{"id":16703,"date":"2021-07-28T09:48:28","date_gmt":"2021-07-28T13:48:28","guid":{"rendered":"http:\/\/privacyfight.io\/?p=16703"},"modified":"2023-06-25T07:26:14","modified_gmt":"2023-06-25T11:26:14","slug":"u40-review-discussion-of-llc-banking-abstract","status":"publish","type":"post","link":"https:\/\/privacyfight.io\/u40-review-discussion-of-llc-banking-abstract\/","title":{"rendered":"U40 &#8211; Review &#038; Discussion of LLC Banking Abstract"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"16703\" class=\"elementor elementor-16703\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f9236d6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f9236d6\" 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-c95838c\" data-id=\"c95838c\" 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-54d294c elementor-widget elementor-widget-text-editor\" data-id=\"54d294c\" 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\/722544316\/?\" 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            U40 \u2013 Review &#038; Discussion of LLC Banking Abstract\r\n0:02\r\nWell, hello everyone, this is John. Jay, thanks for joining.\r\n0:07\r\nToday is July 15 Thursday.\r\n0:09\r\nAnd I know it\u2019s so exciting to talk about contracts.\r\n0:13\r\nI just wanted to go over the banking abstract that we\u2019re all using. Not tha&#8230;        <\/div>\r\n        <div class=\"vidseo_collapse_content\" style=\"\">\r\n            <p>U40 \u2013 Review &#038; Discussion of LLC Banking Abstract<br \/>\n0:02<br \/>\nWell, hello everyone, this is John. Jay, thanks for joining.<br \/>\n0:07<br \/>\nToday is July 15 Thursday.<br \/>\n0:09<br \/>\nAnd I know it\u2019s so exciting to talk about contracts.<br \/>\n0:13<br \/>\nI just wanted to go over the banking abstract that we\u2019re all using. Not that I mind feeling questions, but I just want to, I never really have done this before. I wanted to explain my thinking and how this document has developed over the years.<br \/>\n0:26<br \/>\nIt\u2019s just, it\u2019s not necessary, but it\u2019s just my way of Helping people get into the banking system, which is what we\u2019re really trying to do here.<br \/>\n0:33<br \/>\nUm, As you know, a lot of my content is on ace coins dot com.<br \/>\n0:39<br \/>\nWe\u2019re going to add something new. coming up in about a month. There should be a phone number there. You should be able to call and get a helpdesk. That doesn\u2019t mean you\u2019re just gonna get me all the time, you\u2019re gonna get people that Actually know My material, my content, and are pretty good at it. So they should be able to answer questions. And if not, they can get me on the phone. Sometimes they can do a three-way. Sometimes They can schedule a time and not three months out. So that\u2019s my intention, anyways. I think we\u2019re going to work it out that way.<br \/>\n1:05<br \/>\nSo anyways, that\u2019s coming. I\u2019m working really hard on that.<br \/>\n1:08<br \/>\nI\u2019ve got some good people I\u2019m working with, so I appreciate your patience.<br \/>\n1:12<br \/>\nAnd then, of course, we have the video membership, which is privacy fight dot IO, and I believe there\u2019s a couple of URLs that go with that. I think, privacy, fight club, dot com, and privacy, fight dot com, or something like that.<br \/>\n1:22<br \/>\nBut anyways, privacy, fight dot IO, um, so I wanna get started with this. I\u2019m gonna do a screen share.<br \/>\n1:30<br \/>\nOK, so what I wanted to cover today would be, and I\u2019m sure we can discuss it to you guys, are welcome, to chime in. I\u2019m gonna probably take a break every once in awhile.<br \/>\n1:41<br \/>\nI don\u2019t think we need more than 15 or 20 minutes.<br \/>\n1:43<br \/>\nI wanted to go over the 6 or 8 pages we use as the banking abstract. Looks like it\u2019s maybe 10 pages, and explain what my thinking is on that, and why I feel like that strategy has been effective over the years.<br \/>\n1:55<br \/>\nSo, when I set up a limited liability company, I have a set of documents that allow you to hopefully easily open your account at the bank.<br \/>\n2:04<br \/>\nThe reason why there\u2019s even a question is because of the way I write these, I don\u2019t write these like some attorney or some CPA because those guys will just make you a single member owner, not even talk about it and you just assume that this is the right thing to do and everything\u2019s protected OK.<br \/>\n2:18<br \/>\nSo when I\u2019m writing something to protect your interests and give you some versatility, the banks don\u2019t like it. It becomes obvious. And so, we kinda have to weave our way through their let\u2019s call it the gauntlet of policies they have.<br \/>\n2:34<br \/>\nAnd that\u2019s why I have, in fact, I\u2019m not going to show you today, but I will talk about it.<br \/>\n2:38<br \/>\nThe banking abstract I\u2019m talking about, goes with a set of instructions that explain a little bit more, and also has some strategies in there about how to interact with the bank. So let me just do a screen share here.<br \/>\n2:51<br \/>\nNo.<br \/>\n2:54<br \/>\nHere we go.<br \/>\n3:03<br \/>\nI remove myself off of there.<br \/>\n3:06<br \/>\nDon\u2019t want to distract too much. Well, I\u2019ll just write in any case. What we\u2019re looking at here is what you guys, if you have an LLC for me, you see here, it\u2019s a memorandum of articles of association. OK, this is supposed to reflect the same information that appears in the articles that are filed with the State, and in this example, we\u2019re just using New Mexico, which is a common, by 80% of everyone I\u2019m doing this with, or they\u2019re all using, mostly New Mexico? Let me just list for you, again. The states that are, in my opinion, the best, and the reason why they\u2019re the best is, because they leave you alone.<br \/>\n3:39<br \/>\nYou\u2019ve got New Mexico, Excuse me, New Mexico, Wyoming, Arizona, Colorado, those I really prefer simply because they leave you alone.<br \/>\n3:49<br \/>\nI don\u2019t care about all their statutory benefits and things, like in Wyoming, that doesn\u2019t really matter, in my opinion. You\u2019re gonna get those anyways, OK? You can get those by just using your, your LLC properly. I also like Florida and Georgia.<br \/>\n4:03<br \/>\nOhio is also good. So as Pennsylvania, now, Pennsylvania and New Mexico don\u2019t have annual fees.<br \/>\n4:10<br \/>\nSo just just, I wanted to mention that again. So here we go. We\u2019re looking at this memorandum.<br \/>\n4:15<br \/>\nThis is a basically a representation of what we\u2019d filed in the state.<br \/>\n4:21<br \/>\nYou can walk into the bank, or you can upload your articles that directly come from the state with a State seal or stamp on them. The banks will accept a copy of the Certified Copy. This is a summary of that document.<br \/>\n4:35<br \/>\nMany times the bank will accept it. Now they just they ask you for things like this, so I just have it ready.<br \/>\n4:40<br \/>\nSo as you can see, basically we\u2019re restating everything in the articles.<br \/>\n4:44<br \/>\nYou\u2019ve got XYZ Company, LLC. We\u2019re saying it\u2019s a New Mexico company, OK.<br \/>\n4:48<br \/>\nHere\u2019s the data was formed, all this stuff, OK, I\u2019m just giving some very simple statements. Here are common things.<br \/>\n4:54<br \/>\nIt\u2019s basically, in this example, we\u2019re gonna, this is going to be an example where we have a single member LLC and in this case, I\u2019m using a trust, or you would know it as a PMA or an association, as the owner.<br \/>\n5:07<br \/>\nIt can be a two member, just as well, OK, same idea, As you can see, here, I use the name Allen. Right? Now, if I\u2019m going to use this document for a company, I\u2019m setting up, I\u2019m going to change Allen Rights name to my name.<br \/>\n5:21<br \/>\nBecause if I\u2019m going to sign for it, I want my name on this document, and it should match my ID that I\u2019m going to use at the bank.<br \/>\n5:28<br \/>\nNow, the registered agent address, if I\u2019m gonna register a company here in Florida, I don\u2019t mind putting my name here. And I have to give a physical address, though. So either it\u2019s probably going to be my home address.<br \/>\n5:40<br \/>\nOr if I have an office space, it has to be a physical space. It cannot be a mailbox.<br \/>\n5:44<br \/>\nSo any place where I can receive mail and the name of my company, that\u2019s a physical location. With a doorway, you know. You can walk in and go there. I can use that as the registered agent address, and I can put any name I want. I can put my name. I could put Charlie Brown. I could put any name, anything. I could put the name of a company that doesn\u2019t even exist, Nobody cares, OK. It\u2019s just that.<br \/>\n6:05<br \/>\nIf I use whatever name I do use, if it\u2019s somebody who actually is using that name and it\u2019s not me, I have to get that person\u2019s permission. So if I use a fictitious name, I\u2019m using that fictitious name so it\u2019s not bothering anybody and I can do that OK.<br \/>\n6:17<br \/>\nIt\u2019s not going to be a violation of any kind, but it\u2019s a serious matter to use someone\u2019s name and address as an RA, a registered agent, without permission. Now that\u2019s not to say that, if I\u2019m doing this in New Mexico, for example, and I just pick an office address, like I\u2019ve explained, and I put my client\u2019s name or my name at that office address, that\u2019s OK. They may not like getting a couple of pieces of mail, but no one\u2019s really going to care.<br \/>\n6:40<br \/>\nOK, that is not the same as taking an actual human being, another person, or company name, or an agent\u2019s name, and using it without permission, that\u2019s a no-no.<br \/>\n6:51<br \/>\nSo we\u2019re definitely not going to do that.<br \/>\n6:53<br \/>\nSo, and you\u2019ll notice throughout these documents. I\u2019m always saying, Look, I don\u2019t have exclusive rights here, OK. That\u2019s what this is really all about. I\u2019m very careful about this because I know that the bank is going to get this document.<br \/>\n7:05<br \/>\nI also know that even though the articles that are on file with the state are binding on the bank.<br \/>\n7:11<br \/>\nThat means if I if I have my articles where there\u2019s two owners, the the bank is precluded from allowing a levy on any members debts in the company.<br \/>\n7:24<br \/>\nSo like if one of the members has a debt to a third party, the Bank cannot honor alevi for that individual member when there\u2019s another member, because of the charging order protection, OK?<br \/>\n7:35<br \/>\nSo the bank is bound by whatever I put on the articles with the state. But just the same, I always account for human error or incompetence, and I try to put this in the document. So I try to, I try to get the bank to open the account, exactly the way we want it to be done.<br \/>\n7:49<br \/>\nNow sometimes, Depends on the client, though.<br \/>\n7:52<br \/>\nI mean, sometimes the client wants to just avoid the hassle of that hassle and start out with himself as the single member manager. And then after the accounts are open, they wants, he goes and changes the, the owner. And as puts his brother on there and doesn\u2019t tell the bank or changes it for a trust or a private membership association or some other entity, OK. We can do it that way.<br \/>\n8:15<br \/>\nBut anyways, I like to start out the right way, from the beginning, there\u2019s no reason why we shouldn\u2019t and 99% of the time or more, we get those in, OK?<br \/>\n8:22<br \/>\nIs sometimes there\u2019s a bit of a struggle, but we get them in, so here we go.<br \/>\n8:26<br \/>\nNo standard language, You guys have seen this.<br \/>\n8:30<br \/>\nNow, notice how the person who\u2019s signing Allan, right, is the authorized signatory. If I change this to my name, of course, it\u2019s very simple, right? I am the authorized signatory.<br \/>\n8:40<br \/>\nThis is for the banks, interaction.<br \/>\n8:44<br \/>\nI could tell someone at a meeting that I\u2019m the CEO and I in fact, may have that role, OK.<br \/>\n8:50<br \/>\nIt doesn\u2019t matter what I say here, when I\u2019m talking to people in the real world, All I\u2019m trying to do is, keep it to where my client has the least, liability to the value or assets in the account.<br \/>\n9:01<br \/>\nThat\u2019s what the third party of the bank, and so that the bank doesn\u2019t ***** it up by mistake.<br \/>\n9:06<br \/>\nBecause you can be legally correct on something, then there\u2019s a mistake, and then what do you have to do? You have to get a remedy for it. And if they don\u2019t want to remedy it, then you\u2019ve got what Sue people And I don\u2019t wanna get in that situation. So, as as of now, it\u2019s been almost 30 years, I haven\u2019t had that situation, So, it\u2019s looking pretty good.<br \/>\n9:21<br \/>\nSo that\u2019s first page, second page. I call that an operating agreement.<br \/>\n9:26<br \/>\nIt is not, It just says operating agreement.<br \/>\n9:29<br \/>\nI do that for the bank\u2019s benefit, so they\u2019ll leave you alone, OK.<br \/>\n9:34<br \/>\nAnd I put some standard articles here, all right. I did talk about membership.<br \/>\n9:40<br \/>\nWhat I\u2019m still trying to do is establish that the seiner can do what he\u2019s doing.<br \/>\n9:47<br \/>\nHe wants to sign for this company, and yeah, it\u2019s owned by a group, OK? It has this name, Alan, right PMA.<br \/>\n9:54<br \/>\nI could give it a more complicated name.<br \/>\n9:56<br \/>\nI might call it the the allan, right, Facebook fan club, PMA.<br \/>\n10:03<br \/>\nHere it\u2019s just very simple, Alan, right? PMA? I could leave at Allen right PMA. I kinda like to leave your name whoever the signer is going to be in the name of the PMA and some version of it. Because, again, we\u2019re not dealing with very bright people at the banks. That\u2019s really the only reason, and they seem to go along with that a little bit better.<br \/>\n10:17<br \/>\nI can give it a completely different name, and that should not be a problem, but, again, you know, we\u2019re dealing with people that are just not very sophisticated.<br \/>\n10:26<br \/>\nNow I did put something here, and I refer to it here, regarding the Bank Secrecy Act And I wrote this compliance memorandum now, some of the stuff I got from, it was already in already.<br \/>\n10:37<br \/>\nIn fact, I think I got it from the some sort of SEC type legal website or something like that. But a lot of these I just wanted to explain in there that the purpose of this memo is to show the bank employee that the PMA, if it owns the LLC is not the account holder. And the bank is not required to collect information regarding the PMA. Although they did, they insist, OK. So we just want to let them know. So don\u2019t get all tied up in a lengthy discussion about the PMA. Don\u2019t let the Bank do that, say like hold on a second.<br \/>\n11:08<br \/>\nThe PMA is an owner of the limited liability company. The LLC is the account holder, OK, I\u2019m the seiner. I\u2019ve given you all my ID.<br \/>\n11:17<br \/>\nI\u2019ve identified the account holder. I\u2019ve given you its articles. It is registered with the state you verified that, so that\u2019s what you\u2019re required to have.<br \/>\n11:24<br \/>\nThis be a BSA memo. It\u2019s going to explain that. So this usually, this is shown to be really helpful.<br \/>\n11:30<br \/>\nI think I started this about two years ago, so, Now, the truth is, if you\u2019re acting on behalf of another party for the owner of the LLC, it\u2019s considered a trust, so, especially when the owners, a PMA, or trust, or something, you\u2019re the trustee. I don\u2019t like to say that too much because then they start going Oh, wait a minute. The bank employees start asking, Oh, you\u2019ve got to show us that trust document. No, we actually don\u2019t, Trust is not always in writing.<br \/>\n11:54<br \/>\nSo, again, this is, You know, I\u2019m trying to make this to where the banks can read this. A lot of times, you don\u2019t assume that this is being read.<br \/>\n12:01<br \/>\nI\u2019ve found that, I\u2019ll go back and forth with someone on, on occasion, and I\u2019ll find out that, I\u2019ll just say something, like, make sure that the person you\u2019re working with at the bank makes sure he reads the BSA compliance memorandum and then the next e-mail, I get it as, oh, great.<br \/>\n12:15<br \/>\nYeah, he didn\u2019t read it, so when I showed it to him at work, and then he was able to, his boss was able to open the account, All right? So, again, here we go. We\u2019re talking about managing risk, and I just put that in here for for information, OK?<br \/>\n12:31<br \/>\nThe third party has no interest, OK. This means if there\u2019s no interest, there\u2019s no liability. I just want that of record, and I want the bank to have it, because just think every time you give something to the bank, it\u2019s been available to every three letter, agency and bad guy, so to speak, that wants to get it.<br \/>\n12:47<br \/>\nSo, you\u2019re actually giving this to all the regulatory agencies.<br \/>\n12:51<br \/>\nUm.<br \/>\n12:55<br \/>\nSo, what I put, I put this here for, I\u2019ll just explain the statement here.<br \/>\n12:58<br \/>\nIf a third party, like the bank is telling you that you must be a 25% owner.<br \/>\n13:05<br \/>\nSee, normally it says, if you\u2019re a 25% owner, anyone who, who is, has to give his ID, OK, fine.<br \/>\n13:12<br \/>\nBut it doesn\u2019t say that you\u2019re required to be. There\u2019s no reg that says, you have to, you, you\u2019re required to be. But when we kinda call them on their, on their scam their scheme.<br \/>\n13:20<br \/>\nAnd we\u2019re not, And we figured it out. And they said, Well, wait a minute. You actually have to be a 25% or more owner.<br \/>\n13:25<br \/>\nAnd the reality is, is that you\u2019ve spent a lot of time and effort, presumably creating a company, establishing the Company\u2019s Rights and Obligations, in a way that manages risk you perceive that you have in the most effective way, K the least risk.<br \/>\n13:38<br \/>\nAnd if someone comes along and just pulls that, you know, pulls the the bottom of the House of Cards out and topples the car. It can topple the House of Cards down, right? Well, if the bank is coming along, it has no interest in your company and you want to provide, you want to pay for service the bank is providing. And the bank says, In order to do that, you have to change the way you\u2019ve decided to manage risk.<br \/>\n14:00<br \/>\nSo my response to that is, OK.<br \/>\n14:02<br \/>\nIf I\u2019m going to do that, then you\u2019re going to indemnify me for that.<br \/>\n14:04<br \/>\nYou\u2019re going to take on that risk, that you are changing, that I\u2019ve already decided how I can effectively manage it.<br \/>\n14:13<br \/>\nIf you think you can manage it differently then, go ahead but you\u2019re going to have to sign a contract. That indemnify me against the risk I was going to take. And, What\u2019s the risk? Oh, I don\u2019t know, it\u2019s unlimited dollars. How about that?<br \/>\n14:26<br \/>\nSo, that just makes it the point to whomever you\u2019re dealing with at the bank, I think, anyways, and it helps you understand the importance of what we\u2019re doing here, because you\u2019re the boss, OK? This is how you\u2019ve chosen to manage an asset. And so this is how you want to interact with people, hey, I\u2019m the boss, I decided, how am I take this risk on? You can\u2019t just tell me that, I have to be an owner in this company, and do all this other stuff.<br \/>\n14:46<br \/>\nDo you think the CPA that opens an account for IBM can be required to own a percentage of IBM shares to open an account? and be a signer? I don\u2019t think so, right?<br \/>\n14:57<br \/>\nSame thing with the church and so forth.<br \/>\n14:59<br \/>\nSo anyways, this is all kinda like filler stuff, OK, I made a couple of additions here, But basically, it\u2019s enough to meet the Bare, the bare minimum standard, of what would be considered an Operating Agreement. Obviously, it\u2019s not. I give you an operating Agreement that goes with this. It\u2019s a separate document We\u2019ll talk about that later.<br \/>\n15:18<br \/>\nThere\u2019s a banking resolution now here\u2019s why this is cool banking resolution.<br \/>\n15:22<br \/>\nThis is a resolution by the company Resolving or design deciding that some individual is going to be or having the authority to sign for the company at the bank And so let\u2019s say let\u2019s say Alan right here.<br \/>\n15:37<br \/>\nIt gets to be the Seiner, and so he\u2019s going to fill this out.<br \/>\n15:40<br \/>\nAnd, you know, sign his name and all this, This one document Gives the bank what it needs to say, OK? We\u2019ve, we\u2019ve got the guy, the girl, whoever.<br \/>\n15:50<br \/>\nIt\u2019s going to be the signer for this company that\u2019s responsible for everything, that\u2019s all they really want.<br \/>\n15:55<br \/>\nall right?<br \/>\n15:57<br \/>\nIf I want to add somebody, I don\u2019t need to name him here. I don\u2019t need to make him an owner. I don\u2019t need to include his name right now, But let\u2019s say, six months from now, I want to add a partner, or my brother, or, or a family, or family member or something. I\u2019m doing something, whatever I need. Maybe I need someone else to, for some convenient purpose to be a signer for this account.<br \/>\n16:17<br \/>\nAll I have to do is you see how I\u2019m scrolling here? I would just go open this document. Now notice this isn\u2019t Leiber office.<br \/>\n16:23<br \/>\nSo I give you the Labor Office document, and I give you the PDF document, the PDF is, so you can look at it quickly, and it opens fast, you don\u2019t have to download software to read my document.<br \/>\n16:31<br \/>\nIf you want to use my document, edit it, You\u2019re welcome to import it to Microsoft Word or whatever if you want to and go from there, or you can just use Leiber office. If you use labor office or whatever you would, you would copy this page so I would scan I would, I would highlight this page, OK.<br \/>\n16:46<br \/>\nI Would, I would A control C or you know, right click, or whatever you guys do Copy this page, and I would come down here and I would insert a page, OK? And then I would copy it over.<br \/>\n16:58<br \/>\nAnd now I would duplicate the banking resolution page, and then on that second inserted page now, I would go and change the name and I would put the name of the other person.<br \/>\n17:06<br \/>\nI want to be added as a signer OK, and then he or she would sign the document, and I would take that single document with his ID and every whatever is needed the bank wants really.<br \/>\n17:17<br \/>\nNot all of these documents. Again, just a banking resolution.<br \/>\n17:20<br \/>\nYou would take that into the bank and add an authorized user.<br \/>\n17:26<br \/>\nThat is the purpose of this banking resolution.<br \/>\n17:30<br \/>\nIt\u2019s kind of a nice tool, adding an authorized user.<br \/>\n17:34<br \/>\nYou just need to copy this banking resolution, OK, and edit it.<br \/>\n17:39<br \/>\nHere, you know, the Bank may want another one of these I don\u2019t think so, I mean, if so you\u2019ll know what to do. You just copy this document, OK. It\u2019s what, two pages maybe, and you would say whatever the beneficial interests are.<br \/>\n17:51<br \/>\nYou guys will it should have an idea by that time of what you want to, how it to appear, white, how you want it to appear. You can see how I start them out.<br \/>\n17:59<br \/>\nYou\u2019re welcome to change them however you want, especially when you start understanding how to manage risk by establishing property rights.<br \/>\n18:06<br \/>\nI start them out as you don\u2019t own anything and the PMA owns everything, or no individual member.<br \/>\n18:12<br \/>\nIf I have two member LLC owns anything and both members together jointly and severally own everything, so that way there\u2019s no, they\u2019re both 100%, OK, that\u2019s what it looks like. And, yeah, both have to do KYC, no problem. It\u2019s probably a good idea in that case. Don\u2019t be afraid of KYC, OK? It\u2019s just, it\u2019s this interesting.<br \/>\n18:30<br \/>\nYou can avoid that in some cases, OK? Yeah, especially with a PMA. I mean a PMA is just an organization. A PMA, A PMA could be your fraternity in, College It can be your neighbors. They have something in common, right?<br \/>\n18:43<br \/>\nThey live in your neighborhood. It could be your family. They have something in common, right? It\u2019s also a private, because not many people can be in your family. It\u2019s very exclusive.<br \/>\n18:51<br \/>\nSo private membership associations, we interact with them all day long.<br \/>\n18:55<br \/>\nYour h.o.a.s, a private membership association.<br \/>\n18:57<br \/>\nIt goes on and on. So all I\u2019ve done here is get the idea of the association.<br \/>\n19:02<br \/>\nI gave it a name and I called it a private membership association. I can also call it an Unincorporated Association. I can also call it a private association, association.<br \/>\n19:13<br \/>\nI call it a club, I call it my fanclub, I\u2019m called a society, OK? So don\u2019t get stuck on one little thing, but you can see here. I\u2019m still trying to advise them.<br \/>\n19:24<br \/>\nNo. Guys, you don\u2019t need to see all the info on this.<br \/>\n19:28<br \/>\nHere\u2019s why, and we scroll down.<br \/>\n19:30<br \/>\nOK, Now before we get to it, that BSA compliance memorandum, this I took right out of the statute you guys can go look this up, OK, 31 CFR Part 10 ten point one hundred F F, that\u2019s what it says in there.<br \/>\n19:45<br \/>\nI didn\u2019t write this.<br \/>\n19:46<br \/>\nAll we\u2019re doing is saying that the use of this account does not meet the criteria for what would be considered money laundering and we\u2019re providing the bank with a certification of that fact.<br \/>\n20:00<br \/>\nIt\u2019s that simple, and it\u2019s not required. I mean, the banks not even care about that.<br \/>\n20:04<br \/>\nI\u2019d just like to put that in there because it\u2019s just let them know that I\u2019m cognizant of what\u2019s, what\u2019s going on here.<br \/>\n20:10<br \/>\nAnd I understand the law.<br \/>\n20:12<br \/>\nI mean, you could probably eliminate this. I\u2019ve just found that I think things go smoothly. when you do that. Then we get into, OK, so here\u2019s the last part of this.<br \/>\n20:21<br \/>\nSo, yeah, I guess this is 10 pages.<br \/>\n20:23<br \/>\nI must have added something at the end. So this is what I call the Bank Secrecy Act. Compliance memorandum.<br \/>\n20:31<br \/>\nAnd this is their internal language. OK, I got this from the banking system. I went and looked up their internal language. I did a lot of research and all the different banks. This is not as simple as you see it here, but it took me awhile to put this together.<br \/>\n20:44<br \/>\nThis is what the bank employees understand.<br \/>\n20:47<br \/>\nThis is why I use their language. I\u2019m trying to make it easy for you guys to open accounts under the circumstances, OK, without giving up everything.<br \/>\n20:55<br \/>\nSo, I go ahead and give them a little intro.<br \/>\n20:59<br \/>\nHere\u2019s the legal citations.<br \/>\n21:01<br \/>\nAttornies love to see that, and I\u2019m, This is, these are the most important parts.<br \/>\n21:07<br \/>\nI\u2019m telling them how to do their job, OK, Hopefully they don\u2019t know that I\u2019m telling them that, because they don\u2019t really take kindly to that.<br \/>\n21:14<br \/>\nThere\u2019s some references in here. Footnotes. I give that for the benefit of not your front end person that you\u2019re probably talking with, but the attorney who maybe look at this.<br \/>\n21:22<br \/>\nAnd hopefully, after so much time I know Caleb and Brown don\u2019t. They don\u2019t. Those guys don\u2019t even look at these documents I\u2019m sure anymore.<br \/>\n21:30<br \/>\nThey just, you know, when they see that you guys are working with me, they just, they open the accounts because they understand this.<br \/>\n21:36<br \/>\nSo and I put here\u2019s my memorandum, OK.<br \/>\n21:38<br \/>\nSo these are legal citations saying, look, your bank is off the hook.<br \/>\n21:42<br \/>\nYou guys don\u2019t have to investigate the PMA, or the trust or whatever, and I go and restate it again. I\u2019m trying to be very thorough here.<br \/>\n21:51<br \/>\nSo what I have here is I just put the name of the PMA. Now if you get this for me, I\u2019m probably gonna put something like the right society, or the Alan, right? fan, club, PMA. It\u2019s going to be some version of that. So you\u2019ll see this on your document. Wherever I called it. Now you can tell me a name to call it. I don\u2019t ask you for that in the order form, but when you go to approve the document You can asked me to change the PMA. I can certainly do that. It doesn\u2019t really matter.<br \/>\n22:16<br \/>\nAnd so I\u2019m just saying Look, this here is a PMA, and here\u2019s Here\u2019s what\u2019s going on with the PMA, OK, it\u2019s this type of organization. It\u2019s a private membership association, OK? Here\u2019s what its purposes.<br \/>\n22:28<br \/>\nThe Bank will want to know membership here.<br \/>\n22:33<br \/>\nOfficers, standard stuff, you see on it there, the members are, the officers are selected on an ad hoc basis.<br \/>\n22:44<br \/>\nThat means I don\u2019t have any right now, and maybe I\u2019ll select some in the future, but I\u2019m not sure, and there\u2019s no problem with that.<br \/>\n22:50<br \/>\nThat\u2019s how new businesses are started, they should know that.<br \/>\n22:53<br \/>\nAnd then, here we go.<br \/>\n23:00<br \/>\nIt was never formed as a legal entity, it is not a legal entity, OK?<br \/>\n23:04<br \/>\nIt is literally an association, just like your family is not a legal entity, it is already an association.<br \/>\n23:10<br \/>\nLet\u2019s see what I have here, OK, so that\u2019s the last page. All right, cool. So there you go, That is the banking abstract.<br \/>\n23:15<br \/>\nI hope that unwind some of the thought processes that this thing has been developed for at least, I don\u2019t know.<br \/>\n23:22<br \/>\nProbably 22 years, OK.<br \/>\n23:25<br \/>\nIt just comes from feedback, I get while working with clients in different situations.<br \/>\n23:30<br \/>\nI\u2019m trying to create protections for the client and be consistent with what I\u2019m promising, the client, and also give him the quickest access to what he needs to do. Deal with third parties.<br \/>\n23:41<br \/>\nOK, so there\u2019s a, There\u2019s a balance in there, so hopefully I\u2019ve met that. All right, guys, I\u2019m gonna stop that end.<br \/>\n23:47<br \/>\nIf, if, hopefully we have conversation on that particular subject. I know you guys are probably eager to ask me other things, if you would, please just, can we stay on this?<br \/>\n23:56<br \/>\nAnybody want to tell story, but they\u2019re banking abstract or the Bank said I got a question.<br \/>\n24:02<br \/>\nYeah, John, Jay. You said that the banking resolution, you basically replace it with the new one if you\u2019re going to change to a new signatory. What?<br \/>\n24:13<br \/>\nWhat I\u2019m doing is changing to A from me as an individual to my MA.<br \/>\n24:20<br \/>\nAnd how would I be a signature signatory for the PMA? If they\u2019re looking for someone signature, well you\u2019re really signing for the LLC so you can change the ownership however you want but that doesn\u2019t really affect the bank at all.<br \/>\n24:31<br \/>\nSure. I can just sign my name and they\u2019ll accept that. Yeah. Yeah. Once you\u2019ve got that set up, you can keep changing the ownership anytime you want.<br \/>\n24:39<br \/>\nIt doesn\u2019t change, but I would not go and go to the trouble of telling the bank because they freak out and say, Oh, you might have to open a new account, you know? An excuse to open a new account, just avoid that.<br \/>\n24:47<br \/>\nSo do I need to give them the document? If I change the signatory, you don\u2019t.<br \/>\n24:52<br \/>\nWhile signatory OK, the owner no signatory.<br \/>\n24:56<br \/>\nWhat they\u2019ll probably ask you to do is open a new account if you add a signatory, no problem.<br \/>\n25:01<br \/>\nIf you add an authorized user, then that should be fine.<br \/>\n25:05<br \/>\nThey\u2019ll probably let you do that in the same account.<br \/>\n25:07<br \/>\nOK.<br \/>\n25:07<br \/>\nSo basically I\u2019m changing my LLC from my name to my name, PMA.<br \/>\n25:15<br \/>\nI don\u2019t really even need to give them a banking resolution for that doing.<br \/>\n25:19<br \/>\nThat doesn\u2019t make any sense. You\u2019re signing as signatory for the LLC period.<br \/>\n25:24<br \/>\nIf you want someone else to sign for the company and not yourself, then they\u2019ll probably ask you for a new banking resolution and to open a new account. If you want to just want to add somebody to sign for the LLC, then, that that should be, just like I described here.<br \/>\n25:37<br \/>\nPLAs doesn\u2019t factor into all that. Just PMA just happens to be an owner. The don\u2019t get fixated on the PMA. That\u2019s just an owner of the company.<br \/>\n25:45<br \/>\nOK, so basically what I\u2019m doing is I\u2019m first I\u2019m changing it with the state.<br \/>\n25:50<br \/>\nAnd after that, I don\u2019t really need to even go to the bank.<br \/>\n25:53<br \/>\nYeah, there are two different things. If I change the ownership, that\u2019s one thing, if I change this signature, that\u2019s a different matter with the bank, I got it, right, OK. Perfect, thank you, OK, alright.<br \/>\n26:06<br \/>\nSo I know this is a boring subject, guys, but hopefully this will, I\u2019m sorry, did you want, anyone?<br \/>\n26:12<br \/>\nI\u2019m gonna be rambling on If you don\u2019t stop me, You can just unmute or raise your hand or something.<br \/>\n26:18<br \/>\nMatthew.<br \/>\n26:20<br \/>\nOh, add a question. Yes, yes.<br \/>\n26:25<br \/>\nYes, go ahead, Matthew.<br \/>\n26:26<br \/>\nOK, OK, so How do your I don\u2019t know if I set my LLC up with you before you started doing the \u2026. So I actually had a PMA and trust done with Genoa Holdings. And with teeth, are yours much different than then here\u2019s the way they\u2019re structured. Yeah, I think he probably has a very specific purpose, and in fact, he\u2019s got a series. He\u2019s got a tutorial that explains everything. I don\u2019t do what he does, I name a PMA that you\u2019re already involved with I don\u2019t write up all the terms.<br \/>\n26:59<br \/>\nNow if you come back to me later and say, Hey what about an estate plan of some kind, I will sit with you and develop the Articles to the PMA, and we\u2019ll do that based upon what your plan is.<br \/>\n27:11<br \/>\nSo I don\u2019t like to just provide you with a document that\u2019s done.<br \/>\n27:15<br \/>\nOK?<br \/>\n27:15<br \/>\nCould you do that with an existing one that I had set up with him, because, you know, I\u2019m not going to lie, I come I came on a little bit late.<br \/>\n27:22<br \/>\nBut the way everything works as far as the LLC and what it owns, versus the trust, and what it owns, and the PMA.<br \/>\n27:29<br \/>\nJust I wish there was. And I went through some of those training but with that, that he has on there, because when I bought the pipes, it came with them.<br \/>\n27:36<br \/>\nBut it\u2019s still just was over my head and I just wish there was a good video, and maybe maybe there\u2019s something you can do. Well, you actually have an example and you say, OK, I\u2019m, so and so and I start this, LLC, and then I, this is how I open a bank account and go through all the steps, OK. Now I did this and I\u2019m gonna put it in a trust. And this is the difference why. A trust is different than the LLC, and then the PMA is.<br \/>\n28:00<br \/>\nWhere does that actually get involved with, with all this? Because like I said, I\u2019m just I thought I had it, and then one thing happened in it, and it basically just that\u2019s everything that I thought I knew.<br \/>\n28:12<br \/>\nDidn\u2019t make any sense anymore.<br \/>\n28:14<br \/>\nAnd I\u2019ve just been, like I said I\u2019ve been struggling with trying to see how it all fits together, you know? And I don\u2019t wanna get off on that, but you talking about the PMA, I just I\u2019m still, I guess lost on the difference between a PMA antitrust. What on what? What\u2019s better as far as asset protection? Or is it better to just like a lien on, on an asset, where if anyone were to try to show you and it\u2019s only worth, like, let\u2019s say 200,000, and you got a 500,000, or 450,000 darlene on it? They know that if you had to liquidate that offset, the lien holder, whether that be your trust, or LLC, or PMA, or you. personally. Your, you know, whatever. is going to get the money before they were. So, there\u2019s no point in doing. So, Yeah. That\u2019s OK.<br \/>\n28:57<br \/>\nThere\u2019s the terms and concepts, but let me see if I can explain it I Like to keep this simple. So if if you\u2019re coming to me and say, look. I have this, um, this risk.<br \/>\n29:06<br \/>\nI want to manage and say, OK, let\u2019s, let\u2019s do 1, 1 simple thing, let\u2019s just make it to where you\u2019re not the owner of it, OK? That\u2019s all we\u2019re doing.<br \/>\n29:14<br \/>\nThis whole conversation here for years is about that not be the owner of the thing and control it, So How do I do that? I can have two members. I used to just have my client and, or two clients, or I have my client, and his friend, or a client and partner.<br \/>\n29:28<br \/>\nAnd make it to a two member limited liability company so really, the LLC protects everything. It\u2019s already done.<br \/>\n29:34<br \/>\nBut if it gets challenged and there\u2019s a personal debt of one of the members, the fact that there\u2019s another member would block the debt from reaching into the company for that one member\u2019s debt. That\u2019s why you have a second member.<br \/>\n29:49<br \/>\nNow you bring in some other owner and said the two members. You bring in a trust or something. Well, then, OK, certain. Now it\u2019s an innocent party. It\u2019s completely separate. Here\u2019s the thing about a PMA, it does nothing except own your LLC. It doesn\u2019t drive a car, It doesn\u2019t open a bank account. It doesn\u2019t have to have a contract with anybody, and I suggest that you not use it for anything else.<br \/>\n30:08<br \/>\nSo it will always be an innocent party, but here\u2019s how here\u2019s how I do it: Your family is already a PMA.<br \/>\n30:16<br \/>\nSo let\u2019s just say your family has five people.<br \/>\n30:18<br \/>\nSo the five people in your family, and you can call your family, whatever you want, but I\u2019m going to call it the Smith Family.<br \/>\n30:24<br \/>\nWho cares? It\u2019s just a label. It\u2019s a name.<br \/>\n30:26<br \/>\nSo the Smith Family exists because it exists, It\u2019s a family. I didn\u2019t, it doesn\u2019t exist because I wrote up a document. Like a corporation exists only because I wrote up a document for it.<br \/>\n30:37<br \/>\nA family exists because there\u2019s real people, OK, So, if I just give that family a name and call it a private membership association, then that\u2019s what it is. I have the right to do that and then I\u2019m just saying, OK, this group of people has the right to have to own this thing.<br \/>\n30:54<br \/>\nAnd it\u2019s innocent. It doesn\u2019t do. no, one\u2019s ever going to sue my entire family right, it\u2019s never one person together.<br \/>\n31:01<br \/>\nSo that\u2019s the limit of what we\u2019re doing. I\u2019m just, I\u2019m just using something that already exists and making that the owner.<br \/>\n31:07<br \/>\nRight. Is that. Is that OK?<br \/>\n31:10<br \/>\nJust that part.<br \/>\n31:11<br \/>\nYeah, yeah, I mean, you know, maybe I\u2019m I\u2019m trying to think about it.<br \/>\n31:16<br \/>\nKnow maybe I\u2019m just thinking about it too much making it, you know, over complicating it. You know, I, just as much as like a smart guy but he\u2019s pedantic and I can tell you I know so much. Oh, good, OK, that\u2019s I appreciate that, Yeah. Well, OK. So a PMA can just be an association. Let\u2019s say 22 guys coming to me And they go, Hey, look we\u2019re running this partnership, and we\u2019d like your idea. Can you set up a deal LLC for us? And we\u2019d like your \u2026 your trust idea. So I say, OK.<br \/>\n31:48<br \/>\nI\u2019ll make you guys the association that owns the company together. You\u2019re the association, the single association that owns the company, and I\u2019m going to call it the, the Warner Brothers Society, PMA.<br \/>\n32:00<br \/>\nThe two of you guys are the Wonder Brothers Society, PMA.<br \/>\n32:03<br \/>\nThey understand that.<br \/>\n32:05<br \/>\nAnd now that name becomes the owner of the LLC.<br \/>\n32:08<br \/>\nNow, the better way to do it is to make the two of them individually, the owner of the LLC because you\u2019re gonna get charging order protection. but I can also make the association, the owner, because the association is just a group.<br \/>\n32:18<br \/>\nAnd so that\u2019s my core strategy is to divest my client of his right over the property, is exclusive right by conveying it to a group.<br \/>\n32:29<br \/>\nThat\u2019s it.<br \/>\n32:30<br \/>\nSo everything you\u2019re seeing me do, here, is just one way to do it, another way to do it, another way to do it, OK, Is that OK?<br \/>\n32:39<br \/>\nOK, yeah, so, so then that, that makes me wonder when when I had you start my LLC for me, I\u2019m the only managing member would you suggest adding my wife or?<br \/>\n32:53<br \/>\nOr You know as as a Seiner or you know, someone that basically if, if something were to happen to me she could still get into the account or she can still, you know, liquidate the asset you know that that the the LLC owns or whatever a really good question that we need to do, OK, for her access to it, it comes down to you giving her the credentials.<br \/>\n33:12<br \/>\nShe does not need to be a signer because that would require a third party to approve her access and that\u2019s not necessary.<br \/>\n33:22<br \/>\nI could just get a blank check, and signing something happens. She could just yet write a check to another, Yes, and go, Yeah, Yeah, OK. I\u2019ll give her the credentials like you said to log into my online account and chicken, wire transfer, or move it.<br \/>\n33:37<br \/>\nHow are you going to know she can step in your place and keep using the account?<br \/>\n33:40<br \/>\nEven if you\u2019re a \u2026, Yeah. Yes, You could do that. So that\u2019s one way to do it.<br \/>\n33:45<br \/>\nAnother way would be OK, so if you add your wife that that doesn\u2019t give you the charging order protection. It\u2019s not a separate party.<br \/>\n33:53<br \/>\nIt\u2019s actually considered a single member, husband or wife, all right? So you would add your brother.<br \/>\n34:00<br \/>\nThat\u2019s how I used to do it. I would add a person\u2019s brother. I would ask the client, is there someone I can add here, who doesn\u2019t really care if you use his name?<br \/>\n34:05<br \/>\nYour brother, your mom, and then we\u2019d have this conversation about, oh, my gosh, what kind of liability do I have? if I add, you know, we have that conversation, which is zero, it doesn\u2019t create a tax liability.<br \/>\n34:16<br \/>\nSo, that was the awkward way of doing it.<br \/>\n34:18<br \/>\nI didn\u2019t want to give my client a trust, because way back in the early two thousands, I would have had to write up a trust document, and then it gets really complicated. Now, I\u2019m layering companies that I really don\u2019t like to do that.<br \/>\n34:29<br \/>\nSo what I\u2019m doing now is if it suits the client\u2019s needs, I would use it I would use a PMA. That\u2019s an innocent party. It does not have charging order protection, but it still gives you the separation. So I don\u2019t care about the statute. I still have my charging order protection, OK? If I have a partner, a real partner, I\u2019ll add them in there.<br \/>\n34:45<br \/>\nSo here\u2019s what you would do if you\u2019d like the idea of the PMA, or you want to separate. Let\u2019s say You have a claim. Someone\u2019s maybe suing you or you think that might happen or are you just want it to where? You can just truthfully say to somebody: I don\u2019t own that company.<br \/>\n34:57<br \/>\nAll you do is measure articles with the State, like if it\u2019s New Mexico it\u2019s like $50.<br \/>\n35:02<br \/>\nYou fill out a form and you add let\u2019s say you add a PMA, so make up a name, PMA describe the group that we\u2019re talking about here, and by the way, when we do this, we\u2019re not giving the group any rights over your company because they they they\u2019re not going to act cohesively.<br \/>\n35:18<br \/>\nThen I\u2019m gonna tell you why in a second.<br \/>\n35:20<br \/>\nSo you would amend the Articles to add the PMA, then you would remove yourself, and then restate the new owner. That\u2019s how I do it. And I can give you guys an example of how to amend the articles.<br \/>\n35:29<br \/>\nI can do a video on that, OK, And you\u2019re done, OK. Amend the Articles Add the PMA.<br \/>\n35:35<br \/>\nAll right.<br \/>\n35:35<br \/>\nNow when you act in behalf of the PMA, even though you don\u2019t say it, you\u2019re in fact its trustee.<br \/>\n35:43<br \/>\nSo if I if I talk to somebody let\u2019s say I\u2019m making a vacation plans and I call up a resort and I\u2019m saying, Yeah, I\u2019m making reservations for my family and I give them the names and all this stuff, I\u2019m acting on behalf of my family.<br \/>\n35:56<br \/>\nSo technically, I\u2019m the trustee, they\u2019re the beneficiary, right?<br \/>\n36:01<br \/>\nThat\u2019s kind of how it works.<br \/>\n36:02<br \/>\nSo, we don\u2019t want to talk too much about that. But if you look at my banking abstract, if you go back there and see, you\u2019ll, you\u2019ll see in there right?<br \/>\n36:07<br \/>\ndid identify the signer the authorized signatory as the trustee.<br \/>\n36:12<br \/>\nAnd I didn\u2019t want to do that in the beginning, but I found that it was OK after a while, so I didn\u2019t want the bank to get hung up on that, and so far they haven\u2019t.<br \/>\n36:19<br \/>\nAnd that is the reality. But I would avoid using that language too much.<br \/>\n36:23<br \/>\nDoes that simplify it a little bit?<br \/>\n36:26<br \/>\nYeah. And if you could, make that video as far as like, actually going in, and just kinda do a blank OK here. Because you set mine up. Their New Mexico, so that would be OK, great, yeah. Yeah. But But, If you, If you do that, you need to do anything with the bank account that you have, open, at, the bank, as far, as, Do you need to give them the amended article, or do they may not need, or I know you said before, it\u2019s their responsibility to keep up with that. Is that correct, it is true.<br \/>\n36:55<br \/>\nBut if you want to account for human error and prevent it, because it\u2019s a mess, and it\u2019s expensive to fix it, even though they\u2019re wrong.<br \/>\n37:02<br \/>\nSo, yeah.<br \/>\n37:04<br \/>\nTechnically, it\u2019s good to just say, give them a notice. So you would In fact, I wouldn\u2019t send it to my Branch.<br \/>\n37:09<br \/>\nI would look in my terms of service and look for the written communications, like Dispute Adress, or whatever, and I would send it by mail first class mail. And I would just give them a copy of the amended articles to the account holder.<br \/>\n37:22<br \/>\nThat\u2019s how you would talk about it.<br \/>\n37:23<br \/>\nPlease be advised the account holder, whatever the name is, Has amended its articles to the following, and you might open a can of worms, I don\u2019t know.<br \/>\n37:32<br \/>\nBut yeah, that is the correct way to do it.<br \/>\n37:36<br \/>\nOK, well, if if, like I said, if you could make a video and include all that, we can refer back to it and then kinda do it along with the video. Be able to pause and whatnot.<br \/>\n37:44<br \/>\nThat would, that would be greatly appreciated. Sorry, guys, I\u2019ll, I\u2019ll shut up now, Thank you. OK, Mathy, I\u2019ll make another comment and I think was, it was a kid that was going to ask me something correct me if I\u2019m wrong, but on the PMA. If you want me to expand it out more, build it out, let\u2019s call it, I can do that. So what I would do is I would have an interview with you and I would ask you what your intent is. What are you trying to do with this asset? And I would help you write the articles, I would develop the articles. And we\u2019ve come up with like maybe a 2 or 3 page document.<br \/>\n38:16<br \/>\nReal, a real, short one, OK? Now I\u2019ll explain why all that works and all that. So so if you\u2019ve got one of those entities like that with a PMA, there\u2019s a lot more you can build out into it.<br \/>\n38:25<br \/>\nI just don\u2019t like to give you a document because then I\u2019m just telling you what to do, and I want you to, like, understand it over time. It does take awhile.<br \/>\n38:34<br \/>\nAll right, there\u2019s someone who did Kennedy. When asked me something I thought you were.<br \/>\n38:38<br \/>\nYeah, John.<br \/>\n38:40<br \/>\nYeah, so the owners of the account that I\u2019m opening would be, I sell And the LLC Correct, the owner of the account is the account holder. Period.<br \/>\n38:56<br \/>\nThe calendar. Yeah, the bank account owner is the account holder, whoever\u2019s named as the account holder.<br \/>\n39:03<br \/>\nOK, well, I thought it was I was 26% an entity, other, OK, that\u2019s the owner of the entity.<br \/>\n39:12<br \/>\nSo who is the account holder? It\u2019s an LLC. OK, that\u2019s the ownership of the LLC, is different.<br \/>\n39:18<br \/>\nBut if the LLC is the account holder, that is the owner of the account.<br \/>\n39:25<br \/>\nOK, so I just should put the LLC. See, I\u2019m getting confused.<br \/>\n39:29<br \/>\nWhen I\u2019m opening this account and throwing a monkey wrench, everything in there I don\u2019t know what to do you know, they\u2019re asking me all these questions.<br \/>\n39:38<br \/>\nSo, I\u2019m just the seiner, that\u2019s a bad.<br \/>\n39:43<br \/>\nusually, if it says in your documents, Yeah.<br \/>\n39:47<br \/>\nAnd the account holder, is the LLC.<br \/>\n39:50<br \/>\nYes.<br \/>\n39:52<br \/>\nSo, that\u2019s all I need to mention. I don\u2019t need nothing about it. You don\u2019t know, you don\u2019t. And the banking abstract documents covers all of that. And, again, it\u2019s not material to opening the account. And, yeah, they do ask you about it. But just remind them. The PM is not the account holder. I\u2019m the signer for the account holder that owns the account. That\u2019s the LLC.<br \/>\n40:14<br \/>\nOK, I never gave them a banking apps script. So didn\u2019t ask for that either.<br \/>\n40:18<br \/>\nYes, that might help, and you know, a lot of times, they give you a form to fill out, or a series of forms and all it does is regurgitate the same information that I gave you and all your documents. And then they don\u2019t read my documents.<br \/>\n40:29<br \/>\nSo sure, you can fill out the bank documents, but it\u2019s redundant.<br \/>\n40:32<br \/>\nMake sure they see those, those PDF documents, that\u2019s going to help you? Do you have them? I do, I didn\u2019t even give them time.<br \/>\n40:40<br \/>\nNo, I never got.<br \/>\n40:42<br \/>\nWell, OK.<br \/>\n40:43<br \/>\nShoot me an e-mail and I\u2019ll look for it, If you don\u2019t mind, Shoot me an e-mail and I will look. I\u2019ll look for it.<br \/>\n40:51<br \/>\nAll right. I think I have to make your life easier.<br \/>\n40:55<br \/>\nI send them out, but anyways, yeah, I\u2019ll just, I\u2019ll make sure you have the latest and the greatest.<br \/>\n41:01<br \/>\nYeah.<br \/>\n41:02<br \/>\nAlright, sure thing.<br \/>\n41:04<br \/>\nI know this was not very exciting. So, but it is this clear plot, are some few things, some important things.<br \/>\n41:09<br \/>\nAnybody, anybody have any questions that I miss anything?<br \/>\n41:15<br \/>\nAll right, and I\u2019m probably going to do a series of these types of videos.<br \/>\n41:20<br \/>\nThere is one I wanted to cover, which has to do with a stock transfer agreement for transferring stock before a sale of the stock, like a private equity deal so that you don\u2019t have the Capital gains tax.<br \/>\n41:32<br \/>\nIt\u2019s not that complicated, so that\u2019s another dry one, but I think that that\u2019ll answer a lot of questions on how to convey an asset using the LLC to legally avoid attacks consequences.<br \/>\n41:43<br \/>\nAnyways, that\u2019s next. Probably.<br \/>\n41:46<br \/>\nOr anything else?<br \/>\n41:48<br \/>\nAlright, appreciate everyone joining. Anyway, John? Yes.<br \/>\n41:53<br \/>\nMatthew, again, hey, I had a kind of unrelated quick question, if you don\u2019t mind.<br \/>\n41:59<br \/>\nI have some, I guess, friends where you want to call them, that are kinda trying to be entrepreneurs and trying to help people in the crypto space.<br \/>\n42:08<br \/>\nAs far as you know, helping them.<br \/>\n42:10<br \/>\nNot so much set up accounts but like you know OK, you know Coinbase is where you can get some of the big ones and this is how you set up a wallet and stuff like that and.<br \/>\n42:18<br \/>\nThey\u2019ve been having some trouble as far as getting insurance and I don\u2019t remember the name of it, but it\u2019s basically you know if if somebody were to try to sue you and say that you\u2019re giving them financial advice.<br \/>\n42:32<br \/>\nBecause you said you know something. Something that they felt that you told them you need to go invest in ripple or something because it\u2019s going thousand dollar point or something.<br \/>\n42:42<br \/>\nOK, so, you know, that, and I said, You know, I said, You know, you might be able to do different things through LLCs to kinda get your like an arm\u2019s length away from, from any of that, but I couldn\u2019t explain it quite, OK, where they felt comfortable.<br \/>\n42:56<br \/>\nAnd so, I was wondering if, is that true or you know, of, you know, what do you, can you convey, basically, kind of what you do to protect yourself, that somebody has to have an insurance policy If somebody or what yours, because I avoid insurance. I avoid insurance. I avoid paying, because I can get insurance and indemnification in the contract, and it\u2019s like you described. I\u2019ll give you a short scenario. Maybe this will match up with what you\u2019re saying.<br \/>\n43:20<br \/>\nI talked to a woman about two months ago, and she had a She had an attorney setup an LLC for her website, and she was doing consulting.<br \/>\n43:29<br \/>\nIt was somebody like that. Yeah. She was doing professional consulting, and she was a scientist. So, it was, it was in that area. And so the attorney said, Get a million dollar policy. In case you get sued. Which is how attorneys think. It\u2019s ridiculous. All that does is invite someone to sue you. So, I said, Well, what\u2019s the what\u2019s the risk? Because she goes, Well, first, identify the risk. Let\u2019s describe what the risk is.<br \/>\n43:53<br \/>\nHer risk was that maybe her customer might sue because her advice was wrong.<br \/>\n43:59<br \/>\nSo, you mitigate that risk by contract, first of all.<br \/>\n44:02<br \/>\nSo the contract describes what you\u2019ll do and not do, and there\u2019s some things, like, for example, you can say, I\u2019m gonna give this information to you on a best effort basis.<br \/>\n44:11<br \/>\nNow, some people are giving actual investment advice and they\u2019re supposed to do that. Like they\u2019re permitted or whatever. And so, yeah, there might be some liability there, but you want to limit the liability in the contract and you say, look, if you\u2019re going to be an investor, you have to put your big boy pants on.<br \/>\n44:26<br \/>\nI\u2019m only going to be willing to be liable up to $100 or your principal or some you know some version, So, you just narrow it down to just almost nothing, OK?<br \/>\n44:34<br \/>\nSo, you do it like that, and then you can even have the contract.<br \/>\n44:39<br \/>\nI\u2019m not, I\u2019m speaking out of school here because I don\u2019t know exactly how you set up, but what I\u2019ve told this lady is, Why not just have a contract with a company that provides that service that just sits out over here, OK?<br \/>\n44:52<br \/>\nBecause what you don\u2019t want to have happen is your company, your core company being sued and have that company name being put in the public records and all the all the public things that happen after that, all the discovery. And all this stuff gets up in the public records. And you don\u2019t want all your vendors looking at you and going, hey, we don\u2019t we don\u2019t know if you\u2019re a good company anymore, right? It just drags you into the mud, So to speak.<br \/>\n45:11<br \/>\nSo, what I suggest is you, you export the liability with, like you said, an LLC and have that company. Provide the best service to all your customers and do all the consulting in that company name. Here\u2019s how that works.<br \/>\n45:24<br \/>\nWhen the customer or the client pays the company, he\u2019s paying this company over here and not your core company.<br \/>\n45:30<br \/>\nThat\u2019s what creates the obligation over there, and all that is over. There is a piece of paper, so I don\u2019t need insurance for that. I don\u2019t care about that company. I could shut that down and start up a new one.<br \/>\n45:40<br \/>\nWhat I care about is my brand, so separate your payment processor and your your risk and your contracts that have the risk from your brand, right, You can do that with an LLC and the contract.<br \/>\n45:55<br \/>\nThat said, help match up what you\u2019re.<br \/>\n45:58<br \/>\nIf I know more about your details I could probably No Occupy, write it for if you want me to.<br \/>\n46:03<br \/>\nWell, it\u2019s, like I said, it\u2019s basically a group of entrepreneurs. We got together and we just basically, we have a Zoom call every other Sunday night and we just talk about stuff like that and we talk about website design. You know, people that can help with websites and we talk about you know branding and how to get, you know, things, OK branded as far as going on there. So nobody can steal your brand and trademarked and stuff and all that stuff. So you know, when people were bringing that up, it made me think of you like, man, I wish John was here because I know he could probably talk to them and explain it. So, I\u2019ll go back, and whenever you post this video, I\u2019ll, I\u2019ll listen to it again and then share it with all of them. And hopefully they can watch it. And hopefully, maybe the next Zoom call, we can have some more questions, and then I\u2019ll relay them to your your telegram. So, they have the link for, for these calls on, on Thursday, you\u2019ve got Maybe they get in and ask them, because everyone\u2019s doing a little bit different. Some people are doing consulting, some people are doing more.<br \/>\n47:04<br \/>\nLike I said, I don\u2019t know. Everyone\u2019s doing a little bit different. I\u2019m more in the kind of the windfall the asset protection. That\u2019s why I try to get on these calls when I can, because you know it. I don\u2019t want a scenario where there\u2019s a lot of people getting into this, and they wake up, and, you know, one more that I got seven figures in their bank account, like, oh my God, I don\u2019t know what to do with it. And we have the scenario where people win the lottery 3, 4 years later. They\u2019re broke, I want them to know how to structure and protect their wealth. And that\u2019s what I\u2019m trying to do, And trying to figure out as many different ways I can, because one size doesn\u2019t fit all, wanna be when it comes to that. So, I want to be able to give people options, and, and be able to explain to them, you know, Hey, this is things you can do, they\u2019re not real hard. They\u2019re not real fancy. But, they get the job done. And, you know, if you do the simple things now, and set yourself up, then you can leave things to your kids and not have to worry about it.<br \/>\n47:52<br \/>\nSo, So, anyway. So, we\u2019re doing some of the things I have, a lot of stress is, where I help people with branding and how to protect the brand.<br \/>\n48:00<br \/>\nAnd also, I like, you\u2019re saying, how to manage that risk and re-allocate. You know, once you, once you acquire some sort of windfall or get some cash flow from a project, you want to re-allocate somewhere. And, and that\u2019s a big thing. Because, right now, we\u2019re, our whole economy is changing. So, there\u2019s, there\u2019s some categories of assets you want to consider getting into. So, we can certainly talk about that, and it\u2019d be fun to do.<br \/>\n48:23<br \/>\nI can be on your call if you guys want me to, It\u2019d be because I can participate in that as well.<br \/>\n48:28<br \/>\nI can speak.<br \/>\n48:29<br \/>\nYeah, I mean, I, I know that you are.<br \/>\n48:32<br \/>\nMaybe we can set it up.<br \/>\n48:34<br \/>\nI don\u2019t know what\u2019s best to reach you. We do it. Like I said, we will do it this Sunday. And then I think we already have a topic for this Sunday, But, I mean, if you are willing to get. on it, it\u2019s eight o\u2019clock central, so B nine o\u2019clock, suddenly not your time. They usually go about them.<br \/>\n48:50<br \/>\nHour to hour and a half. But I mean, you can just get on and do your deal and, you know, have some questions. And then you get off, because I mean, I wouldn\u2019t want anybody staying up. So, you know 11 o\u2019clock at night, but What would be the best way to reach out to you to maybe try to set that up because I\u2019m sure we all may have.<br \/>\n49:07<br \/>\nYeah, at the proton mail, you e-mail me and just put something in the subject line.<br \/>\n49:13<br \/>\nYou know, put a note about this scheduling a call, group call?<br \/>\n49:18<br \/>\nYeah, OK, thanks, that\u2019s good. I appreciate your notes. Gosh, that\u2019s good, because I always want to know what. I forget, things, you know, I forget. OK, there\u2019s a whole category of things you guys want to know about, and I can go into some more detail. Now, somebody\u2019s asked me a couple of things.<br \/>\n49:30<br \/>\nYeah, I can, I can download.<br \/>\n49:34<br \/>\nBut, oh, this abstract, OK, So, yeah, OK, you guys want to see this abstract, OK?<br \/>\n49:41<br \/>\nI will make it available, I\u2019m not sure how I\u2019m gonna do that yet. I think I can do that through the YouTube. I\u2019m not sure yet. But anyways, can I\u2019ll do that. And then you want to ask me about?<br \/>\n49:54<br \/>\nSetting up entities in Ontario.<br \/>\n49:55<br \/>\nOK, so, if you\u2019re in Canada, what I, what I normally do, is this, we do it.<br \/>\n50:01<br \/>\nWe do a company here in the states and then we get all that setup, usually use Caleb and Brown this for Kryptos, and then we domesticate it in Canada. Now, I used to start setting up a partnership there, and that\u2019s too complicated, my opinion.<br \/>\n50:14<br \/>\nWhat we\u2019re doing is ending up with a holding company in Canada, The way we\u2019re doing it, is using a limited liability company that we already set up in New Mexico. For example, we just domesticated in Canada.<br \/>\n50:24<br \/>\nSo in Ontario, you would just domesticated in that province and it would be filed as an extra provincial company OK. And it\u2019s not a hard process. It\u2019s just, you know, filling out a few forms and they\u2019ll want to see the articles OK on file, here and in the states.<br \/>\n50:45<br \/>\nAnd, yeah, OK. So, you\u2019re mentioning the limited liability partnership. That\u2019s how I was doing it in the beginning.<br \/>\n50:50<br \/>\nNow, um, over the last several years, I\u2019ve learned that other countries easily recognize holding companies.<br \/>\n50:59<br \/>\nAnd a lot of them are called private, limited liability companies and they\u2019re called limited companies, LTVs, LLCs, things like that. And you can actually register those in. Like, for example, the Republic of Ireland, India.<br \/>\n51:14<br \/>\nI believe.<br \/>\n51:14<br \/>\nThe United Kingdom, Germany, I think, but the German one is the GMBH is what they\u2019re called. Don\u2019t ask me to pronounce what that means. What that stands for. Please. So right now what I\u2019m suggesting is use one of those types of companies. If you\u2019re in Canada, the easiest way seems to be take an LLC in the States and domesticated there.<br \/>\n51:33<br \/>\nIf you domesticated or if you form a holding company in Canada From from the start there I think it might be a bit more complicated. In that case. It\u2019s not a problem.<br \/>\n51:45<br \/>\nI mean I don\u2019t want to get the research on how to do that because you need all kinds of different kinds of documents. And for that, I would just use a local service to do that. I would just recommend not paying several thousand dollars.<br \/>\n51:56<br \/>\nSo, is that, does that help?<br \/>\n51:59<br \/>\nUm, let me know.<br \/>\n52:03<br \/>\nOK.<br \/>\n52:06<br \/>\nYeah, great questions, I appreciate that. I don\u2019t miss anybody just looking at my notes here.<br \/>\n52:13<br \/>\nYeah, abstract, alright.<br \/>\n52:15<br \/>\nSo, yeah, I will take this abstract, and can, I know you\u2019re going to send me an e-mail, so I will just shoot it off to you right away, But I will, I will make this available and I will make it available, in the members area, too. So most of these videos are going into the ultimate membership area on privacy, \u2026 dot IO to say no.<br \/>\n52:34<br \/>\nJohn, Jay can ask you a quick question about the Canadian example. Yeah.<br \/>\n52:38<br \/>\nOK, so, I\u2019ve got family in Canada, but right now, I am managing their crypto for them. And I, and I have an LLC through your support, and so I know how to take it out through my LLC and all of that, but I\u2019ve suggested to them that when it\u2019s time for them to take out their crypto, via me, that I would send them their crypto. And then they, they, In Canada, they do what you\u2019re suggesting, then they can take, you know, they can take it out, so that works, right? Like that process and still work, they would just dove, right? That\u2019s the proper way in my opinion, are doing it. Yes.<br \/>\n53:15<br \/>\nYeah, let them handle it.<br \/>\n53:17<br \/>\nRight, because if I took it out through my LLC situation, getting it to them is still an issue, like in dollars, Right.<br \/>\n53:24<br \/>\nRight. You\u2019re doing a big favor for them, and just keep in mind, don\u2019t, don\u2019t let anybody know. third parties know that you\u2019re handling other people\u2019s money, even though their friends and family. Because all of a sudden, all this licensing comes in, and they\u2019ll just be a hard time. So, yeah. Yeah. Sounds good. Thank you.<br \/>\n53:40<br \/>\nAll right. Well, thanks so much, y\u2019all. And hopefully, I will come up with this content.<br \/>\n53:44<br \/>\nAppreciate that I\u2019ll start making some notes With that said, I\u2019m going to end it. 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-cec017f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"cec017f\" 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-cd7929c\" data-id=\"cd7929c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\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<section class=\"elementor-section elementor-top-section elementor-element elementor-element-52ffc38 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"52ffc38\" 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-7efe9ac\" data-id=\"7efe9ac\" 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-6044917 elementor-widget elementor-widget-text-editor\" data-id=\"6044917\" 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 discussion revolved around understanding LLC banking abstracts, with a focus on privacy and the contracts involved. <br \/>2. The host, John, talked about how these abstracts have developed over the years, aiming to help people navigate the banking system.<br \/>3. John revealed plans to launch a helpdesk via his website, acecoins.com, providing a resource for people to ask questions and seek advice on LLC banking.<br \/>4. There was also mention of a video membership available at privacyfight.io to support individuals in the area of privacy.<br \/>5. John discussed the structure of the banking abstract, its content, and his unique approach to writing these documents, with a focus on protecting interests and adding versatility.<br \/>6. He explored the process of setting up a limited liability company (LLC) and explained how the documents assist in opening a bank account, highlighting the divergence from traditional attorney or CPA approaches.<br \/>7. The discussion also touched on the strategy of restating everything in the articles when preparing the banking abstract and emphasized the importance of using non-exclusive rights to avoid legal complications.<br \/>8. John explained the concept of an &#8220;operating agreement,&#8221; indicating that it was designed for the bank&#8217;s benefit and outlined its components.<br \/>9. There was a detailed walkthrough of the document, with John explaining various sections and sharing insights on risk management and why the outlined strategy is effective.<br \/>10. The conversation concluded with questions about owning an LLC, the process of opening a bank account, and some discussion on the potential legal implications of providing advice in the crypto space.<\/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-34098ab elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"34098ab\" 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-a8b3027\" data-id=\"a8b3027\" 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-7c1646f elementor-widget elementor-widget-spacer\" data-id=\"7c1646f\" 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<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>U40 &#8211; Review &#038; Discussion of LLC Banking Abstract<\/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\/16703"}],"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=16703"}],"version-history":[{"count":7,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/posts\/16703\/revisions"}],"predecessor-version":[{"id":25380,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/posts\/16703\/revisions\/25380"}],"wp:attachment":[{"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/media?parent=16703"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/categories?post=16703"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/tags?post=16703"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}