0:02 Hi, everyone, thanks for joining. This is John. Jay today is September 16th. We’re gonna discuss the second part of …, one, dimension … dot com, we have a new helpdesk feature. Give us a little time though, are still building it out, but it should be available to submit tickets. On my purp…

Hi, everyone, thanks for joining. This is John. Jay today is September 16th. We’re gonna discuss the second part of …, one, dimension … dot com, we have a new helpdesk feature. Give us a little time though, are still building it out, but it should be available to submit tickets. On my purpose there is to hopefully give you guys quicker access to information.
And then of course too has a means to reach me more effectively And then of course we have the video membership, a lot of you are in that, and I’m just I’m gonna put up a lot more content there and so it helps to know. I appreciate your comments on it.
I’m I hear that it’s helpful, so I want to continue doing that and today, this will be another part of that, and this is going to be let’s call it part two of the Private membership Association, So I just wanted to start on that. I’m going to show you guys an example.
And so, how we, How we build this out, It has a lot of uses, I mean, we are already as people and living in society.
We are already members of many associations, including your family, or including where you work, or who you work with, things like that, clubs, things like that.
So let me just give an example here.
I’m going to, I’m going to, of course, we’re going to do Q and A So, but, let me just share screen here. I’m gonna, I’m gonna, I wrote this up.
Literally, not because I’m some kind of genius. I just wrote this up, and you guys can do this, too. I just put topics here.
It took me about a half hour to think it through, and I want it. This is why I want to explain this.
So, these topics are common topics that people may deal with when they are working together, and the larger the group, the more of these topics they would be, you know, would be included.
So a lot of these things, like, maybe you wouldn’t need a lot of a couple of these things for just an immediate family situation.
I’m sure you guys have had family meetings right, where there’s a dispute going on or you may maybe need to correct something that’s going on in your family. And so you do that.
So what I want to say is that, um, the most important part of a private association is too recognize what that association already is. So if I’m talking about a family, well, there’s a role for the parents. There’s a role for the children.
Whether or not you have an adult children, maybe they moved out already. There’s still an association there.
OK, and so when the when the children leave, for example, that changes the association a little bit Same thing with your neighbors, I mean, we’re all familiar, I think, with homeowners associations, that association is this, you live next to your neighbors, right, and so, throughout, normal human interaction, we have different things that take place.
Then the larger the neighborhood, sometimes we have different neighborhoods that are clustered together, right?
So we have a larger type of association and sometimes you actually have to written covenants for two subsets: Let’s say a subset in a larger set of homes, So you know you guys can see what a homeowner’s association looks like um, That’s a great example, by the way know don’t don’t Confuse that with the actual corporate structure that is normally used with an H O a your H away Literally is the association of people that live or rent in the homes in your neighborhood?
It is not the corporation that everyone pays dues toward, OK? Nor is it the servicing company that a lot of these corporations outsource the billing and so forth. All right, to yet third parties. So, what’s interesting is the homeowners association includes all the homeowners, right?
But it ironically does not include the corporation that everyone knows that the board of directors, right? These are the. Sometimes they’re psychopath.
I’m not saying you are here on a board, but, you know, a lot of us have had their experiences with that, But I’m just saying it’s interesting that the …, It uses a service of, let’s say, a board of directors, right? So, in the community, maybe you elect five people, maybe it’s three people and then they form a corporation that’s different than the H O a, itself.
But nonetheless, they work together. So, just recognize what that is.
No nature. We are part of an association, just because of, you know, how we interact with each other people, that you work with, things like that. So the manner in which we do, that is, how we can describe it. And once we, once we describe it, once we put in words, we can then put terms on it.
So we’re looking at this here, and, of course, associations have names. If they don’t, you can give them names.
I do it all the time.
Know, I don’t care if your, your name is the Smith. But maybe I’m going to call your Family Association, know, something else. The Elm Street Society, or maybe I’m gonna call it the Smiths Society, if you don’t like that. You can change it, right? But you can call an association, give it a name, whatever you want.
You want to designate it as a private association.
If it is, and you’ll see me use that term frequently, which is a private membership association that can it can be an Unincorporated Association.
You can call it that if you want an unregistered Association, not a legal entity.
If someone acts in its behalf, like if you have a Board of Directors or Board of trustees, the association can operate like a trust, OK.
Because there’s always a beneficiary with theirs, when there’s an association, especially when it’s more formal, like, for example, in a family, the children are the beneficiaries I would think.
Alright, so then we have, you know, when did it start?
This is really these are fundamental things. When did the when did the association begin the inception commencement date?
I mean, if I start a business, I don’t need to register it with anybody, I can announce it. I can publish the business.
I can, I can publish a version of these terms here, just enough to let everyone know that I’m operating under this business name, and that these are the owners or not, or whatever the relation is, right?
The situs or the address the site is the location, we use that term when we’re talking about real estate. I’m sure you’ve seen that before, and of course, we want to talk about the purpose. We can start really simply.
I mean, it’s just common language. It’s, it’s not.
no rocket science.
And, of course, there’s a board of directors or trustees.
So, let’s say I’ll give an example of the family. So, the mom and dad, right, would be the Board of trustees, if you want to do it. That way.
Sometimes, as people get older, the parents may not want that role, or they may not be competent to fulfill that role or willing.
So, if you have adult children, they can fulfill that role, or maybe the parents can bring in their oldest right, and help administer the Family Affairs.
A lot of times, if someone calls me who’s, like, let’s say, the age of 70.
Not to say that a 70 year old isn’t competent, but sometimes it’s a 70 year old. Doesn’t want to deal with certain menial tasks, right?
Or, I can tell by talking to the person if it would help to bring one of their children in on another call. And then I have the meeting that way. So that way, when I explain some legal concepts that children can hear, and they’re adults, or I’m at 30 years old like that, they can hear what I’m telling their parent.
And if they don’t like what I’m saying to the parent, they can say, Hey, that’s stupid or whatever, right? That way I get a little censorship and I bring that in.
So that way, uh, there, I’m part of that association. I didn’t want to just impart some advice to someone who’s really the families maybe rely on relying upon that person. I’m gonna bring in the family sometimes. So, there’s that. I didn’t mean to get off track there.
But, anyways, so, when you have a group within a body, like, if there’s, let’s say, 12 people in the group, or 120 people, or whatever, You might need three people to organize affairs, organize meetings, make decisions, be elected, right, to have some sort of duty and authority or power.
So, we can specify, for the board that represents the group, the, the entire association, they have certain duties, right. We want to limit that.
And then, how are they qualified to do that?
Well, they could be qualified by age. They could be qualified by their skills, their professional experience, educational background, their location.
Um, they could be disqualified.
For example, if one of the board members is convicted of a crime, maybe that would disqualify him, but let’s say he’s indicted for a crime but not convicted.
That wouldn’t disqualify.
Let’s say, for example, Or let’s say he’s in a position where for one year, he’s supposed to fill a financial role in the organization and he has a personal bankruptcy that he files, or he’s insolvent or something, or maybe there’s some sort of test to make sure that there’s not going to be a conflict or something, right?
So there’s that could be part of the qualifications, disqualifications.
We also wanted to identification, so for example, if we’re going to have someone who’s involved with a group and making decisions, we want to protect them, right? We don’t want him to go out there and do the thing or her to go and do the thing with personal liability.
So we want to protect that person. He’s going to help us out.
She’s gonna help us out, know, she’s going to carry the load is going to carry loads so we want to give them a protection and then who are the members.
Of course, if you have an organization, there’s a group that kind of leads or represents your organization and then there’s the members that make up the organization, right. Maybe there’s 500 people.
Maybe the people are the members of the group. They could be other organizations as well. We don’t see that very much. But for, let’s just talk about people.
It could be 500 people that you’re just describing. Maybe they’re, they’re not listed by name. That’s OK, too.
For smaller groups, you probably wouldn’t know them by name.
And of course, you could, you know, set up to use these assessments, penalties, you know, all these things, I mean, you can look in your …, look in your …
articles and look in the Covenant. The covenant is recorded in the county where the your neighborhood is, right?
Then, another thing is, we can talk about how are we going to do things.
What kinds of rules are we gonna follow, for example, for meetings.
So it’s not that you have to be so formal, like, for example, Robert’s Rules of Order, but that’s a great example, for a set of rules that are very commonly practiced amongst professionals, so you can take a version of that, like, a real simple version of that is, don’t speak over, someone else. So, like, well, and my family, if we do something, like we pick something up, like maybe it’s a candle or or the spatula. And whoever’s holding it gets to speak, and everyone has to listen. And they have to listen interactively right, until that person passes the spatula on, so it’s a, it’s a pretty simple rule.
But you should check it out. I mean you can look at you can get a free copy of Robert’s Rules of Order, if you don’t know already. And of course, you should probably have a code of conduct. In some cases, sometimes there’s some formality that’s needed.
There’s voting. I mean maybe if it’s a larger organization, you can vote people in and out.
That way they don’t become a dictator or something or whatever. That’s probably healthy. Bylaws, this this is the very foundation The core of how it’s working.
Um, maybe this set of topics here is the bylaw.
I mean, you can call it that probably, There’s probably another example I’m going to show you in just a moment here.
We want to always provide a means whereby the articles can be amended if you’re writing articles for an organization association.
You want to trust that the members of that organization may have a need to amend them.
So, don’t think that you’re some kind of genius that your rules are final, and it’ll never change, right? Because, I mean, even if you look at the note at the notes that Ben Franklin left us with the Fifth Amendment, that’s what he said. He said, You know, we might be smart, but there’s people that are gonna come after us, and they’re probably smarter than we are. and we have to give him a chance to amend this stuff. So that’s what the Fifth Amendment is all about. Well, partially, then we have the description of property rights, That’s really important.
We can we can describe property and addendums or schedules. You might see this in the operating agreements that I that I include with the LLC is that we do. And then this is another important thing. I mean this has to do with secrecy and privacy proprietary records.
So let’s say you’re PMA and I really am against using a PMA to do business with third parties or second parties or the rest of the world.
I really like using companies, LLC’s, registered and two legal entities.
But proprietary records should be labeled proprietary literally, with like a stamp or some sort of special notation, because if they are labeled that way then they are not subject to most discovery requests. Not that.
Your PMA would. I just want to mention that again.
I know I had a video on this, most talked about six months ago, But anyways, it’s a feature of what we’re doing here. And of course, let’s talk about money, right, The budget.
How do we resolve disputes? OK, there’s rules of procedure, sometimes we have to bring in a mediator.
I mean, really, associations, if you remember my last from last week, the explanation, associations are governing bodies, OK. And even our court system would yield to an association that establishes certain rule making.
That’s not ad hoc. It has to be something, you know, that’s normal, normal course of business. So you can adopt rules of procedure and a great example of that, as much as, you know, we might not like the court system.
We actually have a pretty good set of rules in the, in the court system. And we can even see an example of that. They don’t even have to be that formal, but you can look up on the Internet, you can go look up the federal rules of civil procedure. It’s a very common framework by which all the states. In fact, it comes from England, so it’s been around for a long time. The way things are administered, they don’t. Yeah, they really should be not. As for my, in fact, I think the rules in court actually are used to kind of really exploit people.
So, you’ll see that, but it’s a great example, really, and then, of course, you got, you can take the rules of arbitration, for example, the American Arbitration Association, or the National Arbitration Forum. You can find those on the internet for free, You can actually review those rules and adopt a portion of those for whatever you’re getting involved in.
There’s rules for mediation, arbitration, They go by different names, but there are about the same thing. There, Civil Procedure, Judicial, Administrative, Procedure, Administrative, is what most everything operates on today.
Um, here’s an example that were: male. Male, boss, be familiar with his real estate closings. How does that work?
Right, you, you open escrow.
You put some money in there, you do your due diligence, you go get your lending and financing and all this stuff and you try to have a closing date, right? That’s an administrative procedure.
Same with buying a business. You get your due diligence, there’s a process there by all by itself, OK?
There’s always either an exit strategy terms of dissolution.
I mean, I’ve seen a lot of disputes that were expensive to resolve, because there wasn’t already a preplanned exit strategy or terms by which things are dissolved.
So, you see here, it’s one page. I mean, this could be 50 pages if you if you write it up.
And a lot of these terms are just well established. You can go find these and other examples. Now, it literally took me about 30 minutes to compile this. I just start with a blank file.
Like I said, you start with describing the way you’re doing things right now. So, let’s flip over here. Now. I’m going to show you how how quick we can do this.
So here is, Um?
I just did a keyword search on example, Articles of Association, right?
And I came up with this. I’m going to pick this one because it says PDF, there. So it’s probably a completed document.
And so, here you go. It’s three pages and see how this works?
Again, it’s kind of what I have name of the organization, what’s the purpose who’s doing what, how long is it supposed to be, right, what’s the membership?
Who’s the leadership?
How are we going to handle the money? keep track of everything?
What happens in the end, OK.
Look at that.
It’s that simple.
And I know I I always say that frequently I’m sorry, but, um, this is really what we’re doing. We’re just, you know, a PMA, it’s an association, here’s what it allows me to do.
It allows me to set up a structure so that the property rights that you care about can be held in a way that doesn’t connect your personal liability to the property rights. It divest you with exclusive, right, as far as the public records are concerned, even though you still retain beneficial interest and control and things like that. So the PMA is a lot like your offshore companies. You guys talk about frequently, I’m gonna go off shore and set up a company in the ABC and say, Shell. And I’m going to be free, and all this stuff. You don’t need to do that, because even today, I mean, if you do that, you create all these other disclosure obligations with the IRS that are kinda really abusive.
So, anyways, um, I’m gonna just let you guys do questions here, because I know you probably have some from us, and I hope you’re able to.
two, see the last one.
But let me, let me just, I’m gonna look at the chat window here and see if for, all right. Cool. All right.
So did I say that too fast, are we good?
You guys have any situation you want to ask about?
How about your state plan.
I don’t like to use that term because I don’t want to sound like an attorney.
But, I mean, we all have a state, right, and a state is what, we personally have the right to, OK? So if I take something out of my state, I do not have the right to it, as far as everyone is concerned, even though it’s within my family, right? So I move it out of my estate, that way.
If I died or lost my mind or got abducted by aliens, someone could not go to a court and probate my estate, get a judge involved in attorneys and things like that, because there’s nothing there.
And then, that gives me the ability to just decide what the property rights are, my property, when I’m no longer able to, or available to use them to Jesus rights.
All right, so, K, H two.
Are you? Hey.
Couple of questions, so everything that you just laid out there is pretty right on target, and the issue and more, I think it is.
Can banks to understand that? And the bankers don’t. As, you know, I’ve opened up a bunch of accounts with my LLC with trust.
I’m trying to get sounds funny, but I’m trying to get a handful open so that I can spread my.
Yeah, stuff around.
Had another bank just this week’s. Let me know that no. We’d have to. We’d have to know every member of the PMA and blah, blah, blah, and say, all right? And and, and I have to trust accounts already open with them.
And I know it’s like, So I given them, You know, the stuff that you’ve given me. And it’s hard sometimes getting those guys to it is.
Oh, yeah, I mean, sometimes you could just tell them you’re the 100%, whatever.
And open the account, it doesn’t matter because the articles control everything, all right?
I don’t like to do that, but, yeah, they’re not supposed to mean the PM is not even an account holder. So, and the compliance memo, even from the Bank Secrecy Act, so, they don’t care?
Yeah. And then somebody, you know, there’s other banks that surprise you, and they have a form that matches what you want perfectly.
And that’s the Gemini example. That’s why I did that one, because I actually had the College at risk, but I don’t mind filling that out.
Hmm, hmm, hmm. Yeah.
So, on that note, it’s obviously much easier to set up a trust account, even if it’s got its own EIN and all that.
Is there an issue with trust accounts having interest bearing accounts, or is it just like are getting a 1099 for the LLC? Yeah, won’t matter for what we’re doing. Yeah. It’s, like I said, it’s bulletproof. You don’t have to try to, It’s not fragile. You can just open accounts and get all kinds of dividend checks.
Yeah, get all kinds of 1099. I hope you get lots of them, because that means you’re making money.
Right. And if the Trust hasn’t ever filed and it’s, it’s not under obligation. That’s right. Because that is where the money has not reached its destination. It’s still in transit.
That’s my language, but really, that’s how the IRS doesn’t look at it. They don’t look at it.
Got it. Yeah, makes sense.
You said you were going to do a couple videos, possibly paid videos for, for more information on that determination letter, if ever needed. Yeah.
I just wanted to see, Yeah, exactly. I want to make it as a tutorial. So if you guys had to, you can do it right off, or you can get your CPA to do it.
If you have to mean, OK, you guys are working on that.
Yeah, yeah, I have it written up. I just haven’t. I’m not finished with it yet, and, OK, Awesome that soon.
Appreciate it, man, Yeah, yeah.
All right.
I know, OK, so let me call on Lit it and I know you’re waiting on some docs. I can’t discuss that here, I mean, we’ll handle that.
We have, I have an assistant.
She’s managing all that right now, so, she will definitely, you can e-mail her and she’ll, she’ll get to you.
But, is there anything else?
You can ask me if there’s something else.
All right, going back and forth between my speaker in the phone, was that for me? Yeah. I saw your chat here in the, you know, the … bar, OK? Yeah, It’s anything, if you’re waiting on an LLC, it’s in process, Normally what we do is you prepare the document, send them over, heavy, check them out, make sure we didn’t make any mistakes. You say it’s good or to make changes, and then we file it, give you the updated documents.
If it’s New Mexico, it takes five days, probably sometimes a week, sometimes we’re a little bit backlog. If it’s Pennsylvania, the state’s taken us about three weeks, I think, Arizona It takes about 10 days right now.
Just say no, did you say that you file them?
Yeah, we’ll, we’ll register the articles once you approve them.
Right. Oh, awesome at the state.
Yes, you’re welcome. Sometimes people come to us. I’m I’m speaking everyone here.
Sometimes people come to us with already an LLC registered and if they’re using it and if it meets the criteria for what we can do with it, meaning it doesn’t file return yet.
If you like it, we can amend the articles and sometimes amend the Amend the Operating Agreement.
OK, and Since I was switching between like a Bluetooth then and the phone. So I can talk What was the answer about your assistant is doing them?
How long as she Backlogged or whatever? I don’t know, But generally if it’s New Mexico, it shouldn’t take more than five days right now. Now.
I did Montana OK, these are fast too.
Um, but but if you e-mailed her and just know just for the status, I’m sure so she’ll tell you what it is.
I mean, sometimes, I don’t know what Montana is, Yeah, I just have to ask her, But she has to send them to me first, right? She well, yeah, she will write them up, and then ask you to approve or change anything, and then after that, we register them.
Millimeter, and this is OK.
All right.
All right. Thank you.
OK, thanks for the question, and thanks for comments on …, if I said it, right. I hope I did.
How do you, how do people?
How do people receive disability?
And, but OK, so, um, OK, so let me explain something, a lot of times, I don’t tell you all this, but I write these.
So that whatever you’re gonna do with this, you, tell me, Kryptos, You, tell me whatever, and, I set up a document for that purpose, what you do, the thing you initially tell me.
I also incorporate into the way I’m doing this.
The assumption that you need to keep the thing you’re doing out of your state, And so that means if you’re on disability, for example, or you’re on some sort of limited income, and you’re in a situation where, if you make more money, you’re going to lose that benefit. Or if you want to start a business, you can’t. It’s hard to go from the disability income to the new income. like if you’re starting a business, you’re kind of trapped. So, when I set the company up, it, isolates your disability pension, restricted income from that new thing, which could make a million dollars a month, OK?
So, if you’re on disability and you want to get off or you want to supplement it, you can do that with the way I set this up.
That helps.
Alright, and then LLC, Bank accounts need Susan, you don’t need to age an account for W nine. The purpose of the W nine is to certify the correctness of an EIN that’s assigned to the account holder.
So, for example, if let’s say I open an LLC account.
I’ve had situations before where, for one reason or another, we got an EIN for the LLC and the bank enter the client’s SSN who the client is the signer, OK, made it the account holder’s tax number.
big problems. Right because if if then if the dividend check comes or the 1099 comes, you got a problem because it’s it’s erroneous and you gotta fix that somehow and it’s not, it’s not easy. So, we do the W nine to the bank because or the payor like PayPal, whoever it is merchant account. Because that puts the liability on whoever would issue a 1099 to get it correct.
You’re off the hook, then.
That finances you, Yeah, as soon as they’re open. I mean, with my account, I don’t say, I don’t mention it too much, but I mean the best way to do it is when you open an LLC account or even a trust account, you get the EIN approval letter, your trust documents, or the LLC articles.
Your ID, yeah, and then your your W nine.
That’s really what we want we want to give.
All right, I don’t know about august fifth. I’m gonna go check that out I thought I published everything. I’m gonna look for that one person.
OK so for Naming a PMA, the PMA if you’re gonna use it traditional, like I do it, you’re gonna have it appear on the public records. OK.
So when you register the LLC with the State it’s gonna show up as the Managing member, the sole managing member, and most states it’ll show up, so if someone searches on the company name, it’s going to show that Managing Member with a PMA designation.
And I don’t know about mean if you want privacy, you want to separate your name, your legal name from the PMA.
Now I know a lot of times I’d put like, you know if my client’s John Smith I put the John Smith’s society, that’s not really an issue with privacy. Some of you will change it and that’s fine.
But really, it’s not what really matters, in my opinion, is the LLC name.
So, my recommendation on that is never use your full legal name on the name of the LLC um, just because, you know, if someone wanted to invade your privacy, it’s easy to index things on public records with your complete name.
So that’s really the only reason I would do that, even though it is still a separate entity, it just it just avoids that discovery.
Alright. So help just let us know in the … name.
Yeah. So the PMA, it doesn’t really matter what you call it.
Some people are not comfortable with the way I name it. Which is fine. That’s why we ask you for approval. And you can modify it however you want, if, if you have a PMA name and it’s in the articles and it’s appearing in the in the State when the annual registration comes for the next year Or not. I mean, with New Mexico, it, you don’t have to renew your articles.
But when you go to renew, let’s say you can amend the articles, and you can change the name of the PNA.
If like a New Mexico, you don’t do that annually, but anytime you want all you have to do is file an amendment to the Articles in New Mexico. It cost 50 bucks.
And you can change the name of the PMA. I’ve never needed to do that, I’ve never seen the need to protect a client.
It doesn’t really matter what the PMA is called, or now some Some cases: It does matter what the clients like. For example, Mike, if my client’s name is John Smith, and he’s a single member LLC.
What I’ll probably do in that case is either create the name of a PMA, which might be his family.
It doesn’t really matter what it is, completely different without his name on there because maybe he’s being sued, right.
Or, if it’s amenable in this situation, I’m going to add his brother’s name or his friend’s name or partners name, OK. And he’s going to then have charged under protection. Which means the entire company’s assets are going to beat the best of his liability. It won’t connect.
I’ll be the reason there.
It really answers the question, what’s in a name? Because it really It means everything. if you are not careful. Yeah, all right.
Yeah. Operating banking, OK.
Yeah, if you, OK, I know that some of you are changing your articles because the bank asked you to. And I would just suggest to you that.
It’s not the banks do duty or right to require you to change the manner in which you’ve decided to manage risk unless the bank who’s telling you to make the change is willing to indemnify you against the risk that you have chosen to manage a certain way.
So, I know that sounds probably ambiguous, or technical, but if I write a an operating agreement and articles, and I go to one, I want to service with the bank, and the bank has no interest in my business. It’s not my business partner. It’s providing me a third party service. And then it has the audacity to tell me that it doesn’t like my PMA or the way I’ve written the articles.
It’s none of the banks business because it doesn’t impede the bank from functioning in any way. But it does change the way in which I’ve chosen to manage risk. So, if, if I’m going to change the way, I’ve decided to run things, because the bank asked me to will.
Then, the bank has to protect me against any losses that I would incur.
For not managing the way I intended to in the beginning.
Good luck with that one, they’re not going to do that, right?
So that’s, I don’t know. I just want you guys to know that you should look at it that way. And I understand that some of the banks will say, Get lost if you don’t like it, and maybe you should.
You can shop around, no, I mean, and also just know that you could tell the bank anything you want, really. Because the articles that are registered with the state are binding on everyone. That’s public records. That really doesn’t matter what you tell the bank. It’s their problem if they don’t go by those articles, Now sometimes it gets slick and they tell you that you have too many articles. Rarely.
Alright, Um, I’m gonna go to, I’m gonna go to Wayne here, Wayne, … question?
Alright, I didn’t see your hand up. I just heard you.
Alright, let me see here on The.
Has less than stone. OK, good.
OK, here’s, I have a video on this, but let me explain briefly, OK, So if you, if you want to get credit for an LLC, you cannot open an LLC account and accept the banks offer to give you business credit. The bank is lying.
This is not an offer of business credit. This is an offer, a personal credit with the bank name on there.
And what this does is it alleviates the banks liability under Title 15 of the United States Code in its Section 692 and 691, 692.
Because under that section, you’ll find all the consumer protection laws, and, and so they’re tricking you really, if you want business credit, which you have to do is you take your LLC and you make sure that has a business address, not a PO box and not a mailbox location.
It has to have an office space so that you can actually walk in, not a UPS store that a real office space. You can even use, like let’s say your friend owns a barbershop, right? Or maybe it’s your barber and he’ll just to let you receive mail there and your business name. Sometimes you can work that sometimes you can’t, but it has to be, you have to have a real business location. It could be industrial and agricultural, it just has to be business.
Then I would just test it out, send a postcard with only the business name, and that address, make sure it gets received that way, and then you go to a directory.
It’s called the 4 1 1 directory, and it’s called at that URL as list yourself dot net.
And be careful about There’s an option there for personal and business.
So, click the business bubble and then you go through that little form, you fill that out and what will happen is make sure you have your phone ready.
And you can you can select SMS text verification is like a two factor authentication, or you can ask for a voice call or something.
I always like the SMS, so you do the SMS and then your phone or you know, get you the number, and then you type the number in that Verify So What happens is if you go to list yourself dot net, and you’ve done everything, You know, the right way, like I’m saying, you set up your address and everything it’ll publish your business name with that address, which can be changed later.
So, that will be seen as a business address.
You do not want to use a residential address, and that is a database from which Dun and Bradstreet selects new prospects, so you will get a call or e-mail or something from Dun and Bradstreet, which you should welcome.
Now that they’ll try and offer you some credit services, which are pretty good services, most of the time, the people I work with don’t need them at first. I mean, it’s kind of nice to have, and you can add trade lights and things like that. But here’s the next thing. You want to have suppliers that will give you net 30 terms. What that means is they’ll they’ll let you take goods, take delivery on goods, and then bill you later within 30 days. And the trick on that is you want to get 3 or 4.
but not less and not more.
And the one that I have most people start with is uline.
Because you line almost even everybody can get use something from you line. Like a housewife up to a guy who’s running a factory, OK?
And I recommend getting net 30 suppliers and buying products, and you don’t have to spend a lot of money for this. But I do recommend that you buy things that you can use, or that you buy things for other people who can reimburse you, that they can use like, like printer paper, right? Things like office supplies. Most people can use those things. So, you want to start buying things on Net 30 terms, and you want to try to do that as quickly as possible, like, try to get three accounts right away.
And, Within a couple of months, you’ll have done a Bradstreet, you’ll have a score. You’ll have a history.
And the one thing I recommend is, as soon as you take delivery, the goods, pay it, even if you didn’t get a bill yet, find out how much it is and pay it right away. within a day’s, right few days, Don’t wait the 30 days.
And after a year or so, you can then start paying after 30 days or 25 days.
OK, That’s how you get a good score, and I believe your scores should be, probably 90 would be a good score.
What you’re going to look for, I’ll just make one more comment on this.
After the Net 30 accounts, and a couple of months of doing that, a few months, you should be able to go into a bank and get it a line of credit.
So the way you get credit is not so much credit cards for the company. You want a line of credit, like a signature line of credit where you’re not the guarantor, make sure that you’re not giving your date of birth, SSN, and name.
Now sometimes you have to give.
Sometimes you have to give that, but make sure that in the contract you’re not the guarantor. It’s very important example is if you go to Home Depot, they this is how they do it now. And they’ve been doing it like this for about 10 years. If you go to Home Depot and you look for the business account.
If you get out the front desk is your retail location more than likely it’s going to have a place for you to sign as the guarantor. And so they’re going to run your credit, and then any reports are going to go on your personal credit. You don’t want that. You want to sometimes you might have to go to headquarters, or you have to go online and get their real business credit application. Again.
Make sure there’s no spot for an individual with personal guarantee.
All right, so And by the way, I’m about your personal credit. It doesn’t it’s not interchangeable with business credit. So I know. You asked me the question about, if your personal credit is not great. What about business credit? Yeah, OK, you can get business credit, but it’s not a replacement for personal credit.
What differences do you see opening elysee in Australia?
Yeah. It’s the same thing. You’re just changing the way, or managing property rights a certain way. Just so happens, Australia recognizes an LLC if a country does not.
They can if you domesticated like for example in um in Canada.
All you do is when you register a company there, you register what’s called it as an extra provincial company. And so you should have an LLC already registered in another country like like New Mexico, for example, in the states.
You can take that, those articles, and you can domesticate them in one of your Provinces in Canada.
OK, and you would just add another form to the Registration, and it’s called an extra Provincial Registration.
But you’ll get the same benefits.
And it doesn’t matter, I mean, you can, if you’re moving out of the country that where the company is situated, you can still use it. I mean, it’s just, it’s just a piece of paper this registered somewhere that gives you access to the banking system. That’s all I really care about.
Anybody else?
Did I miss anybody?
John, if you don’t mind, this is one Guy out the back. OK, just hard to say something about, the.
Now, me?
When you’re setting up the account, the person who asked, I don’t remember the name of it.
Besides, what is my, gamma is one person, but I didn’t put wind as it as the personal enough project. Whatever that is supposed to begin.
The registered agent, yes. Correct. It’s OK.
You can, you can use the fictitious name on that, I use your name normally, but you can use any name. Yeah, that’s fine. And then the back part and Pilot, and give them all the paperwork that you, you give for the bank and part of it. And that’s what they came up with, and I’m kinda taught them, you know, it’s like, it’s like a homeowner’s association and give it that way.
You know, I don’t own any event, they, yeah, That’s a good analogy, right? Why do I have to give you all the names of the residents? Did you do that for the H O a note on the edge of the PMA, or is it not me? And that’s what they came up with. So I’m gonna say, Well, yeah, Yeah, that’s what you do. You make an analogy just like anything else. So sometimes you have to call back and get somebody else. Sometimes you have to ask them to talk to, you know, some attorney or something.
I hate to do that, but a lot of the older people know that it’s OK.
Yeah, Laundering money. I mean, you’re not going to get away with laundering money.
That’s just what they do. Right. So after, after they said that I went online and I was thinking maybe I can just do it online, I got to a point where it says goes.
Who is the owner of a business or personal? Should it should I will try, And, you know, put the PMA as it is less than a thing. It’s a business. I mean it’s an an unincorporated unregistered association, but yeah. I mean it does fit the category of business.
OK, so maybe I’m online and fill it out as the honors, virtual piano.
Yeah, I mean, yeah, OK. So you’re Yes, that’s correct. And the intake, the banks do involves their forms, or sometimes they’re very rigid. You know, online, you fill out, they don’t give you much room to, like, put what you’re doing, because they don’t want you to do that.
The articles I’ve written should be, you should just given to the bank, however you do that e-mail until or whatever. And that’s what they came back when they should. They should fill the forms that why should you regurgitate the articles that you know? You’ve already gotten to all the trouble to write them.
They need to do their thing outside. Yeah, OK. That’s what a tab. Sorry. But yeah, yeah.
All right. So all right. Here’s a purchasing card.
OK, on the conference call that you want to cancel, just if you would please send an e-mail, we’ll fix that.
Just send it to singleton press, that proton mail dot com. Put, um, you know that in the subject line and then.
If you’ll just e-mail me directly on an LLC formation, if it’s urgent for some reason, just just try to just try to e-mail me directly.
If you send an order, form N, I mean we should, we should get it pretty soon. You can also write urgent in the subject line. We will try to get those as quickly as possible.
All right, Well, I hope you guys got some good info from the the two parts here on the ….
I’d love to work with you If you, you know, once you get an LLC from me, and you want to build out the PMA or adopt something. Or, you know, maybe.
Like, I tell a lot of you Or most all of you just. You don’t need another spouse on there and everyone’s still stuck with them. Yeah, But what happens if something happens to me, right? And, and I always explain about the credentials and everything. But you can actually have use a PMA and like these examples here.
And you can in writing you can establish what can be done and said.
Now you get a meeting of the minds before something happens to you, right, and you could put it in the formal context of a PMA, as formal as you want.
Alright, one more here, see CMB account my personal bank, yeah, alright.
OK. So if you if you have an account with an exchange like Caleb and Brown, and you like the idea of how the LLC is structured, it is not a PMA. It uses a PMA. It is an LLC. It’s not a trust, it’s an LLC.
You would just open another account for that entity.
So you have a personal account exchange and now you have an LLC account and killed her brow and makes you go through an extra step.
You have to actually take, though, the coins offered exchange, and put them back on the exchange, into your LLC, they don’t let you go from wallet to wallet between person and LLC, although there’s no problem with that.
Legally, I guess it’s just the rules in their jurisdiction. So we kind of deal with that.
I’ll say, again, you can go from wallet to wallet from your personal account to your LLC account, and there is no formality between that exchange.
It’s not a sale because the beneficial interest remained the same.
I know I say that a lot.
Right. Anyone else?
John, I always a hand quite awhile, and he didn’t see that, right? I’m sorry, I didn’t see I don’t see it here, but I’ll go right ahead. Yeah, I have a question.
So, you said, You set a EMA LLC structure and I have a question.
If I do want to invest in equity in U S they require a person to be an accredited investor, but can I invest inequity using my LLC?
You can, but they’re still going to want a human being to whoever the ultimate beneficial party is, is, what they call it.
They’re going to still want to qualify the individual human being.
now, unless you have a balance sheet. If it’s a certain kind of company, and there’s a balance sheet of a certain net worth, which I don’t know what that is, then they could deal with you that way.
But, yeah, and also, I suggest, this is why.
Mean, I don’t like going through institutions because they’re always going to run the SEC qualifications, which means they’re going to check your net worth and they’re gonna verify to make sure that you have a quarter million dollars that you could lose, without getting kicked out on the street, is how they, you know, do it.
I just say go round that. Don’t don’t deal with security people, anytime. Someone starts with this qualification stuff. I mean, for me, personally, I don’t like it. I just go around there. So, how do you do that? You go to a business broker, and you find an equity deal. Private equity deal.
Millimeter, hm, OK.
That’s always better to go.
to get accredited is a person. Right. And then go that way, you can go that route. I don’t like it. I would just go around them and I will just do it kind of the hard way, It was kinda the hard way, like if there is an extraordinary you’re talking about. Yeah, I’m saying. Go literally invest in a real asset. If you’re investing in the stock market Because I’m very biased against that Because there is no stock market There’s no market. Why the heck would you go to the? Why would you go through and get qualified for something?
That’s just gambling, I’d rather go play Blackjack, Do I want to make an investment in something.
Yeah, Do I want to be able to talk to the owners? Yeah?
Do I want to see the balance sheet?
Yeah, which I can do with stock to you, but do I want to make the decision about OK, then for that. I don’t need someone to qualify me.
I want to put 50,000 some or maybe I only have 50,000 I want to put it in the local mechanic shop in my neighborhood or by part of a coin laundry or something or whatever, you know, I want to invest in private equity.
That’s how I look at it.
So just just realize that investing doesn’t mean you’re stuck with this, you don’t always have to go through. I know you’re coming from another country.
But I would just consider that you don’t always need these guys.
The thing is that I have I can click and excluding the deal, so to speak.
And actually my friend, she is asked me if I had a biomedical and accredited investor to invest, and he’s like equity, the company has.
Yeah, he probably has an obligation to ask you that. Yeah.
And another thing.
Another thing, I was trying to open an account on e-bay, through LLC, and they actually asking.
I actually sent you a screenshot on your diagram, and they asking.
Yeah, they asked it.
So, they asked me to add the second person who has to be a company director or any beneficial owner, which means, owns directly or indirectly, a 25% or more equity interest of your company.
How is the ownership? You have to go to the articles and use your articles.
If you send them a copy of the articles, that’ll tell them who are the beneficial owners.
Well, it’s like an automatic, automatic process.
You just go, they asked to go to it, e-bay dot com, and then open this account. And then they just go through the steps.
There is no like mm, wait to submit the form.
Here, use the information from your articles, and add that into the form that they’re asking, They’re just asking you for the information from your articles, Whatever it says in your articles, put that in the form.
Well, I can kinda go to the next tab because they asked me to, uh, so I have to be myself.
Directly or indirectly, have 35% or more. No, you don’t.
All, that’s a date, OK. They say, If you have 25% or more, you have to give up your ID. No problem.
But you’re not required to have 25% or more. That’s what they’re, your, they’re confusing, they think you’re required to have, they think a human being is required.
What do you have is the owner, who’s the owner, who, I have, one person, OK, that’s me!
OK, OK, so if you’re a 100% owner of the LLC, then that’s all you do. That’s what you tell them.
Beneficial owner and own directly or indirectly if that’s what the articles yeah, if your article.
say that you’re a single member owner, then that’s what you tell them.
So I check the mark on benefit. Beneficial owner, right?
If you are the beneficial owner, your name as the Managing member only by itself, 100%, I mean, it’s basically MSI, Nash, so to speak.
Well, if you’re a signer that’s different than I mean, you could also be the seiner, but is your name appearing as the Managing Member?
No, I don’t think so.
Let’s be made, OK? If the PMA, then that’s what you tell e-bay. The PMA is the 100% beneficial owner.
If that’s what it is, do I send me an e-mail?
Probably have to upload your documents like I would use a copy from the State and upload it somewhere.
So they can see it, because they can’t force you into some form. They have to be able to communicate with you as a business.
If that’s what you’re doing, shape where they actually forcing to me to do that. Because there’s no other wastes there.
You have to look harder and see where it, because there there are businesses that don’t, you know, they’ve had to provide those articles. There are large institutions that have had to do that, so you have to find a way to communicate with e-bay when they’re doing the intake process.
So, I don’t know what that is.
A, baby, I didn’t see that. I don’t know what to tell you on that one.
I know that the power will convert your company without making you open a second account. I don’t know about e-bay.
Sure to do that, don’t they? Yeah. Yeah. You can just take a look. If you want. I said, well, yeah, yeah, ultimately, we have to just give them the articles. And a lot of times, you need to copy the PDF version from the secretary of state.
Thank you. Yeah, sure thing, Brandon.
Go right ahead. Thanks for waiting.
Hey, Yeah.
So, let’s say I have an LLC owned by the PNA and I want to bring out an employee.
How would you handle pain?
You would disburse funds to the employee and then I would add a contract between the LLC and the employee as to what that has. It. Terms of employment are. You can get a standard contract for that, but then you would just send them money.
I mean, one employee doesn’t need all the formalities of a W four. I would not do W four.
Yeah. Because then you get start getting into wage withholding and you probably up to end up being an S corp, then file a return. So, right. And I’ve had many employees over the years, and I just pay him. And a lot of them appreciate it, some don’t. But, that’s my deal that I set up on when they first come work for me, so they know, you know, I don’t do Debbie for anything.
So, if you guys don’t like that, that’s the way I’m gonna do it, so you do your own reporting, OK, gotcha.
All right, thank you. Yep.
Yeah, an employee is a technical term.
That excludes being a contractor, it is not a contractor, an employee is one who earns wages. And that definition comes from the tax code.
And it probably comes from the tax code in any country.
There’s, it’s actually a, it’s a very special definition. I’m not going to get into it.
But if it were me, if I’m going to, let’s say, I really can’t pass up a deal where I own a storage facility, because it looks like really popular right now.
So, if I bought a storage facility, that’s a real estate investment, lot of those come with employees, and for me, I don’t want to deal with employees, but I still want them to have the benefits they want of being an employee. So what I would do is outsource the employment relationship to a company that deals with that and I would lease them back.
So it might cost me a little bit more. But really, I don’t have to deal with that. I don’t, my company doesn’t have to do 940 ones in.
All this garbage with the IRS and stuff in the state, workmen’s comp and all that.
All right. I hope I didn’t miss anybody.
All right.
Well, thanks for the questions, guys. Page through here. Demo one last question will be online. Yep.
Sure, I’m trying to learn the same, so I set up my own LLC in Florida with somebody and they don’t have anything there where you can put in your articles should, Because it says you don’t need to put in articles in Florida. What’s your recommendation? OK, if you want your articles to be seen, which most of the time I do, especially if you have a lot of things going on, I want everyone to see that I’m not the owner.
So you would supplement your report, the Articles of Formation you would supplement that with Article, the articles that show who the owners are, That show the Managing Member.
You can do that, that way. If someone goes to, look, they would see that you did that.
It’d be a PDF Just login to sun biz dot org, and you’ll see how to upload that file up to that. Thanks so much. Yep, yep. Some states, you gotta do. They think Wyoming’s, another one of those.
Have a question, you don’t have any books?
That’s your Let’s you wrote, or your Like you can recommend to people on the call.
Well, generally, if I’m talking about money, I like other people’s books. My books are kind of weird.
I like to focus on problem solving, specifically for the niche markets I’m working with, so the books I recommend to people regarding money, especially with new windfalls, possibly, are, there’s a book called The Millionaire Mind, the author has written several books, but that’s my favorite one. The Millionaire Mind, there’s another book that you can find on the internet for free. If you just search on the title and the, or the term PDF.
It’s the richest man in Babylon.
Yeah. Yeah. Alright. And also, kiyosaki’s two books on the ABCs of real estate investing and Rich, Dad Poor Dad if you’re a beginner.
Another book I have to recommend, but I hate the guy because it big-time drug dealer now. But it’s Warren Buffett. and it’s the Warren Buffett way. So I can’t really argue with that from his work in the eighties.
And the seventies value the value investor, OK, so there’s a couple of books but if you went to texas that, you are talking about for taxes taxes. There’s some really good books on tax planning. I don’t, I wouldn’t even know there’s there’s a really good one if you’d like statutory attorney type advice.
A lot of times it’s bloated with just ways to cost you money, but there is a really cool book. It’s called, the asset protection book.
And I’ll tell you that, over the years, those guys that have written that book just brutalize me on the internet, just attacked me for years. But I still promoted my like, I’m, I liked her book, but they hate me. But if you want to know, I mean, that’s, you can look at it and see a really cool examples.
The Asset protection book.
OK, Thanks, I’ve read the rubric.
I’ve read the book by Don Wheelwright, you know. He just talks about different things that you are.
It’s just completely different things, talks about completely different things, about access, about access. Oh, she’s like, why don’t we just add advisors.
You know, there’s some really good tax strategies if you’d like to file returns and things. I mean, I mean, there’s, there’s benefits to doing it. I personally don’t like to always do that. If I get into a situation where I’m going to have to file, I’m probably going to have my partners do it. And then I’m just gonna be like a solid investor, so I’m like, I just don’t want to deal with all that stuff.
OK, cool, Yeah, OK.
Now, OK, there’s a there’s another question here. All right.
All right.
OK, so, for background checks, for security type positions, and contracts that you’re talking about, um.
Yeah, OK, OK, you are, they need to check you.
Because you’re the key person, right? You’re the key man with the contract, but the financial contract can be in the name of your company, but they still need to do a background check. It’s almost like they’re probably going to get a bond on you.
Debbie, like getting a, having a position with a bank, right? Or an insurance company. So yeah, you’re gonna, there’s no risk there.
They just have to, they probably have an underwriting process they have to follow, but you can still manage your cash flow, your contract, through the LLC. That’s what you’re asking.
I don’t like this background checks, I just think it’s knowing their business, you know, but maybe there’s justification for what, I mean, Really, for technical services, I don’t know. Maybe they just do it, too.
I don’t know. Maybe, I don’t know what they’re doing with this data, but Yeah, it’s personal.
I’m just going to say about personal.
one thing I wanna mention that just comes to mind is, I know there’s a lot of people that mentioned things, um, yeah, it’s data breaches, right?
Like I said, there’s probably some bonding there and they need, they need some indemnification and the only were they going to get it, is if their employees who handled the data, are somehow bonded, right? There’s there’s an it probably insurance requirement in the background.
Um, changing your so-called status doesn’t mean anything legally.
Changing your citizenship.
That does have meaning, but it does not get you out of tax liabilities.
I mean, it should not be used for that.
It, it doesn’t really, because, for example, let’s say, I’m a Canadian, and I sign a 1040 here in the states.
Well then I’m, I’m in that right. I have an obligation there.
Let’s say I’m a Canadian citizen and I.
I have a Guatemalan residency card and I and I go to Florida and I I, you know, get a driver’s license.
Well, then I’m in that association.
So changing your changing your nationality or citizenship or your so-called status that doesn’t change your tax liability. I know that people want to become residents in Puerto Rico.
And sure, you can even do that without going there.
If you file a declaration of residency, I think there’s probably some other criteria.
But, um, that is not necessary to get tax benefits.
I mean, you’ve heard me say this before, I just wanted to mention that. It just came to mind.
But, um, yeah, OK. Anything else?
All right. Well, I appreciate your questions and participating. I hope this helps, I’m gonna put this up. I will check the August fifth to see what, what’s up with that idea, all these.
So, all right, at US exchanges. You know, pick a US exchange that you can tolerate. I’m almost, I say the same thing with banks. I don’t like any of them. The, it seems like the easiest. one to use is Coinbase.
I recommend Calama Brown over any US. Exchanges anywhere, so all right.
Thanks so much, appreciate it, y’all Have a good evening.


1. John Jay, the host, introduces the second part of a discussion about the Private Membership Association (PMA).
2. PMAs are common in society, including within families, workplaces, and clubs, and can be named anything the creator wishes.
3. Jay discusses the roles within a PMA, like parents and children in a family association, and how the roles might change when members leave or join.
4. Every PMA has a structure with a designated leadership and members, and it can also include other organizations as members.
5. PMAs also have articles that guide their functioning, and these can be amended by members when needed.
6. He advises that PMAs should be designed to protect property rights, without complicating personal banking or legal matters.
7. Jay encourages viewers to reach out with any queries and also mentions the availability of his assistant for managing other tasks.
8. The session also covers queries about receiving disability benefits within a PMA structure, naming a PMA, and protecting a PMA’s assets from personal liabilities.
9. In response to a question about investing in equity using an LLC, Jay says it’s possible, but human involvement is necessary as the ultimate beneficial party.
10. Jay concludes the session by addressing other audience questions and requests, highlighting the versatile and adaptive nature of PMAs.

Leave a Reply