, especially if you're getting into a feel like that, 1:13:13.680 --> 1:13:18.439 you know, the professionals, the certifications, you know, the decor, 1:13:18.680 --> 1:13:21.920 the supplies, all of the things that you're going to need. 1:13:22.240 --> 1:13:25.200 And then on top of that, if you add a mortgage, 1:13:25.400 --> 1:13:27.960 will it be the same as paying rent? If so, 1:13:28.160 --> 1:13:31.840 then you know, land is you know happen. Land is better, 1:13:32.240 --> 1:13:35.360 you know. But if it's a situation that you know 1:13:35.400 --> 1:13:37.320 it's going to be is going to put you in 1:13:37.360 --> 1:13:40.040 a bad space and not allow you to be able 1:13:40.080 --> 1:13:42.880 to reinvest into your business, then you may want to 1:13:42.920 --> 1:13:45.200 be able to kind of take that step back, rent 1:13:45.240 --> 1:13:48.360 for a little bit and then purchase the home so 1:13:48.400 --> 1:13:52.600 that would be mine. Okay, I appreciate that. Thank you 1:13:52.720 --> 1:13:53.080 very much. 1:13:53.240 --> 1:13:54.080 Y'all have a good one. 1:13:54.400 --> 1:13:57.760 You are thank you by no shout out to all 1:13:57.760 --> 1:14:01.400 the Mature Earnest. Man, that's one of those dope. Uh, 1:14:01.560 --> 1:14:02.800 that's the they. 1:14:02.720 --> 1:14:03.639 Got a lot of information. 1:14:03.760 --> 1:14:03.920 Man. 1:14:04.000 --> 1:14:06.479 Yep, that's one of the best Infinity clubs that we 1:14:06.560 --> 1:14:10.280 have Mature Earnest. Oh, yeah, it's really dope. 1:14:10.479 --> 1:14:11.599 All right. I want to I don't want to get 1:14:11.600 --> 1:14:14.720 this name wrong. I think it's shown Aatina. 1:14:14.400 --> 1:14:16.600 But I might be wrong, but I'm unutube anyway to 1:14:16.680 --> 1:14:18.680 talk and then if I'm said it wrong, you can 1:14:18.680 --> 1:14:19.080 correct me. 1:14:19.720 --> 1:14:20.040 I did. 1:14:20.360 --> 1:14:20.720 Thank you. 1:14:20.800 --> 1:14:21.679 It's shan Tina. 1:14:21.760 --> 1:14:22.360 You are close. 1:14:22.520 --> 1:14:25.439 Ah, Shantina. What's going on? How are you? I'm good 1:14:25.479 --> 1:14:28.160 in you, I'm great, I'm great, Thank you for being My. 1:14:28.840 --> 1:14:29.599 Question is. 1:14:31.160 --> 1:14:36.080 I I work a regular job and I also had 1:14:36.160 --> 1:14:41.439 invested in a uh and I'm in a business that 1:14:41.520 --> 1:14:42.880 we eventually just sold. 1:14:43.040 --> 1:14:44.040 But I get a. 1:14:45.640 --> 1:14:47.080 Like a a. 1:14:47.160 --> 1:14:52.920 Worties payment every like every six months. But my question 1:14:53.040 --> 1:14:56.160 is when I turn my taxes in to the CPA 1:14:56.320 --> 1:15:01.559 to get done, do I get them? 1:15:01.720 --> 1:15:02.000 I don't know? 1:15:02.160 --> 1:15:03.559 How do how do I do that? And I'm trying 1:15:03.600 --> 1:15:05.280 to start a business, so I still give them my 1:15:05.800 --> 1:15:11.479 W two stuff and my investment business stuff, and I 1:15:11.520 --> 1:15:14.639 need to file taxes for my personal business. So when 1:15:14.680 --> 1:15:18.280 I do go get a loan for my own personal business, 1:15:18.640 --> 1:15:21.280 I want to show the lener that I have income. 1:15:21.439 --> 1:15:23.599 I mean, I have income, but not for my business 1:15:23.640 --> 1:15:27.280 that I haven't really produced income yet, if it makes sense. 1:15:27.760 --> 1:15:30.000 Okay, So let me just say this again to make 1:15:30.000 --> 1:15:32.760 sure I have it. You had a business, you sold it, 1:15:32.800 --> 1:15:36.519 and you're getting royalties. Yes, okay, then you also have 1:15:36.600 --> 1:15:41.320 another business, but you're not really operating that that other business. 1:15:41.360 --> 1:15:41.799 Correct. 1:15:42.160 --> 1:15:44.559 Okay, she's getting royalties from my job, though you're getting 1:15:44.600 --> 1:15:45.760 royalties from your job. Right. 1:15:46.160 --> 1:15:49.960 No, I'm getting royalties from the business business I was 1:15:50.000 --> 1:15:53.000 in a group with we sold it, but I'm getting 1:15:53.120 --> 1:15:57.560 royalties from that. But I'm that's still coming along for 1:15:57.600 --> 1:15:59.800 another a year or two. But I want to start 1:15:59.800 --> 1:16:03.120 my own own business, but I want to file. Understanding 1:16:03.160 --> 1:16:05.600 is I need to file taxes for the business that 1:16:05.720 --> 1:16:08.160 haven't started to get a loan or a business credit? 1:16:10.000 --> 1:16:12.280 Got you? Okay? So when you file your taxes, you 1:16:12.320 --> 1:16:15.400 have to report the roadtees. If there are any expenses 1:16:15.439 --> 1:16:20.120 that you that you incurred, then what will happen is 1:16:20.160 --> 1:16:23.760 that you will report those expenses. If you have your 1:16:23.880 --> 1:16:27.880 W two, you'll report that in terms of your business. 1:16:28.160 --> 1:16:31.240 So with your business, if you haven't made you have 1:16:31.280 --> 1:16:33.880 to report the income that you've made as well as 1:16:33.960 --> 1:16:37.320 report the expenses. So if you're in a position where 1:16:37.360 --> 1:16:40.479 you haven't made any money in that business, then you 1:16:40.520 --> 1:16:43.040 wouldn't report any money in that business. So that's how 1:16:43.160 --> 1:16:46.280 you would file that, So you would you would only 1:16:46.360 --> 1:16:48.639 let's say, if you whatever you made in the business 1:16:48.680 --> 1:16:50.640 and whatever you spent in the business, that's what you 1:16:50.640 --> 1:16:52.080 would report on the taxes. 1:16:53.200 --> 1:16:56.760 So so earlier when you was explaining like because I 1:16:56.760 --> 1:16:59.720 already have the LLC credit for the new business for myself, 1:17:00.000 --> 1:17:02.400 I'm not in a group business anymore, so I don't 1:17:02.439 --> 1:17:04.559 need to do a C CORP along with to see 1:17:04.680 --> 1:17:07.080 with the LLC that I credit for my own business 1:17:07.520 --> 1:17:09.839 because I hadded a business with a group of people 1:17:10.200 --> 1:17:13.920 where I get royalties from which I made over almost 1:17:13.920 --> 1:17:14.920 almost two hundred k. 1:17:14.960 --> 1:17:15.920 Almost two hundred k. 1:17:16.479 --> 1:17:19.640 Mm hmm. So they're paying your royalties out to your 1:17:19.720 --> 1:17:22.400 name or to your business. It's coming to me. 1:17:22.479 --> 1:17:25.599 So I get I do a schedule K one because 1:17:25.600 --> 1:17:27.519 I have I have a ten forty form that I 1:17:27.520 --> 1:17:27.960 have to do. 1:17:28.360 --> 1:17:28.760 Mm hmm. 1:17:29.400 --> 1:17:32.960 Okay, that's fine. So yeah, so you will report that, 1:17:33.240 --> 1:17:35.400 so you will report that, but you wouldn't report on 1:17:35.479 --> 1:17:38.559 the personal business that you're referring to. There's nothing for 1:17:38.640 --> 1:17:41.519 you to report if you didn't have any activity, but 1:17:41.600 --> 1:17:44.240 you still will include the K one. If you did 1:17:44.280 --> 1:17:47.720 receive any like separate royalties, then you would report that. 1:17:48.520 --> 1:17:50.600 And then you're also your W two and all of 1:17:50.640 --> 1:17:52.760 that if you do need to provide all of that 1:17:52.800 --> 1:17:55.880 to your CPA, and they will they should, you know, 1:17:55.880 --> 1:17:58.160 know what to do with it and report everything and 1:17:58.320 --> 1:17:59.240 filing correctly. 1:18:00.000 --> 1:18:01.760 Okay, because I was just nervous because when I do, 1:18:02.320 --> 1:18:04.360 like I'm getting like my little list of things to 1:18:04.400 --> 1:18:08.200 do for my new business, which is a totally different business, 1:18:08.680 --> 1:18:12.639 but I'm just trying to get my my my equipment 1:18:12.680 --> 1:18:14.439 that I need to start that business. And I just 1:18:14.439 --> 1:18:19.479 didn't know if I needed a file taxif O business 1:18:19.560 --> 1:18:21.439 I didn't create income on, and that's what it was 1:18:21.520 --> 1:18:22.760 making me a little nervous. 1:18:23.200 --> 1:18:25.680 No, no, no, So your requirement for filing if you're 1:18:25.680 --> 1:18:29.400 an LLC is if you've made four hundred dollars or more, 1:18:29.439 --> 1:18:33.000 you're required to file your taxes if you did not, 1:18:33.240 --> 1:18:36.479 and let's say you have startup expenses that you had 1:18:36.560 --> 1:18:39.840 to put out. You can file, but you're not required 1:18:39.880 --> 1:18:42.080 to file if you didn't make four hundred dollars or more. 1:18:42.439 --> 1:18:44.600 So just keep that in mind so you don't have 1:18:44.760 --> 1:18:48.719 to file those taxes, not for the business. Everything else 1:18:48.760 --> 1:18:49.360 you have to file. 1:18:49.920 --> 1:18:53.320 Okay, thank you so much, Hiray, thank you, have a 1:18:53.360 --> 1:18:56.559 good one and congrats on those royalties. Thank you so much. 1:18:57.800 --> 1:19:00.519 Of course, of course, all right, let's go to jail. James, James, 1:19:00.560 --> 1:19:02.680 what's going on? I'm mute yourself? You've been unmuted? What's 1:19:02.680 --> 1:19:07.479 the deal? It was going on? A piece piece? 1:19:08.800 --> 1:19:10.320 Good at you? 1:19:10.520 --> 1:19:13.880 I'm good, I'm good man. Thank you guys for everything 1:19:13.960 --> 1:19:16.679 you do. Tuning in for a minute, been to earner, 1:19:16.760 --> 1:19:20.800 four minute shut out to earner. I have a truck 1:19:20.840 --> 1:19:25.360 and company and I was I switched over my LLC 1:19:26.120 --> 1:19:28.960 to an S corpor a while ago, and I was 1:19:29.000 --> 1:19:32.719 wondering do I have to set up. 1:19:32.640 --> 1:19:36.599 The ADP and how to go about that? 1:19:37.680 --> 1:19:40.559 So you do need to set up payroll. It is 1:19:40.560 --> 1:19:44.800 a requirement. They can revoke your escorts status if you 1:19:44.920 --> 1:19:49.400 are not in compliance with payroll, so you do need 1:19:49.439 --> 1:19:52.679 to do that. You. I do have an ADP REP 1:19:53.760 --> 1:19:55.920 that I can connect you with. She works with all 1:19:55.960 --> 1:19:57.240 of my clients. 1:19:56.800 --> 1:19:57.679 Shout to Nicole. 1:19:58.160 --> 1:20:05.719 Yes Nicole O night, Yes, yes, yes, yes, Nicole is amazing. 1:20:06.160 --> 1:20:08.719 She helps every like she helps out all my clients. 1:20:08.800 --> 1:20:13.840 So if you just send me over a d M 1:20:14.040 --> 1:20:16.480 or an email, go to my DM. My my instagram 1:20:16.520 --> 1:20:19.160 is miss Business, so ms dot business one on one 1:20:20.439 --> 1:20:24.760 and I will send you over her contact. I'll make 1:20:24.760 --> 1:20:25.559 sure that you get. 1:20:25.360 --> 1:20:27.920 Her contact on Instagram. 1:20:28.240 --> 1:20:29.480 Yeah, yeah on Instagram. 1:20:29.600 --> 1:20:31.479 Yeah. Did y'all did a live the other night? 1:20:31.560 --> 1:20:33.679 Right, Yeah, we did a live the other Night's actually 1:20:33.680 --> 1:20:35.920 still on my page so you can take us. Yeah. 1:20:35.920 --> 1:20:38.320 We talked about like W two ten ninety nine, get 1:20:38.320 --> 1:20:40.080 in that process, all of those things. 1:20:40.200 --> 1:20:42.320 Yeah, so James, when you go to her page, you'll 1:20:42.320 --> 1:20:45.080 probably see Nicole from ADP. She's on a page is 1:20:45.080 --> 1:20:47.000 probably within the last three or four posts. They actually 1:20:47.000 --> 1:20:50.080 did a live the other night, which is pretty dope. Okay, 1:20:50.400 --> 1:20:51.639 all right, bro, appreciate you. 1:20:51.920 --> 1:20:53.560 I appreciate it. Yeah, appreciate it. 1:20:53.640 --> 1:20:55.559 Let me get some let me get some housekeeping items 1:20:55.560 --> 1:20:58.160 in before we could just break it out. I know, room, Yeah, 1:20:58.160 --> 1:21:00.120 we're gonna we're gonna keep answering questions. But I know 1:21:00.200 --> 1:21:01.920 she's been talking for like forty five minutes, so I'll 1:21:01.960 --> 1:21:03.760 give her a break to get some water if she 1:21:03.840 --> 1:21:08.040 needs it. But yes, this once again, this is a 1:21:08.120 --> 1:21:12.320 window into Eyo University. This is what we do every 1:21:12.400 --> 1:21:14.960 single week. We just covered this. The last Wednesday of 1:21:15.000 --> 1:21:17.000 the month is open enrollment. But I wanted to talk 1:21:17.000 --> 1:21:19.439 about women's business has going on for a minute because 1:21:20.439 --> 1:21:24.559 she actually just dropped her. I don't even want to 1:21:24.600 --> 1:21:26.160 call it a course. I really want to call it 1:21:26.360 --> 1:21:29.040 a business blueprint, And that's actually the name of it, 1:21:29.080 --> 1:21:33.280 business blueprint, where it's fifteen hours of information everything every 1:21:33.320 --> 1:21:35.800 single thing that you need to know about setting up 1:21:35.800 --> 1:21:37.680 a business, like we cover we can only cover so 1:21:37.800 --> 1:21:39.360 much in the hour and a half or two hours, 1:21:39.400 --> 1:21:43.320 but like detailed, like you know, bullet points on every 1:21:43.360 --> 1:21:47.640 single thing from payroll structure to retirement plan structure to 1:21:48.280 --> 1:21:52.559 you know, selling a business, to everything business credit, like 1:21:52.760 --> 1:21:57.240 all paled in to fifteen hours of video, and it's 1:21:57.280 --> 1:22:00.559 actually assessments after like you go through different things, different 1:22:00.560 --> 1:22:04.799 assessments for the modules. There's different guest instructures. I'm actually 1:22:04.840 --> 1:22:08.519 in there teaching about retirement planning and there's a work 1:22:08.560 --> 1:22:12.000 book attached to it as well, So it's a great 1:22:12.040 --> 1:22:16.640 body work. I actually went through it myself, so I 1:22:16.680 --> 1:22:20.960 appreciate that. I'll say she's she's modest, so I'm saying 1:22:20.960 --> 1:22:23.880 her praise for her. So I say that to say, 1:22:23.920 --> 1:22:27.080 if anybody's interested and really wants to take that business 1:22:27.080 --> 1:22:30.559 serious and really start a business, I highly, highly strongly 1:22:30.600 --> 1:22:34.000 suggest that you invest in that. Like I said, being 1:22:34.000 --> 1:22:38.320 a financial advisor, you know, you get a business plan 1:22:38.520 --> 1:22:40.800 and you're paying anywhere from two to five thousand dollars 1:22:40.800 --> 1:22:44.720 for a business plan, and that's something that is not 1:22:44.840 --> 1:22:48.280 even half of what she has actually put out. She's 1:22:48.360 --> 1:22:51.320 a business plan on steroids, actually, like detailing so many 1:22:51.320 --> 1:22:54.040 different things and so many different resources. Really, the encyclopedia, 1:22:54.080 --> 1:22:58.760 it's really like a college bachelor's degree in business, all 1:22:58.800 --> 1:23:02.960 wrapped in fifteen hours. So it's an amazing body of 1:23:02.960 --> 1:23:04.720 work that she put together. I'm not just saying that 1:23:04.760 --> 1:23:07.360 because she's here. I'm saying that because I actually went 1:23:07.400 --> 1:23:10.639 through it and actually got a chance to actually learn 1:23:11.200 --> 1:23:13.479 as well. That's one thing I always learned. So we're 1:23:13.479 --> 1:23:16.280 gonna pin the link and it's a thousand dollars. We 1:23:16.320 --> 1:23:19.400 have a thousand dollars off, so it's actually five hundred dollars. 1:23:19.400 --> 1:23:21.960 The whole the whole fifteen hours is five hundred dollars. 1:23:22.160 --> 1:23:23.640 Ian will be very disappointed. 1:23:24.800 --> 1:23:27.240 I can hear him now pounding the air. 1:23:27.680 --> 1:23:29.960 Yeah, he would be very disappointed with that, if he's 1:23:29.960 --> 1:23:32.360 still in the live But I'm gonna pin it. So yeah, 1:23:32.400 --> 1:23:35.080 Like I said, if you if you're interested in starting 1:23:35.120 --> 1:23:37.040 a business, or if you have a business and you 1:23:37.040 --> 1:23:39.400 want to take a visit to the next level, extremely 1:23:39.520 --> 1:23:42.920 extremely important, I highly suggest that you all invest in that. 1:23:43.000 --> 1:23:47.400 So yeah. The website is MS blueprint Eyo dot com. 1:23:47.439 --> 1:23:50.240 I penned it, and it's also in the description of 1:23:50.280 --> 1:23:52.800 this video and the description of like when we put 1:23:52.800 --> 1:23:55.920 it on Apple and Spotify as well. So yeah, I 1:23:55.960 --> 1:23:57.160 just wanted to do that before we get. 1:23:57.280 --> 1:23:59.040 Yeah, and I think that can I sing your praises 1:23:59.040 --> 1:23:59.679 a little bit more? 1:24:00.080 --> 1:24:01.000 Yeah, Yeah, go ahead. 1:24:01.800 --> 1:24:03.519 I mean obviously went through the course, went through all 1:24:03.520 --> 1:24:05.840 the assessments for the course what's your incredible But one 1:24:05.840 --> 1:24:08.400 of the dopest things was the workbook, right, And so 1:24:08.479 --> 1:24:11.519 I think you want to talk about the work work, I'll. 1:24:11.320 --> 1:24:13.120 Talk about the work Actually, can I pull up the 1:24:13.160 --> 1:24:15.080 work book? But on foll, can I just pull up 1:24:15.080 --> 1:24:15.639 the workbook? 1:24:15.720 --> 1:24:19.880 You I'm gonna pull it up because I think this 1:24:19.960 --> 1:24:21.599 is one of the dopest features and I don't think 1:24:21.600 --> 1:24:23.559 I've seen anybody do it like this, So yeah, pull 1:24:23.560 --> 1:24:24.000 it up. 1:24:24.479 --> 1:24:28.240 Yeah. So the idea behind the workbook, so the the course, 1:24:28.280 --> 1:24:32.160 the business blueprint. The reason why I even started the blueprint, 1:24:32.360 --> 1:24:35.440 I mean, why I even thought to do the blueprint 1:24:35.760 --> 1:24:40.639 is because here's a situation where I had a ton 1:24:41.520 --> 1:24:44.280 hold on one second, let me just pull this over here. 1:24:45.280 --> 1:24:49.240 I have twenty five hundred business clients and I realized 1:24:49.280 --> 1:24:52.960 that we were not operating or doing business correctly. So 1:24:53.080 --> 1:24:55.120 what I wanted to do was be able to be 1:24:55.200 --> 1:25:00.360 a resource for people because they just were not doing 1:25:00.400 --> 1:25:04.000 business correctly. And it's so important, and I ultimately feel 1:25:04.080 --> 1:25:06.320 that it's not a situation where people don't want to 1:25:06.320 --> 1:25:09.160 do better, is that they necessarily don't have the tool, 1:25:09.240 --> 1:25:13.519 they don't have the resources. So outside of like having marketing, 1:25:13.920 --> 1:25:16.880 having you know, in the course, we walked through everything, 1:25:16.920 --> 1:25:21.000 your ideas, having partners, contracts, rashads. They're talking about retirement, 1:25:21.080 --> 1:25:24.680 dissolving your business, which no one talks about. You know, 1:25:25.439 --> 1:25:28.240 I had King Ashley Inn and there she's talking about marketing. 1:25:28.320 --> 1:25:32.280 Someone from HR hading a call from ADP and they're 1:25:32.320 --> 1:25:36.960 just talking about payroll and hold on one second, and 1:25:37.080 --> 1:25:41.600 I thought of the idea to actually put together like 1:25:41.640 --> 1:25:44.840 a business plan. So this is the workbook. Hold on 1:25:44.840 --> 1:25:49.719 one second, that's just the cover page. Hold on where 1:25:49.960 --> 1:25:51.800 we were, Oh, here we go. 1:25:51.920 --> 1:25:52.400 Hold on. 1:25:54.120 --> 1:25:57.320 No, yeah, some people in the zoom are asking for 1:25:57.360 --> 1:25:58.519 the link. I just put it in the link for 1:25:58.560 --> 1:26:01.120 everybody to see. So everybody has asked us to that 1:26:01.160 --> 1:26:03.880 link and YouTube. It's already in there for y'all as well. 1:26:07.280 --> 1:26:17.080 Hold on, give me one second, because I think that 1:26:17.400 --> 1:26:20.559 the workbook is so good. It's like over one hundred pages, 1:26:21.960 --> 1:26:23.160 so we're really hard on this. 1:26:24.600 --> 1:26:27.400 Yeah, the workbook work definitely a good idea for sure. 1:26:27.720 --> 1:26:30.280 Because they got so the idea is that when you 1:26:30.320 --> 1:26:34.000 walk away, you have a you have a business plan. 1:26:34.360 --> 1:26:38.000 And as Rashad said, most people are paying thousands of 1:26:38.000 --> 1:26:40.760 dollars for a business plan and they don't even have 1:26:41.640 --> 1:26:44.920 they don't have anything. They don't have half the stuff 1:26:44.920 --> 1:26:52.599 that you're getting in here. So all right, finally got it, 1:27:07.040 --> 1:27:10.679 all right, and I got it to open. 1:27:12.960 --> 1:27:15.360 So let's get one more question than business You could 1:27:15.360 --> 1:27:16.160 ask you why you're doing that. 1:27:16.160 --> 1:27:18.439 We could just oh, I got it, got it, yep, 1:27:18.600 --> 1:27:22.440 I got it. So pretty much this is the workbook 1:27:22.439 --> 1:27:24.439 where we have my one percent team. So this is 1:27:24.479 --> 1:27:26.920 all the people that are featured in the course. So 1:27:26.960 --> 1:27:31.120 we have Rishad actually in Sabine the purpose lawyer. We 1:27:31.200 --> 1:27:35.120 have Chrisly she's in there talking about hr Rosina. She's 1:27:35.160 --> 1:27:41.599 talking about trademarks. Connie's talking about processes, Nicole's talking about payroll. 1:27:41.840 --> 1:27:45.519 We have Brandon from PGG talking about how to buy 1:27:45.760 --> 1:27:48.680 vehicles and assets in your business name. But we have 1:27:49.000 --> 1:27:52.559 my team here, my branding and marketing strategists and brand 1:27:52.600 --> 1:27:56.400 strategists and photographer. I had them hopping there to like 1:27:56.520 --> 1:28:00.559 just talk about from their perspective. We have Ellieto Money 1:28:00.560 --> 1:28:04.479 talking about funding, so she dropped a lot Breed talking about, 1:28:05.000 --> 1:28:07.280 you know, just buying assets in your name and business 1:28:07.320 --> 1:28:11.479 credit and personal credit. And Jalen in there talking about 1:28:11.680 --> 1:28:15.920 pr all right, so pretty much just to give you guys, 1:28:16.080 --> 1:28:19.920 like a peek into the work book, the idea behind 1:28:19.920 --> 1:28:21.839 the work book. And keep in mind you can actually 1:28:22.000 --> 1:28:25.799 right inside of the workbook, so when you download the workbook, 1:28:25.840 --> 1:28:28.040 it's you can literally do it on your phone. So 1:28:28.120 --> 1:28:31.120 the entire workbook is fillable, so you'll be able to 1:28:31.240 --> 1:28:33.800 like check boxes, write in all of these boxes so 1:28:33.840 --> 1:28:36.439 it's not something that you have to print out. So 1:28:36.560 --> 1:28:40.000 really going through your your SWAT, your pros and cons 1:28:40.320 --> 1:28:44.200 partnership agreement templates are in here, you know, just really 1:28:44.760 --> 1:28:47.720 going through all of these things, like breaking down all 1:28:47.760 --> 1:28:50.320 the things that I just went through. Here, here's all 1:28:50.360 --> 1:28:52.320 the links. Right if you want to apply for EI 1:28:52.520 --> 1:28:56.599 in that's there, right, So, ok, what are what's the thing? 1:28:59.439 --> 1:29:03.120 So all of those things here because I don'et lost 1:29:03.160 --> 1:29:05.599 the page, but yeah, all of those things are pretty 1:29:05.640 --> 1:29:08.200 much in the world book. 1:29:09.479 --> 1:29:10.320 And that's an addition. 1:29:10.360 --> 1:29:12.760 That's an addition, that's an addition to the course, right, 1:29:12.800 --> 1:29:15.240 because I felt I don't I don't want you guys 1:29:15.240 --> 1:29:17.960 with your opening paper. I needed to guide you. I 1:29:18.000 --> 1:29:20.519 needed to make sure that you know I got it, 1:29:20.720 --> 1:29:24.280 guided you all throughout all of those lessons because I 1:29:24.600 --> 1:29:27.080 really think that it's so it's so good to have 1:29:27.280 --> 1:29:29.760 like a big thing. I say that twenty twenty two 1:29:29.800 --> 1:29:32.400 is the year of the bosses. Some years is real estate. 1:29:32.560 --> 1:29:35.240 Twenty twenty two is for bosses. We have too many 1:29:35.280 --> 1:29:38.160 people quitting their job. We have too many people, you know, 1:29:38.360 --> 1:29:40.440 just kind of just want to show up for themselves. 1:29:40.560 --> 1:29:42.759 So that's my theory. 1:29:43.479 --> 1:29:44.280 Yeah, the bosses. 1:29:44.400 --> 1:29:46.040 I love it, gentlemen. 1:29:46.360 --> 1:29:49.639 And from an educator to an educator, man, I appreciate that. 1:29:49.880 --> 1:29:50.080 Right. 1:29:50.120 --> 1:29:51.679 And at the end of it, you got your whole 1:29:51.680 --> 1:29:54.160 business plan. Let's say, are get a few more questions 1:29:54.160 --> 1:29:56.519 before we saw we come to you and meet yourself. 1:29:56.520 --> 1:30:01.400 You've been unmuted at what's going on? How you doing? 1:30:02.000 --> 1:30:03.520 I'm good? Okay? 1:30:04.040 --> 1:30:08.080 Can you explain the process to switch over from LLC 1:30:08.200 --> 1:30:09.160 to escorre. 1:30:10.120 --> 1:30:19.360 Hi toush on tray baby, jeuse me client? So the 1:30:19.439 --> 1:30:24.040 process to switch over from LLC to escort, the process 1:30:24.080 --> 1:30:26.080 has to be done on the federal side and the 1:30:26.120 --> 1:30:29.559 state side, depending on which state you are in. So 1:30:29.760 --> 1:30:32.400 there's only a few states that require you to also 1:30:32.479 --> 1:30:37.040 do the election on the state side. But keep in mind, guys, 1:30:37.040 --> 1:30:39.599 and ESCORP is not an entity type. It is a 1:30:39.720 --> 1:30:42.479 tax election. So what that means is that you have 1:30:42.640 --> 1:30:45.800 to complete tax You have to complete Form twenty five 1:30:45.960 --> 1:30:49.560 fifty three and you have to submit it to the IRS. 1:30:49.800 --> 1:30:52.280 Now keep in mind, once you submit that form to 1:30:52.400 --> 1:30:56.280 the IRS, they will require you I mean they will 1:30:56.360 --> 1:30:59.439 require about four months in order to get that form 1:30:59.479 --> 1:31:02.080 back to you just to say, hey, I acknowledge that 1:31:02.120 --> 1:31:05.120 you are an esport. Okay, so you have to keep 1:31:05.160 --> 1:31:08.639 that in mind. There are certain states I think right 1:31:08.680 --> 1:31:14.120 now it's just New York, I believe, Ohio, New Jersey, 1:31:15.560 --> 1:31:17.439 in one other state I can't remember the other state 1:31:17.520 --> 1:31:20.919 that's still that requires you to do it and basically 1:31:20.920 --> 1:31:25.759 complete the form on the state side. But most states 1:31:25.800 --> 1:31:28.200 don't require you to also take that additional step on 1:31:28.280 --> 1:31:30.360 the state side. They pretty much just follow suit with 1:31:31.160 --> 1:31:34.400 whatever you elect on the federal side. In regards to 1:31:34.439 --> 1:31:37.439 the state level, like where you actually formed your entity. 1:31:37.800 --> 1:31:40.679 You don't need to notify them or let them know like, hey, 1:31:40.760 --> 1:31:47.920 I'm now an esport. Yes, twenty five fifty three, Thank you, 1:31:47.920 --> 1:31:48.559 You're welcome. 1:31:50.680 --> 1:31:51.400 Get a few more. 1:31:51.479 --> 1:31:52.840 Let's do it. Let's do it. Let's do it. 1:31:54.800 --> 1:31:58.840 Let's go to uh Anna. We're coming to you, Anna. 1:31:59.120 --> 1:32:01.000 I'm mute yourself. I'm it was going on. 1:32:05.600 --> 1:32:07.640 Hi there, good evening, can you hear me? 1:32:10.080 --> 1:32:12.840 Yeah, yeah, right when imute yourself. Y'all on it. Love it. 1:32:15.320 --> 1:32:19.599 Hi, rashod Hi, Troy, nice to see you this evening, Hello, 1:32:19.720 --> 1:32:24.800 this business. I enjoy your presentation. My question is this 1:32:24.880 --> 1:32:30.040 and this goes to funding. Can we talk about or 1:32:30.080 --> 1:32:35.120 can you express your views on shelf corporations because a 1:32:35.120 --> 1:32:38.360 lot of credit agencies want you to have some seasoning, 1:32:38.479 --> 1:32:42.759 especially if you're new, and so I know that shelf 1:32:42.800 --> 1:32:47.759 corporations are a way to try to put your business 1:32:47.760 --> 1:32:52.280 in the position of of uh longevity, shown that you've 1:32:52.280 --> 1:32:55.559 been around a little while. So can you share it 1:32:55.600 --> 1:32:56.160 relates to. 1:32:56.120 --> 1:33:02.320 Funding absolutely so with shell for shelf corporations. For those 1:33:02.360 --> 1:33:05.200 of you who aren't familiar, that just means that someone 1:33:05.280 --> 1:33:09.800 purchased a corporation or an LLC and they said, you 1:33:09.840 --> 1:33:13.040 know what, we are going to hold on to this 1:33:13.360 --> 1:33:15.840 LLC for a certain amount of years and then you 1:33:15.880 --> 1:33:20.240 can then buy into this business that has already been established. 1:33:20.520 --> 1:33:22.519 And that's why I always tell people when they ask 1:33:22.600 --> 1:33:24.439 me like when should I start an LLC, I'm like, 1:33:24.479 --> 1:33:27.400 today asap, don't wait. And the reason why I say 1:33:27.439 --> 1:33:31.200 that is because when you go to lenders, the first 1:33:31.200 --> 1:33:33.320 thing that they're going to ask you is when did 1:33:33.400 --> 1:33:37.760 you form your business? When was your business established? Longevity matters. 1:33:38.200 --> 1:33:42.839 So if you are just getting into you know funding, 1:33:42.880 --> 1:33:45.599 I mean, you're just getting into business and you are 1:33:45.600 --> 1:33:47.879 in a position where you want to go for funding, 1:33:48.200 --> 1:33:50.160 but of course you're just getting into business, so you 1:33:50.160 --> 1:33:53.759 don't have the time. I think that shelf corporations are great. 1:33:53.800 --> 1:33:56.480 You just want to make sure that they are in compliance. 1:33:56.800 --> 1:34:01.240 I have had a person acquire a entity and they 1:34:01.320 --> 1:34:05.280 had a ton of unfouled tax returns, a ton of 1:34:05.400 --> 1:34:08.559 annual foul tax returns that were not filed. So you 1:34:08.640 --> 1:34:10.640 just want to make sure that you are you're not 1:34:10.640 --> 1:34:19.840 getting yourself into anything. You're welcome, and. 1:34:19.800 --> 1:34:21.760 It was right now her notes. I appreciate you and 1:34:21.920 --> 1:34:22.280 thank you. 1:34:22.600 --> 1:34:24.280 Let's get a few more before we bat. 1:34:25.479 --> 1:34:26.840 Yeah, let's do it. Let's do it. Let's see what 1:34:26.880 --> 1:34:27.200 we got. 1:34:27.400 --> 1:34:31.720 Uh, let's go to Kendra hoole Kendrew, We're coming to you. 1:34:31.800 --> 1:34:33.840 I'm mute yourself. You've been unmuted. What's going on? 1:34:37.120 --> 1:34:37.559 Hello? 1:34:38.040 --> 1:34:41.480 I I have a couple of questions. 1:34:41.680 --> 1:34:45.960 Well, one, my husband and I already have a corporation 1:34:46.120 --> 1:34:50.960 which is a private investigation company, but we also have 1:34:51.600 --> 1:34:55.800 nine rental properties, and one of those rental properties we 1:34:55.840 --> 1:35:00.920 want to do an Airbnb. All the rental properties are 1:35:00.920 --> 1:35:05.760 in our name, and I am wanting to know is 1:35:05.800 --> 1:35:10.759 it best for us to establish an allc and to 1:35:10.840 --> 1:35:15.840 run the business or should we do another corporation in 1:35:16.160 --> 1:35:20.360 escort for the Airbnb and the ransom properties. 1:35:21.000 --> 1:35:23.400 No, so you should do an LLC. And the reason 1:35:23.400 --> 1:35:27.360 why you should not and this will take extreme strategy 1:35:27.479 --> 1:35:30.160 if it would make sense to ever put an real 1:35:30.240 --> 1:35:32.960 estate in a corporation. But for the most part, it 1:35:33.200 --> 1:35:37.200 almost does not make sense to put real estate in 1:35:37.400 --> 1:35:41.680 a corporation only because of the tax rates on the 1:35:41.880 --> 1:35:45.240 sales when it is going to be time to sell 1:35:45.400 --> 1:35:49.240 or transfer. It just is a nightmare in corporation. So 1:35:49.280 --> 1:35:51.240 I wouldn't suggest that you do it in a corporation, 1:35:51.840 --> 1:35:56.160 but if you do it inside of a sorry, if 1:35:56.200 --> 1:35:59.360 you do it inside of an LLC, that will be 1:35:59.520 --> 1:36:03.920 the solution that you need. Now with the Airbnb, you 1:36:04.040 --> 1:36:06.639 now have to consider you know, how much income you're 1:36:06.680 --> 1:36:09.439 going to have coming in and what that profit looks like. 1:36:09.439 --> 1:36:11.720 If it's one property, you you know you should be 1:36:11.760 --> 1:36:16.519 okay in a in an LLC. But as you let's say, 1:36:16.560 --> 1:36:20.280 if you require more Airbnbs, you may want to consider 1:36:21.439 --> 1:36:25.040 an escort because now you are moving into a transactional 1:36:25.120 --> 1:36:26.960 business and you don't want to get caught up in 1:36:27.000 --> 1:36:28.280 that self employment tax. 1:36:29.280 --> 1:36:34.120 Okay, So with the Airbnb, we would need maybe a 1:36:34.160 --> 1:36:38.000 couple of employees because the business is like, I can't 1:36:38.120 --> 1:36:41.759 run it because I have a regular job as well. 1:36:42.320 --> 1:36:47.439 So to pay them, we can pay them through the 1:36:47.720 --> 1:36:52.040 LLC and it's okay or we how does that work? 1:36:52.880 --> 1:36:56.519 Absolutely? So when you say pay them, are you referring 1:36:56.560 --> 1:36:59.680 to paying them? Like, are you saying do they need 1:36:59.720 --> 1:37:01.679 to like how to pay them like a payroll? 1:37:01.760 --> 1:37:03.599 Right, like a payroll or something. 1:37:03.840 --> 1:37:06.680 Yeah, So if you do have them down as employees, 1:37:06.720 --> 1:37:10.920 you do want to get a payroll company. One thing 1:37:10.960 --> 1:37:14.200 that you all have to understand is that when you 1:37:14.280 --> 1:37:16.760 decide to start bringing on employees, you want to make 1:37:16.800 --> 1:37:20.680 sure that you're thinking about your payroll. And I just 1:37:20.720 --> 1:37:22.479 want to talk about this a little bit because it's 1:37:22.479 --> 1:37:25.960 so important when you decide to get employees or even 1:37:26.000 --> 1:37:30.479 pay yourself on payroll. Keep in mind you have federal 1:37:30.520 --> 1:37:32.800 deposits that have to be made to the federal You 1:37:32.840 --> 1:37:34.800 have state deposits that have to be made to the 1:37:34.880 --> 1:37:38.040 state every single payroll, right, so if it's bi weekly, 1:37:38.080 --> 1:37:41.639 those are bi weekly deposits. You also have to file 1:37:42.200 --> 1:37:49.280 quarterly taxes, right quarterly your quarterly payroll taxes. Those taxes 1:37:49.320 --> 1:37:53.120 also need to be remitted to Social Security and Medicare, 1:37:53.400 --> 1:37:55.040 and you also have to keep in mind that there's 1:37:55.080 --> 1:37:58.360 an annual return that has to be filed. That's why 1:37:58.400 --> 1:38:00.519 I use ADP. They kind of take care of everything. 1:38:00.600 --> 1:38:03.000 Is something that you even need to think about. The 1:38:03.160 --> 1:38:06.240 everything is so seamless. But I just wanted, you know, 1:38:06.280 --> 1:38:08.600 I want to be very transparent because I've seen so 1:38:08.680 --> 1:38:11.400 many people. I've seen people lose their businesses because of taxes. 1:38:12.080 --> 1:38:15.000 So I'm always so adamant about you know, when you 1:38:15.040 --> 1:38:17.720 do it, just do it right. So yes, if you 1:38:17.760 --> 1:38:21.200 are going to hire people because you cannot you know, 1:38:21.280 --> 1:38:24.120 be active in the business, that's totally fine. Just enroll 1:38:24.160 --> 1:38:26.320 in a payroll provider, get them set up as W 1:38:26.520 --> 1:38:29.639 two's and whatever that pay frequency is, if that's every 1:38:29.680 --> 1:38:33.240 week or if that is you know, bi weekly, you 1:38:33.280 --> 1:38:35.640 can set that up. You can always change it to 1:38:35.720 --> 1:38:37.720 make sure that they're being paid what they need to 1:38:37.760 --> 1:38:41.799 be paid. Okay, Okay, thank. 1:38:41.640 --> 1:38:43.720 You, Kendra, You're welcome. 1:38:45.040 --> 1:38:45.160 More. 1:38:45.640 --> 1:38:48.080 Let's do it. Let's do let's go to uh, Brian, 1:38:48.160 --> 1:38:50.439 We're coming to you. Brian. I mute yourself. You've been 1:38:50.520 --> 1:38:58.639 unmuted that what's going on? You perfectly Uh, this is surreal. 1:38:58.680 --> 1:39:00.840 I mean, yeah, you got listen ui every day. 1:39:00.840 --> 1:39:01.639 I'm a new earner. 1:39:02.000 --> 1:39:03.840 Really appreciate everything you guys do. 1:39:04.000 --> 1:39:06.360 This is amazing. I really do appreciate it. Man, I 1:39:06.400 --> 1:39:07.280 got weazy up tonight. 1:39:07.280 --> 1:39:14.559 You see them weezy baby the for phenomenals for front though, 1:39:17.800 --> 1:39:18.160 I have. 1:39:18.080 --> 1:39:22.559 A two part question. If that's all right, no guidelines 1:39:22.600 --> 1:39:24.400 to night, man, let's do it all right? 1:39:24.400 --> 1:39:24.679 Cool? 1:39:24.720 --> 1:39:26.840 So I have an investment group that I run. It's 1:39:26.920 --> 1:39:29.240 nineteen of us in there. We put in two thousand 1:39:29.280 --> 1:39:31.840 dollars a year total. So I was trying to figure 1:39:31.880 --> 1:39:33.960 out what's the best type of entity that we can 1:39:34.080 --> 1:39:38.200 put together for that type of group where we're not 1:39:38.240 --> 1:39:40.240 paying too much in taxes because I know with the 1:39:40.640 --> 1:39:43.759 LLC with the partnerships, we got to pay per member 1:39:44.000 --> 1:39:45.880 like per partner in there when it comes to following 1:39:45.880 --> 1:39:49.320 your taxes, I believe. And then since it's not really 1:39:49.320 --> 1:39:51.799 a business, we're just a group, we're not really producing 1:39:52.040 --> 1:39:54.240 active income right now. So I was trying to see 1:39:54.280 --> 1:39:56.640 what you think makes the most sense for us to 1:39:56.680 --> 1:39:58.880 protect ourselves absolutely. 1:39:58.960 --> 1:40:01.920 So I just want to clarify in terms of the 1:40:02.040 --> 1:40:06.200 filing the per member. The only time you there's any 1:40:06.320 --> 1:40:09.280 fees per member is if you don't file your taxes. 1:40:09.680 --> 1:40:13.479 So I'm happy that you mentioned that because anyone that 1:40:13.560 --> 1:40:16.679 is an sport or partnership or two plus member LLC 1:40:17.000 --> 1:40:20.479 keep in mind that your filing date is March fifteen. Okay, 1:40:20.560 --> 1:40:23.800 so your filing date is March fifteen, and you want 1:40:23.880 --> 1:40:27.000 to make sure that you spail your taxes by March 1:40:27.000 --> 1:40:32.680 fifteenth or put in an extension because sorry, because the 1:40:32.720 --> 1:40:35.439 penalty for non filing is two hundred and five dollars 1:40:35.479 --> 1:40:37.760 per month per member. So in your case, if you 1:40:37.760 --> 1:40:41.639 have an investment group and it's ten people, that's two 1:40:41.760 --> 1:40:45.400 hundred and five dollars times ten times twelve. Right, if 1:40:45.439 --> 1:40:48.720 you do not file your taxes. In terms of the 1:40:48.880 --> 1:40:51.120 entity type that I think is best. When you say 1:40:51.120 --> 1:40:53.599 an investment group, what are you guys investing in? Are 1:40:53.600 --> 1:40:57.839 you guys pulling money together? What exactly does the investment 1:40:57.840 --> 1:40:58.200 group do? 1:40:59.000 --> 1:41:01.679 So currently we've been putting in the two thousand dollars. 1:41:01.720 --> 1:41:04.320 We first we did long term stocks, then after that 1:41:04.360 --> 1:41:08.160 we invested in crypto and trying to do some swing 1:41:08.240 --> 1:41:10.679 trading and I personally do d trading for the group. 1:41:11.680 --> 1:41:14.240 In the future, we will be starting businesses. This year, 1:41:14.240 --> 1:41:18.280 We're looking to open up airbnb business, Touro, and a 1:41:18.360 --> 1:41:20.840 vendor machine. So that was my second part question of 1:41:20.880 --> 1:41:24.080 is we should be getting separate entities for each business 1:41:24.080 --> 1:41:25.640 that we open up or should we just keep it 1:41:25.680 --> 1:41:26.679 all under the one group? 1:41:27.520 --> 1:41:30.800 Gotcha? So the first part, you should be an LLC 1:41:31.240 --> 1:41:33.240 because it is so many of you. You want to 1:41:33.360 --> 1:41:37.120 and you guys are investing in different things. You want 1:41:37.120 --> 1:41:39.639 to make sure that I know you mentioned that you're 1:41:39.680 --> 1:41:41.839 doing the trading, so I'm hoping that the Brokeridge account 1:41:41.880 --> 1:41:44.200 is in the business name. So that way when the 1:41:44.200 --> 1:41:47.760 money comes in and you guys have to distribute all 1:41:47.800 --> 1:41:50.479 of the profits that each of you will receive a 1:41:50.560 --> 1:41:54.479 K one and then you would only you only report 1:41:54.920 --> 1:41:58.840 your respective share on your taxes, right, and so the 1:41:59.120 --> 1:42:02.400 LLC would be the route for that and to your 1:42:02.720 --> 1:42:06.040 the second part of your question, absolutely, you should definitely 1:42:06.479 --> 1:42:10.800 put all of those additional businesses inside of you know, 1:42:10.880 --> 1:42:16.799 different entities. One because I've had various investment group clients 1:42:17.040 --> 1:42:19.519 and what's going to happen. I don't want say it's 1:42:19.520 --> 1:42:22.280 going to happen, but what may happen is that somebody 1:42:22.280 --> 1:42:24.960 may say, you know, I don't want to invest into Roo. No, 1:42:25.160 --> 1:42:28.280 I'm fine over here with stocks and Airbnb, right, and 1:42:28.320 --> 1:42:30.719 then you don't want to have to try to figure out, okay, 1:42:30.800 --> 1:42:33.559 well what now happens that is supposed to be ten 1:42:33.600 --> 1:42:36.679 of us and now this other person doesn't want this now. 1:42:36.760 --> 1:42:39.519 It just makes it very messy. And then another thing 1:42:39.520 --> 1:42:43.160 that you have to consider is the liability if something happens, 1:42:43.520 --> 1:42:46.200 you know, in one of your other businesses. You don't 1:42:46.200 --> 1:42:48.120 want it to be a situation where they can come 1:42:48.479 --> 1:42:51.840 and take all of the like all of your assets, 1:42:51.840 --> 1:42:54.960 your stocks, your you know, whatever other investment or other 1:42:55.000 --> 1:42:58.400 businesses you start make fair sense. 1:42:58.400 --> 1:43:00.639 Thank you so much, Thank you. 1:43:00.680 --> 1:43:01.640 Please appreciate you. 1:43:01.680 --> 1:43:01.800 Bro. 1:43:02.120 --> 1:43:04.160 How are you feeling this business like? You want to 1:43:04.160 --> 1:43:05.200 go a little longer? 1:43:05.439 --> 1:43:10.160 Listen, I'm here, got a lot of hands, there's a 1:43:10.200 --> 1:43:18.639 lot of hands here. Let's keep rolling, all right, Lauren, 1:43:18.680 --> 1:43:19.960 we're coming to you and need yourself. 1:43:20.000 --> 1:43:27.760 You've been unmuted. Hello, what's going on? Hey? What's going on? 1:43:27.920 --> 1:43:30.600 Thank you? Thank you for letting me in. Man, great presentation, 1:43:30.680 --> 1:43:31.280 miss business. 1:43:31.320 --> 1:43:34.840 Appreciate it all right? 1:43:34.920 --> 1:43:39.799 Yeah, the S Corporation is it's interesting to me because 1:43:40.040 --> 1:43:43.160 it sounds like I've been paying that fifteen and not 1:43:43.320 --> 1:43:45.000 knowing it with the LLC. 1:43:45.520 --> 1:43:48.719 And but I don't. 1:43:48.520 --> 1:43:52.400 Recall clearly, but I remember somebody telling me they couldn't 1:43:52.439 --> 1:43:56.720 get the PPP long because of another corporate. I think 1:43:56.720 --> 1:43:59.840 they said that es corporate is what they had. And 1:44:01.200 --> 1:44:03.479 is that is that true that you couldn't get you know, say, 1:44:03.520 --> 1:44:05.000 if it come up again, you know, I want to 1:44:05.000 --> 1:44:10.200 be prepared for all of that stuff. 1:44:11.720 --> 1:44:12.719 Asking for front. 1:44:13.880 --> 1:44:20.000 Absolutely, so that is false. That is false. Your entity 1:44:20.120 --> 1:44:24.200 type had has nothing to do with you being eligible 1:44:25.160 --> 1:44:30.160 for a loan. What may have happened in that person's case, 1:44:30.200 --> 1:44:33.559 but I feel like they they revamped p PP so 1:44:33.720 --> 1:44:37.639 many times. If the person did have an escort esport. 1:44:37.720 --> 1:44:39.760 One of the requirements for an escort is that you 1:44:39.800 --> 1:44:44.479 pay yourself salary. So because you need to pay yourself salary, 1:44:44.840 --> 1:44:47.360 it was a requirement for you to have had kaid 1:44:47.400 --> 1:44:50.160 some sort of payroll that the person was in LLC, 1:44:50.840 --> 1:44:53.799 then they would not have needed to pay themselves technically 1:44:53.800 --> 1:44:56.839 a payroll, because when you are an LLC, your profit 1:44:56.960 --> 1:45:01.040 is considered your payroll. But they were not denied because 1:45:01.080 --> 1:45:04.040 they were an escort. They just were not in compliance, 1:45:04.320 --> 1:45:07.120 which I'm happy that you said this, because this is 1:45:07.160 --> 1:45:10.120 what I mean. And I became very passionate about business 1:45:10.120 --> 1:45:13.720 owners being in compliance during the whole pandemic because me 1:45:13.800 --> 1:45:17.559 being the accounting accountant, I've seen so much, you know, 1:45:17.640 --> 1:45:20.880 just trying to help people qualify for all the eidls 1:45:20.920 --> 1:45:24.160 and PPPs. It was a situation where people just were 1:45:24.320 --> 1:45:28.160 not positioned and they were not set up correctly, so 1:45:28.280 --> 1:45:31.840 therefore they were not able to take advantage of certain things, 1:45:31.880 --> 1:45:34.920 which I e. Again is going to hold us back 1:45:35.000 --> 1:45:38.920 while other people are able to take advantage of these things. 1:45:39.000 --> 1:45:41.800 So that's what that whole thing is. 1:45:43.000 --> 1:45:44.800 Okay, great, thank you, thank you, thank you. 1:45:45.080 --> 1:45:45.240 Well. 1:45:46.439 --> 1:45:51.519 Now one more question about the es CORP. Now, So 1:45:52.120 --> 1:45:56.040 I would have to put myself on payroll if I, 1:45:56.160 --> 1:46:00.080 you know, like how you were talking about earlier, I 1:46:00.080 --> 1:46:04.879 would pay the fifteen percent on what the business profity. 1:46:05.000 --> 1:46:08.600 Right, No, the fifteen percent is going to only be 1:46:08.680 --> 1:46:10.960 on whatever you decide your salary is going to be. 1:46:11.320 --> 1:46:13.320 So if you, let's say, made one hundred thousand, but 1:46:13.400 --> 1:46:15.280 you say your salary is going to be thirty thousand, 1:46:15.360 --> 1:46:17.719 you would only be paying that fifteen point three percent 1:46:18.000 --> 1:46:19.120 on the thirty thousand. 1:46:20.720 --> 1:46:25.200 Okay, Okay, great, okay for that, clear up everything, thanks Milliam. 1:46:25.240 --> 1:46:29.599 All right, all right, likewise, man give it the good work, y'all. 1:46:29.800 --> 1:46:35.479 All right man, fifteen three percent, let's do it all right, 1:46:35.560 --> 1:46:36.680 Naikiza were coming to you? 1:46:36.800 --> 1:46:39.120 What's going on? I mute yourself. You've been muted. 1:46:40.000 --> 1:46:42.439 Good evening, good evening, good night everyone. 1:46:44.520 --> 1:46:45.040 How you doing? 1:46:45.400 --> 1:46:46.120 How you doing? 1:46:46.680 --> 1:46:48.600 I would like to say thank y'all for all the 1:46:48.640 --> 1:46:50.200 information you're giving miss business. 1:46:50.240 --> 1:46:52.640 You're killing it tonight. The problem. Thank you. 1:46:54.760 --> 1:46:59.639 I recently got anc I want to get a mixed 1:46:59.680 --> 1:47:04.040 dwell property, which will we have apartments on top and 1:47:04.080 --> 1:47:06.720 I want to get a cafe on the bottom. So 1:47:06.800 --> 1:47:09.760 when I open it up the LLC, I open up 1:47:09.760 --> 1:47:12.759 as a real estate because I don't have the cafe 1:47:12.840 --> 1:47:13.719 yet since I don't. 1:47:13.520 --> 1:47:14.120 Have the build it. 1:47:14.880 --> 1:47:17.880 So you just said, don't do the es Corp for 1:47:18.000 --> 1:47:20.639 the real estate part. Should I do the es Corp 1:47:20.760 --> 1:47:22.639 for the cafe once I get it? 1:47:23.600 --> 1:47:28.200 Yes? And those should be in two separate entities anyway, right, 1:47:28.280 --> 1:47:32.440 because you have to think about your cafe is transactional, 1:47:32.479 --> 1:47:35.080 so yes, that should be an escort. I'm considering that 1:47:35.160 --> 1:47:38.400 you know your profits are projected to be above that 1:47:38.920 --> 1:47:42.840 thirty five to forty thousand dollars mark. Now, if you 1:47:42.920 --> 1:47:45.599 have real estate, you have tenants, that's risky. They can slip, 1:47:45.640 --> 1:47:48.880 they can fall. So you may want to consider if 1:47:48.920 --> 1:47:52.240 that building is going to be in your name, maybe renting, 1:47:52.360 --> 1:47:57.240 maybe renting out the maybe creating a lease between you 1:47:57.320 --> 1:48:01.680 and the LLC and having your tenants rent from the LLC. Right, 1:48:01.720 --> 1:48:04.120 because now what that's doing is that's going to create 1:48:04.160 --> 1:48:07.519 a separation between your assets and your tenants if in 1:48:07.560 --> 1:48:09.080 the event something were to happen. 1:48:09.720 --> 1:48:12.639 Okay, I was going to ask, should I created another 1:48:12.720 --> 1:48:16.200 business to collect the rent? So the one business was 1:48:16.439 --> 1:48:20.519 to buy the property? And like like I guess somebody 1:48:20.640 --> 1:48:24.080 was saying, like a property management business to collect the rent, 1:48:24.400 --> 1:48:26.200 so all of that would be separate. 1:48:29.080 --> 1:48:32.640 I don't think that the first, your first property that 1:48:32.760 --> 1:48:37.599 structured in this way needs that, only because now you're 1:48:37.640 --> 1:48:40.519 still not protecting yourself against liability. It doesn't matter if 1:48:40.520 --> 1:48:43.120 a property management company, you know, it's like if a 1:48:43.160 --> 1:48:46.640 third party collected rent for you, you the least is 1:48:46.720 --> 1:48:50.479 still with you know, you and the tenant. So I 1:48:50.520 --> 1:48:52.960 think the better way is to as you know what 1:48:53.040 --> 1:48:55.160 I just explained, and you can have them pay the 1:48:55.360 --> 1:48:58.839 LLC and never pay us because they're rented from the LLC. 1:48:58.840 --> 1:48:59.040 Not you. 1:48:59.520 --> 1:49:02.120 Okay, thank you so much, and keep no problem. 1:49:02.200 --> 1:49:03.839 Y'all are doing is needed. 1:49:04.439 --> 1:49:05.400 It's very needed. 1:49:05.520 --> 1:49:08.560 Thank you, Thank you. 1:49:09.040 --> 1:49:10.719 We're gonna do one more. 1:49:10.800 --> 1:49:11.240 One more. 1:49:11.280 --> 1:49:14.400 Okay, that's it. That's it. We're just gonna do one more. 1:49:14.439 --> 1:49:16.720 Let's let's go to case Sue. We're coming to you. 1:49:16.720 --> 1:49:18.599 I mute yourself. You've been unmuted. What's going on? 1:49:24.400 --> 1:49:24.559 Oh? 1:49:24.960 --> 1:49:27.120 Oh word, today I've. 1:49:26.960 --> 1:49:30.240 Seen some people asking, am I taking clients for tax season? 1:49:30.400 --> 1:49:34.360 I am you. Guys can sign up, schedule your on boarding. 1:49:34.680 --> 1:49:38.840 Tax season has begun arrest already starting with me. 1:49:40.760 --> 1:49:44.760 So it's over all. We're gonna go to Jerry. Jerry. 1:49:45.240 --> 1:49:47.720 It's a middle part too. Jerry coming to you. I 1:49:47.840 --> 1:49:51.640 mute yourself. You've been unmuted. What's the deal? Hike any guys, Jeremy. 1:49:51.600 --> 1:49:52.960 Perfect, Hi Jerry? 1:49:53.120 --> 1:49:57.439 Well is this Jerry case Sue? This is Jerry? All right, Jerry? 1:49:57.479 --> 1:49:57.840 What's the deal? 1:49:57.920 --> 1:49:58.360 What's good? 1:49:59.400 --> 1:50:01.680 Thanks guys taking me up? So my question is there. 1:50:02.360 --> 1:50:05.040 So I've been a member for about a few months now. 1:50:05.040 --> 1:50:07.400 I'm Canadian. I'm trying to can so shout out to 1:50:07.439 --> 1:50:11.599 all their adians there. One of the things about starting 1:50:11.600 --> 1:50:15.479 the business is that it's always challenging to get information from, 1:50:15.560 --> 1:50:18.200 you know, people that you're trying to you know, mimic 1:50:18.240 --> 1:50:21.400 their business. So I guess my question is, how do 1:50:21.520 --> 1:50:25.679 you strategize, you know, getting information on you know from 1:50:25.760 --> 1:50:27.840 Like let's say I'm a nurse ber for example. So 1:50:27.920 --> 1:50:30.080 if I want to start like a nurse's staffing agency, 1:50:30.840 --> 1:50:33.880 but then I know of another company that's doing it, 1:50:33.920 --> 1:50:35.719 but I know they're not probably not going to share information, 1:50:35.840 --> 1:50:39.400 how do you build those partnerships or strategies in terms 1:50:39.439 --> 1:50:42.760 of getting information on how to you know, get up 1:50:42.760 --> 1:50:45.479 and running in terms of starting a business. 1:50:46.120 --> 1:50:48.920 So I think you should just find someone that is 1:50:48.960 --> 1:50:51.960 willing to give you the information. Like there's so many 1:50:52.000 --> 1:50:55.400 people that have learned from whatever industry it is, and 1:50:55.560 --> 1:50:59.680 they have courses or they have you know, consultations, or 1:50:59.680 --> 1:51:03.240 they have you know, something that can help you. I mean, 1:51:03.280 --> 1:51:06.080 you know, nine times out of ten, your your competitor 1:51:06.320 --> 1:51:09.479 isn't going to say, hey, come over here, like I'm 1:51:09.479 --> 1:51:12.599 gonna let you into you know, everything that I've built 1:51:12.640 --> 1:51:15.599 so hard, right, because building a business is hard work, 1:51:15.680 --> 1:51:17.920 and so most people are not just gonna say, hey, yeah, 1:51:18.040 --> 1:51:21.840 you know, here's all my secrets, here's everything, because again, 1:51:21.880 --> 1:51:25.320 that is valuable. So I mean you may want you 1:51:25.400 --> 1:51:28.320 also can approach them and let them know that you know, 1:51:28.640 --> 1:51:33.120 you will pay for whatever information. I don't know, come on, Torry, Rashad, 1:51:33.200 --> 1:51:34.400 you guys have anything for this. 1:51:35.360 --> 1:51:39.080 I feel like, I feel like it's extremely important to network, 1:51:39.760 --> 1:51:43.400 so you know, your network will determine your network. Is 1:51:44.040 --> 1:51:47.760 sounds sounds like a cliche saying, but it's actually true. Right, 1:51:47.840 --> 1:51:51.200 So if I was in a position, I would identify 1:51:51.720 --> 1:51:54.760 the people that have reached the level of success that 1:51:54.840 --> 1:51:57.599 you would that you want to achieve and find out 1:51:57.640 --> 1:51:59.920 how you can add value to them without even ask 1:52:00.320 --> 1:52:03.000 them for anything, Like you know, see how you can 1:52:03.040 --> 1:52:06.040 add value to them for free, whether it's through introducing 1:52:06.040 --> 1:52:09.320 them to somebody else or you know, you know, working 1:52:09.400 --> 1:52:11.720 with them or working for them or whatever. Like you know, 1:52:11.720 --> 1:52:13.760 I would try to figure out how I could add 1:52:13.880 --> 1:52:17.839 value to that particular person and then from their establish 1:52:17.880 --> 1:52:20.800 a relationship with that person, and then from establishing a 1:52:20.800 --> 1:52:24.600 relationship from that person, actually learning from that person. But 1:52:25.200 --> 1:52:27.040 I mean, that's that's how I would go about it. 1:52:27.080 --> 1:52:29.439 If there's not information online or if she said if 1:52:29.439 --> 1:52:31.920 there's not a course available, stuff like that, I would 1:52:31.960 --> 1:52:34.040 try to identify the people that I really want to 1:52:34.280 --> 1:52:37.559 learn from, see how I can be an asset to them, 1:52:38.000 --> 1:52:41.240 build a relationship with them, and then learn from them. 1:52:41.320 --> 1:52:42.960 Yeah, I'll just add to that, You're probably in the 1:52:43.040 --> 1:52:44.880 right space for that, right because there's over twelve thousand 1:52:44.880 --> 1:52:47.120 people in this community, and so I'm sure that there's 1:52:47.120 --> 1:52:49.120 somebody that is in that space right now that can 1:52:49.120 --> 1:52:51.880 help you as a peer and you could perhaps grow together. 1:52:51.960 --> 1:52:54.679 Right your next business partner could be listening to your 1:52:54.680 --> 1:52:57.280 plea right now. So I would put that in the 1:52:57.280 --> 1:53:00.320 Facebook group and then to see the response, especially we 1:53:00.439 --> 1:53:03.559 got a large audience in Toronto, so shout there by 1:53:03.560 --> 1:53:05.400 in Toronto. But there's somebody right now that can help 1:53:05.400 --> 1:53:07.840 you maybe here. So put that out there and see 1:53:07.920 --> 1:53:08.760 what the feedback is. 1:53:08.760 --> 1:53:08.960 Man. 1:53:09.120 --> 1:53:12.160 And in regard to the Canadian question, because I did 1:53:12.240 --> 1:53:14.639 see somebody on YouTube earlier that said that that, you know, 1:53:14.760 --> 1:53:17.879 there's not a lot of content that's related to Canada. 1:53:18.200 --> 1:53:22.240 The stocks is related to anything crypto and stocks, you 1:53:22.240 --> 1:53:23.960 can do anything. There's a lot of content with that. 1:53:24.040 --> 1:53:28.040 But I would say this, let's let's if there's enough 1:53:28.080 --> 1:53:31.760 Canadians in Eyo University. Let's let's create an infinity group 1:53:31.840 --> 1:53:35.720 inside of Eyo University for Canadians. Like I'm not sure 1:53:35.760 --> 1:53:38.920 if there's one that's already exist or not, but I 1:53:39.080 --> 1:53:39.720 thought it. 1:53:39.800 --> 1:53:42.679 So, you know, we just we just bought the idea. 1:53:42.720 --> 1:53:43.439 We had a UK one. 1:53:43.479 --> 1:53:45.559 Yeah, we have one in the UK. Shout out to Scarlett, 1:53:45.680 --> 1:53:47.679 she's ahead of that. Shout to all the UK earners. 1:53:47.680 --> 1:53:50.519 We have an infinity group for UK earnest. So I 1:53:50.600 --> 1:53:53.559 know that obviously, like the laws are different in Canada, 1:53:53.720 --> 1:53:57.000 attack structures different in Canada, real estate is different in Canada. 1:53:57.439 --> 1:54:00.799 So let's uh, you know, we're always looking to the situation. 1:54:01.560 --> 1:54:06.280 So let's figure out how we can add more value 1:54:06.320 --> 1:54:10.439 to the Canadian earnest. Create an affinity group, get different 1:54:10.520 --> 1:54:14.719 people that are doing business inside of Canada to actually, 1:54:14.800 --> 1:54:18.280 you know, come speak and talk about topics that are 1:54:18.439 --> 1:54:20.560 specific to Canada. 1:54:21.240 --> 1:54:26.640 And then when we come up there there you do it. 1:54:26.680 --> 1:54:28.519 So let's get on that. Let's get on that aside, 1:54:28.560 --> 1:54:31.680 I'll hit Janet and we can start working on that, 1:54:31.760 --> 1:54:34.440 you know, this week as far as building building more 1:54:34.480 --> 1:54:39.240 of a stronger content strategy for the Canadians. 1:54:39.680 --> 1:54:41.120 Uy International, Thanks. 1:54:43.280 --> 1:54:45.560 Yes, yes, no, Toronto, Canada. That's like one of my 1:54:45.600 --> 1:54:46.720 favorite cities in the world. 1:54:46.800 --> 1:54:48.920 So shout out to the Toronto family. 1:54:49.120 --> 1:54:52.240 As soon as they lift this COVID relasions, you know, 1:54:52.360 --> 1:54:54.200 I'm headed to Caravanners. 1:54:55.080 --> 1:54:57.960 Yeah, shout out to Kitty Caravan and everybody that pulled 1:54:58.040 --> 1:54:59.440 up to that back in the day. 1:55:00.360 --> 1:55:03.560 Change our lives forever. All I appreciate you. Jay, Yes, 1:55:03.680 --> 1:55:04.440 thanks all that stuff. 1:55:04.440 --> 1:55:06.520 A good night, all right. So this was a jam 1:55:06.600 --> 1:55:11.680 pack session, almost two hours of straight information. Miss Business 1:55:11.760 --> 1:55:15.360 once again hit her up if you need your taxes done, 1:55:15.560 --> 1:55:19.120 but even you know, outside of that, really create I 1:55:19.120 --> 1:55:21.919 want to just hammer this part home. She really created 1:55:21.960 --> 1:55:28.600 the Encyclopedia for Business. That workbook that she gave a 1:55:28.840 --> 1:55:31.600 view to that was actually amazing, Like it had hyperlinks 1:55:31.640 --> 1:55:34.760 into actually the IRS website to actually get your EI 1:55:34.840 --> 1:55:38.000 in number. It's like that is like a college booklet 1:55:38.080 --> 1:55:40.360 right there. And that's just the workbook that has nothing 1:55:40.360 --> 1:55:43.520 to do with the fifteen hours of actual content. So 1:55:43.640 --> 1:55:46.840 for five hundred dollars, like I said, if you are 1:55:46.920 --> 1:55:50.320 in business, that's an investment that you honestly cannot afford 1:55:50.360 --> 1:55:54.200 not to make. So the link is pinned. I highly 1:55:54.240 --> 1:55:59.000 strongly suggest that you know check it out MS Blueprinteyo 1:55:59.120 --> 1:56:04.960 dot com extremely extremely valuable information there and once again, 1:56:05.000 --> 1:56:08.280 anybody interested in joining Eyo University. We do this almost 1:56:08.320 --> 1:56:10.920 every day at this point, where we have classes and 1:56:11.040 --> 1:56:14.040 community and like I said, we're gonna have physical events. 1:56:14.720 --> 1:56:18.720 It's like NonStop. It never stops. So e Yo University 1:56:18.760 --> 1:56:21.400 dot com if you want to join and become an earner, 1:56:23.000 --> 1:56:25.760 I mean, I don't see why you wouldn't. It's uh 1:56:26.200 --> 1:56:31.360 the gift that keeps giving. And yeah, anything anything that 1:56:31.400 --> 1:56:33.000 you want to says MS Business. 1:56:33.960 --> 1:56:36.879 Thank you guys for having me again. I love my earners. 1:56:37.360 --> 1:56:39.560 I had a client today call me. He was like, 1:56:39.760 --> 1:56:43.200 so like triple A, I'm an earner, so do I 1:56:43.240 --> 1:56:48.680 get a discount? I'm like, do not play. But earners 1:56:48.680 --> 1:56:53.680 are treated very special in my office. I appreciate all 1:56:53.680 --> 1:56:56.680 of you guys for even showing up for yourself. As 1:56:56.760 --> 1:57:02.280 Rashad said, this course should be a lot more money. However, 1:57:02.440 --> 1:57:05.920 the goal right now, as I said, twenty twenty two 1:57:06.040 --> 1:57:07.840 is the year of the bosses. So for me, it's 1:57:07.880 --> 1:57:11.760 so important to have more of us doing good business 1:57:11.800 --> 1:57:15.400 and not having our business fail because we feel that, 1:57:15.760 --> 1:57:18.440 you know, we're not seeing or we don't have the 1:57:18.480 --> 1:57:22.800 solution or the resources or the understanding. And so every 1:57:22.840 --> 1:57:27.440 single person in that workbook has provided resources, has pretty 1:57:27.480 --> 1:57:31.000 much showed up with the blueprint, like every single topic, 1:57:31.120 --> 1:57:34.040 every person showed up. And that's what's important to me 1:57:34.520 --> 1:57:38.240 because it's cool to start an LLC, but it cannot 1:57:38.240 --> 1:57:41.160 stop thing. We're no longer just starting LLC's. We are 1:57:41.240 --> 1:57:45.560 starting profitable businesses, sustainable businesses, and we cannot do that 1:57:45.600 --> 1:57:48.800 without the knowledge. So again, thank you guys so much 1:57:48.800 --> 1:57:49.360 for having me. 1:57:51.600 --> 1:57:54.800 Janet let me know that the orientation will be on 1:57:56.000 --> 1:57:59.440 February fifth, fifth, So orientation. So, like I said, how 1:57:59.480 --> 1:58:02.240 we run university, we kind of took the whole blueprint 1:58:02.320 --> 1:58:05.800 up like a college, but took the good parts and 1:58:05.880 --> 1:58:08.040 left the bad parts. So you don't have to go 1:58:08.120 --> 1:58:12.080 to philosophy class, you don't have to go to you know, 1:58:12.720 --> 1:58:15.720 how to dissect the turtle. You just get the information 1:58:15.800 --> 1:58:19.320 that you need. Or like orientation, like Howard College University 1:58:19.360 --> 1:58:21.560 has orientation. We do that once a month for all 1:58:21.560 --> 1:58:24.000 the new earners that come in. Because the website has 1:58:24.040 --> 1:58:26.879 like over one hundred and fifty different like archived classes. 1:58:26.920 --> 1:58:29.560 All the classes are archive too, So we got that 1:58:29.640 --> 1:58:33.400 from like a college structure. The infinity groups very similar 1:58:33.440 --> 1:58:35.400 to like a college like you go, you have like 1:58:35.440 --> 1:58:38.160 the black student Union, you have all of that, Like 1:58:38.400 --> 1:58:42.920 that's how we got the infinity group situation. Of course, 1:58:43.000 --> 1:58:46.560 you know, we got the cap that's like the mascot, 1:58:48.640 --> 1:58:51.600 and you know, we have a hierarchy being a students. 1:58:51.640 --> 1:58:54.680 We have professors. Miss Business actually is a professor. So 1:58:54.720 --> 1:58:59.800 we have season tenured professors that teach on an ongoing basis. 1:59:00.360 --> 1:59:04.600 We have some professors that come in as one off. 1:59:04.640 --> 1:59:07.800 Those are like you know, guests that just come in 1:59:07.960 --> 1:59:14.640 for you know, presentations, and then yeah, we we have 1:59:14.680 --> 1:59:19.240 a movie club, book club, very similar. The problem with 1:59:19.440 --> 1:59:23.160 is not the educational It's not necessarily the structure of 1:59:23.360 --> 1:59:26.640 education that's the problem. It's what they're teaching that's the problem. 1:59:26.720 --> 1:59:28.600 Because there are a lot of good things in the 1:59:28.720 --> 1:59:31.560 educational structure, Like you can learn a lot from the 1:59:31.640 --> 1:59:35.120 educational structure. It's the information that they're teaching and the 1:59:35.160 --> 1:59:38.000 price that you're paying that's usually the problem. So we, 1:59:38.200 --> 1:59:40.200 like I said, we took the good parts. We didn't 1:59:40.280 --> 1:59:42.480 just come up with this overnight. We actually like really 1:59:42.480 --> 1:59:45.879 studied this. It's like a whole thought process behind Eyo University. 1:59:46.160 --> 1:59:49.240 So we literally took like the good parts of college 1:59:49.240 --> 1:59:53.480 and higher learning and adapted it to the new age 1:59:53.560 --> 1:59:57.600 way of learning online virtual at a fraction of the course, 1:59:58.200 --> 2:00:04.320 which is like the perfect blend of a new higher education. 2:00:04.800 --> 2:00:08.480 We also added one of our tenured professors, credit Dude, 2:00:08.480 --> 2:00:10.960 who was doing once a quarter, is now going to 2:00:11.000 --> 2:00:13.160 be here every month by popular demand. He's dropped so 2:00:13.200 --> 2:00:15.720 much information and just such a positive dude that he 2:00:15.800 --> 2:00:18.360 decided to, Look, I love the earners, I love the community. 2:00:18.440 --> 2:00:20.120 I gotta come back more often. So he's gonna be 2:00:20.160 --> 2:00:20.880 once a month as well. 2:00:20.920 --> 2:00:24.760 So it's I mean, your favorite guests now becoming your professors. 2:00:24.760 --> 2:00:25.840 It's like, what else is happening. 2:00:25.920 --> 2:00:27.760 This is the first time I've actually said this publicly. 2:00:27.800 --> 2:00:29.960 But maybe we can do a podcast about because it's 2:00:30.000 --> 2:00:33.440 actually a business structure behind the Eyo University and it's 2:00:33.480 --> 2:00:38.160 a lot that goes into that, and yeah, maybe we 2:00:38.200 --> 2:00:39.960 could do a podcast to break that down. But even 2:00:39.960 --> 2:00:41.760 like different stuff that we have planned, like we have 2:00:41.840 --> 2:00:44.480 like sports events playing for this this year, like we 2:00:44.480 --> 2:00:46.320 probably end up doing like a cookout stuff like that, 2:00:46.360 --> 2:00:48.960 like you need the school spirit. School spirit is extremely 2:00:49.000 --> 2:00:52.360 important to any university if you really think about it, 2:00:52.160 --> 2:00:54.920 that's it's a whole psychological play with these universities. So 2:00:54.920 --> 2:00:57.840 school spirit is something that's extremely important. It's important to 2:00:57.920 --> 2:01:00.880 have high morale and high school spirit. So this is 2:01:00.880 --> 2:01:03.160 why we're going to start doing live events. This is 2:01:03.200 --> 2:01:07.760 why you know we have colors blue and white. Every 2:01:07.880 --> 2:01:13.360 university has a color scheme to the universities. Homecomings. Homecomings 2:01:13.520 --> 2:01:19.920 extremely important. Homecomings is extremely important to universities. But the 2:01:20.000 --> 2:01:23.320 last thing I say about this is that a university 2:01:23.360 --> 2:01:27.520 is only as good as it's alumni, it's students, student body. 2:01:28.000 --> 2:01:30.480 If you really think about it, Harvard doesn't really have 2:01:30.560 --> 2:01:36.840 to market Harvard. Their students and their students' achievements make 2:01:36.920 --> 2:01:40.760 Harvard Harvard. Whether it's Howard University, whether it's Yale, whether 2:01:40.800 --> 2:01:43.240 it's Duke, whether it's Columbia. So the same thing with 2:01:43.280 --> 2:01:47.480 Eyo University. It's up to you guys to really implement 2:01:47.560 --> 2:01:52.360 this information and then your success is ultimately our success 2:01:52.640 --> 2:01:58.040 because we're only as good as students. So it's very 2:01:58.080 --> 2:02:01.400 extremely important that the information acts it get supplied and 2:02:01.520 --> 2:02:04.360 you guys make money. So it's in our it's actually 2:02:04.400 --> 2:02:07.360 in our best interest to help you guys make money 2:02:07.400 --> 2:02:14.120 because as you become successful, now the institution becomes more 2:02:14.160 --> 2:02:19.080 and more prestigious because we will have the next Jeff Bezos, 2:02:19.160 --> 2:02:24.200 the next Elon Muss, the next whoever come out of 2:02:24.480 --> 2:02:25.800 e y L University. 2:02:25.840 --> 2:02:27.360 Don't don't worry, man, you don't got to get the 2:02:27.360 --> 2:02:30.080 one hundred and twenty credits. Just get the credit score 2:02:30.320 --> 2:02:32.880 and get the businesses up and running and make that money. 2:02:33.040 --> 2:02:35.400 So and we was very even the logo. 2:02:35.400 --> 2:02:38.000 If you look at the logo, it's very Ivy leaguash 2:02:38.280 --> 2:02:43.000 with the with the shield and the branch. So you know, 2:02:44.280 --> 2:02:47.320 the there's a lot of thought process that went into 2:02:47.320 --> 2:02:52.440 the Eyo University. So yes, just wanted to put that 2:02:52.480 --> 2:02:58.040 out there. Yes, all right, ten o'clock on eas. The 2:02:58.040 --> 2:03:02.160 state of time uhlks has been real again. We said 2:03:02.160 --> 2:03:04.520 it on Monday, but again obviously today is the twenty 2:03:04.560 --> 2:03:09.560 sixth of January twenty twenty two, and so we remember 2:03:09.600 --> 2:03:11.880 in Kobe Bryant and all the lives loss and the 2:03:11.880 --> 2:03:14.240 tragedy that happened two years ago today. 2:03:14.520 --> 2:03:16.040 So rest in peace to him and his family and 2:03:16.040 --> 2:03:17.760 all the families that were a. 2:03:17.720 --> 2:03:21.560 Part of that tragedy. And that's some birthday. Happy birthday 2:03:21.600 --> 2:03:22.080 to Kira. 2:03:22.120 --> 2:03:24.800 Shout out to George's daughter just turned nineteen, which was crazy. 2:03:24.840 --> 2:03:26.920 He was there when she was born. And shout out 2:03:26.960 --> 2:03:29.680 to Saiz my god daughter. Spence was good. She'll be 2:03:29.760 --> 2:03:32.120 nineteen on the twenty eighth. And today's I need a 2:03:32.120 --> 2:03:34.840 Baker's birthday. I don't know why to put an album up. 2:03:35.520 --> 2:03:39.160 I should have had cut like I Needa Bakers. Shout 2:03:39.160 --> 2:03:43.280 out to y'all be safe, love each other. 2:03:43.200 --> 2:03:47.080 And we we're back tomorrow with Ransom Jim's podcast Don't 2:03:47.120 --> 2:03:48.600 Stop NonStop content. 2:03:48.640 --> 2:03:51.840 We shot four episodes around the clock, working all day. 2:03:51.760 --> 2:03:55.520 Keep going, keep going. So that is the key to business. 2:03:55.840 --> 2:03:59.080 You got to keep going, never stop, never, never stop, 2:03:59.120 --> 2:04:01.280 because as soon as you start, somebody else is working 2:04:01.680 --> 2:04:02.760 and they're gonna catch you. 2:04:02.800 --> 2:04:04.440 So they ain't gonna work. I'll work us. 2:04:04.440 --> 2:04:06.440 We've been we've been in the studio all day. 2:04:06.440 --> 2:04:08.240 Eleven o'clock. We've been saying this is eleven night. 2:04:08.320 --> 2:04:10.360 We like recording artists. We don't leave the studio. We 2:04:10.480 --> 2:04:13.240 just stay in the studio and just record content. Very 2:04:13.240 --> 2:04:18.920 similar to a musical artists. So work work, work, work, work. 2:04:19.080 --> 2:04:22.680 Nothing beats work, Nothing beats work. Mamba mentality, rest in 2:04:22.720 --> 2:04:23.360 peace to Kobe. 2:04:23.440 --> 2:04:25.760 That's what will end on Mama mentality. Miss business. Love 2:04:25.840 --> 2:04:29.480 is love, right, good night, guys. Alight, y'all, y'all be. 2:04:29.440 --> 2:04:34.240 Good, All right, You just realized your business needed to 2:04:34.320 --> 2:04:40.240 hire someone yesterday. How can you find amazing candidates fast? Easy? 2:04:40.720 --> 2:04:44.080 Just use Indeed. Stop struggling to get your job posts 2:04:44.080 --> 2:04:47.840 seen on other job sites. 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