They're LYING To You... Stop Setting Up LLC's

Business owners are constantly oversold legal strategies they don't need, even if it's working for others. Always take the time to understand your needs!
Being a Tax Advisor is a lucrative opportunity...Learn more here: markjkohler.co...
Ebook & Newsletter: markjkohler.co...
Call the MJK Team: 208-745-2865
KKOS Lawyers (My Law firm): kkoslawyers.co...
Directed IRA (My Trust Company): directedira.co...
My Certification and Membership: markjkohler.co...
Podcast: mainstreetbusi...
Main Street Business Services: mainstreetbusi...
Facebook: / markkohler
Instagram: www.instagram....
Threads: www.threads.ne...
X: / markkohler
TikTok: www.tiktok.com...
LinkedIn: / markjkohler
KZbin: www.youtube.co...
LinkTree: linktr.ee/MJKY...
If you liked the video, please give it a "Thumbs up!" and please subscribe to see more!
00:00 - Introduction and Discussion on Overused Legal Strategies
03:00 - Understanding the Basics of LLCs and Their Proper Use
07:00 - Exploring the Concept of S Corporations and Their Advantages
12:00 - Diving into the Complexity and Misuse of Irrevocable Trusts
16:00 - Evaluating the Benefits and Drawbacks of Joint Venture Agreements
22:00 - Unpacking the Implications of the Corporate Transparency Act.
#taxstrategy #corporatetransparencyact #LLC #openenrollment #Taxes #avoidtaxes #paylesstaxes #wealth #tax #realestateinvestment #Markjkohler #KKOSLawyers #markjkohlerLIVE #Entrepreneur #rentalrealestate #taxplanning #smallbusiness #taxlaw

[@ryanwilliams989]

Nice content! Few years back I was assistant to a wealthy pen artist and within the short period I worked with him I observed that he had quite a chunk of investment everywhere, stocks, crypto, dividend investing to name a few, so he had revenues coming in from all angles. And in a year his worth doubled. With this I learned that the rich stay rich by investing.

[@StellaMaris-lv2uq]

Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.

[@maryHenokNft]

I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.

[@maggysterling33254]

@@maryHenokNftI actually subscribed for a few training courses but it didn't help much, been getting suggestions to use a proper financial advisor, how did you go about touching base with your coach?

[@maryHenokNft]

*Gertrude Margaret Quinto* is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@BiancaSherly-qt6sb]

My needs are kind of unique and complex. I'll contact her nonetheless, and I hope I'm able to make something out of it.

[@panama2468]

I love when experts come on here and try to tell laypeople what to do or not to do. "Dont open an LLC, your social security is fine", or "dont open an LLC, use an S or C corp", despite Corps being much more complex to manage. The fact remains that any sort of legal shield is better than none. Telling people that LLCs dont go far enough or that LLCs are basically worthless, are incorrect, and are just ploys to try and make themselves appear smarter on social media than they really are. The average person cannot manage an S corp or Trust. Using your SSN is a dangerous game to play online. LLCs are the perfect go-between bc they do provide that security and liability shield without being overly complex.

[@rvhiii76]

I don't think this guy watched this video.

[@beavinator420]

It costs $ to maintain each LLC so it's probably not worth it unless you're doing good in business

[@degreaseLLC]

Based on my experience in the business world you are correct. Most people do not have the discipline to run an S-Corp. Stick with your LLC until you have a lawyer and an accountant to ensure you're doing things correctly.

[@panama2468]

@beavinator420 if you are a single owner of each LLC, it also goes on your personal tax return. Besides separate banking accounts and perhaps accounting services to figure out expenses, there are no separate returns like there are with S corps and Trusts

[@panama2468]

@degreaseLLC exactly right. Bc LLCs are hardly difficult, I always recommend them. But seeing the requirements and procedures for S corps, most people are not disciplined or knowledgeable enough to operate them.

[@lucyferina]

You don't get an LLC to pretend you are rich, you get an LLC because you want to limit your liability in case something goes wrong.

[@Notme-tq4xs]

And that doesn't actually work. Single member LLC is just a person who get sued anyway. Buy umbrella insurance, be smart.

[@EarlHayward]

@@Notme-tq4xs State laws generally provide the same corporate protections of a traditional corporation to limited liability companies! The corporate veil can be pierced, regardless of entity type, for a number of reasons - and corporate protections were never for protecting individuals from negligent acts!

[@6thface]

Exactly. These guys make bank when you get sued personally because you didn't shield yourself from liability.

[@6thface]

​@@Notme-tq4xsthese guys are talking about setting up llcs for nonsense like covering you from traffic accidentsin cars. They are not suggesting that you should run a business as a sole proprietorship.

[@kateruterbories2692]

That's not what it means or how it works.

[@ianbelletti6241]

I learned the hard way that you do not need to incorporate your business until it's making enough money. Yes, LLCs do separate business liabilities from personal liability. However, it will not separate the liability if your assets are so small that they are intermingled with the business. LLCs are only for protecting personal assets from business liabilities but is a costly waste if you are in a state where assets cannot be separated and the company is not making enough to pay for the assets.

[@stevebuss69]

You don’t need anybody to get an LLC… Go online and get one for about $100 in Ohio anyway… No annual fee . No state tax by the way on businesses under certain amount . There I just told you some more practical info than all this blathering these guys are doing. I’ve had 3 successful businesses never had a CPA, never had an accountant, never had an advisor , always had an LLC.

[@jamesbond-xl3xs]

Is this on turbotax?

[@mrsd2143]

Nice! But if you live in CA it’s $800/year & if we open out of State, we still need to register at CA and pay $800/year 😢

[@stevebuss69]

@@jamesbond-xl3xs yes I use TurboTax for taxes

[@PatrickCharlesjpc]

I've been saying this for years: Not all businesses need an entity. You don't need to create an entity immediately, especially when you just started the business, and the company is not profitable for a few years.

[@codeman99-dev]

Profit is not a requirement for liability. Providing a *service* is when you want that protection. Yes, you want a profitable company. Absolutely. A roofing company can be sued regardless of profit or loss.

[@tommyjones1357]

Create an entity. Personally guarantee a business credit card with a high limit. Have a trusted associate send you an invoice for $25K. Pay it with the card. No interest on the card for 12 months. Request a refund. The refund is returned as a check rather than to the card. The card is maxed out but this is not reflected on your personal credit. Use cash as down payment on an investment property. After six to eleven months, cash-out refinance. Pay the business card. Continue your project with the property. Leave a paper trail for everything. Step Three: Profit.

[@MicDropBBQ]

Facts. Folks be making tacos for the office and selling them at work on Friday. You don't need an LLC for that. People been selling cupcakes and cookies and tacos to coworkers for generations. Now we got folks learning the letters "LLC" because they heard it from some "guru" and now they think people selling wrist beads for kids at school should start an LLC. LOL! Folks getting outta hand with these LLCs. Be on Facebook like, "My kid is only 13 with her first LLC!!! She's going places, ya'll!!!" hahahahaa!

[@tommyjones1357]

@@MicDropBBQ but you lose the tax deductions!

[@MicDropBBQ]

@@tommyjones1357 You only pay taxes on NET income, not GROSS income. So, if you have enough to keep you from paying taxes, you don't need the deductions.

[@rexpope980]

Thank God! Finally a voice of reason out there. I tell this to my clients all the time!

[@ashersdad1755]

The only trust ive ever set up is the legal owner of all of my firearms and only because the process of making sure my kids get all my guns not the government was through this process.

[@trancedrones]

Just starting out, it seems difficult to get a mortgage company to finance a property in an LLC. Advice given to me was once the property is owned, transfer the deed to the LLC; if the bank tries to call in the loan balance just transfer back into your name.

[@konkolaboxing4013]

With that strategy watch out for high transfer taxes in some jurisdictions.

[@LeverPhile]

Transfer tax or property reassessment. Sounds like bad advice.

[@user-ep2es1mp5r]

First mistake don't use banks use credit union. Then they won't give a dam.

[@aking032962]

I owned 14 businesses and I kept everyone a SOLE PROPRIETOR and was able to keep all my profits and NEVER paid income tax!! They cannot tax your labor! Nor can they tax your profit if you pay for your inventory and pay sales tax up front. I did pay sales tax and my 941's for my employees.

[@k9legendfamilydogtraining]

You can have employees as a sole proprietor?

[@OSHA_Violator1]

👀​@@k9legendfamilydogtraining

[@FanF-xp3th]

Can you hire independent contractors as a sole proprietor?

[@suzanacarey]

Does that mean you gave each employee a 1099?

[@user-ep2es1mp5r]

​@@k9legendfamilydogtrainingyes

[@robremini333]

Remember you need an entity to offset taxes and provide protection. If you aren't in a position where your tax bracket is affected by your business income then the extra cost to maintain an llc is likely more expensive. Also, your kids don't need an llc. It costs more and is more complicated to file for them, just to give them a retirement account. You can simply roll a 529 over to a roth ira under the new tax laws, which will be simpler and more cost effective. This video is extremely grounded.

[@NotCommon_Foh_1795]

Thank you gents for this! Very insightful! And helps protect people who want to move up in life but are susceptible to be taken advantage of.

[@tomasgonzalez4819]

Finally, what needs to be said is being said! I'd like to piggyback on the irrevocable trusts and add that the annual administration fees are also worth considering (especially for the those offshore ones). It may indeed cost 10s of 1000s of dollars to "setup". Agreed. But, let's not forget that you'll also need an _independent third-party_ trustee - offshore or not - to actually get the oft-touted "asset protection". That'll run you well over $5,000 a year. Again, _in addition to_ all the other costs associated with maintaining such a structure.

[@RyanEthan-wl9zt]

I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Michelle Stewart.

[@NicholasClones]

Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.

[@liammason1303]

She is my family's personal broker and also a personal broker in many families in United States, she's a licensed broker and a FINRA AGENT in United states

[@Nickheartly]

You trade with Michelle Stewart too? Wow that woman has been a blessing to me and my family.

[@MonicaHerbert989]

I'm new at this, please how can I reach her?

[@SteveLorenzo794]

I was skeptical at first till I decided to try. Its huge returns is awesome. I can't say much

[@danawaldrop4930]

I think a lot of people will setup the LLC because they think it's the way to protect a catchy business name from being taken. Then they never get around to doing actual 'business'.

[@jufra89]

That is one of the best pieces of advice I have heard so far: just because it works doesnt mean you need it! Thank you guys

[@gaiustacitus4242]

If all corporate formalities are not maintained by the owners/managers of LLCs, then the corporate veil is easy to pierce, and the assets of the owner(s) can still be taken to settle a judgement. Most people who place their business assets in a LLC do not even know anything about corporate formalities, much less how to maintain them in the management of the business. In my experience, I've found that the majority of attorneys do not understand anything more about maintaining corporate formalities than the average man on the street.

[@GODHATESADOPTION]

Thats why you go S corp

[@gaiustacitus4242]

@@GODHATESADOPTION An S Corp is no better when it comes to isolating the assets of the owner(s) from liability. The structure alone does absolutely nothing to protect the owner(s) if the corporate formalities are not fully maintained. The root problem is that owners of small businesses do not understand how to properly manage a business using good governance practices. If I wanted to go after the personal assets of the owner(s) of a small business, then it would take very little effort to tear through the legal illusion that the business is distinct from the owner(s) in more than 99% of all cases.

[@ultravioletiris6241]

@@gaiustacitus4242 what are some of these corporate formalities? Could you give some examples?

[@gaiustacitus4242]

​@@ultravioletiris6241 I'll provide a few key points: 1. Electing a board of directors, maintaining a corporate minute book (i.e., a record of all meetings of shareholders and the board of directors). Note: A well run company will have external directors who can maintain objectivity about operations of the business. 2. Strictly abiding by the Articles of Incorporation and ByLaws of a corporation or Articles of Organization and Operaing Agreement of a limited liability company (most business owners never read these documents (which are drafted by attorneys), do not understand them, and do not adhere to them), and corporate policies. 3. Upholding the fiduciary duty to the corporate entity. For example, an officer, director, or owner is not allowed to expend company resources to acquire personal items (the majority of small business owners violate this duty). 4. NEVER comingle personal and business finances (i.e., do not pay personal debts from a business account or business debts from personal accounts). There are entire courses on the duties of officers and directors, and how they are to maintain corporate formalities. Breach of the corporate veil is the number one issue faced by business owners today, with 44% of owners losing these lawsuits and having their personal assets attached to satisfy debts of the business. As I said, were I to bring challenges in court against the owner(s) of a small businesses, I could pierce the corporate veil in more than 99% of cases.

[@GODHATESADOPTION]

@@gaiustacitus4242 not if you have a board and lawyer in your members you cant have a C or S without 6 or 12 others colluding in crime

[@martyburbank3356]

I don’t always agree with you guys on everything, but thank you so much for putting this out there. I see this everyday where someone has come to me and told me then NEED and LLC or worse, they already have them and they don’t need them at all. When someone needs them they are great, like you we have been setting them up for 20 years. But so many people have been sold something they do not need at all. In CA, if we are setting up an LLC for most things we set it up in WY and then register it as an out of state entity for the outside creditor protection. But I end up talking people out of setting up LLC’s at all more than not. Great, and needed program. Like the first year of law school, we all learned - it depends? The first thing I always ask is, how much insurance to you have? Probably 90% of asset protection risk can be resolved by a good conversation with, a good insurance agent. Marty Burbank, JD, LLM, California

[@rehousethehomeless1925]

🤔🤨90% asset protection risk can be resolved by an insurance agent?🤔How?

[@LuxeprivaeMedia]

There are products that have multiple benefits for the policy owner...​@@rehousethehomeless1925

[@dtrelzmusic]

@@rehousethehomeless1925 Right he selling right now

[@martyburbank3356]

@@rehousethehomeless1925 buy working with an insurance agent to make sure you have adequate insurance to cover your foreseeable risk.

[@ArmandoMartinez-nf9ir]

I tried doing an LLC S-corp but I ended paying more in taxes than if I just would've been a sole prop. Plus all the extra time, paperwork, & effort, it just wasn't worth it. Make sure you're netting (not grossing) 60k a year after all expenses before going this route. The QBI deduction gets all screwed up by the payroll thing inside an S-corp.

[@candycane5077]

I heard if you make over 30,000 then have a S. Corp then pay your self what you need so you only get taxed on that not the whole amount that you made that year .. it’s all a headache. I just stay sole proprietor with good E&O insurance and write everything off

[@glennallan8630]

did you do a solo401 k @@candycane5077

[@tammygonzales-eastman1564]

If you’re just starting out just doing small arts and craft stuff, I don’t craft shows and possibly going to sell online. What would be the best way about doing that legally I know this is probably more for people that are big but just asking.

[@truthseeker1532]

@@candycane5077I couldn’t agree more. I’ve been a Sole Prop for 12 years as a small service based contractor. I asked my accountant “when should I get an LLC?” He said “maybe never”. Such a simple answer really stuck with me. Low grossing business, no real assets to speak of, we do much better filing personally and taking deductions. And my taxes are super simple

[@themartdog]

Problem is as a sole prop you need to carry so much insurance it becomes expensive in a different way

[@jaycjas3143]

Honestly just set up a c-corp for and put all your assets in this corporation. Under this corporation you set up an LLC for rental property. Its really not that complicated

[@Imxlnt2]

llc is to make a youtube channel. llc is complicated, because you have to get the license, get the win and then go set many things up with your bank. then you get to spend the money on the business.

[@jaycjas3143]

@@Imxlnt2 what? No LLC is a limited liability corporation of which you can see all kinds of businesses that are llcs. Not just KZbin. It protects you from excessive financial damages in the case of injury or closure.

[@scottedwards6117]

Dude a c corp is terrible. You aren't selling stock, you don't need an LLC

[@jaycjas3143]

@@scottedwards6117 it's clear you don't know what you're talking about. You don't need to sell stocks for a c corp to be viable. Having separation from yourself is crucial. Especially to cover yourself from lawsuits. Also since it's separate from you c Corp will have its own tax info as well as better loan options for reality. LLC limits the amount you'd be liable for. If you don't plan on having multiple assets then you don't need ANY type of corporation.

[@scottedwards6117]

@@jaycjas3143 if you owned a c corp you would know none of that is true. A C corp is taxed on all profits, and you still have to be the guarantor personally on any loans, meaning you either take all the profit out at your personal tax rate, or pay state and federal corporate tax rate, before you pay dividends and then pay another state and federal capital gains on top..... So you are wasting money and giving bad advice.

[@kauigirl808]

Thanks. I constantly tell people that an LLC isn't necessary. Especially if you need to deduct expenses. It's not necessary to set up an LLC. It's just a waste of money.

[@amels4620]

You are correct. When I purchased my first semi several years ago, all of my trucking buddies were telling me to get a LLC. When I approached my long time CPA that I wanted to get a LLC, she laughed at me and said that I would be better off just staying a Sole Proprietor. After explaining and a few examples, I was convinced that it was a waste of money.

[@rcppop3090]

@@amels4620agree 100% I’ve been a sole proprietor for 19 years as an owner operator in the concrete pumping business. I get tired of explaining myself to my friends that get too much advice from TikTok and KZbin so I just say ya I have an LLC 😂

[@gamesmoney1025]

Wow I don't know who to believe... I read from a book by Robert Kiosaki that LLCs are a must I'm just trying to learn all these terms. Arent LLCs supposed to protect you from being sued?

[@jaredtippets6255]

@@gamesmoney1025I think an LLC is good if you do services. Aka a plumber, electrician, mechanic, car detailer etc. Businesses where you provide a service for one thing and a person could sue you and say you broke something else. If you’re selling items online, you probably don’t need one as far as I understand

[@mase8189]

@@jaredtippets6255unless what you sell could pose some sort of health risk or be considered offensive.

[@ScottJLetourneau]

All great content to evaluate when you need and don't need another LLC. Funding is another consideration, along with branding and overall risk. Remember to close (dissolve) out any unneeded LLCs before January 1st to avoid another Corporate Transparency Act filing in 2024. These guys are great!

[@candycane5077]

Ya I just heard about that too

[@NoDebtNoDrama]

The companies registered prior to 2024 have a year to file with fincen. Or dissolve.

[@aaronautry1981]

So what is a new upcoming entrepreneur to do as a small business that is operating by oneself? Like say a notary signing agent? Or just simply a general notary biz?

[@ScottJLetourneau]

@@aaronautry1981 Start as a single-member LLC disregarded in your home state, then when your profit is close to $40K make a late S election. If you are in a state such as California with the $800 franchise tax fee, you might want to just operate as a sole prop. The key is to focus on the strategy to build clients at no cost to you. The best way is to develop a relationship with those who already have ideal access to your clients and offer them something above and beyond. For example, you have extended hours for real estate agents or work from 4 pm to 12 pm when your competition does not.

[@NoDebtNoDrama]

@@aaronautry1981 yes, get an LLC. watch the entire video how individuals have LLCs they do not need.

[@taxadviceandmusic]

Gotta love an ad for creating LLCs opening the video about not setting up LLCs 🤣. Great video, appreciate your guys' stuff.

[@rseltd]

Very good information, but i couldn't stop laughing at how much Mark was touching the microphone and Mat could not stop looking at it. Like he wanted to say "Stop touching it!!!" hopefully when I watch the rest... he will lol. It's nearly off-screen by the end lol.

[@girohead]

Ah hah! I've been suspicious as a real estate investor who started looking in LLCs. Like insurance and (now) warranties, someone will sell you anything. New subscriber.

[@sonya5568]

Too bad I didn’t see this a few years ago. Can’t regret it but moving forward, I’m glad I stumbled in this.

[@FresitaDM]

Thank you for this video, Mark. I hope one day I can attend your seminars. I have a pretty good idea what company he is referring to. I almost fell for that company but when I heard about all the packages they offer and try to scared me saying I need to hide my assets in Wyoming and that I need this and that, then I have the feeling they prey on fear and I walked away.

[@kimberlindy]

Exactly, I hate the "fear selling" that lawyers and insurance guys do with a passion. And the fact there are a bunch of clowns all contradicting each other on youtube turns it into a total circus.

[@quitethecontrary1846]

why are people selling LLC's and Corporations when they can file for them themselves at their local state officials office? I understand consulting...but why is it NOT common knowledge that anyone can file for one for next to nothing themselves?

[@willn8664]

Because some people have other things going on in their lives and are not able to file for themselves?

[@BARBIEBABII25]

Alot of ppl do NOT KNOW they can FILE for FREE. So it's pretty much of ppl NOT DOING THEIR OWN RESEARCH!! I did NOT and wld NOT PAY somebody to mk me an LLC &, file Secretary of State for me whn I can do it myself for free (LLC) SOS yes u hv to py but whn someone else does it u hv that SOS FEE plus the fee of tht person or company charging you to do it! Whn u cld hv saved some money!

[@girohead]

@@willn8664close, and cute typical reply, but in reality I think most Americans like to handoff authority to others. Lots of exploiters out there to take advantage of that.

[@willn8664]

@@girohead lol its called common sense. When you do the research with who you're actually working with you don't just hand off authority to just anybody. The people who actually do that blindly are the idiots. Plus at the time I had another full time job while trying to start a new business. You may have a a lot of free time and unlimited resources but not everyone has that privilege to be able to do it themselves. That's just the real world.

[@girohead]

@@willn8664We agree on this: "When you do the research with who you're actually working with" - the rest were Internet assumptions and my bias being in CA with everyone deferring expertise willy nilly (lawyers, auto repair, handymen, 'whatever they say.') Delegating is proper, but just going with a sales pitch is not, it's everywhere out here.

[@thecasualrver]

Setting up an LLC for people that have RV's (Recreational Vehicles) seem to be big Montana and Wyoming LLCs are most common, especially if their permanent residency is in a high tax State. They license and register their RV, motorhome under that Montana or Wyoming LLC, to avoid the annual State taxes where they live. But most states are now catching on to the tax avoidance scam, and it is a scam. I don't like to pay any more taxes then I have to, just like the next person, but it's not worth getting caught and the fines that come along with it.

[@TruBlu65]

What if that is their home!??!

[@yoshkebenstadapandora1181]

The best protection for a landlord is to have a good general liability policy, then have a good umbrella policy, and last don't do anything stupid or unjust as a landlord. It is really that simple. You don't need to put your property in an entity. I wish more people understood this.

[@Dbb27]

100% agree. Let the insurance company take the risk. And an LLC can be pierced.

[@save_from_comments]

His book said to expect up to $300 for llc setup, here $1200. Must be inflation

[@lollipopcolors5958]

😂😂😂that's what I was saying because for me just getting my LLC's EIN and a agent address to work with its gonna cost me 1200 😢 I can afford 2 -300 but not 1200

[@BARBIEBABII25]

LLC is FREE to setup YOURSELF on the website which is when u SETUP YOUR EIN those come hand in hand. SECRETARY OF STATE is the $300-$340. Depending on your STATE. It is not $1200 to set up..

[@thetalkingboard]

I kinda like the pothead vs cokehead chemistry you guys have. Excellent topic as well. Thank you.

[@shallowgrey]

These guys are definitely on drugs lmao

[@G.U.A.P.OGangllc]

Which ones which lol?

[@shallowgrey]

@G.U.A.P.OGangllc probably a sh*t ton of pills and maybe coke. It's an open secret that a lot of these fast-paced finance/real estate types are

[@amandapruitt7366]

😂

[@muahdusa]

@@G.U.A.P.OGangllccoke is definitely on the right, pot is left

[@Donkeyearsa]

This was many decades ago. The owner of a horse ranch that was open to the public with a string of hour horse rentals put the company into an LLC as her layer told her that she really needed to. Her son who ran the day to day buisness was really upset that she did that as he saw just the extra costs in taxes.

[@JakeTraver]

Pretty sure Financial Advisors at banks are pushing this also. I currently work as a Teller, and we have clients come in with 3 - 15 Business checking accounts, all under different business names.

[@LSBContractingLLC]

The 1% of rich people think of how to invest their money to increase their wealth during the recession. While 99% of struggling hard-luck people think of how to survive without food and daily necessities in the recession and the coming hyperinflation.

[@RaphaelSafr]

Managing Money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times, while orders tend to avoid them. Well, at least my advisor does too.

[@BendyChoy]

​I agree with you.A finance advisor can also provide you with objective and unbiased advice, especially when you are facing emotional or stressful situations.They can help you stay on track and avoid making an impulsive decisions that can harm your financial future.

[@RaphaelSafr]

​I’m so glad I didn’t really make any big mistakes when I started my investment journey last year. So far I’ve just been sticking small amounts of money into companies I’m sure will continue to exist for the next five years and if the stocks do well, I hold on. If not, I reinvest the bad ones into the good ones so I can get higher gains. I gained about $9.5k from putting in $4k into NVIDIA earlier this year so that was pretty nice all thanks to CHRIS RYAN STEWART.

[@clawhammer8421]

Great question. I personally know of 3 people who lost $35 - $80k from their retirement funds by poor financial advisors, who got their pile of money in fees & commissions. Yet, funny thing is they were even recommended. Trying to find a good, trustworthy financial advisor is like trying to find an honest, trustworthy mechanic who isn't gonna screw you over with psycobabble nonsense.about what's wrong with your vehicle. It ends up costing you a small fortune in mistakes & bad decisions taking their advice til you find the right mechanic or financial advisor whose actually trustworthy & isn't out to just line their own pockets.

[@marketingmasters3550]

The 1% are communists.

[@danfaulkner3935]

My Accountant advised against it. She told me the Federal Government doesn't recognize them and it gives the State another reason to tax you.

[@davlterr]

Watching this video and sure enough a tailorbrands ad comes on promoting that you can start your official business from anywhere with a few simple clicks lol

[@phatboom]

unfortunately without an ein it’s difficult to get loans or wholesalers to work with you.

[@Martin-og9zg]

Starting an LLC to put investment properties under means thr individual can't be sued for $$ or assets protected under the LLC.

[@texaswoody1]

My God you guys are such a blessing! Thank you for all the time and info tou guys share FOR FREE!! I hope you get customers through this channel, and make money off of those. More power to you guys!!!!

[@AN-et3xy]

you guys literally repeat the same sentence the first 10 min. get to the damn point. We get the whole timing crap but damn

[@annestrada1724]

All vids do that!

[@frenetic1000]

Mark and Matt… you mentioned the approx cost for a single trade mark and single LLC; what about a registration mark? The cost for one and under what conditions should be implemented? Thanks and greatly appreciate your content!

[@harleysmith1857]

Love this info! I am grateful for finding this podcast!

[@luxmagicaphotography7402]

How can you trust these guys when you open their other videos and there is one titled "Why Every American Needs a Trust in 2023"?! And the first short answer to why you need a LLC is to start building business credit. Thank God the younger generation is not gatekeeping the facts.

[@dmarcdavinchi9152]

Thank you for calling out guru influencers. They’re so focused on looking professional, and not getting down to the meat and potatoes of practical workability..

[@robertmcmahon1221]

Thanks, I watched you previously and found your style.

[@dalemotley5239]

Love you guys, first time watcher, learned so much, liked and Subscribed!!!

[@weekendwarrior3420]

Cowperwood, more than a hundred years ago, was setting up a new company for each new segment of the city railway he was building.

[@ZekeBrewer]

So basically…DO set up an LLC, but wait until your business is profitable enough to get sued to do so?

[@dtrelzmusic]

Lol

[@bertpescara6726]

LLC, C-CORP etc.. Are just ways for government to track your finances and have the ability to tax. Keep making money and hide it as much as possible

[@Melodyed]

Thank you for the information. Earlier this week I listened to someone sharing a giant legal structure for LLCs. I only have 1 LLC so 2 days ago I started stressing, WHAT DO I DO? After listening to you two, I have a plan.

[@brendarivera3600]

Thank You Soo Much....for this information it's helped so much in understanding a bit more of what to do and not do. I'm pretty sure I'll be watching this video a bunch more times, so it sinks in.

[@geoffreyhowells7290]

They lie about the weather as well.

[@christianhelwig]

"You're driving a Datsun from 1986." LOL

[@le_th_]

In 56 years on this planet, I have never seen a "boutique" anything (reatil shop, hotel, business firm) that is more *affordable* than a traditional (retail shop, hotel, business firm) business. Quite the opposite, in the *vast majority* of cases. When I hear the word "boutique" it honestly makes me wonder, "Why is this business owner trying to gaslight me and tell me this "boutique" buisness is more affordable than any other when it's a complete marketing scam to charge *more money* for the same services they are marketing as a tailor-made business service for you specifically. Note, I'm not saying your services are expensive or not worth what you are charging, I'm saying I'm not duped by the "our boutique law firm" is affordable.

[@MelissaThompson432]

If you think you need somebody to _sell you_ an LLC, you don't need an LLC.

[@Dbb27]

In Florida one can just go online and set up an LLC. Then you go to the IRS and get your EIN. Not sure why anyone needs help setting this up.

[@NoDebtNoDrama]

Thanks. I watched Mark with Karlton Dennis which led me here. Great info because I am easing into S corp now. I got a great new local accountant/tax professional. Luv your breakdown!!! ☺Very helpful. I like when you say tailored to you!

[@TaytaBug925]

Great interview! Thank you both!

[@marcusd6096]

The FNCN thing i keep hearing about, do they notify business owners of this "new law" ? ...... Thats not fair to pass a law and not notify business owners with a letter or something, setting folks up to fail.

[@Dbb27]

You’ve been notified. 😊

[@5050johnsmith]

So tell me as lawyer attorneys when you go to represent you client and take them on you get a power of attorney so you can represent them correct.that being the sole tool used to stand up in court and say things file paper work on their behalf is that the sole Kegan tool that allows you to do that if it is define the writen instroments

[@KS-sz6ew]

How does an average home owner in California protect against future Medicare spend down? Is there another way then Irrev. Trust? Also there is no business or other entity.

[@BLVCKSUITE]

I agree with this video. For me in 2020/21 I was seduced by influencers like never before saying get an LLC, get your EIN/Duns and Bradstreet numbers, get a business bank account or funding and make this money. Sounded great! And I got my LLC and followed the steps… BUT There’s no point on getting an LLC if you don’t have an actual business with a business plan. Also per your state there are time restrictions one when you can start getting business funding based on the age and tax filings of your LLC. I’ve had mine 2 years now with nothing to show for it. And I’m considering dissolving it as I’m not built for building a business from scratch. I however am better suiting into buying existing businesses and building them back up to profitability.

[@BlessedMinistry144]

Lord have mercy don’t get me started on how many Wyoming LLC pitches I got… please family don’t fall victim to these sharks as your assets grow your structure will grow📈 patience is key

[@kingalainc1]

Good lord...5 min in before they even begin to discuss the topic

[@ITCouncil]

So many other channels offer the same content and without the theatrics and non-stop stream of sales pitches.

[@maelindasorel2873]

Actually they immediately started speaking tax code, it was simply lost upon you if you don't understand taxes bc they didn't go into detail about how you can choose your taxation structure ranging from pass through, partnership, or corporation right within the LLC

[@cristianjacobjimenez9794]

I particularly need an LLC for one reason, I want to use Stripe as the main payments gateway in my website, the problem? : I'm non us-resident and Stripe is not available in my country. What does the LLC? I can use Stripe using the LLC, that is the only reason why I need the LLC.

[@exmx]

For anyone that owns their home and or has assets more than 100k you should 100% create a living trust. I know this from experience. Otherwise your loved ones will be forced to go through probate and will at minimum cost 50k for a simple cut & dry, with no problems.

[@froman1960]

The new talk out there by many is to put your All Caps Strawman name as an LLC.

[@user-tb2ep9xe3f]

But when I watch all the videos in your channel, at a point, i felt overwhelmed and oversold too! hahahahhaha

[@charleenmerced9451]

I’m still 😳 at the 15-20 LLCs with no business or properties.

[@lollipopcolors5958]

Like why 😢

[@Sayrenad]

What? Why would anyone do this?

[@musicaltheaterforkid]

You must have a lot of money to pay for so many dissolve at once 😂

[@jlegal1]

Pushing use a lawyer use a lawyer, but then saying it's hard to find a lawyer is the epitome of the doublespeak that is the legal industry. How about everything is overcomplicated to keep dudes like this rich.

[@TreasuresNetworks]

I have always wondered about this. This answered so many questions.

[@ricksmash8080]

I’ve got homestead exemption on my home, and I have business insurance so I decided to go with sole prop. Everybody tells me I should have got an LLC. This is why it’s so annoying to be an intelligent person. People always tell me I’m messing up, when I’m doing right.

[@superchargerone]

you better be sure that your business insurance do not deny you claims. sole prop means you can lose everything and more if someone sues you and win. LLC is one way and there is limited company where you are better protected. sooo dont be so sure you are doing right. plenty of people get denied their insurance claims.

[@ricksmash8080]

@@superchargerone Thats good advice, thank you. I make sure to stay within the parameters of my insurance policy, but honestly nobody else has ever made that argument to me. Everybody just tells me that I should have set up an LLC for tax purposes. When I ask them to explain the difference, they don’t know it. What would be some of the reasons people’s insurance claims are denied?

[@romoore2094]

i tried to follow what you guys are saying but every topic ended without explaining the reason for having an LLC or an SCorp. etc very frustrating

[@cooperdeniro9189]

Accountant here since 2016, the simplest explanation I can give is: 1. Wait until you need an LLC to actually file for one, that usually depends on what your actual business is & how much money you make. There are plenty of reasons to get your LLC immediately but without guidance it’s a waste of time and potentially a lot of money. No one could give you a straight answer bc it’s all situational, but for most ppl Sole prop > LLC > S-Corp once/if you grow large enough. Incorporating your business basically stems from separating you (the person) from you (the business). That can be a great thing, and that could also be the worst decision you can make.

[@greatestever495]

What if I'm trying to start a Turo renting car business. Purchase my car through LLC and it's over 6500 towing capacity??

[@SteelWolf13]

Retirement persons would put their home in a Trust"?" at least 5-6+ years before retirement?

[@77Tadams]

Why do you need 1200 bucks to start an LLC? I started my three by myself for the filing fee.....then I paid my CPA to turn 2 of them into S corps.

[@bonniej0]

People are getting them for the EIN. You know what what you need to do is get a commonwealth trust so that you're outside the country.

[@ggarciacota]

Thank you guys!!!

[@bradbotsch8949]

Why not just use a unregistered trust? Tax free.

[@CHAMPDOGZ]

Not sure what this is but I'm going to look into it

[@bradbotsch8949]

@@CHAMPDOGZ look at weiss' concise trustee handbook. It will give you a great start. You are basically creating a non government entity. "He who created controls." LLCs, S corps, 501c3 all these are government creations and therefore controlled by the government. A private trust (contract/covenant) needs no government infiltration or taxation. It is a completely separated entity then from you, the person. No SSN, completely invisible/private. You can run a business, build credit, secure assets, really anything a person can do (literally anything but vote). It's spiritual technology recognized by man as his divine birthright: to be free from the authority of other man.

[@matthew_brown]

I heard each property should have its own LLC to make it easier to sell. Sell the LLC and the property is just an asset of the LLC.

[@charleenmerced9451]

The problem with that is that you might also be getting the liabilities of that LLC. What if someone fell a month before your purchase and the lawsuit has not been filed? You take on that lawsuit.

[@gogogo1064]

I think that would.limit your buyers. They would just have to get a hike loan and buy your home from you, pretty easy. If they going to buy your llc that only holds a mortgaged home, the bank might not be so hot to make the loan to an ordinary buyer.

[@curiouskoala411]

the reason i would imagine people setting up for example two llcs is for anonymity. if a music artist wants to release a song on spotify under a record label in florida, the owner of this LLC will be public on sunbiz, eliminating anonymity. two llcs (one in wyoming acting as a holding company) and the other in florida acting as the record label is actually a MUST in this case or any other case where the person desired to release goods anonymously to the general public but not to the IRS. for example, why would i care if the IRS knows who I am making beats or music on spotify? I just wouldnt a random person to be able to get my name. anonymity planning is essential in these scenerios.

[@QuyenNHokom]

Great content and they are funny with good energy between them 🤠

[@ViceCoin]

Sole proprietorship is good enough for most.

[@getinthespace7715]

My plan is to avoid the need for an LLC. I'm just building a new primary residence every few years and leveraging the section 121 exemption. Minimize all tax liability and maintain a minimal liability footprint.

[@ericbennett-wu4zx]

If I’m paying 3.75% mortgage on a rental, and now try set up a LLC, the bank can call due on loan. Why take that chance?

[@tomm.149]

Depends... how much equity are you carrying? What other assets do you own... and a thousand other questions. I would suggest talking with a local real estate attorney and see which entity would be best for you. There are ways to protect yourself without the bank calling due... your attorney should be able to help you.

[@carlzoellner7272]

I like that this is just a 31 min pitch on using them for $1200 LLCs through their company, but "don't do that."🤣

[@AweSomeTee]

Gentlemen What About """CTA""" - NEW FED REGS ....

[@DionTalkFinancialFreedom]

Long list of reasons why none of my properties will ever be in a llc.

[@andrewsusen3154]

I didn't make it through the whole video yet, But when do you guys recommend turning a profitable hobby into an LLC or another type of small business.

[@BxNERD]

Thank you so much! As I start my small behavior analytics business I am being told all sorts of things. I am in NY and some people say that licensed practitioners need to be a PLLC. I wonder if there is a way to just get an EIN and DBA while I build. This is all another language to me at the moment.

[@quandingleberry445]

You can get an ein and dba as a sole prop.

[@BxNERD]

Thank you so much! @@quandingleberry445

[@LivingonHiltonHeadIsland]

In SC, owning your vehicles in an LLC will prevent you from the benefits of insurance stacking. If you get hit by someone else, you might have really wanted to stack

[@realWorsin]

Depends on the structure and the state you are filing in.

[@daneshskater101]

20:20 Trust taxes? failing to mention the fact that a Trust can also be held my a Holding Company that the individual can be a beneficiary of

[@bungeebones]

I've opted for an "old fashioned" business structure know as "The Massachusetts Business Trust".

[@candycane5077]

I’m laughing about the LLc on his car, in my biz I just have a trust for probate reasons with a will and a good lawsuit umbrella on all and Good E& O Insurance , no LLC I once had it on rental properties I dont any more just good law suit protection umbrella , I like to keep things simple for now

[@aaronsmith8265]

The ppl that need this video are probably beyond help

[@beavinator420]

Great and informative video. Bravo 👌

[@notmyname3883]

How much does someone have to pay Mark what's-his-name the billionaire to pitch their LLC-creation service? He can't come cheap. Maybe he owns the company or an interest therein? LLC's don't do anything that you can't do via ordinary business corporations.

[@KennethC43]

That means all businesses should be nonprofits. There is no way to produce a profit at 40% tax/interest.

[@joeydego2]

Great. Let me not LLC and expose my personal assets to loss because 2 guys on the internet say I dont need it.