U23 – Signature rights and Credentials using LLC
0:02
Hey, everybody, thanks for joining the call. This is, I think, take to write March 25th. And I sent my notes out to the Telegram chat.
0:11
We’re going to talk about signer rights on LLCs. The purpose of this, this meeting so you guys can ask questions. I know it’s a bit foreign born concept. I have certain reasons why I do this.
0:23
So let me just talk briefly about where you can find more information. I have videos. I publish on YouTube on a channel called Privacy Fight. It’s just one term, one word stuck together to. We’re stuck together. And you’ll see a lot of the concepts that I explained there, but I wanted to do this video, because I want to do a lot of question and answer, and I want to put this content in the members area.
0:46
So I am going to follow these notes, but then I want to let you all ask questions, so you can get a better idea of how I, I think this through.
0:55
The reason why, the way I came up with these methods, it’s just by looking at problems over the years.
1:02
And I’m trying to head off any problems. Any of you all might run into along the way while you’re using a company for its intended purpose. Like reducing tax liability, or some other liability, or having some level of privacy.
1:15
So let me just say that we can register a limited liability company with different signers.
1:22
You can have single members. You can have multiple members.
1:27
There’s, there’s a reason for each.
1:28
If I’m going to set up a company for a group of people that are all in business together, let’s say they’re running a co-op, or it’s a partnership, or something like that.
1:39
I will, I will take 2 or 3 of the members and make them signers because they’re gonna get some level of protection known as charging our protection.
1:47
So, if, as long as you have at least two members and they’re not married, you have charging and protection.
1:52
What that means is someone can’t go into a court and get rid of attachment against one of the members and then reach into the company for that individual members debts, until the company disperses funds to that individual member.
2:05
As long as there’s another member that’s not a spouse, then there’s a separation.
2:10
Exception to that is if both members of the LLC have the same exact debt in the same creditor, then it’s fair game. In that case, you would just add a third member, OK. It’s actually that simple.
2:22
So, you see how this is kinda playing out? Now, a lot of times, I’m talking to someone who’s just by himself or by herself, and it’s just as well. We don’t want to call him Uncle Bob and asked him if he wants to be side or he’ll say, hey, yeah, well, I haven’t heard from you since last Christmas. What do you want me to do? You know, and hook it all scared and stuff.
2:39
So what you do is, you can use a trust that you may already have.
2:43
A lot of people have trusts already.
2:45
It could pretty much be involved in something else. It’s not a big deal to make it the owner of the limited liability company.
2:50
I like to use an association that is not incorporated at the time.
2:54
And the way you do that is you just identify a group you can used to manage the property rights.
3:00
What I mean by property rights is the ownership interest in the property, that the LLC is considered to be owner up. So that would be like coinbase if I have an LLC account at Coinbase. The coins in that account.
3:14
Or the property of the LLC and then the question is who owns the LLC? Well it could be a trust.
3:18
It could be Jim and Bob.
3:20
It could be an unincorporated Association, whatever you want.
3:23
I like to use an unincorporated association because all of us have one.
3:28
I like to use my own family, right, so I just give my family a name, You know the John Smith’s society, for example, right?
3:36
The John Smith Society, PMA, Private Membership Association, could be the owner.
3:40
You’re not gonna get charged or protection, but then it won’t matter because you’ve just created an innocent party.
3:46
It does exist.
3:48
It’s legally binding. And what’s really nice about the PMA or the unincorporated association, the way I do it is no one can subpoena the documents.
3:56
That formed it because it was formed just by simply how people relate to each other, especially with a family. It’s a very exclusive club, right, because only a few people certain kind of people can be in there, right?
4:07
So by its very nature it is in fact a private membership association and if you act in its behalf like if you sign for it and you sign for the LLC and open a bank account and the PMA owns it.
4:20
Then in fact, the PMA is a trust.
4:25
So we could talk about that. I know, it’s kinda like mind blowing.
4:28
You go, Wait a minute, Trust, wheres the document.
4:31
Well, there’s a trust as a relationship.
4:34
And so all we’ve done is name the relationship and say that that’s the owner of the LLC. It’s completely binding on everybody.
4:41
And what’s really cool is, I know the banks don’t like this, but under the Bank Secrecy Act the bank is not compelled under any law to investigate the beneficial interest of the PMA, like who’s in your family or who’s your partner As long as Than That.
4:57
You’re the only one who’s signing or the other person is signing. Let’s say you have two people signing, or are one. Yeah, the bank can ask about those individuals and their ID and their SSI and all that stuff. But as far as the actual, you know, 40 people that are part of the association, maybe it’s your family, maybe. Some club you’re in.
5:14
The bank is not required by law to ask or collect that information.
5:20
And we can talk about that in a second here.
5:22
So, um, so there’s two ways to go: more than one person as a member or a single member, which is an unincorporated association or your favorite trust, OK.
5:35
Um, let’s see yes a two members charging order.
5:42
Yeah. So the PMA, we could it’s a group of people. You just giving it a name. So for example, I can call it anything I want, the John Smith’s Society, PMA.
5:50
I want to put the … designation. I mean that’s the most common.
5:53
You could pretty much put any designation, like LLC, You can have an LLC own an LLC. I just think that’s too complicated.
5:59
And it really is not, I mean, I don’t know, I don’t like to do to LLCs like that, but like, I have in my notes here I mean, you can call it Grandma’s Cookie Kitchen, OK?
6:07
In color kinds of things, there’s no need for additional sinor, so let’s say, know, you’re doing something, and maybe you have in mind, let’s say you have some cash flow, and you’re thinking, OK, I’m gonna make so much money, or regular cash flow that.
6:18
I want my family, that benefit if I disappear, if I get lost at sea or abducted by aliens, right?
6:23
So you want to, you don’t need to have another person sign on the account to give someone else access. You really only need to have access to the credentials.
6:34
Your credentials would be like, your login user ID, on computers, today. That’s how we access our accounts.
6:39
Usually, the only thing that someone who’s not a signer can cannot do is walk into the bank with his ID, and, without having any sinar rights at all, cannot access the account unless the interests have gone through probate. And I just really want to avoid that. I think you want to avoid that as well.
6:57
So what you want to do is have a plan that that control of the asset, or the treasure that’s important to you is available to others.
7:07
You care about through credentials. And you could do that right now as soon as you set everything up.
7:12
You establish the credentials. You have a conversation with somebody in your family, or a friend, or whatever, and say, if I disappear, I’m lost at sea or whatever. Go into my vault. You know where to get the combination.
7:22
And there you go, OK, the information is there. Let’s say a quick example.
7:26
Um.
7:27
I could have a single check. In fact, you could just make up a check, a check that you write on your bank account, OK? You can have a check, a paper check. Sitting around. You can have it in the vault.
7:37
If the people in your family or business know how to do that, they can create a check, OK?
7:41
They can create a check on the account. It’s a written order.
7:44
And you can write out a check, and you can literally sign the seiners name. Even if he’s dead. You can just forge his name.
7:50
Because that would be your arrangement. That’s not forgery.
7:53
You have permission to do that.
7:55
And you can clear the funds from the account, OK?
7:58
The reason why you want to do that is because you don’t want to have to go to an attorney or some court and ask for permission to access these funds and then, risk some, you know, attorneys, becoming vultures, right, and picking out these these funds and tying them up for years.
8:13
You want to You want to retain control of it. There’s no reason why you shouldn’t be able to do that.
8:18
So, there’s credentials. Let’s see.
8:21
What else do we do?
8:22
Yeah. If you wanted to add another sinor, just maybe, maybe it’s useful to you.
8:27
You can take the banking resolution document that I give you when I set up the company. Now, you can do this yourself. I’m not saying that I’m the only guy that knows how to do this.
8:34
You get a banking resolution. In fact, the bank probably has a form. And all you do is copy the resolution and just put the name of the signer on there.
8:41
And the language on there basically says, The resolution of the company, the LLC, is that John Smith is going to be a authorized signer with the power and authority to withdraw the funds in this account.
8:55
And then John Smith signs it, and the bank will accept it, Sometimes it has to be notarized.
9:00
Usually not, the bank will accept it, and here’s why.
9:03
It only wants to see something in writing that it didn’t create, so that it will not have the liability for if anything goes wrong.
9:11
So, it’s not like, you know, you have to testify or anything like that, so just it’s actually pretty simple.
9:16
Alright, OK, So, you can have access to the credentials. You can use a check.
9:22
You can add a signer on there with the banking resolution you can use. You know, you can just step in the shoes of the seiner using the debit card.
9:31
You just can’t walk in the bank with your ID unless you’re on the account.
9:35
Let’s see.
9:36
What else do we got who didn’t clear the funds with a check?
9:39
Um, let’s see, legal documents, OK? You can also execute, OK, we’re talking about basic bank accounts there, but if you had an instrument like a deed, a quitclaim deed, that can be executed in advance and not recorded.
9:55
You can even recorded a quitclaim deed after someone died.
9:58
And that’s legal.
10:00
That’s done with the estate planning and trust. You’d have to look up in your state how that works.
10:05
So just keep that in mind.
10:06
You can also see, we’re going to get into, let’s make an account holder. Yeah, OK, so whoever is signing for the account has to use his tax number, SSN, his two forms of ID, likely, maybe some other information. That’s why I say I’d like to limit the number of people that are on the account. It’s really not necessary to have five people sign on the account or even two in many cases.
10:29
You want to limit the amount of disclosure you’re giving, kay?
10:35
Now if you’ll see in the documents I have the banks do ask for articles for the PM, PMA, and I figured OK.
10:41
It’s simple enough to just write them up. So I wrote up a page of articles just like I did for the Operating Agreement. Alright, it’s called the banking abstract if you’ve seen this. And these are not the real documents, but it’s enough to where the bank will be happy.
10:53
That it got something called no articles that it was looking for.
10:59
All right.
10:59
So the The PMA never needs a tax number. I know the banks asked for it, That’s all they think about.
11:05
So just realize that it does not need a tax number N If you just wanted to give them a number a nine digit number.
11:13
You can make up an a nine digit number.
11:16
I have never done this, by the way, but you can do this.
11:20
The reason why we give the bank a real EIN for the company, the LLC, is because we want to avoid backup withholding. If you don’t get a real … in. The banking withhold 30% or something else, OK, or some sort of IRS penalty, and that’s a big mess to get it undone.
11:35
So that has to be a real EIN.
11:37
On the PMA, it does not need a tax number for real, but you could tell the bank a nine digit number That looks like an EIN. So it’s two digits dash seven digits. Now the only exception to that is if they insist on an EIN Approval letter, in which case you wouldn’t have one, and I’m not suggesting you should phoney up one.
11:57
If the Bank wants that, then just say sorry, I can’t can’t give that to you or whatever. But just realize.
12:02
Explain to the bank that the PMA is not the account holder, and that the bank is not required to investigate the PMA.
12:12
But you could give a A non EIN nine digit number, because nothing is going to be reported to the PMA.
12:20
It’s only going to be to the LLC, which is a legal entity, and it is required to disclose the certified copy, the articles, and things like that. The PM is not.
12:30
Alright, so, there’s, a couple scenarios are running into lately, I should say, in the last couple of years, Well, This year, really, on the 25%, we started getting away from that.
12:40
We started using the …, and the banks are saying, we want somebody to be 25%, Or They used to say, if you’re 25%, or more of an owner or beneficial interest, you have to disclose certain information.
12:54
Now, they’re saying, if we bring them documents, that shows the signer has zero interest. Now, the now they’re saying, You have to have 25% interest. It’s really weird.
13:04
And so, we asked the bank, OK, what, what, and what company can you work for that will give you 25% ownership in the company? Just so you can sign for its bank account. I mean, maybe you’re just the account. Why do you get to own 25% of the company?
13:20
Alright, so, if the bank is telling you that you need to become 25% owner, say, Fine, I need $4 million to purchase the amount of shares that are required.
13:29
And so that just makes the point.
13:31
And then response to that question is that as an entrepreneur, you’ve gone to great lengths to manage risk, to figure out how you’re going to do that.
13:41
And then you walk into a bank and the employee at the bank has no interest or knowledge of what you’re doing. It starts telling you how to change your interest and change your risk in the company. So this is how you explain it to the person at the desk and you’re gonna say this in his eyes are gonna glaze over, and he’s gonna go, I gotta, I gotta call somebody. You know?
13:59
He’s going to call somebody, but basically you’re saying, Who are you to tell me how to manage risk? when I’m an expert at it?
14:07
And I figured out how I am choosing to manage risk, and I’m just coming in here to get a service from your bank. I didn’t come in here so that you could tell me how to run my business.
14:17
And I might do it if you’ll sign a contract saying that you’ll accept all the liability and indemnify me for the risk I was avoiding by not being a 25% owner.
14:27
You see, and that kind of, shut everything down, and that conversation, and I know, I see that kind of fast, but see, Replay the video.
14:35
That kind of conversation would come from that.
14:38
You would have that conversation with the person that the first person calls when the issue comes up at the bank. It’s like the manager, or maybe the in-house attorney or something like that, and they’ll kinda laugh and say, yeah, that makes total sense. And you’re complying with the law anyways, OK?
14:51
There’s, no, they don’t have all these exceptional disclosure requirements, are investing investigation requirements. So, yeah, and you can just talk to them. I know it’s frustrating sometimes, but we always get the account open. If you’re persistent, we get the account open. I was talking to one lady, we set the set up a company, and she called Bank of America, just like I told her.
15:10
And, uh, she was so patient with the person at the bank, and the person at the bank was a total jerk.
15:15
But when she told me the story I felt so bad for, but she spent all this time answering so many questions, and then the person just said, I’m sorry, we can’t open your account, like after an hour of answering questions.
15:24
So, um, I said, You know, I’m so sorry, had that, let’s, let’s do this, let’s call back tomorrow. And you’ll get someone else. And more than likely, they’ll just do what they always do. And sure enough, we just did that. And in five minutes, you open the account. So sometimes, it’s just the person you’re talking to. So just realize that.
15:41
Yeah. So anyways, I want to go through it kinda quick, because I want to give you guys time to ask questions.
15:47
one of the thing is, um, I’m going to mention about the W nine, I use the W nine, just download it from the internet, the official OMB approved form W nine from the IRS. The whole purpose of that is online one.
16:00
I put the name of the LLC, and then I put the actual EIN, and then I sign as authorized signatory.
16:07
I believe we should. We choose it as a disregarded entity and a partnership, I think, is that the checkbox we choose?
16:13
And then we just put the LLC’s address and the purpose of that so that when you open an account with a third party that is going to handle the company’s money, or that’s going to pay the company money like through a 1099, when you give them the W nine.
16:26
It makes it certain, as to who, or what information is going to be on that 1099, or that K one. Sometimes if you don’t give a W nine, what happens is, because these guys aren’t that smart, OK, at the bank. They may actually set up your account, even though you gave them the EA and approval letter.
16:42
They might use your SSN for the company.
16:47
So be real careful about that.
16:48
You’re gonna have problems with the IRS. That, that’s the case. So that’s why we do the W nine. If you want to know, I know a lot of you don’t like doing it, but there is a real purpose there, and I certainly don’t like filling out government forms. But this is really worth it, OK?
17:00
And like, if you’re gonna, if you’re gonna go from a personal account at PayPal and you’re gonna convert it because they’ll let you convert it, once you’ve done that, to just make sure it’s done. You send them the W nine with the LLC name on there in the IM. So.
17:13
All right, well, I hope that was not too fast, and I know you’ve had a chance to read the notes from from last week.
17:19
So I’m going to let’s see if I can call on some people um, ask questions. I look, I think you could just do raising hands or something. But just go ahead and do that.
17:29
And I will, I will call on you and if not, I’ll just I’ll, I’ll keep talking I’ll probably have some more stuff to add in.
17:38
You can just you can unmute yourself and just ask if you want is that pretty clear?
17:49
Where were the notes for the last time I? Posted them on the telegram group.
17:55
Are you got a telegram group?
17:57
Actually, I’m not sure if I am, let’s do it.
18:01
Which one is it, …: I can post the link in here, I think. Yeah.
18:08
I’ll post the link, and I’m going to put it right here. Can you guys see in the chat window?
18:15
Yeah, here we go, OK.
18:20
All right.
18:22
I’m gonna mute everybody.
18:23
So go ahead and if you would one at a time, OK.
18:31
All right. Yeah, it’s exciting Her other kryptos are doing really well.
18:34
Um, know, you can take profits with the stable coin, so don’t get all excited just because you’re not set up yet. You got plenty of time.
18:41
All right.
18:42
Open a bank account for your EIN number, for LLC, you have to disclose, yeah, when you’re the side on a bank account. You’re going to give your SSN just like, I mean, they kinda cut everybody off in the late nineties. I remember, that’s why even came up with a way to do it without an SSN, because I really didn’t want to use an SSN at the bank. But since the nineties, yeah, they make you use an SSN. So, so, what, I mean, it does not create a tax liability.
19:10
Let’s see.
19:12
Let’s see, yeah.
19:16
You do not have to register. You’re a foreign company, like most of you are setting them up in New Mexico, Wyoming, Arizona, Pennsylvania, for one reason or another.
19:25
You do not have to domesticate that company where you live. I mean, I know, you walk in the bank, they tell you have to do that.
19:32
No, you don’t have to do that, If you want it to open at a bank, You can do it over the Internet.
19:37
And, yeah, it is a little bit difficult because they try to establish residency and all these things, but we can always get it open. The what. I’m trying to avoid a situation where people that live in California just think that there’s no choice, but to register the company in California That makes no sense at all, because then you bring in a whole world of, you know, California franchise tax Board of things. It’s really not necessary.
19:57
So I’ll just say this briefly.
20:01
If you have a foreign company, you just registered in another state and you’re using it, whether or not you own it doesn’t matter, and you want to open an account at a Bank, you can do it over the Internet at the Bank’s Website for commercial accounts in the Branch for the State where your LLC is registered.
20:19
If you try to walk into the bank in your State where the LLC is not registered, they won’t open the account unless you domesticated that means just registered in your State.
20:27
So now you have a registered in two States, kind of defeats the purpose. The other way I’ve seen people do it, which is very seldom just drive across the State lines. So, people are so close to that next State. They could just walk into a bank over there. And we rarely have to do that most of the time.
20:40
In fact, I think, since, around 2009, we’ve been opening accounts over the Internet, so, it should not be much of a problem.
20:50
All right.
20:52
Is that pretty clear? I really, I want to do this call, because I answer these questions all the time, and I figure if I could just record it.
20:59
Is there any weird situation that I didn’t cover?
21:04
Should I add my, type, an LLC?
21:09
An LLC is an LLC, I mean, it sounds pretty simple, It’s what the benefits of an LLC or how you use them. The LLC can be used in many different ways.
21:20
When you sign up for one, they want to know what kind of LLC.
21:24
Yeah, they wouldn’t know, it’s tax treatment. Yeah, and it doesn’t really matter what you tell them.
21:28
Like the EIN application, the state, some states, in fact, Iowa the other day I was looking at their very intrusive about how you’re going to file pay your taxes and all that stuff.
21:37
And I just tell them anything, it doesn’t matter.
21:39
But generally, I call the LLC a partnership and a disregarded entity.
21:44
OK, so disregarded what does that mean?
21:46
So you don’t know plans to continuing with the company somehow, but you still want an account seemed just means that it’ll be a pass through, and it’s never going to be.
21:55
It’s never going to be considered a taxpayer by the IRS. That’s what it means, OK? That’s why we’re able to do this. I don’t think we can do this with a C corp. Hey, John? Yeah? Can you hear me? Yeah, let me, I’m gonna mute everybody. If you would, please, just unmute yourself.
22:12
You would icier Yeah? Go ahead.
22:14
I was trying to cut that noise out.
22:17
John, John Millimeter, OK. A few accounts for the LLC, and they’re getting very intrusive. You know. They want to know everything about, you know. I use the example of a real estate investment company, like you talked about, and they want to know exactly. You know what, what kind of real estate investing, where the money coming from?
22:38
So, I guess my question is, is it gonna be OK in the future where, if we’re all, we all have this set up the bank account and then we all have wires coming over from Australia, from Brown, then maybe we’re all just paint our credit cards with the funds from Carolyn Brown. So, my question, is that gonna hold up? I mean, because they’re very intrusive. Tree Bank accounts open now. And yet, the shot a list of, you know, everything about you or about your company, about, you know, how much you plan to spend, how much you, how are you going to spend it incoming wires, outgoing wires, everything? And so, my question is, is it going to be a problem in the future when we have money coming in from Australia and the account, and then we’re simply paying off our credit card? Because you say, that’s one aspect of credit, or credit card, because the IRS can summon those records. So if we’re all doing that, is that going to cause any problem in the future? There’s two subjects there, one is IRS, and the other is just them collecting information on you. They’re literally, there are separate issues.
23:45
So, don’t be so concerned about the tax part of it, but they are collecting information, and so, questions like that. It’s so easy to just say, you know, I really don’t know, but we’re probably gonna be able to raise capital, or I’m going to, I plan on raising capital. and I’m learning how to do that right now.
24:01
So, it sounds like you’re a neophyte, and that really ends a conversation, and if you’re filling out a form, you would fill it out As if I’m geez, I don’t know what this is. I’ve never been asked that before.
24:12
And so you just appear as a novice and they really can’t, there’s nothing they can do there. It’s just not true.
24:20
Organizational Yeah same thing When you have because I think all of us are going to just have the money come from all around. So when they see these wires coming in monthly or bimonthly from Brown. And then you know there’s not money going to wire to Dubai, properties are fixed up. Property gets around it. I’m just throwing this out there. I don’t think they looked at closely. Now, what happens is, your initial stages, when you open the account, yeah, they’re going to ask all this stuff because of collecting data for somebody else, as you’re actually using the account. The biggest concern I have is Financial Crimes Network, OK?
24:58
And really gets involved when there’s many irregular transactions, irregular meaning. Let’s call it, we’re gonna use the word standard deviation, so like if I’m doing regular deposits at a similar amount. And then obviously, there’s a huge deposit. Maybe there’s a fence and Report this generated, and maybe Summit Pence, and close the bag as a conversation about it. And then maybe they ask you about it. That could happen. But, that’s, you know, FinCEN is the biggest problem. It’s not the tax situation. Someone’s got really bad background noise. Can everybody meet when they’re not talking? I’m gonna mute them all, so, just unmute again. There’s, there’s some hands up here, I don’t want to leave your debit card for the LLC, for personal expenses are recommended?
25:44
Yeah, I mean, it’s convenient, so do that with your LLC, and then if you’re filing 10, 40 is just report it.
25:51
It’s just part of your income. It’s kind of nice because you have it all itemized! You know?
25:55
So it’s no big deal to sort of banks not going to go and review the guide. Buying groceries, he’s buying. Stop. You do not going to happen now, but they have been looking at people just buying kryptos. But when so many people start doing it, it’s not going to be a question anymore.
26:10
Other than that, yeah, they don’t, they don’t look at it like that.
26:14
They don’t, OK, now they don’t, I didn’t notice it.
26:17
Even the IRS, OK. Yeah, the only people that are concerned with, your transactions at the bank completely is not the IRS.
26:25
It is only the Financial Crimes Network people and the, and by the way, they don’t have enforcement authority. They actually use the IRS for that. So yeah, I guess you could say in that sense, but it’s not about taxes. It’s about the presumption that you’re involved in money laundering.
26:40
So just do your regular thing and like if I’m going to start sending money off shore, if I have to use the banking system, I would just start doing some smaller transactions and do it over time if I can do that, if it’s, if I’m able to.
26:54
Because if you start making, you know, a trend, then you’re OK. I’m not saying structuring.
26:58
I’m just saying make a trend. And then you should be fine.
27:02
Like every month, I got like two wires, from Caitlin Brown, something like that. Consistently. Exactly. Exactly. Yeah. Just so that way, like, even if you’re sending it back and forth money the bitcoin of money to Bitcoin. And that way through there’s this Rayleigh thing. I’m not saying don’t go out of your way to do all this stuff. But just keep that in mind, FinCEN is about looking for irregular transactions. And I really don’t know what their algorithm. And I’m just guessing.
27:25
It’s just Yeah. And then wait, before I’ll let someone else. Can you please post the recording in India Telegram Group, And then And then the last question I have is a lot of us on the crypto J Telegram Group are going back and forth and trying to figure out the difference between the LLC and crypto Js. Trust. Can you touch on that, and I’ll just go ahead and mute. Thank you, OK. Sure, you can use them both for a flow through or a disregarded entity. As long as you don’t file Return form, you can treat them both in that same way.
28:03
I don’t.
28:04
I don’t see anything that you cannot do with the trust that you can do with an LLC, So I think you can do the same things with both. my personal bias.
28:14
Over the years, I’ve just seen trust be attacked by attorneys and courts, and whoever the IRS, I mean, the worst abuse of trust.
28:22
And I have to give them, I have to just say to the IRS, I mean, I don’t blame the IRS for doing that, doing it this way, but in the nineties, they were attacking people with trust, and they would never question the trust. What they would do is claim that the trust is a Person’s Alter Ego, and they would literally take all the property.
28:39
And I just saw that every week, And I just thought, well, what can I use if it’s not a trust?
28:44
And I look at the statutory entity, which is an LLC, and I’d read the case law on it for a year, and I discovered that the courts will uphold an LLC, even if the charter has been expired by the State revoked.
28:58
But a trust can be attacked, just because it’s just the nature of the beast, OK. A trust is very effective, it’s very useful. I would use those for real estate. But my bias is towards an LLC.
29:12
That’s all just from what I’ve seen over the years. Alright, I hope that helps, I’m gonna go over to see here, Carlos.
29:25
Go right ahead, Carlos. I see your hands up. I did the Ask to unmute.
29:38
OK, All right, What about Chris?
29:43
Did I do that right?
29:47
Hey, John, can you hear me? Yes.
29:50
OK, terrific. I’m in New York, and I guess there are a number of people in state, similar to New York, having issues getting on with the Taleban Brown.
29:57
And I actually have a consultation scheduled when she went a couple of weeks, I went ahead and set up the LLC in Wyoming.
30:06
I’ve got an E, I established already, and I was listening, I was on your ancient coins website and following what you do?
30:13
I’m trying to be proactive here and I’m wondering what you would recommend like step forward and do next. Before we have our consultation, I really want to get onto Caleb Brown. Were shut out in New York and the number of others, yes.
30:26
Yeah. So, if you’re in New York, well, I’ll give you a couple of options.
30:29
one is literally go to the next state over, maybe it’s going to be Pennsylvania, Ohio, those are the best two states and get a driver’s license yeah, I mean, that’s crazy, right? Or let me get you a deal from a state that’s not New York, not Californian either.
30:45
And I can go buy it.
30:46
Now, it’s a, it’s a license, but it’s not in the DMV, so you cannot use it to drive, you can use it for banking purposes, and they’ll, they’ll be fine with that.
30:55
That takes about 3 to 4 weeks.
30:58
So is there a process obviously, to follow to do that, or do you have any changes in DNA? Or send me some information on that, or Yeah, yeah. All I need is basically the same information you used to get your driver’s license. I need a passport photo. An actual passport photo.
31:13
Don’t, don’t send me a photocopy of your passport. You know, go get one and then.
31:17
So, I gotta go to my passport office and get a proper.
31:22
Yeah, Walgreens doesn’t post Office. Yeah, And then your bio, like whatever appears on your driver’s license, DOB full name, Exactly like it is now, and then tell me what state and then I will order it.
31:35
It takes 2 to 4 weeks It comes from it out of the country.
31:39
So it’s all international shipping and it’s about $300 including everything.
31:43
So this is not a college idea. I get for like a driver’s license. Yeah, yeah, it’s, it’s good. It’ll be good for Beckett, it’s a legitimate DL, but it’s not in the DMV, so, I guess, I guess if it’s not in the DMV, it’s not legitimate but it’s made with the same equipment. It checks out, you can scan it. It’s got all the holograms and everything in there.
32:04
So, now, when you say, Go state overdue, I do, I have to find somebody who lives over there, or find an address, or, you could do that way. Depends on your preference, I can do either way for you, if you want.
32:13
If you need to go to the state over, I need to get you some documents.
32:17
And then what I’m saying, can you go through the process once I give you all my information On the passport picture, can you have somebody who has an actual address and just plug my name in? Or how does that work? I can get an address, and we can put your name on it. Yeah.
32:31
Yeah, we’ll do that. Like, if you picked Pennsylvania or you don’t know anybody there, I’ll get you the address there.
32:36
I’ll get your residential address.
32:39
Wow, OK, and everything is legit.
32:41
It’s all Yeah. Just don’t use it for fraud.
32:44
We’re all good then and I know you, OK, so yeah.
32:47
You can give me Yeah, I’d love to get rolling now so I can get if there’s some way to contact you to know Now, but Yeah, e-mail me female Yeah, and I’m I’m so far behind but I’m trying to answer that whatever it comes in the same day like today and then also the oldest I’m trying to close the gap here just just share a single tend to one is on I guess a coin. Such a good.
33:10
Yeah, singleton, press at proton mail dot com OK, terrific. All right. I’m looking forward to speaking with gentlemen a couple of weeks. I’ve already shared thing.
33:18
Appreciate your patience to All right, now, we go back to call us.
33:22
Yes, hi, Jason. Hey. Hey. Yeah, good. Alright.
33:25
Sorry about that. Quick question. Great! Thank you for everything. I’ve already set up a back end, for me. Quick question and they send me a form.
33:34
It’s like to formula one regarding, to double check that who’s gonna be the authorized signature and the W two for the second generalized version of the W two, is that?
33:48
Right now the IRS don’t do that.
33:50
Is this A, is this an actual W two form or is it a W four?
33:54
No, know, it’s a W two call schedule. Within a few weeks I will work with you our Cassandra and e-mail so I can see what you’re talking about. Yeah, it’s Bank of America and again it’s like to performance one WSUS. Summarize?
34:11
Awesome.
34:12
I mean, they had me, but it was stopped myself. Never do that. She’ll have so many banks as America, Oh! my gosh, I hate them all, but, Oh.
34:20
It’s just getting worse, I mean, these guys are on the way out if that makes it easy.
34:24
Because any constellation, they’re about to be consolidated.
34:27
I don’t know if that’s a good thing. We’ll see.
34:29
They’re going to have their day, though.
34:32
That’s crazy, OK? Yeah.
34:35
Because the basement, when I give your documents to you, that’s it. Sometimes you guys, like, I put a note in the instruction. Sometimes you get a scam. They say you gotta do the certificate and all that normal, That. I guess the banks doing this thing.
34:47
Now whenever you do, when you have your account opened and you get a W two from the bank or some other tax thing, never fill it out. Just because you’re given a form. Don’t fill it out.
34:59
Just wait for them to follow up. You know, ask them what what they’re doing. Google it on the internet. Does it have an OMB number on it is on the top right corner.
35:08
It’ll say, like. 15, 45.
35:13
I’m not sure. I’m not sure. It says response within four weeks. Wow. All right. Well, that’s good to have a call like this and talk about that.
35:27
In case you guys hear that, you see something like that, just definitely.
35:30
It’s like it’s almost like a spam, you know, like spoofing.
35:36
All right, So, let’s go to, sorry, that was Carlos, and then Chris, and then I’m gonna, I’m gonna go to Sun here, What’s good?
35:44
Onsen: Hey, John.
35:46
Hey, I had a quick question. So, on the banks where you’re opening, now, they have a little place that you check, or they ask you a question, if this is for crypto investing, too.
35:57
So, do we just say no, or how do we, if you say no, and then you send money to Coinbase, they’re probably gonna close your account. Caleb and Brown. They know what they know what that is. The words out.
36:14
So then they would close it, maybe that you’re risking that.
36:19
Got it. So, so you would have to say, yes.
36:22
I would say, yes, just to avoid the drama.
36:24
But remember, when, well, when I organized a company or when you do it, I would say that’s organized for all purposes and something else. Yeah, so you can pretty much do anything. I didn’t know what you tell the bank.
36:35
It’s already able to do whatever it wants.
36:37
Banks is trying to collect information on it, Got a red flag that then they wouldn’t open the account for you. Let me say some about red flags.
36:45
I’ve never seen one exception.
36:48
When I was playing flag football guy in junior high school, I remember I’ve never seen a red flag with the IRS, OK. Yeah, OK.
36:57
We have this perception that we’re being watched all the time. Yeah, we are being watched. But just do the right thing, don’t lie on forms and about money and stuff.
37:06
But then again, don’t give up a lot of data and that’s it. You’ll be fine.
37:11
The choke points are when you file a return.
37:14
Or you get a 1099 or W two in your personal name with your SSN, those cause a problem.
37:24
Outside of that, we can control everything.
37:26
OK, and then also, the 10, 40, I guess, the IRS has put up, also a checkbox under.
37:34
You have to check if you have invested into crypto. Crypto, tell the truth. It’s so easy to say, Yeah, I bought it.
37:42
And technically, if you put money into a company that you don’t own, and then that company bought kryptos, that’s not your money.
37:50
So, I mean, if you want to play that, you could do that too. It’s not a problem because you could say yes, if you send it to Caleb. you could say no, because you can send it around, and they bought it.
38:00
If you have an LLC account in which the owner’s a PMA, that that’s, that’s another reason why I did it.
38:07
Because the people in Canada, I did it for them, because that way, whatever their system is, and in the UK, they can just clearly say, no, I don’t know any of those kryptos, What, do you call them Again.
38:17
Yeah, But just just tell the truth, I remember on the 1040, it’s not a financial question, but just the same.
38:24
If they want to accuse you of lying, correct, you know, it could be a problem.
38:30
I haven’t seen that yet, but uh, they just want money, you know, they’re not really trying to put people in jail unless you’re famous.
38:36
OK, I guess I missed the first part of the thing, because this account, the second account I’m trying to open, they came back to be asking for the, they put me as 100% on. Or I said, I’ve already told you guys many times.
38:51
And please edit this because they put me as a signer, which was fine, and then they keep asking, wow, me, they always say that. Yes, they have to abide by the articles.
39:02
Just go back and forth and have them keep switching back, and wait, I would wait. I wouldn’t do anything yet.
39:09
Just go use the account.
39:12
This new one that I’m trying to open, just think, is something wrong with the other one?
39:17
Or they can issue. Yeah, let them do it. Don’t go back and forth with trying to fix it right away. Just use the account for awhile.
39:24
Let seasoned a little bit because the, uh, certified copy, the articles that are on file with the state, are binding on everybody.
39:32
That means, if I say that I’m not an owner on the articles and the bank has me in their data and its database as an owner, mm, hm, their database doesn’t matter.
39:44
Only the articles matter for liability purposes.
39:49
If they don’t abide by the articles, then the bank is liable.
39:52
So, if they do something wrong, they’re on the hook for it.
39:57
Record or business, that doesn’t affect you.
40:00
Yeah.
40:01
It doesn’t affect you, I mean, yeah, you’re not gonna have a problem with it, so, but I would just say get your account open, and then let it get seasoned no, few months.
40:11
That will pass that probationary period.
40:14
Great, Thanks.
40:14
Yeah, All right, I don’t want to miss anybody here. Let’s see, how about done?
40:20
Hey, Don, What’s going on?
40:22
Hey, How are you doing John? Great. Yeah. Yeah. Likewise hey, let me tell you something by the way. I know I speak for a lot of people. We love you, man. I appreciate that. Thank you. You’re so generous. I was just wondering, because I sort of, you know, I sort of left things where we Have? We got, it’s probably been a year. And I was wondering, do you have anything that’s sort of like a, just a diagram that kind of, shows the right path.
40:50
Like you buy from here, you put it here, it goes from here, and basically just something that kind of shows how you sort of have access, but, but avoid liability.
41:01
Yeah, that’s a good idea. I’m going to do videos, unexampled transactions, I’ll be really short, like, here’s how you buy a car. Here’s how you buy a house.
41:07
There’s a couple ways to do each, OK. That’s combat particularly with the cryptocurrency, I mean, I’m sure it’s simple, but that I’ve been kind of dip down running my business for awhile here. Things have been going well, by the way. Thank you.
41:20
But I kind of I lost touch with everything.
41:22
I’ve been just doing some dollar cost average buying and just a couple of the video, you know regular Bitcoin and the and the other one the I can’t remember the other one is ….
41:35
Anyway, I have decided body of the exotic starting, I haven’t gotten any other, but I would definitely like to start doing something consistently, and I’d like to be able to cash out without, you know, creating my belief for myself.
41:51
So, and, or, and, or have access to the funds without creating liability. So, if there was anything that just kind of showed, this is the, this is the path of the of the money, OK.
42:01
And if you’ve got something like that, that would be fantastic. That’s a good idea of charts, are a good idea, I didn’t really think about that. But I’ll do charts, because a lot of people learn quickly, but the picture and then, in fact, what I will probably end up doing is get a car dealer on a call with me and we’ll do a conversation. What would you do if I came in your dealership?
42:17
And, you know, we can have that conversation, but yeah, charts are a good idea, but basically anytime you have a personal benefit from, you know, third party money, it’s really considered income.
42:29
OK, so whether someone sees it, you should probably just assume everyone sees it, don’t try to hide it.
42:36
So, so, how do you avoid it? How do you And basically, how do you Obviously, the goal is to, Is to minimize, you know, in fact, completely avoid, if possible, any tax, liability, because it’s not their money anyway.
42:53
Yeah, Yeah, so, so that’s Just you want to take profits. As I was talking about? I’m saying, I’m saying, I want to be able to take profits. I want to be able to cash out. I want to be able to just I want to be able to move it around and move it around in a way where I’m not you know, getting myself connected to it in a way that creates a liability for this is what I’ve been doing for many many years. And, let’s say, I want to move money from a company, I’ve got going, something’s going on here, and I want to go over here for something, And let’s say it’s $25,000.
43:22
Just simply write a check from this company to that company, and then keep on going, there’s no tax issue there.
43:28
I don’t have to create a contract between the companies, right? Just, I’m just moving at one asset to another, you know? I don’t have a gain on that deal.
43:35
So, no paperwork, no 10 ninety nine’s, OK, yeah, that’s not simple. If I want to buy something like a car, something, you know.
43:45
It’s going to be priced in the dollar. There’s no way around it.
43:48
So I want to make sure it’s not title of my name when my cottage buys it, or if it’s in my name, maybe because it’s easier with the insurance company, and registration, then I’ll just put a lien on the car.
43:58
And the way I do it is, my company, who, who’s paying for the car, is going to be the lender instead of the buyer.
44:06
Got it.
44:08
That’s another example house. Almost the same thing.
44:11
Investment, just like I just described, if I’m paying cash for an apartment complex.
44:15
Let’s say it’s $5 million, I can just put the money over there I go into escrow.
44:19
I can go from Bitcoin through Escrow and as of about six months ago, we had it, we have a service now. It’s my partner who does this. I don’t have an interest in the company, but I do get part of the Commission.
44:29
So, just so you know, if you have coins and you want to put it in something, real estate, through escrow, you open up an escrow agent, account, wherever you are comfortable with whatever escrow agent you want to work with, that agent will likely not be able to source dollars for the coins, but we can do that for the agent.
44:45
Give us the coins, We give your agent the dollars, there’s no tax issue, you’re closing the deal and then do the thing at the end, and you’re fine.
44:53
So there’s some variance for some.
44:54
Yeah, Wow, Wow, that’s going to be exciting. When we will be doing a lot of good things. I can’t wait. So everything. Everything folds up with these banks. My God, I’ve been waiting for my whole life. Yes, please already consolidate, shut them down.
45:10
Yes, sir.
45:11
Well, anyway, thanks again, John. John.
45:14
All right.
45:16
Saying Chris, I think you were, there, I miss anybody. There’s some written ones here, let me see. Tesla is now accepting Bitcoin, Yay. We’re purchasing a test, be a non taxable event.
45:26
It’s the same thing I just described because a vehicle is going to be considered denominated in the dollar.
45:33
So even if you bought it with Bitcoin, it’ll be seen by the IRS as you receiving dollars, whoever paid for that.
45:41
So again, title it and another name, or make it as alone, put a loan on there.
45:48
That helps.
45:49
And then, OK, somebody had a quick question, Oh, I think I got Carlos.
45:53
Let me tell me caused by mischief.
45:56
and then closing on a property, wondering if I can switch from, yeah, what you can do is if you, if you get a closing date on some real estate and you want to close the sale of the property and accompany, you would simply record a quitclaim deed in the county.
46:09
Since video.
46:11
Yeah, OK, stumble upon a video and then I realized, I was, I was closing, are really soon, So I just try and get hold of you, but I know you’re very busy. So I did it anyways. Quitclaim deed has told me about, I didn’t, I, remember, you were saying, like, Oh, I used to address an LLC, but I have this Blockchain trust, LLC, so you’re saying I could hold it, you could do that.
46:35
Yeah, You could.
46:35
You could put real estate in the same LLC that owns your kryptos because you’re not combining unlike risks. And it’s just like, it’s just like your house.
46:45
You know, you own your house, let’s say, and you have a bank account.
46:48
That’s no big deal there, Right.
46:50
Your LLC has a crypto account.
46:54
Yeah, ultimately you want probably want to separate that out, but it’s not a big deal.
46:58
Also, really like the operating agreements segment, that it holds will sit at tables anyways, it doesn’t matter. I mean, it’s for all lawful purposes. Your operating agreement can be in, like gibberish, doesn’t really matter the article. Say, you could do whatever you want, you know. Exactly, you know anything legal.
47:14
So yeah, it’s very simple.
47:15
You go back to how you got the title, was a quitclaim deed was executed naming you as the grantee.
47:23
So now you would be the grand tour naming your LLC as the grantee before the closing date.
47:28
Just make sure that you can assign that sales contract, so just go to the buyer and make sure he or she is good with that.
47:35
They should they should be. It shouldn’t be a problem, even like, what are your title person just told to tell the broker to just random amendment and just change your name, everything will be good wants to switch to LLC?
47:52
Yeah. But, OK, those guys don’t like to do that.
47:55
You would think that they would just do that. It don’t trust them to do that.
47:58
That’s why I say, prepare quitclaim deed and maybe they’ll do that for you. It just depends on what kind of service they like to provide. A lot of times, they try to discourage you from doing that, just because, I don’t know.
48:07
They just want to do it their way.
48:10
Or they’ll tell you, that’s stupid. You know, whatever.
48:13
You do a quick claim to eat The same way it was done, when you got the title to the new LLC.
48:19
Make sure the, the, the buyer is OK with that.
48:22
Even if the contract is not assignable, you can, You can assign it as long as the no buyer says, yeah, fine, it doesn’t affect him at all.
48:30
And record that quitclaim deed, because once you do that, everybody has to conform to the fact that the new deed holder is the LLC.
48:40
Yeah, because they were submitted to the county clerk. British. Yep. So I guess I’ll have to talk to seller in the recruit. Oh, you didn’t tell him first? Oh, by the way, my house away, or do you still want to buy it, yeah. Just just tell it to, it’s just a medic will just timing, and what does that?
49:04
Lauren said, Danny devito, where he said It was a procedural something, was it was It was a procedural matter, you was filing bankruptcy, right?
49:15
Danny Devito, he’s filing bankruptcy.
49:17
Millimeter, hmm. Because it’s a, It’s a technical procedure. Just call it the buyer to as a technical procedure. I don’t have the house anymore. Hey, is it OK if we sign the contract to the new owner, now, you’ll be fine.
49:29
But it’s always good to get them involved. You have the right to do that thinking. This way, you still have the beneficial interest. So, technically, you didn’t give the house away, OK?
49:43
Uh, yeah. OK.
49:45
Now, the other side of this, there’s one little aspect in California, and in Florida, and maybe some other states, There may be 8% tax, they call it a documentary stamp tax, if you want to get exempted from, that asked the County Recorder. Or you can find it on the internet.
49:57
Now, for the form That, it asks you what type of exemption, and so, the type of exemption you’re gonna get is, because you’re transferring the title from your, from your own name, to the name of a company in which you have beneficial interests.
50:10
And I don’t care who the members are, so don’t worry about that. And then there’s a checkbox form. And then like in California, there’s little code you put enough. There’s like 191, 25 or something like that. And it just says that conveyances for estate planning purposes, so it’s exempt from the stamp tax.
50:27
California and Florida have that.
50:29
So it sounds like you didn’t run to that person in Mexico.
50:32
Yeah, it sounds like he didn’t run into that Because he would have been talked about by NASA. OK. I just want to say, for anyone else who’s on the call, them. All right, let’s see, I’m a nice environment, OK? closing all right, and then create a traffic.
50:45
You could, you could make a trust, the same name as an LLC, and so the series of letters that is the name is designated by the word trust or the LLC abbreviation.
51:00
OK, so that makes the distinction that it’s very important, even a capital letter. If all the letters are the same and there’s a capital letter in one phrase and a lowercase letter and another, there are two different entities.
51:12
So, yeah, you could do that. I probably would not do that.
51:16
Because you can see already, what kind of, what do you call it?
51:20
People, we have to deal with it, The bank, so I wouldn’t give them any anything more difficult to deal with.
51:27
All right.
51:28
Yeah. Thanks, Don. I am gonna, I’m gonna keep that idea that the chart is gonna be great.
51:33
Keep it in your makeup.
51:36
What is the question here about keep it in your LLC name, or buy Gold?
51:41
I don’t know.
51:45
He wanted to know where to put the, how to transfer the money into his name, to buy something. And I’m just saying just keep it in your seasoning.
51:55
Or you can have the LLC buy. Gold then. Right.
51:58
Yeah. Do that by gold that default make the Vault account holder your LLC, or if you’re going to take possession like, if I bought from provident metals. I have a 1099. I think, I sold them from Silver the other day.
52:09
And they sent me 1099 from last year, I’m sorry.
52:11
I guess it was last year, and it had my company on there, so that’s what you want to do.
52:16
You want to use your LLC to do that, to buy gold, or sell.
52:21
Then, let me just go back on that, on that daily expense.
52:23
Or, hey on, your living expenses that you just can’t get away from, because reasonably, everyone has a certain amount of living expenses. I mean, you don’t need $5 million a year to live.
52:35
But maybe 100,000 is good, or 50 for some people.
52:39
So, if you have like $12,000 a year, it’s probably not realistic.
52:44
So, you can’t justify that.
52:46
So what you want to do is, if you really want to get rid of that as a taxable income reporting thing, you could fund a whole life policy and then borrow the money out.
52:56
And use after tax money. The way you do it, is you just pay the interest in advance, and be done with it. So now you have after tax money and you’re making interest on it. You have your living expenses, and it’s after tax money, and yeah, you have zero taxable income at that point. If you want to do that, it’s not necessary.
53:13
I’d say, I just think that the purpose of a whole life policy in that example is really to manage a better type of risk, not just living expenses, That’s not really a, a good risk.
53:24
It’s just something we all have.
53:26
What I suggest is, use a whole life policy to borrow out the operating cost of one of your assets and increase the margins so you’re making more money on it.
53:35
That.
53:35
That, I think, makes better sense, because now my books look really good, right, in a couple of years, and if I go to sell the asset, I probably get top dollar for it. So use the tool for what it’s intended. Insurance is risk management. It’s not a way to make money, like in the stock market, or something like that.
53:53
OK, yeah, and I’m gonna get I’m gonna put this recording on the telegram group.
54:01
It will be in the Paid Members area, eventually though.
54:04
I may. I may add some parts to it in some documents, and things like that.
54:08
All right, and let’s see. Yeah.
54:12
Say that, OK, So, some kryptos dollars, yep, OK.
54:21
So, if you sell an asset or Coin’s using your LLC account.
54:28
Yeah, you can take the money that you, that your LLC got from selling coins and you can buy something with it.
54:36
Yeah, and you could use that same LLC to take the title of the real estate, That would avoid a tax liability, that’s the simple version.
54:45
Just do it in the name of the LLC and nothing wrong with that.
54:50
All right. I wanna make sure I didn’t miss anybody.
54:55
Does scrolling here, anybody want to ask something?
55:01
Did I miss anybody?
55:04
Hey, John, I’m not sure if you answered the one about the trust if you’re opening a bank account under the trust.
55:11
Is that OK?
55:12
LLC? Bank account.
55:15
Yeah, exactly.
55:16
You’re gonna give them the same thing and the trust can be an unregistered trust I guess they call it.
55:23
Yeah, it’s an un incorporated trust unregistered. It can be an unregistered or registered LLC is always registered. But yeah, they’ll ask you for the same information, EIN. They’ll ask for some components of the trust, maybe like a Declaration of trust. So you want to have that ready.
55:38
I don’t believe you have to disclose the beneficiaries. It just depends.
55:42
Know, the bank could just say Whatever it wants. So try to give them the least amount of information.
55:47
OK.
55:47
So, yeah, if the trustees the signer, so if you want just the trustee to be on there, if they keep asking for all the information of the trust, like the beneficiaries and the successors, is there a way to just say You don’t need that information? Is that same as the banking memorandum?
56:05
Yeah, you could, they they fulfill their duty when they get the trustees’ information OK. They will always ask, because you know, they’re collecting it for third parties.
56:15
OK, so you could give them the Banking Memorandum Act, and just kinda try to press that, Yes.
56:23
Yeah, I don’t like it.
56:24
I mean, if you don’t feel comfortable, whatever, go to another bank. There’s plenty of banks. I mean, usually when I talk to somebody, they only know bike to, bank brands, you’d be surprised, we don’t just pay attention to that stuff.
56:33
So if you go on the internet and search for a bank, in a particular area, you’ll find like, 8 or 12.
56:40
Did you forgot about, like PNC bank, you know, or TD Ameritrade, or something like that? TD Bank?
56:46
So just shop around.
56:48
Sometimes you kinda have to do with the bank wants.
56:50
But, um, lots of times, you could just callback, go to a different branch.
56:59
Hey, John, with a credit card in the IRS, the same thing holds true with the prepaid cards. If I fund a prepaid card for my LLC, that’s also going to be exempt from any of the areas that are going to see it. And technically, it’s your income, but it will pretty much be invisible.
57:16
Yeah, right, OK, yep. Worst-case scenario in that.
57:20
I mean, if you don’t report something, really, there’s no reason, I mean, gosh, if you’re making millions of dollars, and you’re really understanding what you’re doing, who cares if you pay tax on $100,000 a year?
57:31
If you’re paying tax on $500,000 a year, I’m probably gonna make fun of you, OK? Because you don’t need to do that.
57:38
Yeah, it shouldn’t be an issue.
57:42
Um, but they could just worst cases they could send you.
57:46
Notice for, And underreporting is what they call it.
57:50
It would be what’s called an examination changes notice, on form 4549.
57:56
It’ll, it’ll save for underreporting and there’ll be penalties on there.
58:01
I haven’t seen that though.
58:03
I know that. But again, they’re not gonna know unless you, unless you own yourself, like you said it to pass through. So, they’re pretty much not gonna know that much not, unless you, Unless you buy a car for cash. And then that raises a flag, yada, yada, yada. Yeah.
58:16
If it’s large amounts of money, then sure. Yeah, you buy a Lamborghini, you know, or something like that, it’s going to just be weird. Yeah.
58:22
But again, you’d have to be audited probably for them to see it.
58:27
All right.
58:29
If I’m buying a Lamborghini, which I would never do, I would just put the money into an LLC account only for that car.
58:36
If I’m going to buy a yacht and by the way, if you guys want to make a big ticket item purchase, let me know I’ve got people that I can connect you with, People that I can connect you with.
58:44
They’re not my people.
58:46
There are services and these services do things like for example, if I want to buy a yacht, what they’ll do is create the budget for the yacht. So I know what the operating costs are for the yacht and they will help select the crew if I want that. And they will also help select the jurisdiction in which the ship is going to be flagged.
59:04
And also set me up with insurance and all that stuff. They’ll do all that, hand me, the documents. It’ll be like a big, thick book, right? And I can, I can buy the yacht through that agent.
59:13
It’s kinda cool, that holds true for a high ticket item. High price RV also.
59:18
Probably, yeah, totally. I haven’t looked for that one, but yeah, they do. They do big ticket items around the world. So you want to buy some in the Seychelles Islands, or some? You know, you went about yod out there.
59:29
Yeah, they could, sure, they can do cool stuff, So yeah, let me nice. Yeah, some videos on that too.
59:35
So we’re gonna, we’re gonna do some cool stuff, But um, let’s go with them, did you have anything else?
59:42
OK, appreciate that, alright, OK David.
59:45
Calling you.
59:50
I think you’re able to say something. You’re unmuted, I think.
1:00:03
David, you’re right in there.
1:00:05
All right.
1:00:05
Maybe he stepped away KJ.
1:00:09
Go right ahead.
1:00:14
OK hey so this is my question.
1:00:19
Do I have to be concerned when I’m taking windfall from Caleb and Brown?
1:00:24
The size of a wire transfer?
1:00:27
Or am I find because it’s set up as a, you know, an LLC, it’s an entity.
1:00:34
It’s a business and as wire transfers so the mail doesn’t really matter.
1:00:38
Yeah, the titleholder doesn’t really matter in that case.
1:00:40
What matters is the unusual nus are the regularity of that transaction.
1:00:46
If you’ve never done a large wire before, maybe you only did like 50,000 at a time, and now it’s $5 million.
1:00:52
Maybe they’ll, they’ll want to hold on to it just just to use your money for awhile, and they’ll say that they have to investigators.
1:00:59
Yeah. They’ll probably do that.
1:01:00
I just really feel uncomfortable about any larger amounts wiring across the world, you know, between countries, if you can, try to use your coins to move them somewhere, that you don’t, you don’t have to wire it.
1:01:14
Like, use your Killen Brown Bitcoin wallet.
1:01:19
Go into your Bitcoin wallet at some other, you know, wallet exchange or something in the States or wherever you are.
1:01:25
I see. So, so, you, maybe you’d recommend moving it into a crack. And then doing it through that exchange rather than through Caleb and Brown, right. I really think you can avoid a wire transfer altogether.
1:01:37
OK, yeah, I think so, and then, and then maybe just starting with, you know, some conservative amounts to begin again. It’s like the EK to build some kind of patterning, right? I would do that. I really, you know, I wish I will never know what they are.
1:01:54
Criteria are, but I’ve done things before where I just kind of guessed. And, I don’t know, maybe I was, it was the right thing to do. Like, when we go on vacation, I’ll just take a blank check.
1:02:03
And I use it as a bookmark on the plane, or I’m reading a book, We get over there. The next day, we go open a bank account, or go to our bank account we had from the last visit. And we just write the checkout right at the counter, and include the funds, and the differences. I didn’t wire from the states, I had a foreign bank present. A check.
1:02:19
Back this way.
1:02:21
So it’s not in that same profile, and I’ve never had a problem.
1:02:25
So, I’m just, Yeah.
1:02:28
Yeah, just to unpack that. So say you go to Mexico, you bring a blank check as a bookmark, and then you’ll go to an account and open up an account.
1:02:37
And Mexico with whatever 20, OK? Or something like that. To start to plan your vacation or your business, or have the account open already, or open the account with $100.
1:02:48
And then come back the next day and put a bigger check. And I don’t know. You have to guess, but, yeah, that’s the idea.
1:02:54
Just how does not look like an unusual wire. But always avoid wire if you can.
1:03:01
Use. I mean, we got the technology, now, we got Kryptos.
1:03:05
I know, but the problem with that is that, like Jay says, we’re not going to Coinbase and crack in now.
1:03:12
Well, we want to sell coins and cash out. Like she said in 20 17, it couldn’t cash out, because it was just, they wouldn’t do it, right? That’s what I can, round, is so key that we’re making actually cashed out wire, and if we can’t cash out five million or a million dollar coin base and they’re not gonna catch us out. Oh, yeah. What do we do? We have to be able to go to a stable coin.
1:03:33
That would be number one. I would go to stable coin first.
1:03:37
Sure, But then if we all want cash to buy something with them, We’re going to have to cash it out at some point unless the receiver is going to take a stable coin or bitcoin. We can do it that route to that maybe a year or so down the road.
1:03:49
Yeah, yeah, but for right now, I mean you could use escrow, there’s one way.
1:03:52
So, um, OK, you could, you could put Bitcoin into escrow, like whether or not use my service or it works out with another escrow agent.
1:04:00
The money the cache gets wired or not wired, but Sold, OK, so your your coins being transferred to another wallet and then sold and then it’s not being, it’s not becoming a wire transfer.
1:04:13
Right.
1:04:14
So if for instance, I want to buy, know, a large Property that’s over a million dollars it’s, it’s best to do that through two S escrow and find an escrow that can deal with stable coins or Bitcoin or something like that.
1:04:31
Soon.
1:04:32
Yeah that they should start figuring out that there’s a market, these escrow agents, they haven’t figured it out. Yeah.
1:04:39
Let’s start the company that started yesterday.
1:04:41
You could mean, Yeah, I mean, you’re going to have competition maybe in two years, but in the meantime, there’s a lot to do. Yeah, there’s a lot of good services, yeah.
1:04:49
All right, thank you, sir. All right, I’m gonna go to David.
1:04:53
David, you there?
1:04:55
Can you hear me? Yes.
1:04:57
All right.
1:04:58
John, listen, you may have already answered this question before, but I got the LLC from you, and I opened up the bank account now to keep the, Now to keep the bank account opened a year later, right? They want the LLC to be in good standing.
1:05:13
So, you’re not filing our return, or we’re not filing, How do you? How do you keep the LLC in good standing? with the state?
1:05:24
There’s two things here. one is falling returns, that has nothing to do with the standing.
1:05:28
The other is registration with the state, meaning the Articles of Association.
1:05:33
Did that tell you, know, is there like a yearly renewal that you have to do with the state to keep in? Good standing, OK, I’ve never seen the bank do that. But the state will revoke your charter if you don’t file the annual report, if it’s required.
1:05:48
So you’ve got couple options here.
1:05:50
Once you have the accounts open, and I’ve never seen anything different than this, you can let the charter expire, and you’ll be fine for years. My core company has been expired for like 17 years.
1:06:00
I’ve run millions of dollars, no problem.
1:06:03
But if I want to open a new account, I literally have to go either pay thousands of dollars in fees or open a new company under the same name in a different state.
1:06:11
There’s that way to go.
1:06:13
OK, the bank, I don’t think the bank’s going to follow up and check to see if it’s still in good standing, I just don’t think they do that, OK.
1:06:21
You just call their bluff on it. All right. Did they tell you that?
1:06:25
Well, that’s what they told me. When I opened up the account about five months ago, now I have yet to try it, but I’m just trying to get on the, on the front end of this, so, yeah, that doesn’t have to happen.
1:06:38
If I could ask what bank home bank, they probably have: Is it a a credit union or something state that I know it’s a state charter, NA ena Yes?
1:06:51
Wow, OK, I’ve never heard that before. That’s the first time I ever heard that. So, it could be, I would take their word for it. So, I mean, it’s just, as well.
1:06:59
renew the charter, Um, if you don’t like to do that, you can just register in Pennsylvania, or New Mexico, and, I believe, Arizona in Ohio.
1:07:09
I think in Wyoming, I think, those don’t require annual reports, and an annual report, it’s just the same information in your articles, unless you change something that you just update them every year with.
1:07:20
And then when you, when you do that, you pay a fee for those states that require it.
1:07:25
So, Payan, I believe the fees like $50 over here, um, you can still pay the fee, the renewal fee without, without filing a return.
1:07:38
Right?
1:07:38
Yeah, the tax return is totally separate, You’re filing an annual report. Once you go on the Internet and Google LLC Annual Report and then pick a state, and you’ll see what I’m talking about. It’s the same information you already have and it’s just kind of a nuisance to have to remember to do that. So if you don’t like to do that, just get a state pick a state that doesn’t require annuals like New Mexico and Pennsylvania for sure.
1:08:00
Otherwise, you’re gonna let it expire, or you’re just gonna go and have it renewed. Or, you can even have a service do it for you, like if you pay for a registered agent service. Those are anywhere from $99 a year to $150 a year.
1:08:12
Some, some of the Agent services will renew your articles for you.
1:08:17
Nice, OK, yeah, they do it electronically. So if you don’t mind the 150 a year, it’s done.
1:08:22
Very good, alright, thank you. All right.
1:08:27
Alright, let me see if I can do that. Come down through the written questions.
1:08:33
Yeah, OK. Yeah, I’m gonna, I’m gonna publish this to tonight. It’s going to be I put on my YouTube channel but it’s unlisted. So you can’t watch it there. And I’m gonna put it here on the group and I’ll probably take it down and I’m going to put it in the members area.
1:08:45
I might add some things to it.
1:08:48
Yeah, all right.
1:08:49
What’s the benefit saying, OK, the SCN, I mean, I just, I did that back in the nineties because I just had a moral problem using an SSN.
1:08:59
And, back in the nineties, I chose to never, ever, again, participate in the social Security system and use that number, and I never have, I don’t use it, my children don’t even have one.
1:09:10
So, it’s convenient to have it on a credit file, and I had the same credit file for years. My wife now uses it, which is funny, and so I set up a new file for myself just a couple of years ago, which I hardly ever use, I’m lazy on it.
1:09:24
So, but the CN’s is nice to have, you know, if you wanna have a clean start on credit.
1:09:31
But, you can’t use it to in place of an SSN weren’t SSNs required like for an EIN, you can’t, you can’t mix them like that.
1:09:40
What the heck is an end? It’s a, a credit file number.
1:09:45
It’s a second credit number, second credit phone number.
1:09:47
Sometimes they call it a credit profile number, and as it turns out, your credit report is based is ID’d by your SSN. And that’s just by default because everybody does it that way. But there’s no legal duty to do that.
1:10:01
This is, you know, back in the nineties, I researched it to figure out what they were doing, and I reverse engineered the way they were creating those numbers. And when I did that, I was able to create my own new number and then I got my whole new credit file and then I was able to open bank accounts with no SSN.
1:10:18
And then, I don’t really sell that as a service, but sometimes it works for some people like this one lady.
1:10:23
She’s kinda being stalked or something, and someone stealing her ID and no matter what she does, she can’t stop it. No matter what service she pays for.
1:10:29
So I just told her just a whole new file, and then we did a couple of other things, too, so that severs it, that way, from the past to to now, and then that way that I think solved her problem.
1:10:40
So I do it When a slight change of the spelling of your name or something, and a new dress, no, but it’s a new address.
1:10:46
You have to pick a residential address you’ve never been connected to in any way, and then you apply for, well, you get the number, which is, takes a couple of steps to figure out how to do that correctly. You get the number, and then you apply for credit, and they get turned down, then you do it again, then get turned down, And then you, there’s a couple other things. You do, like, an eight step thing, and then it takes about two weeks to actually have something to work with. And then within a few months, you’ll start work, you know, building up your file.
1:11:13
You could probably even at trade lines, too, so people do that.
1:11:18
Yeah, anxious, yeah, I don’t like to advertize that, because I get the wrong people asking me for that stuff, because I know it’s so simple, but you know what people know, that they can do that.
1:11:30
They start to take all these devious plans.
1:11:32
So a PMA articles, an LLC, open up Yeah, OK. You can open a bank account with a PMA.
1:11:39
If you really like to have a hard time with the banks, right? So it’s just like a trust. If you go to the bank and you want to use a PMA, they will want a written trust agreement.
1:11:51
So enjoy that experience if you want. That’s why I use the LLC, OK? Because the LLC, like the PMA is permanent. I’m gonna use that for family planning, estate, planning, cool stuff down the road.
1:12:02
I can build a club but that I can do all kinds of stuff and the LLC, if it has trouble, get sued or whatever, I can dissolve it and move on.
1:12:09
I can set up a new LLC, they’re disposable.
1:12:13
All right, and then see OK, here we go.
1:12:17
Yeah. Big ticket items. Getting assistance with the purchase and closing.
1:12:24
Yeah.
1:12:26
Would the big ticket items you discussed as getting assistance with the purchase include real estate?
1:12:32
Mostly real estate?
1:12:35
Yeah.
1:12:35
I mean, the big ticket items are going to be likely real estate, unless you guys want to get into, like, a limited partnership, private placement, for $10 million, which we’re going to talk about. We have some people. talk about that.
1:12:46
Yeah, I mean, you could do real estate, you could do a business, you could do a large portfolio of something, for example. You could you could take a billion dollars, and put it in tax lien certificates without buying them at the auctions.
1:12:57
You can just go to a broker, and he’ll get the tax lien portfolio and negotiate the deal.
1:13:03
You could put a lot of money in tax lien certificates. It’s kind of a nice assets, a paper asset.
1:13:09
Yeah, and bank account, non-profit, it’s close by the IRS. What?
1:13:14
That was me.
1:13:15
So did it ever file.
1:13:17
It’s what I want to ask you if you’re a non-profit at the bank was closed by the IRS because it did not file a return.
1:13:24
The count is still open.
1:13:27
Oh, that’s interesting.
1:13:30
So the IRS closed, the charter and your bank account still open.
1:13:37
Well, nothing’s really changed.
1:13:40
Just because the IRS said it’s closed, doesn’t mean it affects your company.
1:13:47
Let me, um, but let me explain this.
1:13:50
OK, so if I register a company somewhere, then let’s say it’s with the State and the state revokes the Charter.
1:13:58
It does not, it does not invalidate my company.
1:14:02
Because the relationship for which the name was created, the LLC still may exist, right?
1:14:10
So, if I have, like, two partners, and we’re running a business, and then the state Revokes the charter, that doesn’t change my relationship. So, the name of the relationship is still valid.
1:14:19
And so if the IRS sends you a letter, which is kinda interesting, we’re not filing.
1:14:23
I guess they don’t want you, they don’t want to be, they don’t want you on the mailing list anymore, which is probably a good thing. I think a lot of people would prefer that.
1:14:29
And I don’t know that anything changes here if you’re not filing and the iris send you a letter saying, We closed your company, OK? That wasn’t falling anyways.
1:14:39
What difference does it make really, I would keep using it.
1:14:44
Yeah, if you never filed great, even better, how would they even know about it, though?
1:14:50
I would like to know that if you don’t mind.
1:14:55
pupping in here and answering them, how would the IRS even know about it if you never filed?
1:15:02
Because when you get an EIN, it’s not that they’re tracking that, the SSA is?
1:15:09
Interesting.
1:15:11
Companies would be formed using a public announcement. So you could do it in a legal notices, publication, like your business journal or something in your town. And you’ll see, you could probably haven’t tried this yet, but you could announce the existence of a company, like an LLC or a trust or whatever in the newspaper. And I think if you publish it, like 2 or 3 times, and then you save a copy of those, that’s enough to establish its existence.
1:15:35
You don’t actually have to register with the state now.
1:15:37
I think the banks will tell you to register with the state, but maybe they won’t maybe. Like for the trust thing, if you publish the existence of a trust and then bring in a copy that to the bank, the copy that newspaper. That may be also enough in lieu of a certified copy, the articles, that’s old school. That’s how it used to be done.
1:15:56
So, it’s an interesting question.
1:16:00
So, the 501, OK.
1:16:01
So you had a 501 status, I see ICRC, OK, Well, then.
1:16:05
Fine, I guess you don’t have the 5 and 1 status.
1:16:08
You know, it’s funny, I was talking to a group and they were, they were talking about 508, right?
1:16:13
And I didn’t even know that, because I don’t really follow that stuff, But I was told that the 508 doesn’t need to file, But if it does fall, I think it’s a 990, and it doesn’t pay any taxes.
1:16:23
And then, what’s the point then?
1:16:26
What’s really the benefit of telling the Irish?
1:16:28
You want to operate a certain way, so it can say, OK, you’re a 501 or 508, and have an exemption when you can just set up a company that’s pass through and operate the same way.
1:16:40
The only difference is, if you have an Exempt Organization that’s exempt according to the IRS, then you can bring in donations from people that do it for a tax benefit.
1:16:51
That’s the only, that’s the only thing that you’d really want to do it for. If you’re in that type of operation, and you really want to rely on donations, you really want to reward the people that are doing donating to your organization by allowing them to get tax breaks.
1:17:04
There’s a small market of people that don’t care, but for the most part, if you want that money, you’ll want to be able to be in good standing, So that’s what you’re doing.
1:17:13
I just look at it that way.
1:17:18
So we get on the different combinations of signing on an account.
1:17:23
I hope, and hope that helps answer.
1:17:28
Questions, we can go over.
1:17:34
OK, we can, let me just, I’ll just say one more thing, and then we’ll close the call.
1:17:39
I appreciate everyone’s participation.
1:17:41
one of the things I did not mention about sinar rights on a company that owns assets, property, bank accounts, Vault accounts, things like that. Is the, the access to it, so credentials.
1:17:52
So, let’s say, for some reason, you can’t really just, it’s not convenient for you to pass along credentials, so, one thing you could do is go to a third party custodian for the credentials.
1:18:04
And that might be a good idea anyways as a backup. Right? So maybe you’ll never have to deal with that third party custodian.
1:18:10
And everything runs smoothly for 100 years. And then the third party custodian, maybe your contract runs out and the things destroyed, right? So here’s how you work with a third party custodian.
1:18:19
You take it literally a black box, a ledger, a book of papers, envelopes, keys, whatever.
1:18:27
And you, you literally have a black box. Now, what you want to do is get a Vault.
1:18:32
Like, you know, it looks like a till.
1:18:35
and under a contract, you would go to a law firm to do this. I would probably not go to a Vault service. Maybe, maybe, but, but it’s just as well if you can find a law firm to do this. Now, I’m not saying an attorney.
1:18:46
I’m saying a law firm law firms can do this service, see if the law firm has is bonded or see if there’s an attorney assigned for the law firm that has a bond.
1:19:00
And the reason being is, attorneys are bonded, so they’re going to be financially responsible, if anything happens to that property, because it could be very valuable. Right.
1:19:08
So, there’s a protocol by which someone could come to that law firm that custodian and collect that item.
1:19:15
And then he or she would know how to access the item worthey Custodian would not know how to access the item. All its job is to do, is, hand over the box, store in a secure location, under contract for price. You’ll pay a price. Maybe it’s per year or whatever, if you can find a law firm to do that.
1:19:32
So, you have third party custodianship with a bonded because custodian under contract and that’s, that’s a third party, like, almost two factor authentication that’s just there. Like, let’s say it’s a backup, right?
1:19:44
So, you try to handle everything without using this law firm, third party custodian, and, but let’s say it doesn’t work out. Maybe your, your house blows up, gets into a fire, or whatever.
1:19:53
flood, you lost whatever it was, then you can go or your heirs can go to the third party custodian and make whatever presentation is needed.
1:20:03
Your ID or whatever. And you’ll be given this box, and then that contract is finished.
1:20:08
Then you’ll, you’ll be given access to the asset. That’s the only thing I didn’t really mention. So, there are some creative things you can do. My whole purpose is not to be creative.
1:20:16
My purpose is to make something practical and secure and avoid being exploited, avoid having to go through probate and, and all that stuff in the courts.
1:20:26
And also, keep things out of your name.
1:20:29
All right, let’s see, yeah, keep things out of your name, keep things out of reach, all right, here’s when are you going to be doing this? Yeah, I’m gonna, I’m gonna do this Thursday.
1:20:37
So, yeah, I appreciate ELLs participation.
1:20:40
I hope that gives you some good information. Please, I really appreciate your feedback, and thanks for your patience. If you send me e-mail, I try to answer what comes in today, and also the oldest, at the same time, I promise I’m going to catch up. So appreciate that, everyone.
1:20:54
All right.
1:20:56
You guys have a good night.
1:20:59
See you next week.