{"id":16646,"date":"2021-07-28T07:57:19","date_gmt":"2021-07-28T11:57:19","guid":{"rendered":"http:\/\/privacyfight.io\/?p=16646"},"modified":"2023-06-25T06:40:21","modified_gmt":"2023-06-25T10:40:21","slug":"u27-llc-purposes-and-techniques","status":"publish","type":"post","link":"https:\/\/privacyfight.io\/u27-llc-purposes-and-techniques\/","title":{"rendered":"U27 &#8211; LLC Purposes and Techniques"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"16646\" class=\"elementor elementor-16646\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ab11a3d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ab11a3d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f114975\" data-id=\"f114975\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7920b24 elementor-widget elementor-widget-text-editor\" data-id=\"7920b24\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"vidseo_wrapper\" style=\"width: 100%;\">\r\n\r\n    \r\n    \r\n        <div class=\"vidseo_vimeo\">\r\n\r\n            <iframe title=\"vimeo-player\" src=\"https:\/\/player.vimeo.com\/video\/720201892\/?\" width=\"100%\" frameborder=\"0\" allowfullscreen><\/iframe>\r\n\r\n        <\/div>\r\n\r\n    \r\n    \r\n    <div class=\"vidseo_collapse\" style=\"\">\r\n        <div class=\"vidseo_btn\" style=\"\">\r\n            U27 \u2013 LLC Purposes and Techniques\r\n0:02\r\nHello everyone, This is John Jay.\r\n0:05\r\nToday\u2019s May 13th.\r\n0:07\r\nWelcome to Thursday, evening with John Jay. We\u2019re gonna talk about the purposes of the LLC.\r\n0:12\r\nI\u2019m gonna explain a list of things. I\u2019m sure you guys have heard before, but I want &#8230;        <\/div>\r\n        <div class=\"vidseo_collapse_content\" style=\"\">\r\n            <p>U27 \u2013 LLC Purposes and Techniques<br \/>\n0:02<br \/>\nHello everyone, This is John Jay.<br \/>\n0:05<br \/>\nToday\u2019s May 13th.<br \/>\n0:07<br \/>\nWelcome to Thursday, evening with John Jay. We\u2019re gonna talk about the purposes of the LLC.<br \/>\n0:12<br \/>\nI\u2019m gonna explain a list of things. I\u2019m sure you guys have heard before, but I want to kind of put it together.<br \/>\n0:19<br \/>\nI don\u2019t know that we\u2019ll have time for Q and A But I do intend to do a Q and A session because it\u2019s a lot of information.<br \/>\n0:25<br \/>\nJust real quick, I wanted to mentioned, if you want more information on many of these topics, you can look at ACEP coins dot com. That\u2019s more of a blog.<br \/>\n0:33<br \/>\nAnd at privacy fight dot IO for right now you can see there\u2019s we have a video membership, which is separate from the Ace of Coin service.<br \/>\n0:43<br \/>\nAnd then also there are a lot of good free videos in which I\u2019m going to bring two in here. two of the videos I\u2019ve done on my YouTube channel, which is called Privacy, Fight and Privacy Fight as one word.<br \/>\n0:55<br \/>\nSo, um, with that, I\u2019m going to start with this talk, the topics here, and throughout this presentation, I\u2019m going to give you a couple of URLs.<br \/>\n1:07<br \/>\nI\u2019m going to put it here in the, uh, the chat window.<br \/>\n1:13<br \/>\nAnd you should grab it. You should make a copy or link to it, or something, I may put it also in the ASAP coins list.<br \/>\n1:19<br \/>\nSee, you guys have access to it. Just like I do every weekend, I\u2019m gonna publish this call. It\u2019s probably gonna be in the morning, as I\u2019m recording it right now.<br \/>\n1:28<br \/>\nAlright, so I wanted to start first with a story.<br \/>\n1:31<br \/>\nAnd it\u2019s kind of embarrassing, but, um, way way back when I was still in college, I worked for IBM, and I was doing this job, where it was overpaid.<br \/>\n1:44<br \/>\nAnd it was, you just hardly had to do any work. And basically, I just answered the phone, and I help people with their software, technical aspects of their software over the phone.<br \/>\n1:54<br \/>\nAnd so one night, it was, no, my shift was by myself usually because it was, it was a small operation at that time. So anyways, this gentlemen calls me and he needs help on a spreadsheet. Now, you know a spreadsheet, it\u2019s a very intensive, right?<br \/>\n2:06<br \/>\nThere\u2019s lots of data, there\u2019s lots of little no rectangles and fields and all this stuff.<br \/>\n2:11<br \/>\nSo anyways, I\u2019m helping them with this spreadsheet over the phone. I can\u2019t see him.<br \/>\n2:15<br \/>\nThis is not like Zoom, world. This is back in the early nineties.<br \/>\n2:21<br \/>\nSo, after about 20 minutes, he could tell that I was really frustrated, because, what was what was happening is, you know, I was like in my early twenties, and I was anxious, and I didn\u2019t really want to sit on the phone with some guy, you know, at the middle of the night talking about this stuff. And so, I was getting a little frustrated. Because, when I would tell him something, It would take them a few minutes, maybe NaN or so to respond.<br \/>\n2:42<br \/>\nAnd so he could tell by the tone of my voice that I was actually getting annoyed, and I\u2019m not supposed to do that, because you\u2019re supposed to be polite and patient, all this stuff.<br \/>\n2:49<br \/>\nAnd so, he actually No, he, actually.<br \/>\n2:52<br \/>\nI said, Look, I need to tell you something. I\u2019m really sorry about the delay.<br \/>\n2:56<br \/>\nBut, I\u2019m using a reader, too, to use my computer. And, I said, What\u2019s a reader? I didn\u2019t even know what a reader was. You guys might know what it is.<br \/>\n3:05<br \/>\nAnd he said, Well, I\u2019m blind.<br \/>\n3:07<br \/>\nAnd so the computer has to audio has an audio feature that tells me what cell I\u2019m in on the spreadsheet. And I just just lost it.<br \/>\n3:16<br \/>\nI mean, I was like, Really, and I felt, like, such a jerk.<br \/>\n3:20<br \/>\nAnd It\u2019s it\u2019s always stuck with me, you know, like, How dare I think this guy has a mental problem, or He\u2019s slow when he\u2019s blind. And he\u2019s using a computer, and I\u2019m sitting here and I have all the knowledge, and all the books, and I have two computers on my desk. I\u2019m calling, but I want for help, and this guy\u2019s by himself. And he\u2019s blind all, he needs is a couple of tech things for me.<br \/>\n3:39<br \/>\nSo it just completely, you know, changed my attitude forever.<br \/>\n3:42<br \/>\nAnd I just, I don\u2019t know if this story relates, but I just, I want to let you guys know, I never assume a thing.<br \/>\n3:48<br \/>\nI never, I don\u2019t want to prejudge like when you guys call me and stuff and ask questions. I\u2019m just neutral. I don\u2019t, I don\u2019t care what the situation is. My purpose is to mitigate risk.<br \/>\n3:57<br \/>\nI don\u2019t care. I mean, I\u2019m not going to help you break the law, but.<br \/>\n4:02<br \/>\nYou know, I\u2019m gonna, I\u2019m gonna do whatever\u2019s needed to, to get you what you want. OK? And if I can\u2019t do it, I\u2019m gonna tell you.<br \/>\n4:08<br \/>\nAnd that\u2019s why, for example, um, like, if someone comes to me with an IRA, he\u2019s asking me, what do I do with my IRA?<br \/>\n4:14<br \/>\nAnd I think to myself, well, I have a bias towards IRAs, but my thinking is, if someone went to the trouble of setting and setting up an IRA, he\u2019s probably planted out with his family and they have some sort of plan and maybe they should stick to it. My recommendation is, stick with your plan.<br \/>\n4:28<br \/>\nNo, I mean, unless there\u2019s some, like I\u2019ll say that to open with, you know, in my response.<br \/>\n4:33<br \/>\nAnd then sometimes you guys want me to really tell the truth, right? Like, what do you really think about it?<br \/>\n4:38<br \/>\nSo, anyways, I just wanted to share that with you. I hope it\u2019s a topic.<br \/>\n4:43<br \/>\nI know, I tell a lot of stories, but, in any case, I just want to say, I like to just not prejudge things. And because you never know. I mean, sometimes people have done something for reasons, which are really incredible.<br \/>\n4:57<br \/>\nAnd you really don\u2019t know. You can\u2019t always judge on the face of what\u2019s happening.<br \/>\n5:01<br \/>\nSo, in any case, if you come to me, you\u2019re gonna be talking to a person who\u2019s investing, and it\u2019s an entrepreneur, and has probably similar interests and concerns that you do. I may have been able to solve those types of situations over the years. And when you see my documents, it\u2019s the result of, let\u2019s call it reverse engineering problems that I\u2019ve seen over the years.<br \/>\n5:23<br \/>\nOK, people call me up with a situation, and I look at and go, OK, well, let\u2019s do this: Whatever, 1 to 3 step to get out of it, and then later on, over the week after I addressed it with the client, I\u2019m thinking, Man, if only that person had done this other thing, or had this other policy, or, you know, and so, over the years, I started with standard documents. There was no reason not to. OK, I do still use standard documents.<br \/>\n5:47<br \/>\nA lot of times, I do need a blank document, nothing on it, and I sit there and I type out what\u2019s needed for the client, like like a contract or something like that. But, um.<br \/>\n6:00<br \/>\nThat\u2019s what I, that\u2019s what I try to do, is.<br \/>\n6:04<br \/>\nRe like reverse engineer what risk is, and prevent risk. And as I go to this list here, I think you\u2019ll recognize what we\u2019re trying to do, OK. It\u2019s not, it\u2019s really my documents are foundational and you need them.<br \/>\n6:18<br \/>\nReally what, the important part of this is that you understand how to use them. OK? Just like flying a helicopter, I can watch a helicopter fly. I don\u2019t know if I can fly one. I\u2019d have to, you know, learn how to do it, and this is what we\u2019re trying to do. So, I don\u2019t, I don\u2019t mean to be too verbose, but let\u2019s just talk about the LLC and its purpose. My purpose is anyways.<br \/>\n6:37<br \/>\nWhat I\u2019m trying to do for you.<br \/>\n6:38<br \/>\nI\u2019m just using it as a conduit, so that you can interact with third parties.<br \/>\n6:43<br \/>\nIt\u2019s that simple.<br \/>\n6:46<br \/>\nOK, so, what we\u2019re trying to do is, we\u2019re using the articles now, when I create articles for an LLC, all I\u2019m doing is answering some questions the state has because right now, we are registering articles with the States now, I believe, in the near future. We\u2019re not going to do that. We\u2019re going to be registering articles in the way that it used to be done a long time ago, like, 100 years ago, where people would just publish the articles in the Newspaper, OK. And that\u2019s how companies were formed.<br \/>\n7:10<br \/>\nThey were announced, and they\u2019re a matter of contract.<br \/>\n7:13<br \/>\nBut for right now, you can\u2019t have a company that the state doesn\u2019t approve. I mean, if the state approves it, it\u2019s valid. Right.<br \/>\n7:20<br \/>\nSo we set companies up and I use the fact that the articles are public.<br \/>\n7:25<br \/>\nSo I want to show property rights in a certain way. And that\u2019s why I like to interview someone and talk about what is going on in this situation. And so in many cases, like, here\u2019s a really good typical example. If someone calls and says, he has a particular risk, let\u2019s say, to a creditor. He\u2019s been, he\u2019s being sued for personal debt and it turns out he\u2019s a business owner.<br \/>\n7:46<br \/>\nand he has an S corp. A lot of times those are LLCs and that individualist 100% owner or maybe he and his wife are the individual owner.<br \/>\n7:55<br \/>\nBut a husband and wife are considered a single owner.<br \/>\n7:58<br \/>\nSo there\u2019s no protection from personal liability attaching to the company, cash or assets.<br \/>\n8:05<br \/>\nSo, my solution is, change the articles so that it\u2019s more the articles demonstrate the interests, are the owners or the members.<br \/>\n8:16<br \/>\nThat include not just that individual who has the debt problem, but someone else who\u2019s not a spouse, who can be on the articles, who doesn\u2019t have control, which doesn\u2019t give a person control. It doesn\u2019t give him a tax liability of any kind, or any other liability, even if that other person has liability.<br \/>\n8:30<br \/>\nSo, for example, if my wife and I own LLC and we\u2019re in a situation where, no, we\u2019re going to, we\u2019re going to try this method, I would be, I would call it my brother and say, hey, can I add your name to, to my articles, OK? And it\u2019s of no consequence to him. He doesn\u2019t get any control over my company, I don\u2019t have to pay him anything.<br \/>\n8:49<br \/>\nEven if he has its own debt problems, it\u2019s not going to attach to my company.<br \/>\n8:52<br \/>\nAll it is is a name that allows me to divest my exclusive rights in the property and that is where the risk is it. So I eliminate that risk by changing the property rights, that\u2019s when I add the person.<br \/>\n9:05<br \/>\nAnd then I amend the articles sometimes. Usually I can just go to the Secretary of State\u2019s website. Download the articles of Amendment, right? My little language in there.<br \/>\n9:13<br \/>\nUpdate it. New Mexico takes like a week and it\u2019s done by snail mail. So it\u2019s not that big of a deal.<br \/>\n9:18<br \/>\nAnd then once that happens now there\u2019s no, there\u2019s no liability, or I should say the liability that would attached to the individual is severed from the company income and assets.<br \/>\n9:30<br \/>\nThat\u2019s the core of it.<br \/>\n9:32<br \/>\nThe other purpose of the LLC is to interact with third parties and banks exchanges, like, in our case, crypto exchanges.<br \/>\n9:37<br \/>\nWith the least disclosure.<br \/>\n9:38<br \/>\nAnd I know, it doesn\u2019t feel like it\u2019s the least disclosure because there\u2019s this KYC thing where you have to give up your driver\u2019s license and your SSN, and then another government ID and all this stuff.<br \/>\n9:48<br \/>\nBut, just like the other day, I mean, I really hate using my driver\u2019s license for anything, but a traffic stop, and I, the other day, I used it for whatsapp.<br \/>\n9:57<br \/>\nI think it was two to move my bitcoin out of there, and I actually had to take a photo of my driver\u2019s license next to my face.<br \/>\n10:04<br \/>\nI hate that, so now, that\u2019s forever in somebody\u2019s database, but I really don\u2019t care because it doesn\u2019t create a liability for me.<br \/>\n10:10<br \/>\nI try to minimize that, but, still. And I also want to address something with crack, and I just saw a news article about that.<br \/>\n10:16<br \/>\nBut, anyways, the purpose of the LLC is to show the property rights in a way that protects your interests. It actually does conceal, the way you\u2019re going to use the property.<br \/>\n10:25<br \/>\nNo one can, no one can see what you\u2019re thinking, but they can see public records and public records are what you want them to be.<br \/>\n10:32<br \/>\nUh, then I can interact with the banks and exchanges in a way where the banks recognize an LLC that courts recognize an LLC, and in my all, almost 30 years of doing this, my the LLC\u2019s that we\u2019re setting up here are not really going to be in a situation where there\u2019s a court involved.<br \/>\n10:49<br \/>\nThey\u2019re not going to get sued.<br \/>\n10:50<br \/>\nI mean, especially a new LLC is not likely going to be sued and even if it is, it\u2019s one of those tools where it can be dissolved and recreated under some other name.<br \/>\n10:58<br \/>\nI mean, the purpose of it can can be shifted out so quickly, in most cases.<br \/>\n11:03<br \/>\nAnd so, yeah, I want to divest exclusive property rights and that\u2019s how we do it published in the articles, let the whole world know, hey, look, I\u2019m not the exclusive owner here, there are several ways of doing that now.<br \/>\n11:13<br \/>\nThis is how we manage property rights now, I show the world in the articles, and then I establish the property rights in a contract. Now, I give an example?<br \/>\n11:20<br \/>\nThis video, I\u2019m gonna show you here.<br \/>\n11:22<br \/>\nI\u2019m gonna copy and paste this into the chat window in a second, and I titled that example Residency now appears a little bit differently on my channel.<br \/>\n11:31<br \/>\nBut I\u2019m showing you how you want to Well, it doesn\u2019t exactly demonstrate exactly, but what I want, what I want to show you is that the way I write the operating agreement in a way where, let\u2019s say, like, if you had an issue where your operating agreement has to be disclosed. Let\u2019s say it\u2019s under a subpoena, you\u2019d probably call me up and say, hey, what do I do?<br \/>\n11:52<br \/>\nAnd I would just, I know I wrote the operating agreement, but I would want to review what you have now, like maybe if you made some changes and what I want to see something there.<br \/>\n12:00<br \/>\nSo, what I want to find out is I want to look at it, like a creditor would look at it, and the creditor is going to look at the Operating Agreement and see if there\u2019s any exclusivity or exclusive rights for the individual debtor, maybe the debtor you that\u2019s describing, the operating Agreement. For example, an example of this would be a divided interest.<br \/>\n12:18<br \/>\nSo, if there\u2019s a divided interest in the Operating agreement, any disbursement schedule like it says, the Managing Member Bill Smith is going to get paid every two weeks.<br \/>\n12:26<br \/>\nWell, then, if I\u2019m a creditor, I can then take a copy of this operating agreement that I got under. Subpoena, you had to give it to me and I can go to the court and apply for a writ of attachment. And the judge is going to say Fine. And the reason why I would do that is because I know I\u2019m gonna get paid. I can look at the bank statement. I can see how much money goes through there and you\u2019re not going to stop that.<br \/>\n12:43<br \/>\nOnce that happens, you can\u2019t get it. You can\u2019t really easily get out of it. You could probably get out of it, but it\u2019s not that easy.<br \/>\n12:49<br \/>\nAnd what\u2019s going to happen is I\u2019ll be able to attach that cash flow because it\u2019s already established.<br \/>\n12:53<br \/>\nI can\u2019t stop it pretty much.<br \/>\n12:56<br \/>\nThe alternative is you want to put the creditor situation where he\u2019s going to gamble.<br \/>\n13:02<br \/>\nThere\u2019s no exclusive rights over some aspect of the property in the yellow sampling, my cash in the bank would say.<br \/>\n13:08<br \/>\nOr there\u2019s no divided interest or no scheduled disbursement if that exists.<br \/>\n13:13<br \/>\nAnd the attorney for the creditor is foolish enough to ask for a rid of attachment, some, we call it a charging order. And he\u2019s risking the fact that the possibility that he may not be able to collect the money in the rid of attachment. So let\u2019s say the judge says, yeah. He owes you $25,000 and I\u2019m gonna issue a rid of attachment, go give go for it. You\u2019re rid of attachments for $25,000. And so the attorney applies for a levy.<br \/>\n13:37<br \/>\nAnd but the bank can\u2019t offer alevi because there\u2019s no disbursement yet.<br \/>\n13:41<br \/>\nSo he\u2019s risking that chance that there\u2019s no disbursement.<br \/>\n13:44<br \/>\nAnd if he is not able to collect a portion or all of the rid of attachment like the 25,000 by the end of the year, his client will owe taxes on the amount of money he did not collect.<br \/>\n13:55<br \/>\nThat\u2019s why I rarely say, I don\u2019t think I\u2019ve ever, I ever remember seeing an LLC where the attorney tried to attach property when they\u2019re, when an LLC is involved. I mean, almost never, unless the person doesn\u2019t really know what he\u2019s doing, and he\u2019s a truly a single member, and he doesn\u2019t take any any measures to avoid that stuff.<br \/>\n14:14<br \/>\nSo, that you see these different aspects, here, I\u2019m using public records to establish property rights. I\u2019m using an operating agreement to establish property rights, or to establish no property rights.<br \/>\n14:24<br \/>\nShared property rights are no property rights, but it still gives me the ability to act. And basically, that the way to describe it is you\u2019re acting like a trustee, OK?<br \/>\n14:32<br \/>\nIf you\u2019re acting on behalf of a group, then you\u2019re basically a trustee, OK? Not always.<br \/>\n14:38<br \/>\nSo, that\u2019s why you see unusual things in the Operating Agreement.<br \/>\n14:45<br \/>\nI\u2019m not going to go into so much detail.<br \/>\n14:47<br \/>\nBut anyways, these strategies allow you to ignore all this drama about the exchanges, and the SEC and the collecting user data and mailing lists and account holder names, and all this. And you know.<br \/>\n15:01<br \/>\nPeople are scared because they have $1,000,000.5 worth of cryptographic currency, and so what, the government\u2019s watching it, they\u2019ve been watching us forever. So it\u2019s just a way to scare people.<br \/>\n15:14<br \/>\nWhat you should be concerned about is the Disposition of Assets, And this is, this leads me into this other video that I\u2019m gonna post here momentarily. I\u2019m going to actually do it after I finished that, these topics, but I wanted to it\u2019s talking about the Disposition of Assets.<br \/>\n15:29<br \/>\nAnd then, of course, the other one is talking about residency and how we can use the structure too, uh, effectively, manage property in a foreign jurisdiction from a foreign jurisdiction.<br \/>\n15:43<br \/>\nNow, if you look at my operating agreement, it wasn\u2019t until the last couple of years or a few years that I just started I started describing the trust relationship that already exist. Now this you guys will probably understand, because you\u2019re investing in cryptographic currency. And people who are not wouldn\u2019t have a clue about this. Nobody really understands unless you\u2019re, you know, have a lot of money in there. You\u2019re not going to understand about private keys and public keys, and things like that. Well, an exchange is going to be the owner. The private key, even though you have access to the account. There\u2019s going to be a trustee relationship there, OK? And the account holder could be the beneficiary. I believe it is the beneficiary, in fact.<br \/>\n16:18<br \/>\nSo in a section of the operating agreement, there is no formation of a trust. It\u2019s simply the description of a trust that already exist, just so you guys know.<br \/>\n16:26<br \/>\nAnd I get this question a lot because there\u2019s all this mention of trust and beneficiary and all these definitions and things like that.<br \/>\n16:31<br \/>\nBut what I\u2019m really doing is identifying the relationship that we\u2019re creating here with the exchanges, the third party exchanges. And we could probably talk about that in terms with the bank.<br \/>\n16:41<br \/>\nBut I don\u2019t really care about that I\u2019m talking about the way the exchanges operate because of the nature of cryptographic currency because the private keys, establishing ownership, OK?<br \/>\n16:53<br \/>\nSo there are different strategies here.<br \/>\n16:56<br \/>\nA lot of times I will use two members, because I want charging order protection.<br \/>\n17:02<br \/>\nIt just is recommendation I make based upon reviewing what\u2019s going on in this situation from, from the beginning.<br \/>\n17:10<br \/>\nCharter charging order protection is given when two, parties are members, at least two parties are members of a limited liability company, and the two parties cannot have cannot be married, they cannot be spouses, OK?<br \/>\n17:25<br \/>\nWhile you may have charging order protection with two members, keep in mind if the two members are guarantors on a debt, like, say, for example, a commercial lease agreement even though the company or the Each member has charging or protection regarding gnat particular obligation, it doesn\u2019t exist.<br \/>\n17:43<br \/>\nIt passes right through the LLC to the two members of the LLC, so in order to mitigate the risk from the two members signing a commercial Lease Agreement, don\u2019t do that.<br \/>\n17:55<br \/>\nFirst of all, have one member sign and you can usually negotiate that.<br \/>\n17:59<br \/>\nOr add a third member later on who\u2019s not a guarantor on that contract, and that will then create a shared ownership of the property in The LLC.<br \/>\n18:11<br \/>\nThe other one a single member, OK, So that that gives you the lease protection, but it\u2019s still pretty good. It\u2019s, it\u2019s the it\u2019s it\u2019s sufficient, OK. It\u2019s good when you when you need it.<br \/>\n18:20<br \/>\nI\u2019ve done it many, many times and I\u2019ve done it in the face of a take down OK, where there\u2019s been levies on let\u2019s call them till takes where the incoming cash flow from the merchant accounts being levied on a regular basis And it\u2019s pretty nasty so we can do a quick company set up, re-organize the way the money\u2019s flowing and then cut off the creditor.<br \/>\n18:40<br \/>\nThey can see everything we\u2019re doing, and but the, there\u2019s a legal separation now and then it gives my client a chance to work with that creditor in some way and not get run over OK and get shut down out of business.<br \/>\n18:52<br \/>\nI do also like to use unincorporated associations or Trust. So, some of you already have pretty good trust, understanding, you understand how to use them. I\u2019m not saying that layering companies is always that way to go.<br \/>\n19:03<br \/>\nI know you everyone likes a lot of people like to use fancy ideas in terms and things like that.<br \/>\n19:09<br \/>\nAnd it sounds cool, and that\u2019s fine, but I always just recommend choosing a vehicle, or method, or strategy based upon solving a purpose or fulfilling a purpose. Or solving a problem. OK, not because it sounds cool, like Massachusetts business trust or something like that used to be a trendy thing years ago.<br \/>\n19:28<br \/>\nBut yeah, and you can use an unincorporated association.<br \/>\n19:30<br \/>\nAn example would be like an association would include where a group of people have something in common. one example of that would be a family.<br \/>\n19:39<br \/>\nAnother example would be a fan club. Another example, as a fan, as a neighborhood, OK?<br \/>\n19:44<br \/>\nSo, an association can be, Um, it can be described, because it has something in common and it can also be named.<br \/>\n19:53<br \/>\nAnd, therefore, because it already exists, it can just be named and then that association can be named for as the owner of property. So, I can use it as an owner of shares or the sole member of a limited liability company.<br \/>\n20:07<br \/>\nJust because you do that, though, It\u2019s not a silver bullet. You just have to understand what you\u2019re doing, and how it, what kind of risks you\u2019re managing. So, yeah, And, again, I just, you know, avoid layering.<br \/>\n20:18<br \/>\nUm, but you\u2019re not going to, you\u2019re not going to have a charging order protection with a single member, and you\u2019re not gonna have charging order protection if you\u2019re single member is a trust or an unincorporated association. Or some people want to use a private membership association, or club, or something like that.<br \/>\n20:34<br \/>\nYou don\u2019t have charging or protection, but what you do have is an innocent party that still gives you the separation, and that\u2019s why I say, you can get a lot of these benefits without regard to the statute. That\u2019s why I can go do this in the UK, and Ireland, and Japan probably, and Canada and all this stuff, I can use a partnership, I can use a contract.<br \/>\n20:53<br \/>\nUm, I would avoid off shore.<br \/>\n20:58<br \/>\nI know that\u2019s a it\u2019s trendy thing a lot of people call me with that situation.<br \/>\n21:05<br \/>\nAnd I just to, I\u2019m just going to tell you, for many years, at least 15 years, the Financial Crimes Network has created a situation where anything you\u2019re doing off shore, if you\u2019re a signer on a foreign corporation, or a bank account for a corporation or yourself as a US citizen. If you identify yourself as a US citizen, usually there\u2019s going to be a reporting back, OK?<br \/>\n21:28<br \/>\nNow there are some exceptions to that like with Caleb and Brown. That\u2019s a really nice exception. I don\u2019t see that changing anytime soon. I don\u2019t believe that they qualify for that.<br \/>\n21:37<br \/>\nAnd I don\u2019t believe there\u2019s some sort of reciprocal arrangement, like we have with Canada in the states or the UK.<br \/>\n21:44<br \/>\nI don\u2019t think we have that with Australia, and we especially don\u2019t have that with, um, the way Caleb Brown is structured, It\u2019s a private company. It\u2019s not a bank banking institution.<br \/>\n21:54<br \/>\nI don\u2019t, I don\u2019t recommend an offshore company unless I have a real business interests like I\u2019m making a product, or I have employees over that in that company, and I\u2019m making the money over there.<br \/>\n22:07<br \/>\nThe only other thing I would recommend, if you guys wanna, really if you have to have to do this, is consider nominee directors, and I\u2019m just gonna give you a reference here.<br \/>\n22:15<br \/>\nI have never used this company.<br \/>\n22:17<br \/>\nI don\u2019t make any money on this reference, this referral, but it\u2019s worth checking out, because there are other services that are similar, and this company has lots of services.<br \/>\n22:26<br \/>\nYou\u2019d be amazed, it\u2019s called OCR, a dot com, Okra, O C R a dot com. I don\u2019t remember what OCR stands for, but that is a service that may help you set up a nominee directorship in a foreign company.<br \/>\n22:42<br \/>\nAgain, it\u2019s it\u2019s not really necessary unless you actually have a need for it.<br \/>\n22:47<br \/>\nI like to do my accounting using bookkeepers.<br \/>\n22:52<br \/>\nIn my mind, a bookkeeper, who is some professional who doesn\u2019t identify himself as a CPA, or who is literally not a CPA. Why? Because I just think bookkeepers.<br \/>\n23:02<br \/>\nI value my privacy, I look at privacy as money, and if I go to a CPA, he wants to ask me all kinds of stupid questions and I don\u2019t want to argue with them.<br \/>\n23:10<br \/>\nBookkeepers usually don\u2019t, and lots of times. I can work with the bookkeeper, and I don\u2019t need to give my ID, OK?<br \/>\n23:16<br \/>\nMalware or I\u2019m not going to be asked to do that. That\u2019s just in my experience. But I would just recommend it. A lot of you are asked me right now. You\u2019re asking me right now, based upon your current network?<br \/>\n23:25<br \/>\nand you\u2019re asking me, in the sense that, What if your net worth, you know, goes up 10 times or 100 times?<br \/>\n23:31<br \/>\nMy recommendation is still is bookkeepers.<br \/>\n23:34<br \/>\nThat\u2019s what I use, now my net worth, it has never exceeded $5 million. So, that\u2019s been sufficient for me. I mean, if I had, if I had a mid-level business in a big stake in it, I don\u2019t know. I might use a CPA. It depends. I don\u2019t know if I had an interest in a C corp or something. I don\u2019t know.<br \/>\n23:49<br \/>\nAnother thing that consider, once we set this up, I know, we always talk about tax benefits, and, yeah, that\u2019s the most interesting.<br \/>\n23:58<br \/>\nBut, I do like to avoid making financial decisions solely for tax benefits, because what I\u2019m finding is, people have a tendency to make mistakes or missed opportunities.<br \/>\n24:10<br \/>\nIf they\u2019re just doing that, you\u2019re missing the focus, OK, Of having capital to work with, or a plan.<br \/>\n24:17<br \/>\nWhat you want to do is this is the same information, I get my data, you know how the dentist asks you, you know, what you do for profession after he steps your mouth with a bunch of cotton. So I had one of those conversations with my dentist.<br \/>\n24:28<br \/>\nAnd, and then he goes, Well, what do I do that, if I\u2019m not going to be looking for tax benefits, because his tax guy was telling them all this kinda silly stuff to do?<br \/>\n24:35<br \/>\nAnd he didn\u2019t know any better, but he knew it was not good use of his money, he just didn\u2019t know what else to do.<br \/>\n24:40<br \/>\nAnd I said, Well, once you make decisions instead of based upon tax benefits, why don\u2019t you make your decision based upon what you, we may receive on return, on the capital, When do you get your principal back? OK, you guys can look this up, Rule of 72, real simple stuff.<br \/>\n24:58<br \/>\nOK, I did a video on this. It\u2019s in the members area.<br \/>\n25:01<br \/>\nI explain about capitalization rate, gross rance, net present value, internal rate of return, OK, These are very important concepts.<br \/>\n25:09<br \/>\nNet present value, internal rate of return are really important, And when you start looking at things like paying off your mortgage in a lump sum, it\u2019ll make you sick to realize how much money the bank, how much more money the bank makes. on a long term debt with a face value of, let\u2019s say, 4% that you worked really hard to get a low interest rate. I don\u2019t know if that\u2019s low enough, 4%, maybe 3.5%. You worked really hard to get that rate, and you think it\u2019s smart to pay your mortgage up 20 years earlier. And now that 4% is really more like 77%.<br \/>\n25:38<br \/>\nOK, I just made up a number, But that\u2019s probably close, so check into those concepts, OK, because that\u2019s how that\u2019s how you get rich and stay rich is by making decisions on how it\u2019s going to end in? Increase Your net present value of your cash?<br \/>\n25:54<br \/>\nWhen it\u2019s time to take profits now, remember This is I\u2019m not a mid-level person. I\u2019m a small business entrepreneur my biggest client has never exceeded five million just like me, so we\u2019re all in that area.<br \/>\n26:06<br \/>\nUm, I Recommend that you go into your stable coin, and a lot of you guys are going to be coming from crypto, so use stable coin. That\u2019s what it\u2019s intended for.<br \/>\n26:15<br \/>\nThere\u2019s no tax consequence there whatsoever. If you sell from stable coin or another coin into dollars on the exchange, that is still going to be included in your gross income. So just be aware of that.<br \/>\n26:25<br \/>\nIf that, that transaction is done in your name and your personal account, that\u2019s why I recommend having a trust account or a limited liability account, and using it that certain way. You\u2019re gonna avoid that liability.<br \/>\n26:37<br \/>\nSo you go into stable coin, and then some aspect of what you\u2019re moving. Maybe a lot of it, because if it\u2019s temporary, you can move a lot of it and precious metals.<br \/>\n26:47<br \/>\nBut it\u2019s temporary. That\u2019s a good idea.<br \/>\n26:49<br \/>\nIf you\u2019re old, I tell people if you\u2019re old, meaning you\u2019re a low risk taker, that means you\u2019re old financially speaking, because you don\u2019t want to take much risk, or you are really old. Let\u2019s say you don\u2019t want to. You don\u2019t want to take much risk. then I say buy gold.<br \/>\n27:04<br \/>\nSo if you\u2019re old buy gold, otherwise, take it up for spin, right? Put your money out there, where it\u2019s going to do some work and see what happens. Take some risk.<br \/>\n27:13<br \/>\nYou don\u2019t have to take a lot of risk at once, But when you take some profits, use precious metals. Use coins, stable coins. I haven\u2019t done this yet, but I have a description, I think it\u2019s in one of my videos.<br \/>\n27:24<br \/>\nI\u2019m describing how you can use lead a loose diamonds as part of your means to take profits.<br \/>\n27:32<br \/>\nSo that may be something you wanna look into. There\u2019s, there\u2019s a certain way I recommend doing. that. What? I look for in addition to taking profits in, that first stage, where I\u2019m gonna come out of my initial asset and I\u2019m gonna go into something in the middle of. I don\u2019t want to, If I\u2019m not ready to go into something, my permanent asset will actually have a return that I\u2019m looking for.<br \/>\n27:51<br \/>\nUm, I\u2019m going to I\u2019m going to use the precious medicine everything, but once I go into something that\u2019s going to be private equity, it\u2019s going to be a share of somebody\u2019s business, and maybe it\u2019s a maybe it\u2019s a corporation that\u2019s not publicly traded.<br \/>\n28:04<br \/>\nNow, sometimes, you can\u2019t resist the opportunity of a publicly traded company. There may be that opportunity, I\u2019m not I\u2019m not excluding that. But I\u2019m just saying, I think you\u2019re gonna find some pretty good opportunities if you look for private equity.<br \/>\n28:18<br \/>\nIf you don\u2019t know what I\u2019m talking about, or it\u2019s, you lack the experience, which is completely, I don\u2019t have enough experience, I would definitely use a broker, OK? And you have to get the right type of broker, you want a broker, and I\u2019m going to do some interviews coming up pretty soon.<br \/>\n28:31<br \/>\nAnd we\u2019re going to talk to some people that actually place capital, up $10 million and more.<br \/>\n28:36<br \/>\nAnd you want a broker that\u2019s going to bring you deals that involve private equity, here\u2019s how this works.<br \/>\n28:43<br \/>\nHe brings you a deal, he or she brings you a deal. Your broker gives you an opportunity, says, Look, there\u2019s a business over here that wants to take on an equity partner, or wants to sell or sell out, or something. And so, you want to take an equity position. Maybe you want to put a quarter million dollars, or maybe you want to put 12 million, whatever it is something you want to buy into it, so what the broker will do.<br \/>\n29:03<br \/>\nThe broker.<br \/>\n29:05<br \/>\nIt\u2019s going to have knowledge and experience on mergers and acquisitions. This is what you\u2019re doing. So you\u2019re going to create a limited partnership. And this is the broker can set all this up.<br \/>\n29:14<br \/>\nYou can use your limited liability company, or you can set up a new one. To be the limited partner with this private equity that you\u2019re getting involved in. It could be buying.<br \/>\n29:22<br \/>\nIt could be buying a big private company, the senior neighborhood. Maybe there\u2019s a five restaurant franchise in your town. It\u2019s not a national franchise, It\u2019s just there, and maybe it\u2019s worth three point eight million dollars, OK.<br \/>\n29:35<br \/>\nAnd maybe you\u2019re gonna buy into it, you know, for a chunk of chunk of interest, right, And what\u2019s the benefit for the owners.<br \/>\n29:43<br \/>\nWhy would someone sell you, a part of the company, where he\u2019s already done, all the hard work and he\u2019s making a return on capital and then you come along and say, hey, can I, can I join the party? Can I make that 12% stable, stable return without doing any work? And just let my money work for me? Why would he let me do that? Well, maybe he wants your cash in there so he can have some liquidity and go into something else.<br \/>\n30:04<br \/>\nSo, there\u2019s always a quid pro quo in there.<br \/>\n30:08<br \/>\nUm, another thing, another topic that we come across in conversations is about using financial planners and wealth managers or people with those titles. That\u2019s fine. A lot of them are smart, but just always realize who you\u2019re talking to, what kind of experience that person has. And I just wonder what kind of benefit it would be for a person, even if he\u2019s 40 years old, who still making wages?<br \/>\n30:31<br \/>\nI don\u2019t care if he\u2019s making $250,000 a year if his title is a wealth manager and he\u2019s an employee somewhere, and that\u2019s it. And I don\u2019t know, I might, I might want to ask him what his net worth is. And I just wonder what kind of experience that person would have. Like, I\u2019ll give an example.<br \/>\n30:47<br \/>\nSomeone called me a couple of years ago when she was, uh, she was talking about, she was an MBA student, and they were studying Starbucks.<br \/>\n30:55<br \/>\nAnd I asked her, what kind of structure, Starbucks was that. She didn\u2019t know. I said, well, how long you\u2019ve been studying Starbucks. And she goes, well, this whole semester, I said, well, you don\u2019t know how Starbucks operates.<br \/>\n31:05<br \/>\nIt\u2019s not a franchise, and she didn\u2019t know that, and it\u2019s actually a licensing logo type serve business. They don\u2019t franchise.<br \/>\n31:12<br \/>\nWhat they do is, they license the use of their name to prestigious real estate locations.<br \/>\n31:18<br \/>\nIt\u2019s a, it\u2019s a real estate investment company like McDonald\u2019s is, And, so, I suggested that, instead of, you know, reading books all day and not understanding what\u2019s going on. I said, why don\u2019t you just go, get the license?<br \/>\n31:29<br \/>\nGo do it, and raise the capital to go acquire the license, and set up a Starbucks yourself, and then go pour some coffee for some customers and see what it\u2019s like. And work all day long and, you know, get that experience. You\u2019re never going to replace that.<br \/>\n31:43<br \/>\nSo, there\u2019s a difference and experience and, and just know who you\u2019re talking to. OK.<br \/>\n31:51<br \/>\nYep.<br \/>\n31:52<br \/>\nI people ask me, OK, Well, then if I can\u2019t talk to a, we\u2019re a wealth manager. Yeah, you can talk to a wealth manager.<br \/>\n31:58<br \/>\nI\u2019m just saying, I think there are better people to talk to and who would that be? It would be people that you that are doing what you may want to do.<br \/>\n32:04<br \/>\nIf I want to, if I want a net worth of $25 million or more, I\u2019m going to start working around people that have a net worth of $25 million more, and I\u2019m going to find out how they did it. And maybe they\u2019ll tell me a couple of things.<br \/>\n32:15<br \/>\nI\u2019ve worked with people before, I\u2019ve had partners that have high net worth, and That\u2019s how I learned a lot of things.<br \/>\n32:20<br \/>\nThey, you know, they shared their secrets with me and that service both at the time and, you know, things like that.<br \/>\n32:25<br \/>\nSo that\u2019s what you want to do is work with other people who have risked their money, who\u2019ve made a lot of money who\u2019ve lost some money, hopefully not lost everything too much.<br \/>\n32:34<br \/>\nI can\u2019t tell you that I\u2019ve lost a lot of money, but I\u2019ve also made a lot of money, And it\u2019s kind of fun Once you get going.<br \/>\n32:41<br \/>\nDon\u2019t be afraid to lose money. Just do the best you can and be diligent.<br \/>\n32:44<br \/>\nUm, another thing I run into and topics is about paying off. consumer debt. People are so excited to pay off their mortgage, I guess, because and I\u2019m not saying it\u2019s just women.<br \/>\n32:55<br \/>\nIt\u2019s the husband who says, my wife had really feel better if I paid off the mortgage or you know, something like that. Maybe the man feels that way, too, but the husband feels that way. But, in any case, yeah, sure. It\u2019s good to not have personal debt, Everybody feels better with that. But think about, like this, every dollar you put towards the liability because your house is a liability, OK?<br \/>\n33:13<br \/>\nIt\u2019s somebody else\u2019s asset the county\u2019s asset at the state. It\u2019s the banks.<br \/>\n33:17<br \/>\nIt\u2019s, it\u2019s somebody else\u2019s code enforcement, it\u2019s the h.o.a.s asset, OK, \u2019cause you\u2019re paying all that stuff, OK?<br \/>\n33:24<br \/>\nIt\u2019s, um, It\u2019s not a good idea, OK, in my opinion, to pay off a personal debt in a lump sum because you, you, give, the lender huge windfall.<br \/>\n33:37<br \/>\nAnd then for every dollar you\u2019re putting into a liability, it\u2019s, that\u2019s not a dollar that you can put into an asset.<br \/>\n33:42<br \/>\nYou\u2019re just, you put that dollar into the liability and you\u2019re going to have to keep chasing it with more money.<br \/>\n33:48<br \/>\nThat\u2019s the way I look at it.<br \/>\n33:49<br \/>\nI say you should do it, but not for 80%.<br \/>\n33:52<br \/>\nOr 90% of the value of the property because it\u2019s a liability. Maybe 25%, maybe 50%. Maybe the level of debt you have on a liability, like a house or a car, or a boat.<br \/>\n34:04<br \/>\nThat level of liability should be offset by an asset where the income from the asset is paying off or setting off the liability month to month.<br \/>\n34:14<br \/>\nSo that\u2019s how I would look at it.<br \/>\n34:15<br \/>\nI would look at it as a balance sheet, where I have my mortgage payment over here, and I maybe I own something, right? Do almost no work to maintain this asset, and on the, on the same balance sheet, this asset is covering the liability. So it balances too close to zero.<br \/>\n34:32<br \/>\nThat\u2019s the way I would look at it.<br \/>\n34:34<br \/>\nI think that\u2019s how you should look look at things like that, especially when you start getting into large amounts of money. I mean, it\u2019s more noticeable when you have cumulated also work with.<br \/>\n34:42<br \/>\nYeah.<br \/>\n34:44<br \/>\nSo, OK, so a lot of people ask me this, so, if you\u2019re buying a house or a car again. These are all liabilities. And yeah, you want to come from.<br \/>\n34:51<br \/>\nYou\u2019re re-allocating, OK. And I know, you\u2019re gonna, I know, you\u2019re going to take some of that money that you\u2019re going to re-invest.<br \/>\n34:55<br \/>\nI know you\u2019re gonna, you\u2019re gonna get an exciting car, or new house, or whatever. Certainly. Do that. you can simply sell your asset. Whatever that is, you can use the company to do that LLC.<br \/>\n35:06<br \/>\nYou can pull the money there and then spend the money on the asset, Just take the title to another company or the same company, or when you take the title, make sure it\u2019s through a loan.<br \/>\n35:15<br \/>\nMake sure the loan is real, You know, make sure all the numbers are correct, and you keep good records of everything.<br \/>\n35:22<br \/>\nAnd then, you know, you could do it with car house.<br \/>\n35:24<br \/>\nOther liabilities at boat, use debt, or use funding another company, that\u2019s how you do it.<br \/>\n35:31<br \/>\nAll right.<br \/>\n35:31<br \/>\nAnd let\u2019s see.<br \/>\n35:34<br \/>\nYeah. And, I don\u2019t focus, I know I say this all the time, but you\u2019re still going to do it.<br \/>\n35:38<br \/>\nDon\u2019t put too much effort into not paying taxes on the income that you need for personal living expenses. This is not even worth talking about, but, I still talk about it.<br \/>\n35:47<br \/>\nI mean, you guys asked me, but I\u2019m going to tell you, Focus on managing an asset. So, what about your income that you need to live on, pay tax on that.<br \/>\n35:57<br \/>\nBut when it comes to an asset, you can defer everything and manage it properly, then use a whole life policy, which isn\u2019t another subject unto itself, but you can use a whole life policy for managing the risk of that asset. For example, I can take, I can bind to an asset which has operating costs.<br \/>\n36:13<br \/>\nI can, I can offset my risk with a loan.<br \/>\n36:16<br \/>\nAnd then, I can offset my operating costs with a life insurance policy from, which I\u2019m borrowing, before I pay off Pay, My Operating Costs, on a quarterly basis, or something like that. So, I can use loan money, which, I\u2019m making interest on, to, pay off to reduce my operating costs. So, now my margin, my my margin, is wider.<br \/>\n36:33<br \/>\nI can, I\u2019m actually making more money, and my competitor is not, if he\u2019s not using that same strategy and so I can compete with other businesses, that\u2019s the way I look at it.<br \/>\n36:42<br \/>\nUm, Yeah, and so you want to put You want to put your effort instead into offsetting risk, with loan money.<br \/>\n36:51<br \/>\nSo, I think you can pay cash for an asset, but, at the same time, by default, you become your own lender. If it\u2019s, I always give the example of a $10 million hotel, which is probably a pretty small hotel. But, if you get a hotel and you pay cash for it, yeah, that\u2019s fine probably as good cash flow.<br \/>\n37:09<br \/>\nBut you want to offset the rescue took as acting as if you\u2019re You\u2019re the lender there because you have no lender. So, by default, you\u2019re your own lender, You\u2019re taking on risk, for which you\u2019re probably not suited, like, if you\u2019re not a lender, you\u2019re a real estate investor.<br \/>\n37:24<br \/>\nYou don\u2019t have partners that you can call up in the lending industry, that will give you their trade secrets and work with you and offset some of the risks, so you need a lender that does that. That\u2019s what, that\u2019s what it suited for. That lender is designed to take on that kind of risk. Maybe you are, I don\u2019t know, but mostly, it\u2019s probably not.<br \/>\n37:39<br \/>\nMost real real estate investors are not.<br \/>\n37:43<br \/>\nSo, this is one of the last things I\u2019ll leave you with here.<br \/>\n37:48<br \/>\nNo matter how you originally hold your investments, OK, how we ever do that, how we ever do this.<br \/>\n37:53<br \/>\nYou can always create a plan that\u2019s gonna suit your family and people you care about so that the treasure that you\u2019re creating can benefit them. And I\u2019d like to say like this when you\u2019re not involved. So if people say, what happens if something happens to me and said, well, what does that mean? And they go, well, what am I, OK. So so what if you die, and you want to make sure the credentials that are used to access your treasure are available to those that you left behind. So that means your you died, you you fall into a coma. You were abducted by aliens. You\u2019re lost at sea, OK, All these things.<br \/>\n38:26<br \/>\nYou went up, make it to where people in your family, or your friends, or close people that you care about that you want to benefit from, have access to these assets and this treasure in a way that not only do they have access to it. But they have some proficiency about using it.<br \/>\n38:40<br \/>\nSo that\u2019s why I like, I have five children, so, my oldest, I already have them doing entrepreneurial things, and I\u2019m already matching funds with them, so I\u2019m having them go do things.<br \/>\n38:51<br \/>\nAnd when they come up with, they figure out how, like, I\u2019ll tell them, hey, go, figure out how to make X number of dollars this month. And if you do, I\u2019ll match it.<br \/>\n38:59<br \/>\nAnd so they\u2019re like, well, yeah, you know, so they go out and that\u2019s, you know, making 100% on your money, so they\u2019re doing that. And that\u2019s the kind of thing you want it.<br \/>\n39:06<br \/>\nYou want to have pass on financial intelligence along with your credentials to the thing you created in the, that, you built up into a bass treasure, so in any case, let me just post this.<br \/>\n39:18<br \/>\nI\u2019m not gonna, I\u2019m not going to go into too much more here. But let me just post here.<br \/>\n39:23<br \/>\nI\u2019m going to put that in the chat and I\u2019m also going to put it on the Ace of coins forum there.<br \/>\n39:33<br \/>\nOh, here we go. Chat window. All right. So.<br \/>\n39:41<br \/>\nAll right. So this first one has to do with disposition of assets. I\u2019m sorry if you\u2019ve already seen this one, But I just think it underscores some of what I\u2019m talking about here.<br \/>\n39:51<br \/>\nI will give you one last little analogy.<br \/>\n39:56<br \/>\nI know taxes are so interesting. So I\u2019m just gonna give you an analogy here.<br \/>\n40:00<br \/>\nBecause somebody wanted me to talk to his account yesterday, and we didn\u2019t quite connect, but what I was going to explain, and I really don\u2019t like to argue with accounts. I mean, these are smart people and who am I? I\u2019m not a CPA or anything like that, so, but I do.<br \/>\n40:13<br \/>\nI think my My methods are fine or sound. I\u2019ve never had a problem of solve our problems this way.<br \/>\n40:19<br \/>\nSo The issue of all this news you\u2019re hearing on surveillance, on your crypto accounts and data collection. I\u2019m not so concerned about that, the misinformation about trading between coins being taxable.<br \/>\n40:33<br \/>\nIt would be true if you reported those transactions in that way.<br \/>\n40:38<br \/>\nThe rules have never changed. You don\u2019t do that for gold and silver. You don\u2019t do that for stocks unless you get a dividend. You don\u2019t do that for other things.<br \/>\n40:46<br \/>\nUntil there\u2019s a game, and there is no gain when you\u2019re going between coin\u2019s, here\u2019s why.<br \/>\n40:51<br \/>\nThere is no change in beneficial interest, And for all the people that I\u2019ve worked with, and now I\u2019m gonna say, it\u2019s not hundreds. It\u2019s like 15 people in the last few years that did receive 1099 from the exchanges.<br \/>\n41:02<br \/>\nAnd the 1099 said they sold like whatever their value, whatever portfolio they had in coins was expressed in dollars on the 1099.<br \/>\n41:11<br \/>\nNow, some of them had some dollars, but for the most part, they had no dollars, they didn\u2019t receive dollars. They didn\u2019t sell the coins for dollars. So the 1099, it was erroneous.<br \/>\n41:19<br \/>\nWell, you can\u2019t write a letter, you can\u2019t have the exchange who reported that, Fix it, you have to actually go to the IRS.<br \/>\n41:26<br \/>\nSo, what I was able to do is, I asked the IRS four, a form letter called a Request for Determination Letter, it\u2019s like a two page checkbox form and then there\u2019s another set of instructions, and the IRS wants you to, you know, explain certain things, and then there\u2019s a place where you can make a legal argument in, which is what I did. And so, I told the IRS like this this 10 99 is erroneous, and it\u2019s going to be excluded from the 1040, and I would attach a copy the 10 40 with my request to the IRS. And now, I send this to the Secretary of the Treasury. There\u2019s to address, you have to send it to Secretary of the Treasury in DC. And I attach a copy of the 10, 40, now, sometimes the person hasn\u2019t filed 1040 yet, but that\u2019s OK, We just fill out the 10 40 and we put a copy and then make sure things accurate.<br \/>\n42:10<br \/>\nAnd then we send a copy with the request and a copy the 1099 and we explain that there was no change in beneficial interests, OK, and, and there was no disposition of assets I mean, but really, there\u2019s no, there\u2019s no change in beneficial interests.<br \/>\n42:27<br \/>\nThis is why we\u2019re able to do a lot of these things. It\u2019s a very key element in this whole thing, OK?<br \/>\n42:32<br \/>\nNow, the analogy I\u2019m gonna give you is if I go from litecoin and bitcoin, and I keep doing that, or other coins.<br \/>\n42:40<br \/>\nThen I started. Let\u2019s say I start with one thousand dollars and now it\u2019s worth a lot more. Like 10000 or $15,000?<br \/>\n42:46<br \/>\nThat\u2019s a huge gain. And let\u2019s say I did that in a short-term, like a few months or a year or something like that short-term gain. Right?<br \/>\n42:52<br \/>\nLet\u2019s say my accountant tells me let\u2019s use the software at the Exchange and then run the software and see what my taxes would be.<br \/>\n42:59<br \/>\nI mean, irrespective of the fact that the accounting would probably show $100,000, 10, 99, OK, let\u2019s just forget about that part.<br \/>\n43:08<br \/>\nIt would come up with a dollar amount of tax that I would presumably. Oh.<br \/>\n43:12<br \/>\nAnd so I would ask the, my account, OK, so so that\u2019s the amount of money I owe, because of all the trades I made, and the gain, I had and making all these traits, and he would say, Yeah, and I\u2019d say, OK, well then.<br \/>\n43:22<br \/>\nThen, how do I pay it?<br \/>\n43:23<br \/>\nThen he would say, Well, you have to just, you know, fill out your tax return and send the check in. I would say, Well, what if I don\u2019t have any dollars to pay it?<br \/>\n43:31<br \/>\nAm I required to go get some dollars to do that?<br \/>\n43:33<br \/>\nAnd that\u2019s a really silly question, but the point is, it illustrates the fact that the liability is on the dollars. It\u2019s not, It\u2019s not that the coins are being taxed just like gold is not being taxed.<br \/>\n43:45<br \/>\nIf golder being taxed, then you would send a portion of the gold coin to the IRS. That\u2019s not happening.<br \/>\n43:51<br \/>\nIt\u2019s when you dispose of it, OK, for dollars. So it\u2019s only when you dispose of the property in this case. It\u2019s cryptographic currency. Nothing new, nothing\u2019s changed, there are no new laws.<br \/>\n44:01<br \/>\nSo anyways, I hope that give some information that\u2019s helpful. And I\u2019m, I\u2019m gonna end it for now, but I appreciate everyone joining in.<br \/>\n44:09<br \/>\nI\u2019m gonna post this pretty quick. Should be ready, maybe, hopefully tonight, And I\u2019ll put these links up here, and hopefully that benefits everyone and I, maybe we\u2019ll do a Q and A session. Hopefully, that\u2019s going to benefit everyone.<br \/>\n44:22<br \/>\nYou guys, you guys will have a chance to watch this video again.<br \/>\n44:24<br \/>\nI know sometimes I talk kinda fast, so, all right, I appreciate it. You all have a good night.<\/p>\n        <\/div>\r\n    <\/div>\r\n\r\n    \r\n<\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8376956 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8376956\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4b8c8cf\" data-id=\"4b8c8cf\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-40b7e31 elementor-widget elementor-widget-spacer\" data-id=\"40b7e31\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9e8b1f8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9e8b1f8\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5a0beb9\" data-id=\"5a0beb9\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4788f3d elementor-widget elementor-widget-text-editor\" data-id=\"4788f3d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><strong>Summary<\/strong><\/p><p style=\"padding-left: 40px;\">1. The presentation discusses various purposes and techniques of Limited Liability Companies (LLCs).<br \/>2. The speaker talks about his experience and approaches towards customer queries, revealing his approach to problem-solving and reverse engineering problems.<br \/>3. The talk delves into the topic of how LLCs are created, the importance of public articles, and the ways to adjust property rights within these entities.<br \/>4. Mention is made of potential liabilities for LLCs, stating that newly established LLCs are unlikely to face litigation. If they do, they can easily be dissolved and recreated under a different name.<br \/>5. The discussion then covers the use of operating agreements to establish property rights and how they help in handling different types of situations.<br \/>6. Concepts of privacy in asset ownership are highlighted, with the mention of techniques like using associations as the owner of shares or the sole member of an LLC.<br \/>7. The talk then moves on to offshore companies, explaining when their use is appropriate and how they can be beneficial.<br \/>8. The speaker advises on managing wealth, suggesting the use of bookkeepers and making considerations for tax benefits.<br \/>9. He also touches on the topic of investment, discussing the benefits and risks associated with different types of investments and the importance of diversification.<br \/>10. Finally, the presentation ends on the note of creating a plan that benefits one&#8217;s family, highlighting the potential of LLCs and investment management to create a beneficial legacy.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c4e95ee elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c4e95ee\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3d71c9f\" data-id=\"3d71c9f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>U27 &#8211; LLC Purposes and Techniques<\/p>\n","protected":false},"author":131,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[124],"tags":[],"_links":{"self":[{"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/posts\/16646"}],"collection":[{"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/users\/131"}],"replies":[{"embeddable":true,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/comments?post=16646"}],"version-history":[{"count":7,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/posts\/16646\/revisions"}],"predecessor-version":[{"id":25301,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/posts\/16646\/revisions\/25301"}],"wp:attachment":[{"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/media?parent=16646"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/categories?post=16646"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/tags?post=16646"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}