{"id":16970,"date":"2021-08-05T14:44:16","date_gmt":"2021-08-05T18:44:16","guid":{"rendered":"http:\/\/privacyfight.io\/?p=16970"},"modified":"2023-06-25T07:36:45","modified_gmt":"2023-06-25T11:36:45","slug":"u42-july-28-2021-thur-eve-with-john-jay-open-discussion","status":"publish","type":"post","link":"https:\/\/privacyfight.io\/u42-july-28-2021-thur-eve-with-john-jay-open-discussion\/","title":{"rendered":"U42 &#8211; July 28, 2021, Thursday Evening with John Jay Open Discussion"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"16970\" class=\"elementor elementor-16970\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d2483f2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d2483f2\" 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-dbbe79e\" data-id=\"dbbe79e\" 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-ba32a16 elementor-widget elementor-widget-text-editor\" data-id=\"ba32a16\" 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\/722545068\/?\" 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            U42 \u2013 July 28, 2021, Thur Eve with John Jay Open Discussion\r\n0:03\r\nHello everyone, this is John Jay, today\u2019s July 29th, Thursday evening.\r\n0:07\r\nAppreciate you joining.\r\n0:08\r\nI see, there\u2019s just got a few people here, and I wanted to open, have an open call somewhat, so we can do an open disc&#8230;        <\/div>\r\n        <div class=\"vidseo_collapse_content\" style=\"\">\r\n            <p>U42 \u2013 July 28, 2021, Thur Eve with John Jay Open Discussion<br \/>\n0:03<br \/>\nHello everyone, this is John Jay, today\u2019s July 29th, Thursday evening.<br \/>\n0:07<br \/>\nAppreciate you joining.<br \/>\n0:08<br \/>\nI see, there\u2019s just got a few people here, and I wanted to open, have an open call somewhat, so we can do an open discussion.<br \/>\n0:16<br \/>\nIf you guys want to, me to go into some detail on something, Please let me know.<br \/>\n0:20<br \/>\nBut, um, I know there are a lot of questions on, um, dealing with exchanges. Opening an LLC accounts with different states, and comparing the states. Why would I choose one state over another to register, and things like that.<br \/>\n0:31<br \/>\nUm, but if you guys want to do that, maybe prompt me, or I can just start talking about stuff. But I thought I\u2019d just leave it open.<br \/>\n0:40<br \/>\nThat\u2019s what you guys want to do.<br \/>\n0:44<br \/>\nAnd we\u2019ll recorded, of course. we did this. We did this a few months ago, and it worked out really well. You guys have some really excellent questions.<br \/>\n0:52<br \/>\nSo anyone\u2019s, welcome to do it.<br \/>\n0:54<br \/>\nLet me go see here where I\u2019m gonna go look at the o\u2019hagan. Yes.<br \/>\n0:59<br \/>\nHi, John.<br \/>\n1:00<br \/>\nI went to a bank today with my LLC information, yeah. They refused to open my account. They sent the documents down to Legal.<br \/>\n1:12<br \/>\nAnd they came back, and they said They didn\u2019t like the PMA, and they said, You know, what? Is it?<br \/>\n1:20<br \/>\nAnd I said it\u2019s You know, it\u2019s an unregistered entity and their legal department said they wouldn\u2019t they don\u2019t deal with unregistered entities?<br \/>\n1:29<br \/>\nOK, what Bank was that, Bank of America, OK. It\u2019s interesting. We usually get Accounts open anywhere. I guess it depends on who you\u2019re talking to.<br \/>\n1:39<br \/>\nWas it did you walk into the bank yes. And is the company registered in that State that you were in now?<br \/>\n1:46<br \/>\nWell, that\u2019s the reason then.<br \/>\n1:48<br \/>\nBecause the company is not registered in that state where you walked into the bank. That is the reason. It\u2019s not because of the PMA.<br \/>\n1:54<br \/>\nBecause what do you suggest? I do?<br \/>\n1:56<br \/>\nWell, just open the account that you want over the Internet.<br \/>\n2:00<br \/>\nWith Bank of America, if you want yeah, I\u2019m yeah, I didn\u2019t know you could do that.<br \/>\n2:06<br \/>\nI was under the impression you had to walk in, know you could do it with the internet. We\u2019ve been doing this from 2009.<br \/>\n2:12<br \/>\nAnd the reason being is if your LLC\u2019s registered in one state and you reside in some other state, and in the state where you reside, you walk in the bank and open your account for an LLC that\u2019s registered in another state.<br \/>\n2:25<br \/>\nThe Bank will tell you to domesticate it.<br \/>\n2:28<br \/>\nif they\u2019ll tell you that. In your case. What you\u2019re telling me is, you know, that they wouldn\u2019t open the account. it\u2019s not the PMA.<br \/>\n2:33<br \/>\nIt\u2019s the fact that the LLC was in another State, but they\u2019re going to require my ID anyways. Which is which which is going to show I\u2019m in a different State cell? Is that not going to matter?<br \/>\n2:44<br \/>\nThat won\u2019t matter, on the Internet, and I can\u2019t explain why, but, like I said, we did it for about 12, 13 years now over the Internet. And just, you just go open a business banking account, and I think Chase Bank has been the most amenable to everyone.<br \/>\n2:58<br \/>\nBank of America. We haven\u2019t had one. Last year.<br \/>\n3:00<br \/>\nWe had one or a year before, like year and a half maybe This one client opened up, she went to open an account at Bank of America over the phone, Internet, and it wouldn\u2019t work over the Internet for some reason.<br \/>\n3:11<br \/>\nMaybe, I don\u2019t know what the deal was, but she had a column, and she got the same office on the phone, And the person asked her, I don\u2019t know where this came from. This is the only time I heard this. Bank of America astro like 70 questions, ridiculous questions, and she was patient enough to answer them. And then, at the very end of the questions, the person says, I can\u2019t help you.<br \/>\n3:31<br \/>\nSo, you know, you can imagine how exhausting that is. So she calls me up and she was so kind about it.<br \/>\n3:35<br \/>\nShe\u2019s like, no, I did all this stuff, and they still wouldn\u2019t do it.<br \/>\n3:38<br \/>\nI said, Yeah, I hate to tell you this, but just call tomorrow, and I believe you\u2019re gonna get a different person, and you\u2019ll get the account opened, and sure enough, it was five minutes in the account was opened, the next. OK, so it\u2019s not like I\u2019m going to be on their radar, they\u2019re already going to have me in their system saying, We denied her, now, it\u2019s not like that. I have not yet seen the banks do that. I just I do see people that are not well informed, and so that\u2019s why I had those documents the way I have them. And sometimes we have to work a little harder.<br \/>\n4:08<br \/>\nBut I believe that it was out and out of State issue, OK? Because they told they told me that they wanted officers from the PMA.<br \/>\n4:16<br \/>\nThey wanted, you know, they wanted information about the PMA, and they just kept going down that road.<br \/>\n4:22<br \/>\nIt\u2019s given that\u2019s what the Articles are for.<br \/>\n4:25<br \/>\nThat\u2019s the answer. Here are your articles. Here\u2019s a copy of the.<br \/>\n4:28<br \/>\nHere\u2019s an unofficial copy of the copy and they don\u2019t even ask for the certified copy of the articles anymore.<br \/>\n4:35<br \/>\nSo, that\u2019s, again, you\u2019re just not talking to the right people.<br \/>\n4:39<br \/>\nI don\u2019t know who was even, was it an attorney at the bank, or was it just someone else like someone\u2019s boss, Either they had, they had to scan the documents down to what I assumed was their legal department.<br \/>\n4:49<br \/>\nAnd then, you know, she had to wait for 20 minutes on hold, and then they reviewed the documents and then they came back and said, Nope.<br \/>\n4:58<br \/>\nOK, now what\u2019s interesting is, um, Bank of America is a is a private association.<br \/>\n5:03<br \/>\nIt\u2019s a National association.<br \/>\n5:05<br \/>\nOK, well, I think Bank of America is not a registered entity. Yes, That is very interesting. Now they do have registered corporations, you can find there are many, many hundreds of corporations, but I mean ultimately it\u2019s an unincorporated association, OK. Yeah. I guess I\u2019ll try Chase, then. Yeah, I\u2019m sorry, It takes effort, but it\u2019s worth it.<br \/>\n5:28<br \/>\nI mean, sometimes, every once in awhile, we just, we just tell the bank that the signer is the single member manager, and they take it, We don\u2019t even amend the articles, but the article, say, The \u2026, the owner, or there\u2019s two owners, you know, two members.<br \/>\n5:42<br \/>\nSo, it\u2019s really a hit or miss sometimes, OK? All right. Thank you, John: OK.<br \/>\n5:49<br \/>\nThat\u2019s a good question. I think a lot of people can relate to that.<br \/>\n5:52<br \/>\nAnybody out there trying to open accounts at exchanges, that\u2019s even worse. Once you get past the banks, OK, the banks, I think, are easier.<br \/>\n6:01<br \/>\nYou\u2019ve got a question for this mm.<br \/>\n6:06<br \/>\nSo I\u2019m looking into opening an account for a friend.<br \/>\n6:13<br \/>\nI live in New Jersey. I was, I already actually went through this with you.<br \/>\n6:16<br \/>\nI spoke to you a couple of weeks ago, actually, about possibly doing this, but I just had another question about it When I, when I open an account, say, in Pennsylvania, or, I\u2019m sorry, or register, an entity in Pennsylvania and an LLC.<br \/>\n6:31<br \/>\nOK, if I want to register an entity, as a New Jersey resident, I would do, I need to be a Pennsylvania resident. I do have a Pennsylvania Registered Company, Can My Company, which is a non filing LLC for kryptos.<br \/>\n6:47<br \/>\nCan that be the entity that registers the new entity?<br \/>\n6:53<br \/>\nAnd, I can use an EIN number instead of a social.<br \/>\n6:56<br \/>\nYeah, you could do that, OK, there\u2019s two parts to that. So, anyone can be the organizer, that\u2019s what you\u2019re doing. Right, the organizer has no liability, It can be anybody.<br \/>\n7:05<br \/>\nIt doesn\u2019t really matter. Any name can be used also as the registered agent.<br \/>\n7:08<br \/>\nJust make sure that you\u2019re not using a real person\u2019s name, that would need his gift to give his consent for the registered agent, but when it comes to anyone organizing it, yeah, you could name a company as the organizer.<br \/>\n7:20<br \/>\nAnd then on the EIN Holder, as the applicant for a New EIN, It used to be allowed, but I think lately in the last year or two, the IRS with its website stopped allowing that.<br \/>\n7:32<br \/>\nI think that\u2019s what\u2019s OK. So, to be clear, what I\u2019m asking is about just the organizing part.<br \/>\n7:38<br \/>\nHi.<br \/>\n7:39<br \/>\nWill I need to provide a social security number or an EIN number as an organizer? Not at all. When you register, If you\u2019re registering articles with the state, as I was talking about, right?<br \/>\n7:49<br \/>\nIf you raise your charter school at the state, know, you can, you can register with a fictitious name, there\u2019s no ID requirements in the states in the 50 states.<br \/>\n7:58<br \/>\nThere are, such requirements in other countries, but when when you go to the bank, they\u2019re going to want your ID. So that\u2019s why when you register your company with the state, you should use a name that you can verify later on.<br \/>\n8:10<br \/>\nThat\u2019s really the only reason, right. So the so the if I, if I\u2019m the organizer, the owner of the company might be my friends, PMA, we\u2019ll call it, that way. And then, they would have to provide their credentials if they\u2019re going to be the ones opening the account. Yeah, the signer would kinda, like you did, for my company. Whoever the signer is, right? Right, OK. one more real quick question. I had an entity and I brought this up with you a couple of weeks ago, but I just wanted some clarity.<br \/>\n8:37<br \/>\nI have an entity that I had formed before I met you a couple of years back that was basically an income LLC.<br \/>\n8:47<br \/>\nMy employment income LLC, I\u2019m self-employed, and I had formed it without a PMA just as a single member.<br \/>\n8:55<br \/>\nAnd I formed it in Delaware and I downloaded the certificate of Amendment, and I filled that out, sent that in. I\u2019m sure I\u2019ll be getting back.<br \/>\n9:05<br \/>\nThe Certificate amendment amendment changing that to a PMA for this company.<br \/>\n9:11<br \/>\nAfter I get that certificate of amendment, the bank accounts already opened at Bank of America: what do I need to provide them with that change at the at the state level?<br \/>\n9:22<br \/>\nYou do not need to provide the bank with that copy that you amended the articles because it is public record.<br \/>\n9:31<br \/>\nSo, it\u2019s binding on everybody. That means they all have to kind of follow it. They have to follow it.<br \/>\n9:35<br \/>\nThey have to respect it, so that means if, um, it means according to the official articles of association, you\u2019re not the owner of the company, So the bank cannot act like you\u2019re the owner of the company, OK, does, it\u2019s liable.<br \/>\n9:51<br \/>\nNow I don\u2019t know if there\u2019s a defense where, you know, let\u2019s say they honor the levy and you\u2019re not the owner of the company.<br \/>\n9:57<br \/>\nThe bank would owe you the money back, OK. That\u2019s how it plays out.<br \/>\n10:01<br \/>\nI don\u2019t, I\u2019ve never seen anyone in that situation before, but just realize that public records are, everyone\u2019s bound to know them to have knowledge.<br \/>\n10:10<br \/>\nAnd I don\u2019t believe there\u2019s any notice requirements when you do that, make the make that amendment to the articles.<br \/>\n10:16<br \/>\nSo almost all the time if someone does that. I just tell the person my client not to bother notifying the bank.<br \/>\n10:23<br \/>\nBecause sometimes they\u2019ll just don\u2019t want it re-investigate everything and it disruptive. Right, where they\u2019ll say, open up a new account. Or they\u2019ll say go away. We never want to hear from you again.<br \/>\n10:32<br \/>\nSo that\u2019s just, we just kind of have to learn, like, no.<br \/>\n10:36<br \/>\nLike on the street, we don\u2019t know, So the onus is on them to have to just be aware of public record.<br \/>\n10:43<br \/>\nAnd the reason why I recommend not telling the bank is, so you don\u2019t deal with all the kane\u2019s that go with, you know, they think, Oh, my gosh, he changed the company.<br \/>\n10:51<br \/>\nWe have to audit this, it, my money launderer, Yeah, OK, got it. Alright, perfect. Thank you. All right, OK.<br \/>\n11:00<br \/>\nHey, John, this is Brett from New York. Right?<br \/>\n11:04<br \/>\nCar! All right. Yeah, You\u2019re trying to get out of here.<br \/>\n11:08<br \/>\nSo, matter of fact, I have, I\u2019m a lawyer showing up a contract for sale of my home, and, um, if I open the LLC, I don\u2019t know enough about the different states, because I don\u2019t have to do it in the state I live in.<br \/>\n11:26<br \/>\nSo I don\u2019t know what the pros and cons are of opening in. I\u2019ve heard Arizona was good, I\u2019ve heard.<br \/>\n11:32<br \/>\nUm.<br \/>\n11:34<br \/>\nWhat was it? There\u2019s there\u2019s one on the East Coast. Here was a Marylander Delaware, Delaware.<br \/>\n11:39<br \/>\nI was supposed to have good Vail of, a good veil too, to be behind, but I didn\u2019t know what the pros and cons are different states.<br \/>\n11:50<br \/>\nThat\u2019s a good question. I\u2019ll run down the list of the way I look at it. Now.<br \/>\n11:53<br \/>\nMy, my profession in mind, the demographic, my niche market, for me, I want my client to have the least friction lease problems possible because I just want him to get on with the thing he wanted to do.<br \/>\n12:06<br \/>\nAnd so, for that, I have a list of states that I prefer, and it\u2019s the reason why I prefer them is because they\u2019re not going to bother my client. They\u2019re not going to send them letters and scare them, and say he has to fill out this form, and the client is going to call me and say, but you said, I didn\u2019t have to do all this. And I\u2019m getting the scary letter, and then I have to explain it.<br \/>\n12:21<br \/>\nAnd, so, the states, the states, I use, our, New Mexico, Colorado, my top ones, Wyoming and Arizona, really good states. Because they leave you alone.<br \/>\n12:32<br \/>\nLet\u2019s see.<br \/>\n12:33<br \/>\nFlorida and Georgia, Pennsylvania, and Ohio, Pennsylvania and New Mexico do not require annual reports or annual fees.<br \/>\n12:42<br \/>\nSo, everyone\u2019s little bit different.<br \/>\n12:43<br \/>\nI would tell you that 80% of the people I work with, maybe a little bit more, use New Mexico, they kind of know that. Now, hold them.<br \/>\n12:50<br \/>\nAll right. If I\u2019m a mid-level business, that means I\u2019m I\u2019m have I have a board of directors. I have shareholders, whether or not it\u2019s private or public.<br \/>\n12:57<br \/>\nI\u2019m a mid-level business, I\u2019m making. No gross 100 to $200 million a year.<br \/>\n13:02<br \/>\nI\u2019m probably going to be organized in South Dakota or Delaware.<br \/>\n13:06<br \/>\nThe reason being, and I don\u2019t know, all the reasons, but it\u2019s more likely that it\u2019s, those states are more amenable to that type of business.<br \/>\n13:15<br \/>\nThe tax year.<br \/>\n13:17<br \/>\nThird year, for the corporate world Delaware system, you have a bit of an advantage because if I have an adversary and lost somewhere, or a risk that I need to manage, that quagmire of no rules and things in those states are going to be to my advantage.<br \/>\n13:33<br \/>\nBut for small business, I just want them to leave me alone. I don\u2019t want them to ask continually. If I have employees, and I\u2019m paying wages, and then I have to keep sending a letter back saying, no, just like I told you last month.<br \/>\n13:45<br \/>\nNo, so that\u2019s why I pick those states.<br \/>\n13:47<br \/>\nOK, so you say Mexico. And then you seem to be the most menial.<br \/>\n13:52<br \/>\nnow are their yearly fees. And obviously, that doesn\u2019t have to be minutes because you set it up.<br \/>\n13:58<br \/>\nProbably. That doesn\u2019t happen. The minute to cap.<br \/>\n14:01<br \/>\nNo minutes needed.<br \/>\n14:03<br \/>\nThere\u2019s an annual report in most states except Pennsylvania and New Mexico.<br \/>\n14:08<br \/>\nSo, all that means is the annual report looks like your articles. It has pretty much the same information. If there\u2019s anything new that you wanted to change, that\u2019s the time when you file the Annual Report to change things.<br \/>\n14:19<br \/>\nLike, if you got any registered agent or you took on a partner or you fired somebody, or, you know, someone, some other member left or came on board, then yeah, you would, you would report that and then you would pay a fee.<br \/>\n14:32<br \/>\nAnd that takes maybe 15 minutes of your time, maybe.<br \/>\n14:36<br \/>\nWell, what\u2019s the fee for filing the annual report attacks? Its attacks, yeah, that\u2019s attacks. So, the taxation is, it\u2019s, um, it\u2019s not, it\u2019s not like buying a product, like the dollar, the dollar value PE is equal to the benefit you\u2019re getting. There are literally imposing attacks, and someone voted on it long time ago.<br \/>\n14:53<br \/>\nSo the reason why you\u2019re paying attacks to register a company and keep it in good standing is because that tax is for indemnification.<br \/>\n15:02<br \/>\nThe state has written a law that says, if you do thing a certain way, we will protect you.<br \/>\n15:06<br \/>\nWe will block creditors from reaching into your private interests if you organize it and run it a certain way. And that\u2019s what you\u2019re paying for.<br \/>\n15:15<br \/>\n\u2026 Indemnification. So I pick the states that leave my clients alone. There are states that I\u2019ve never had a need to go into Delaware. I do have a Delaware company, it\u2019s been expired forever. I\u2019ve never renewed it, and I\u2019ve run millions of dollars through it.<br \/>\n15:29<br \/>\nSo, you know, I never benefited from the state I don\u2019t need all that quagmire legislation, or whatever.<br \/>\n15:37<br \/>\nBetsey.<br \/>\n15:37<br \/>\nYeah, so the only reason we register with the state anyways, so that the banks will open our accounts.<br \/>\n15:44<br \/>\nRight.<br \/>\n15:44<br \/>\nSo you get an EIN number, and that too, I mean, you can get an EIN for it without registering, but the banks won\u2019t open the account unless it\u2019s domesticated. Or you do that trick where you do it over the Internet.<br \/>\n15:56<br \/>\nI have like a sole 401 K trust. And I did the same thing through that.<br \/>\n16:02<br \/>\nThen, I have an S corp mm. So, yeah, they hit me $25 like dormancy, like every year.<br \/>\n16:12<br \/>\nRight and that\u2019s just avoids.<br \/>\n16:13<br \/>\nIt might be worth it because if you don\u2019t know if you need to have it in good standing, or not if you keep it in good standing, you\u2019re going to avoid a lot of penalties. It could be a lot of money. I mean, I probably owe the state of Delaware, My company probably I was like, probably $12,000.<br \/>\n16:28<br \/>\nIt\u2019s been like that for many years, but then the other thing, I didn\u2019t want to get too carried away.<br \/>\n16:34<br \/>\nWell, I had a couple other questions, OK.<br \/>\n16:37<br \/>\nSo, I\u2019m looking at selling this property, so I would put it into an LLC, which doesn\u2019t generate any kind of, uh, it doesn\u2019t get ready to sell, because it\u2019s for.<br \/>\n16:51<br \/>\nForget the term, It\u2019s for poor.<br \/>\n16:56<br \/>\nI forget the term you\u2019re conveying the title for what?<br \/>\n17:00<br \/>\nWell, because it\u2019s like my retirement, basically.<br \/>\n17:04<br \/>\nSo, yeah, you can actually sell it to someone, you\u2019re just changing the way the property is, title, right.<br \/>\n17:09<br \/>\nTitle, it\u2019s titled in my name personally and I\u2019m going to put it in an LLC then the LLC would now all the money and from what I\u2019ve seen on your videos, you\u2019re not, you\u2019re not paint, you\u2019re not, um, filing cash returns with the LLC.<br \/>\n17:31<br \/>\nBecause once you do that, you have to keep doing it, is what I will just correct. That is correct.<br \/>\n17:36<br \/>\nYou\u2019re just you\u2019re just conveying titled to Real estate for estate planning purposes, right? And there\u2019s no change. Beneficial interest, Yes.<br \/>\n17:44<br \/>\nYeah, sure. Then, and then the crop and then the LLC would sell the property to the new owner.<br \/>\n17:51<br \/>\nAnd then it went \u2026.<br \/>\n17:55<br \/>\nYeah, right. You can have an airline.<br \/>\n17:58<br \/>\nIs there a liability for the LLC when the funds come out of the LLC?<br \/>\n18:06<br \/>\nNot when you now. When it spends money, it\u2019s when it receives money.<br \/>\n18:09<br \/>\nIt is OK income that may or may be taxable, and that depends upon your accounting practice.<br \/>\n18:17<br \/>\nIf you file a return and you choose some sort of accounting practice, then OK, that\u2019s what it is.<br \/>\n18:22<br \/>\nIf I don\u2019t, well, then the IRS just doesn\u2019t even see it.<br \/>\n18:25<br \/>\nIt\u2019s treated as if you could use that word still in transit. The money is still in transit, it hasn\u2019t reached its destination.<br \/>\n18:33<br \/>\nThat\u2019s why the tags, it kinda what, it\u2019s kinda like if they\u2019re like what they call an arm\u2019s length transaction.<br \/>\n18:41<br \/>\nYeah, I think they are almost like escrow It\u2019s an ID that\u2019s just holding the money and it\u2019s not itself a taxpayer. I can make it into a taxpayer, but I have a choice, whereas for most people, we don\u2019t have a choice.<br \/>\n18:55<br \/>\nWe\u2019re kind of stuck with what applies.<br \/>\n18:58<br \/>\nWhat if I was to get into, like investment\u2019s, either stock market, kryptos, precious metals, or any of that, where, where does that, what kind of way?<br \/>\n19:10<br \/>\nIt\u2019s all what happens?<br \/>\n19:12<br \/>\nOK, there\u2019s what\u2019s happened, there are some differences, though.<br \/>\n19:16<br \/>\nOK, your LLC can manage any cash flow, any business enterprise in the same way it does with the kryptos.<br \/>\n19:23<br \/>\nI can run a website with a PayPal account and still the LLC doesn\u2019t file.<br \/>\n19:30<br \/>\nI want to do it that way. Here\u2019s where I can\u2019t probably do that.<br \/>\n19:34<br \/>\nIs if I\u2019m running a brick and mortar business with employees, Now there is a way to manage it. But just with the one company, I can\u2019t do it that way. So it actually makes sense to file as an S corp.<br \/>\n19:45<br \/>\nIf I have employees and I\u2019m paying wages and if I have a brick and mortar because I get into the state\u2019s workmen\u2019s compensation and FICA withholding issues and I have to, I just have to file everything.<br \/>\n19:58<br \/>\nOK, and then if I want to get a liquor license, or if I want to be a physician, a licensed physician in California, that requires a professional LLC for which I can\u2019t get out from under that.<br \/>\n20:10<br \/>\nI have to register that in California, as a license, right?<br \/>\n20:14<br \/>\nSo, there are some exceptions.<br \/>\n20:17<br \/>\nSo, should I schedule a consultation, or you really backed up with that stuff?<br \/>\n20:24<br \/>\nI\u2019m hoping the contracts are gonna go out, know, today or tomorrow?<br \/>\n20:29<br \/>\nWell, today, probably not, because I didn\u2019t get notification of it yet, hopefully, tomorrow, the contract will allow them to sign, and hopefully closing within 30 to 45 days.<br \/>\n20:38<br \/>\nSo, should I schedule a consultation once I have the signed contract?<br \/>\n20:44<br \/>\nWell, you got me on telegram, right?<br \/>\n20:47<br \/>\nYes, yes. Send me a note on Telegram, and we\u2019ll see what we can work out.<br \/>\n20:51<br \/>\nThere might be something I could do right now, yeah.<br \/>\n20:53<br \/>\nVery good.<br \/>\n20:54<br \/>\nYeah, I\u2019ll sit down and so, somebody else can ask you some. Thanks for formative question, cruciate, that, Yeah, good ones.<br \/>\n21:01<br \/>\nAlright, Alicia are gone.<br \/>\n21:03<br \/>\nYes, Alicia was yeah, I. have a question over the Bank of America Business.<br \/>\n21:11<br \/>\naccount, I opened up one and it didn\u2019t take long, You said I said, it was easy.<br \/>\n21:18<br \/>\nAnd they approved them, And I guess, I guess, under 30 minutes online.<br \/>\n21:24<br \/>\nBut here\u2019s the, but, I never asked for anything.<br \/>\n21:28<br \/>\nSo how do I get, **** the bank abstract.<br \/>\n21:33<br \/>\nArticles were supposed to say, are you able to use the account?<br \/>\n21:38<br \/>\nYes, I have the debit cards.<br \/>\n21:41<br \/>\nAnd all that, OK, then use the account you\u2019re in.<br \/>\n21:45<br \/>\nMiraculously, that\u2019s crazy, but don\u2019t wake them up. I just want to make sure it\u2019s opened up. That is really why somebody made a mistake, by the way.<br \/>\n21:55<br \/>\nThey really should have a record of the account holder. If it\u2019s a fiction, they should have the articles, but the articles are public record, and I have not yet seen a policy change. Where they\u2019re just going to rely on public records. They want to have the records in their custody.<br \/>\n22:08<br \/>\nThat\u2019s really weird.<br \/>\n22:09<br \/>\nThat\u2019s why best and the question is, wondering if you\u2019re dreaming, should a pinch yourself. It was too easy for my personal account, and I\u2019m thinking, well, if this was supposed to be hard, and the second was supposed to be easy to memorize any other webinars. But, here lately, I got a letter from them as gain if my business, that\u2019s a non operating entity.<br \/>\n22:35<br \/>\nAnd where are the where the fun originate from?<br \/>\n22:41<br \/>\nThat\u2019s the after the fact, that\u2019s interesting.<br \/>\n22:45<br \/>\nI don\u2019t know what to tell you on that one.<br \/>\n22:46<br \/>\nI just, You know, we have our backstory about real estate but I don\u2019t like to tell them that, where the funds coming from, generally for what we\u2019re talking about, I usually tell them from personal savings Personally, Yeah.<br \/>\n23:00<br \/>\nIt\u2019s non operating, meaning you don\u2019t have customers and I\u2019m guessing it, their definition.<br \/>\n23:08<br \/>\nYou could ask them, What if they wanted to find that non operating, what does that mean, but I didn\u2019t want to prolong it.<br \/>\n23:17<br \/>\nWell, I haven\u2019t sent a letter, yet, and I just wrote down that.<br \/>\n23:23<br \/>\nyes, it, to Non-operating entity, and says, Yes, Please select your business, or, Your business, or originates, it\u2019s fun, fun.<br \/>\n23:34<br \/>\nTrust a State subset, or a parent company holding company loans investment.<br \/>\n23:40<br \/>\nSo, yeah, it\u2019s, it\u2019s the, you know? You contribute the funds just like you went to a trust.<br \/>\n23:44<br \/>\nSo the truss doric contributes the funds don\u2019t tell him that.<br \/>\n23:47<br \/>\nbut, what I would tell them is that I\u2019m I\u2019m running this company for investment purposes and I\u2019m using my own personal savings.<br \/>\n23:58<br \/>\nPersonal shapes. So, what exactly do I put down on this letter they sent?<br \/>\n24:04<br \/>\nThey\u2019re asking you where the money is coming from, from, yes, your personal savings, if I mean, or something. Yeah, Can you not say that? I mean, I\u2019m not going to check, they\u2019re not gonna, I mean, that\u2019s a reasonable answer. We give that almost all the time.<br \/>\n24:19<br \/>\nOK, so, the option, that error about, that, it\u2019s kinda getting confusing because it\u2019s just as simple, and everything\u2019s already open. Options.<br \/>\n24:30<br \/>\nYeah, if they give you choices to answer their own choices: So it\u2019s a yes answer. The way they lot, OK, yes, interesting.<br \/>\n24:40<br \/>\nThem a letter back. Just wrote them a letter back. Just don\u2019t choose their thing, it\u2019s on paper.<br \/>\n24:45<br \/>\nJust send them a letter back.<br \/>\n24:46<br \/>\nIs it OK for, yeah, it\u2019s on paper, Yeah, just sending a letter back and just say, hey, it\u2019s, it\u2019s a company I set up to invest in different things in the, I\u2019m using my own personal savings.<br \/>\n24:59<br \/>\nOK, so that\u2019s a, uh, I deposited it.<br \/>\n25:04<br \/>\nLike, a few bucks in it, just to keep it open, because I wasn\u2019t sure about this. Yeah. It was way too easy. Yeah.<br \/>\n25:12<br \/>\nAnd the thing is, here\u2019s here, soon, to their cash out, on these crypto, want to have any conflicts with dozens mm Hmm, Well, they\u2019re going to know, when you hook it up to your Coinbase account or whatever.<br \/>\n25:28<br \/>\nSo far we haven\u2019t had too many problems we have had with some state banks closing accounts for that, but not Bank of America yet.<br \/>\n25:37<br \/>\nI don\u2019t think we will.<br \/>\n25:39<br \/>\nOK, yeah, Oh, yeah.<br \/>\n25:43<br \/>\nAll right, yes.<br \/>\n25:46<br \/>\nWhen I write them a letter to, I just e-mail everything online.<br \/>\n25:52<br \/>\nI recommend, if you write a letter, go to the trouble of creating a letterhead for yourself. I like putting a line at the top of the page. And then on the first three lines, I put my name and address and then I put it on the right side of the paper.<br \/>\n26:04<br \/>\nAnd then I put their address below the line on the left side of the paper.<br \/>\n26:07<br \/>\nAnd then I put the date.<br \/>\n26:10<br \/>\nAnd I put R E or in regards. And I put a little comment.<br \/>\n26:12<br \/>\nAnd then, I put greetings, and then I tell them what I want to tell them.<br \/>\n26:17<br \/>\nThen, that way, you have a form letter that you can use in the future. It\u2019s kinda convenient to use for your company.<br \/>\n26:22<br \/>\nAnd if you want it, you can make a nice little letterhead for your company, put your company name on there, and then you could use it for other things.<br \/>\n26:28<br \/>\nSo it\u2019d be worth it to spend a few minutes making a letterhead and then just send them the letter back.<br \/>\n26:35<br \/>\nYeah.<br \/>\n26:37<br \/>\nThat\u2019s good. I would worry, They might come back and say, Hey, where are those articles? You know?<br \/>\n26:48<br \/>\nAnd then just send them a copy of the article, because, I\u2019ve been online. I checked account, Login, I go to messages or e-mails.<br \/>\n26:56<br \/>\nNothing, that\u2019s really unusual. Well, I think you have a working account there, and I think it\u2019s fine.<br \/>\n27:01<br \/>\nThey just, It was an oversight. Maybe they\u2019ll one day, ask you about it.<br \/>\n27:06<br \/>\nI\u2019ve found banks really follow up on things like that. That\u2019s why we can change the articles. And nobody knows. No, Bank has ever been watching public records to follow up on anything like that.<br \/>\n27:16<br \/>\nOK?<br \/>\n27:17<br \/>\nSo if I start using an app cache out, and the only thing that\u2019s going to happen, they\u2019re just going to ask me for the articles, all right?<br \/>\n27:25<br \/>\nAre just I don\u2019t think, yeah, I\u2019m just saying, I don\u2019t think they will.<br \/>\n27:30<br \/>\nI don\u2019t think they\u2019re going to do anything after you respond to this letter.<br \/>\n27:35<br \/>\nThey would have already asked you more things.<br \/>\n27:38<br \/>\nI mean, nothing came back in the mail or e-mails, or net. I think you\u2019re good just. No worries move on. And, you know, if they close the account will OK, That happens once in awhile.<br \/>\n27:50<br \/>\nBut, I don\u2019t, I don\u2019t see that happening.<br \/>\n27:53<br \/>\nAll right, well, you just close the meeting. If they close it, what does that mean?<br \/>\n27:56<br \/>\nA: keep what\u2019s in there.<br \/>\n27:59<br \/>\nAre they, Oh, no, they can\u2019t do that. They would give you a check for the contents of whatever\u2019s in the account. And they would make it payable to the account holder and then they would just close your account. So, you\u2019d actually have to go and open another account to clear the funds.<br \/>\n28:10<br \/>\nAnd, you know, under that name, OK, I\u2019ve had to do that before.<br \/>\n28:15<br \/>\nAll right. Thank you very much. Yeah, that helps.<br \/>\n28:19<br \/>\nNo, I don\u2019t, I\u2019m not trying to move the order here, I think.<br \/>\n28:23<br \/>\nWas it Don T were you?<br \/>\n28:26<br \/>\nHi, John.<br \/>\n28:29<br \/>\nWe were talking and they created an LLC with BMA talk for investing in encrypt us.<br \/>\n28:37<br \/>\nAnd I have two questions for you.<br \/>\n28:40<br \/>\nJust in case, if I said, let\u2019s say, if my LLC owns some, you, know, no, crypto assets are, has a bank account that has money in there and let\u2019s say I get married, right?<br \/>\n28:56<br \/>\nAnd then, like all of a sudden, I get divorced, right? And the wife one pipe gets so you\u2019re thinking way ahead, you\u2019re late for, you know, well, state. So it\u2019s out of the marital community.<br \/>\n29:12<br \/>\nThat\u2019s what I write these for everybody, the same way, unless you plead with me and say, Please put it in the Maryland community.<br \/>\n29:17<br \/>\nI\u2019ll say, Well, I don\u2019t know why you\u2019d ever want to do that, but OK but the way I write them, they\u2019re outside the mayoral community in your state.<br \/>\n29:26<br \/>\nLike, what do you mean? It\u2019s, So, it\u2019s great. I live in one state and it was created in New Mexico.<br \/>\n29:33<br \/>\nWhat I\u2019m talking about is, uh, the property owned by the LLC is owned by the LLC and, nothing else.<br \/>\n29:40<br \/>\nYou are not the owner and Norwood your, unknown, Wife B and it wouldn\u2019t ever be part of a divorce proceeding unless you did something deliberately to bring that into your state, into your personal interest, OK Because it\u2019s the biggest, you know, the biggest. Biggest. risky enough.<br \/>\n30:02<br \/>\nLike why I get like everything, OK.<br \/>\n30:07<br \/>\nWell, I mean, if you\u2019re really concerned about that to me you can make it ironclad.<br \/>\n30:11<br \/>\nI think there was a guy named Massey right Massie in the Messy Pre-nup, you ever heard that one?<br \/>\n30:20<br \/>\nYeah, I know some of you guys are laughing out there, because it\u2019s a movie with George Clooney.<br \/>\n30:26<br \/>\nHe never saw this one with them, Catherine zeta Jones.<br \/>\n30:32<br \/>\nAnd they had the old one, right?<br \/>\n30:35<br \/>\nYeah, it\u2019s an old one.<br \/>\n30:35<br \/>\nYeah, It depends what you mean by holder forget, and I go to questions. So so do a pre-nup, if you\u2019re really concerned, do a pre-nup, don\u2019t rely on what I tell you.<br \/>\n30:45<br \/>\nBut that that company is, I set it up towards isolating everything it owns from you.<br \/>\n30:55<br \/>\nYeah, I just wanted to double-check because it\u2019s just a sign are basically.<br \/>\n31:00<br \/>\nIf it\u2019s me, it\u2019s just like it\u2019s your church and you work for the church. Or you\u2019re volunteering your time and it\u2019s not your money what the church has. And maybe they\u2019ll give you some money once in a while for helping. But if you want to take it up a notch, I would say, the next thing, if you\u2019re concerned about the marriage aspect of it, I would do a pre-nuptial agreement.<br \/>\n31:22<br \/>\nSo, the moment most parties, they don\u2019t, you know, don\u2019t want any.<br \/>\n31:28<br \/>\nAnd, you know, each other assets, generally, you, you go into the marriage. And, if you leave the marriage, you leave with what you came in and nothing more.<br \/>\n31:40<br \/>\nOr if, or, if wealth was generated within the marriage, then it, there\u2019s a split or something and depending on what the agreement is.<br \/>\n31:47<br \/>\nBut if you\u2019re really concerned about that, I would do a pre-nuptial agreement.<br \/>\n31:50<br \/>\nLet me, let me just share a personal thing with, with my family, I have a high net worth, and my wife has control of everything. I\u2019m not, and I just do that for convenience.<br \/>\n32:02<br \/>\nSo, I\u2019m not saying you should do that.<br \/>\n32:04<br \/>\nAnd the way I personally look at it is, if we ever got divorced, I would make sure that she has whatever money she needs.<br \/>\n32:10<br \/>\nAnd if she wants to be crazy and mean, and tried to take me to court and do all, I would just say, just take it. I would just take it out to say, take it, and now we go do something else. I\u2019m not saying, that\u2019s a great idea.<br \/>\n32:22<br \/>\nBut I do that because I genuinely feel that way. And for me, that\u2019s how I just want to live, I don\u2019t want to be stressed over Oh my gosh, who\u2019s going to take it?<br \/>\n32:31<br \/>\nI\u2019m not saying, you know, you shouldn\u2019t be concerned about it, but I just, you know, I like to trust people, and then I don\u2019t care.<br \/>\n32:40<br \/>\nYou know? In that sense, I want to make sure. My children take care of, and I believe, I bet on my ability to generate any kind of money that I need.<br \/>\n32:46<br \/>\nBut, um, Yeah. We\u2019ll just do a pre-nuptial Then you should worry then.<br \/>\n32:51<br \/>\nI just wonder what what that conversation sounds like.<br \/>\n32:54<br \/>\nHey, would you marry me Oh, and here\u2019s a contract. That\u2019s right, yeah. So, you have to the next day or something, or maybe you have to do it, you know.<br \/>\n33:08<br \/>\nBut anyways, yeah, I mean, like, I have a quick question about.<br \/>\n33:14<br \/>\nWhen I created EIN, I would say adress of in New Mexico by they live in other state, so, and I Maybe I did mistake or is it OK? But no, as long as you get an EIN that\u2019s assigned to the company with the LLC designation, after that, it doesn\u2019t matter.<br \/>\n33:34<br \/>\nIt doesn\u2019t matter all.<br \/>\n33:36<br \/>\nYou could tell them anything.<br \/>\n33:38<br \/>\nThe reason being is that you can change it afterwards.<br \/>\n33:42<br \/>\nHow do I do that?<br \/>\n33:43<br \/>\nWell, well, whatever you tell the IRS to get your EIN, or the SSA, I think it is, you can change it the next day.<br \/>\n33:51<br \/>\nIn the articles, Only the articles are important. Only the articles are are binding on you and everyone else.<br \/>\n33:57<br \/>\nSo, whatever is in the, whatever is in the articles, that\u2019s the law of the company. If you say something on an EIN, or a bank application that\u2019s inconsistent with the articles, or it\u2019s either a lie or a mistake, but so what?<br \/>\n34:09<br \/>\nThe articles control everything.<br \/>\n34:14<br \/>\nAnd do the address that you put on the form, well, that addressed in New Mexico, that she was created?<br \/>\n34:22<br \/>\nDo I need to do I need to change?<br \/>\n34:24<br \/>\nDo I need to get into a virtual address, or, Or not. There\u2019s no need for that, because no one\u2019s going to use that address. The only the only place that mail would be sent to your company and your company name is where you tell people to send it.<br \/>\n34:37<br \/>\nUnless you\u2019re. Yeah, exactly.<br \/>\n34:39<br \/>\nAnd unless someone, if someone wants to see your company, he\u2019s going to file a case where the company\u2019s registered and then he\u2019s gonna serve it on the registered agent.<br \/>\n34:50<br \/>\nAnd you wouldn\u2019t know that it\u2019s happening long before it does happen.<br \/>\n34:53<br \/>\nSo, if it\u2019s a case where you want to defend it, you\u2019ll have plenty of opportunity to accept service. You want to, You won\u2019t be having a problem at all.<br \/>\n35:01<br \/>\nJust going to use my Admin address, You can send me a letter. You can you can just wave service if it\u2019s a case worth fighting, but this gives you the choice. You see? You can decide.<br \/>\n35:11<br \/>\nI\u2019ve had cases before, where people suit me for just craziness. And I can choose to either fight the case or not. Some cases, I just ignored it because I have the choice.<br \/>\n35:21<br \/>\nBecause I could, I could always argue that service of process was not perfected.<br \/>\n35:25<br \/>\nSo the courtenay require jurisdiction.<br \/>\n35:28<br \/>\nSo, you really have the most versatility with the way I set this up. Some people don\u2019t like the way I do it, but it\u2019s worked the best over the years.<br \/>\n35:39<br \/>\nOK, I understand a dike. And the last very quick question.<br \/>\n35:42<br \/>\nIf I have, like, I went to offices for business, and I\u2019m paying using my personal cards.<br \/>\n35:50<br \/>\nIf I switch to company card, and, uh, and they\u2019re going to be using funds from the company.<br \/>\n35:59<br \/>\nSo those are gonna be not non taxable.<br \/>\n36:04<br \/>\nYeah, right now it\u2019s a personal debt. OK, so yeah, if it\u2019s being paid, then it\u2019s your income. So if you want to get out from under that, there\u2019s a couple of things You can do. The easiest way to do it is to rewrite the commercial lease agreement. Is that what you have, right?<br \/>\n36:16<br \/>\nCommercial lease agreement yes. Correct.<br \/>\n36:19<br \/>\nOK, you want to rewrite that and make it to where you individually are not the the guarantor on the debt which is difficult to do if you don\u2019t have a Balance Sheet. I just did one while last year. I did one for a couple. They have a sandwich shop and they actually had a rental that was an asset in a separate. I had them set it up in a separate company and then I don\u2019t know if they\u2019ve done this yet because it takes a little bit time.<br \/>\n36:40<br \/>\nBut I suggest that they take that asset and make the owner of that asset which we set up the new guarantor on their existing lease agreement.<br \/>\n36:49<br \/>\nSo that way they don\u2019t, they no longer have that personal debt.<br \/>\n36:53<br \/>\nSo that\u2019s that there\u2019s a way to get out of that, so that way when the debts paid, it\u2019s not your personal income.<br \/>\n36:58<br \/>\nSo you change the guarantor on the commercial lease agreement and you change the tenants\u2019 name on the Commercial Lease agreement.<br \/>\n37:04<br \/>\nYou make it the company.<br \/>\n37:07<br \/>\nThat\u2019s one way.<br \/>\n37:09<br \/>\nAnd, the other way to get to that point is establish business credit through Dun and Bradstreet.<br \/>\n37:15<br \/>\nEither way, again.<br \/>\n37:17<br \/>\nYou can establish business credit through Dun and Bradstreet.<br \/>\n37:21<br \/>\nThat\u2019s the other, then, and Bradstreet is like the business version of Equifax.<br \/>\n37:29<br \/>\nSo, there\u2019s a process that where you would you would follow to get a Dun and Bradstreet credit score for your company, which would allow you to borrow money in the name of the company without you guaranteeing the debt in most cases.<br \/>\n37:43<br \/>\nSo, that\u2019s, that\u2019s a process that takes 3 to 6 months to get something going. that\u2019s worthwhile.<br \/>\n37:51<br \/>\nSo there\u2019s, I guess the first option is better, it\u2019s, I think I think that\u2019s better, yeah.<br \/>\n37:58<br \/>\nSo it depends on your relationship with the landlord or the property manager, the owner, and he\u2019s going to want to have some sort of guarantor, because it\u2019s probably as partners or lenders and they want a guarantor on there. So give him something he can use.<br \/>\n38:09<br \/>\nMaybe it\u2019s going to be a large deposit or maybe it\u2019s going to be a piece of equipment as the collateral as the guarantor.<br \/>\n38:15<br \/>\nSo you gotta give him a remedy. if you default that\u2019s what he wants.<br \/>\n38:20<br \/>\nI\u2019m using I\u2019m renting offices.<br \/>\n38:22<br \/>\nWe want, we work, you know, through your work, OK.<br \/>\n38:27<br \/>\nYeah, just find out if you can replace yourself as personal guarantor with something else, maybe it\u2019s another Asset, another company with a Balance Sheet.<br \/>\n38:37<br \/>\nOK, a company with a Balance sheet, I\u2019ll explain what that means.<br \/>\n38:39<br \/>\nIf I have a rental, then I\u2019m renting out the tenants, and I\u2019m, let\u2019s say I\u2019m netting $100 a month from the retina, and the rest of the money goes to pay the mortgage and the operating cost and all that. That\u2019s pretty good deal, actually, it\u2019s if it\u2019s new, and maybe my company owns that, I have a separate LLC.<br \/>\n38:55<br \/>\nLet\u2019s just say for example, it doesn\u2019t have to be, but another company owns that rental, and I could replace my personal guarantees, commercial lease agreement with the other company who owns that rental, OK.<br \/>\n39:10<br \/>\nBecause it is an asset, if the landlord will let me.<br \/>\n39:16<br \/>\nSo I\u2019m off the hook.<br \/>\n39:20<br \/>\nYes, you\u2019re OK. Thank you so much.<br \/>\n39:23<br \/>\nOK, alright, and Janet I know you\u2019re very patient, I must have sounded something to put your hand down or somebody with guard ahead.<br \/>\n39:33<br \/>\nYes, can you hear me? Yes.<br \/>\n39:36<br \/>\nOK, I\u2019m really sorry I\u2019m feeling kind of blond here. But I need some clarity on your instructions for requesting a determination for the, yeah, the determination letter.<br \/>\n39:52<br \/>\nOK, we don\u2019t have to send anything to the issuer of the 1099, just forget them.<br \/>\n39:57<br \/>\nYou want to fill out a W nine and the 10, 40 or a copy of your 10, 40, even if you haven\u2019t filed it yet.<br \/>\n40:03<br \/>\nYou can say oh give them an unsigned version if you want. Can I give them last year\u2019s just last year\u2019s 10, 40?<br \/>\n40:13<br \/>\nYou want the current year that we\u2019re dealing with, like, in your cases, 2020.<br \/>\n40:17<br \/>\nSo you want the 1020 tax return, OK, and that has not been filed, so I had to fix that.<br \/>\n40:24<br \/>\nJust make a copy of it and give it to them.<br \/>\n40:27<br \/>\nOver your signature, if you don\u2019t have a stamp for this, you can handwrite it, just put it in reading, put file copy, just handwrite it.<br \/>\n40:37<br \/>\nOK, yeah, I\u2019ve got a CP. I\u2019ve had a CPA for ever.<br \/>\n40:44<br \/>\nMillimeter, so. Oh, Well, OK. Well, I mean, they don\u2019t like stuff like that, But, um, yeah, I know, I\u2019m trying to figure out how much of this I can do, or if I have to send this with Mac, because we filed for an extension. So, I don\u2019t yet have everything done.<br \/>\n40:59<br \/>\nTell them, your copy of your 1040, a completed 10, 40 for the year 20 20, and keep on doing his job. That, I\u2019ve always All The drama, right?<br \/>\n41:10<br \/>\nIs to you on a whole separate mission and he\u2019s going to do his thing and then done. No drum.<br \/>\n41:16<br \/>\nOK, so I\u2019m going to complete it with him, But he but not let him yet. Well, it matter.<br \/>\n41:22<br \/>\nWe\u2019re going to do, but I\u2019m just saying get yourself a paper copy of the 10 40 completed.<br \/>\n41:29<br \/>\nJust say send me a paper copy that 10 40 completed, OK. That\u2019s that\u2019s not too much effort prior to push a button on this computer, right?<br \/>\n41:37<br \/>\nRight, OK, and it just doesn\u2019t have to be filed yet. exactly then not to be filed and then just like you would if you\u2019re going to send in 1099 from other places or W twos or whatever.<br \/>\n41:47<br \/>\nWhatever you would normally file on your 1040, that\u2019s part of your 10 40, So send that in with this request for determination letter.<br \/>\n41:55<br \/>\nOK, and on, and I\u2019m gonna send those three.<br \/>\n41:58<br \/>\nOK, and I\u2019m going to send a copy of a \u2026 certification. I\u2019m not sure, I don\u2019t know if I understand that.<br \/>\n42:10<br \/>\nI have to go look at my directions listed the W nine is to certify the correctness of your your SSN.<br \/>\n42:19<br \/>\nOK, each must retain the same, yeah, just kinda I\u2019m just gonna fill one out for that purpose for yeah, here\u2019s why we\u2019re doing that.<br \/>\n42:27<br \/>\nRight, the whole issue with the 1099 and your case, 10, 99 miscellaneous is a question of whether or not you are subject to backup withholding and we\u2019re telling the IRS that you\u2019re not and we\u2019re saying why take OK to give it the full weight of saying why?<br \/>\n42:45<br \/>\nSo, there\u2019s no question We certify the correctness of your SSN on a W nine.<br \/>\n42:51<br \/>\nOK, OK, be complete, and that way, I\u2019ve never had a problem. They always agree with me.<br \/>\n42:57<br \/>\nSo when you, you probably get a response, you might OK. Yeah, I\u2019m, I\u2019m tracking on that. And then the last thing is in red, it says, do not send your tax return to the exchange only send a copy of the 10 99 K and the letter. So, I\u2019m going to send this to Celsius, to the, to the net, to the exchange.<br \/>\n43:17<br \/>\nThen we do that I don\u2019t think we do that because they\u2019re they can\u2019t change the 10 99.<br \/>\n43:26<br \/>\nThey\u2019re not going to re-issue it. I mean, they could, but they don\u2019t have to.<br \/>\n43:29<br \/>\nSo, they showed the exchange that issued this, this erroneous 10, 99. I don\u2019t need to worry about them at all.<br \/>\n43:37<br \/>\nI wouldn\u2019t have anything.<br \/>\n43:38<br \/>\nWe don\u2019t need anything from those guys, we just need the IRS to correct it, which it will, OK?<br \/>\n43:43<br \/>\nYeah, OK, All right, good, OK, yeah. I\u2019m sorry for the cryptic note. I tried to make it on one page. You see, but maybe I should say they should make this font smaller. But it says.<br \/>\n43:57<br \/>\nOnly send a copy of the 2099 K and the letter so out. I mean, If I don\u2019t send them anything, then, I don\u2019t send him anything.<br \/>\n44:05<br \/>\nSo, that\u2019s good, yeah, Yeah, OK, got it now, thank you so much. All right, sure thing.<br \/>\n44:13<br \/>\nAlright, and who is the next. Let\u2019s try Clemens, if I could Please, John, I have a question. About to sell my house and established a new LLC, so I can get the house into that and I will see, for capital gains tax deferred months. Millimeter hmm.<br \/>\n44:36<br \/>\nSo that LLC, a member of the LLC, has to be the same light those persons, totally owning the house right now, right?<br \/>\n44:44<br \/>\nNow, right now, all my, my family revolts electrons.<br \/>\n44:49<br \/>\nSo, that\u2019s, I mean, we all feel it does have to be does the member of the new LLC in order to maintain the benefits interest.<br \/>\n44:57<br \/>\nYou could. You could do that. I, doing this transaction because the trust has a different tax treatment, it\u2019s filing a return.<br \/>\n45:04<br \/>\nCorrect?<br \/>\n45:05<br \/>\nBecause they want to obviously, I know, if I\u2019m going to be a capital gain, right, I want to defer the taxes by using the LLC and owner, but the LLC has they have the same member as the current met, the owner of the house.<br \/>\n45:23<br \/>\nAm I correct?<br \/>\n45:24<br \/>\nYeah, I think you got it correct. I would conveyed I\u2019ve done these before where the trust is the owner. So the trusted, the title holder. Now the LLC is, but the trust still owns the LLC.<br \/>\n45:33<br \/>\nCorrect, right, so So that trust is a single member LLC, because the right now, that\u2019s just owned a house.<br \/>\n45:41<br \/>\nSo we stopped the LLC with the trustees, a member LLC and then we did the house into the ROC right, and then we can sell that.<br \/>\n45:50<br \/>\nBut then the one button.<br \/>\n45:52<br \/>\nSo OK, so that cannot be, have to be, the Sami can be a new law TMA on your person.<br \/>\n45:57<br \/>\nI don\u2019t like it to be a different Manifesto intro. Yeah.<br \/>\n46:00<br \/>\nYou, if you show in the articles of the LLC, a different ownership beneficial interest than it was on the original title.<br \/>\n46:09<br \/>\nYou could probably get away with it.<br \/>\n46:11<br \/>\nPeople are just gonna go, OK, no. They just want to get the deal done.<br \/>\n46:16<br \/>\nBut if the IRS wants to scrutinize it, they\u2019re going to say wait a minute you didn\u2019t. This is a disposition. Or if this tax people yeah.<br \/>\n46:23<br \/>\nIf the state tax appraiser goes back and does an audit and goes and they audit the state and they look at that transaction like they might just audit all these types of transactions right? And they see yours. And they\u2019re going to have some clerc comparing the two names.<br \/>\n46:35<br \/>\nAnd they\u2019re going to say, Hey, you owe us taxes for that year, three years ago.<br \/>\n46:39<br \/>\nSo that\u2019s where I do it the right way.<br \/>\n46:41<br \/>\nAnd yeah, you could move ownership from a trust to an LLC for estate planning purposes. Yeah, you could make that. No one\u2019s really going to question you. I\u2019ve never seen a problem with that.<br \/>\n46:52<br \/>\nTraditionally, it\u2019s the human being that sends it over to a trust or an LLC.<br \/>\n46:56<br \/>\nYou can also do it for as a re-organization but again, as long as the title holder is still the owner of the company that is now the title holder so you\u2019re gonna be fine, right?<br \/>\n47:07<br \/>\nYep.<br \/>\n47:07<br \/>\nSo so OK, so then when it gets sold, obviously the money remain inside the LLC account.<br \/>\n47:15<br \/>\nNever get just build it to a plus a cow.<br \/>\n47:19<br \/>\nThen the test can be differ. Am I correct?<br \/>\n47:22<br \/>\nThat is correct, But then the normally the ESCO company will fire 10 99 S. Normally they would fight with your name, and now they have to attend. I\u2019d ask with your LLC to the IIS? All right, that\u2019s correct. That\u2019s correct, and it does not cite any tax return, then that should be OK. We don\u2019t, we don\u2019t care about The \u2026, \u2026 Company, right. You\u2019re, you\u2019re a good student. Yeah, The 1099 does not create a tax liability. It\u2019s your accounting practice and filing returns.<br \/>\n47:53<br \/>\nThat creates a tax liability, OK, yeah, yeah. There\u2019s sometimes a company would not fire 1900 S.<br \/>\n48:03<br \/>\nToday, I will say, I get to have to fly tonight.<br \/>\n48:06<br \/>\nThe last owner of the house, right, we\u2019ll see the LLC. I just deploy, whoever got the money.<br \/>\n48:11<br \/>\nNow, sometimes, they try to get around it.<br \/>\n48:13<br \/>\nI don\u2019t know why, but sometimes they\u2019ll try to get around your LLC by asking for your operating agreement.<br \/>\n48:19<br \/>\nGuys, don\u2019t give up your Operating Agreement, OK, because they will try to pierce your corporation and make you liable for stuff.<br \/>\n48:25<br \/>\nSo, they don\u2019t need, no one needs to see your Operating Agreement unless, they want to pay you lots of money.<br \/>\n48:30<br \/>\nSeriously.<br \/>\n48:31<br \/>\nOK, I did a video on this awhile back.<br \/>\n48:36<br \/>\nSo, essentially you can do pretty much the same for a business, right?<br \/>\n48:42<br \/>\nIf you own that Besets about when you\u2019re about to sell the business.<br \/>\n48:46<br \/>\nYeah, you can use that. Transfer is that only shifted. I\u2019ve done that with stock transfers and buyouts. Yeah.<br \/>\n48:54<br \/>\nYeah, you can do estate planning, It\u2019s estate planning, beneficial interest, stay the same.<br \/>\n48:58<br \/>\nNow your record looks different, it\u2019s all legal.<br \/>\n49:01<br \/>\nSo sure, just tell the truth!<br \/>\n49:04<br \/>\nRight, right.<br \/>\n49:06<br \/>\nSomebody that does not file tax, I think.<br \/>\n49:09<br \/>\nExactly, exactly.<br \/>\n49:12<br \/>\nGreat. Thank you so much. All right, yeah. Good question.<br \/>\n49:16<br \/>\nAlright, and let\u2019s see, Marco.<br \/>\n49:19<br \/>\nHey, John, So I have a question about you.<br \/>\n49:22<br \/>\nYou made a comment that Tom, the articles were public record.<br \/>\n49:28<br \/>\nAnd does that mean when you file with the state, you actually, like, upload your articles? What does that actually mean?<br \/>\n49:36<br \/>\nWhen I register a company, I type in the information on the on the internet regarding them, information needed for the articles. When I used to do it, it was, it was in person or by mail, I would do it on paper form. Today would use the internet.<br \/>\n49:49<br \/>\nSo, whatever information I enter into their forms, Secretary of State, archive that information and then publish it. That means that it\u2019s available to everyone in the world.<br \/>\n50:00<br \/>\nSo that is what makes your company valid is that its articles have been published.<br \/>\n50:05<br \/>\nSo, the state kind of monopolizes that right now, we used to publish them in the newspaper.<br \/>\n50:10<br \/>\nBut the banks want us to register with the state.<br \/>\n50:11<br \/>\nNow, OK, so, when everyone can see it, when you\u2019re talking about articles versus the Operating Agreement, you\u2019re saying, never, give out your operating agreement.<br \/>\n50:20<br \/>\nYou\u2019re saying even to the state, I know we don\u2019t get it right. We don\u2019t give it to anybody. No, OK, so, so, here\u2019s. so I was just goofing around, and I was I went I went on to Pennsylvania.<br \/>\n50:32<br \/>\nI was like, I\u2019m just going to try to register an LLC, right, so So I did and, you know, I got my registration number, you know, 3 or 4 weeks later, But I can never like I didn\u2019t put any information in there.<br \/>\n50:46<br \/>\nThat was anything worthwhile like I put in my name is the organizer. I know, picked an address in Pennsylvania to have my company out.<br \/>\n50:54<br \/>\nSo, so, like, say, I really wanted to use this company.<br \/>\n50:58<br \/>\nThere\u2019s really no information on this study that they could really say, if, if you give them this information To protect you, I didn\u2019t really give them any information at all.<br \/>\n51:10<br \/>\nOK, yeah, I said there are some States that don\u2019t show the actual members of the LLC, for example, or the ownership, and maybe Pennsylvania is one of them, I sometimes?<br \/>\n51:21<br \/>\nhave uploaded supplemental articles, so that it will appear on the record.<br \/>\n51:26<br \/>\nI want everyone to see who\u2019s owning it, so that I can get my client out of like Cost of Litigation or something.<br \/>\n51:33<br \/>\nI can discourage people from wanting to take money.<br \/>\n51:36<br \/>\nBut if the crop, I think it\u2019s a problem in the state doesn\u2019t publish the information, Right? And that\u2019s kinda what I\u2019m understanding from all your teachings, but So this, this company that I registered, I probably never really want to use this because there\u2019s nothing on their record that would offer any protection to me, right? Because I didn\u2019t really give them any information.<br \/>\n52:01<br \/>\nUm, even though I got an, even though I got a number, mean, I got number. Yeah, you\u2019re gonna be fine, it\u2019s registered, you\u2019re gonna be fine. Because the chance of someone wanting to mean the chance of that, trying to somebody trying to collect against the company for your personal debts is almost nil unless you\u2019re doing something specific that you would know about, you know, it would be years from now. Right?<br \/>\n52:22<br \/>\nIf you just set this up for Investing in Kryptos, if you want to be complete, I rarely do this, I would take the abstract documents that you have, just the one that has what\u2019s called Articles of Association.<br \/>\n52:35<br \/>\nThat document, I think, maybe 1 or 2 pages, maybe, that you could upload it, you know, scan as a single PDF file and upload it to supplement your annual report.<br \/>\n52:46<br \/>\nEven though one is not required, you can supplement the record.<br \/>\n52:51<br \/>\nOK, I don\u2019t even know any of that.<br \/>\n52:53<br \/>\nEven though an annual report isn\u2019t required in Pennsylvania, you\u2019re saying upload these articles of association. Just so there\u2019s some kind of backing there. If I ever would get sued, Yup, I would do that in a case where my client is personally being sued, and he\u2019s in that situation, like you\u2019re describing.<br \/>\n53:10<br \/>\nJust for good measure, I would just upload an set of articles that establish, he is not the exclusive owner, so my purpose in doing that is to avoid costs of litigation to discourage someone from thinking he\u2019s going to get money out of the company.<br \/>\n53:26<br \/>\nYeah, OK.<br \/>\n53:28<br \/>\nOK, thanks, John.<br \/>\n53:29<br \/>\nOK, all right, and Joey?<br \/>\n53:34<br \/>\nYeah, this has, this is perfect, I\u2019m just piggybacking onto her question.<br \/>\n53:37<br \/>\nSo, um, the LLC that we just set up for me isn\u2019t Florida.<br \/>\n53:43<br \/>\nAnd so these Articles of Association, do I upload those to the lab son beside to the Secretary of State site? Or these are just to show the bank.<br \/>\n53:54<br \/>\nWell, if we have already entered the company, we\u2019ve already entered that information and the state issued articles with a registration number, and that information is already in your banking abstract documents. So, all you gotta do is take your abstract documents in.<br \/>\n54:08<br \/>\nYou may need a copy of the articles, you can print that out for free.<br \/>\n54:12<br \/>\nYou don\u2019t have to buy a certified copy.<br \/>\n54:15<br \/>\nAnd sometimes the bank will just look it up online.<br \/>\n54:18<br \/>\nOK, so, when we set it up on the LLC, there\u2019s Articles of Association in there.<br \/>\n54:26<br \/>\nYeah, that is what, That\u2019s the reason why that, yeah.<br \/>\n54:29<br \/>\nThat\u2019s the reason why the state issued the registration number, if it weren\u2019t for that, they wouldn\u2019t have issued the number it.<br \/>\n54:35<br \/>\nYeah, a company is a contract. Yeah, So, Yeah, So, so, how, what is the nature of the contract? Well, it depends on the relationship between the parties. How they are associated. Well, we have terms as to how they\u2019re associated. So, we call those articles, If I publish that, and I start using that as a means to engage in business, well, then, it\u2019s legal.<br \/>\n54:56<br \/>\nAnd it\u2019s legally binding on everybody because I published it.<br \/>\n54:59<br \/>\nSo I\u2019m gonna be held accountable for what I did.<br \/>\n55:02<br \/>\nThat might be where I\u2019m hung up. Where did I publish that?<br \/>\n55:05<br \/>\nBecause I did not upload that to that, that\u2019s when I set up the LLC.<br \/>\n55:10<br \/>\nOK, if the state issued a registration number, whatever information you gave, the state, the Secretary of State is sufficient, two, create a company?<br \/>\n55:19<br \/>\nOK, so the registration number, are you saying that\u2019s the That\u2019s the EIN is the IRS number, so Yes.<br \/>\n55:25<br \/>\nBut that\u2019s not the same thing.<br \/>\n55:27<br \/>\nNo, no. The state uses its own registration number, Yeah. It\u2019s different.<br \/>\n55:31<br \/>\nDo I have that?<br \/>\n55:33<br \/>\nI think they all issued a number. I forget what it looks at. Florida is a long number.<br \/>\n55:37<br \/>\nFlorida has a long registration number. OK.<br \/>\n55:41<br \/>\nOregon, It\u2019s gotten something dash along number of. Yeah, it\u2019s got some dashes.<br \/>\n55:46<br \/>\nYeah. Got it, OK. I think I know what that is. All right. Thanks, John. Alright.<br \/>\n55:53<br \/>\nI had to, I forgot to turn my phone off, so, I\u2019m sorry, whoever that was. Your try to come, I didn\u2019t want to pause.<br \/>\n56:01<br \/>\nUm, All right.<br \/>\n56:03<br \/>\nAny more.<br \/>\n56:04<br \/>\nI know those are, those are, those are really good questions. I appreciate those guys. That\u2019s, I\u2019m sure helps other people out that may have the same thing.<br \/>\n56:11<br \/>\nWe were doing that other part of the conversation.<br \/>\n56:13<br \/>\nI\u2019m going to do a video on this, OK, and I think I\u2019m going to do make it a big production, because I\u2019m really reluctant to publish things that are complicated or complex.<br \/>\n56:24<br \/>\nUm, just because, I don\u2019t know, I\u2019m just, I\u2019ve been very careful about over the years, so I am going to produce a video that\u2019s explaining how to ask the IRS for determination on something. So I have my unique ones, way of using it for people that have, you know, an erroneous 10, 99.<br \/>\n56:46<br \/>\nOnce you all see how to do this, you, you may be able to share this with your CPA, OK?<br \/>\n56:50<br \/>\nAnd maybe it might benefit something down the road where there\u2019s an issue that comes up because a lot of times the CPA just does what is published on websites. He doesn\u2019t challenge anything. He doesn\u2019t ask for letter rulings or termination letters. And if he sees that a person a layman did that and it\u2019s quite successful has never had a problem, and the question is always been answered correctly, you know, affirmatively.<br \/>\n57:13<br \/>\nI think you can benefit from it. So this will be in our members\u2019 area. It\u2019s probably going to be a special call. I\u2019m going to set up.<br \/>\n57:20<br \/>\nBut anyways, we\u2019re just on the tail end of that with the, the other question.<br \/>\n57:25<br \/>\nSomeone want to say something?<br \/>\n57:29<br \/>\nAll right, but yeah, that was that pertain to when we do a request for determination letter. We have like a six page letter. Really. It\u2019s about two pages.<br \/>\n57:36<br \/>\nThe two page has a legal conclusion, and we fill out some formality factual statements with the IRS. Would they want to know? And then we have to certify the correctness of the tax number over the person who got the 10 99.<br \/>\n57:47<br \/>\nAnd we are asking the IRS to agree that the 1099 is erroneous and that it should be excluded from 1099 to the IRS.<br \/>\n57:55<br \/>\nEither doesn\u2019t respond.<br \/>\n57:56<br \/>\nOr response, it says, yeah, don\u2019t make any more changes, you\u2019re good.<br \/>\n58:00<br \/>\nOr, in so many words.<br \/>\n58:01<br \/>\nSo, I think I\u2019m going to go through the detail of what that\u2019s all about.<br \/>\n58:06<br \/>\nSo, that way, I mean, I don\u2019t want you guys to think that, I hope you don\u2019t, I\u2019m not the only person that you\u2019re gonna go to for this type of information.<br \/>\n58:12<br \/>\nI\u2019m more than happy to share it if you have a CPA that\u2019s, you know, seriously wanting to learn some of this stuff, I don\u2019t mind sharing, OK? So, I\u2019m more than happy to do that now, but I will produce a video that\u2019s going to go into that.<br \/>\n58:26<br \/>\nAmong other things, by the way, I\u2019m going to produce a video on that.<br \/>\n58:29<br \/>\nAnd I\u2019m going to do a special session on how to develop a private membership association, OK, The different core elements you\u2019re going to need, and why you\u2019d want to do that.<br \/>\n58:40<br \/>\nAnd I\u2019m gonna share with you how I\u2019ve done things over the years.<br \/>\n58:44<br \/>\nI think a lot of people may want to know that because I\u2019ve never had a problem with the IRS. I don\u2019t even file tax returns guys. I mean, I don\u2019t, I don\u2019t owe them anything. They don\u2019t care.<br \/>\n58:53<br \/>\nSo, I can share that with you. I\u2019m not saying you should be like me. I\u2019m just saying, we\u2019re going to come up with that pretty soon.<br \/>\n59:00<br \/>\nAnd someone\u2019s got a question. Go ahead, Dave.<br \/>\n59:07<br \/>\nJohn.<br \/>\n59:07<br \/>\nHey. Can I give my testimony real quick, Sheerman shoot, yeah.<br \/>\n59:12<br \/>\nOK, so, ladies and gentlemen, I think also for Janet specifically, I got that 1099 K, I didn\u2019t know how long ago, I think that was 2018, John helped me out. I just followed those instructions.<br \/>\n59:24<br \/>\n1, 2, 3 IRS walked away, and so I think they just sent me a letter back saying, I missed a signature somewhere.<br \/>\n59:31<br \/>\nAnd they never have to go with me again, so that was, yeah. It\u2019s phenomenal. Just, yeah. That\u2019s nice to hear our great, appreciate that.<br \/>\n59:39<br \/>\nYeah. I mean, it\u2019s very simple UI. It\u2019s their procedure, so I guess they\u2019re afraid to ask, what is it, The Wizard of Oz, right? Don\u2019t question the wizard.<br \/>\n59:49<br \/>\nSo by that, we can do that.<br \/>\n59:52<br \/>\nI appreciate that, David.<br \/>\n59:54<br \/>\nAlright, guys, I think I\u2019m, I\u2019m losing energy here. I, oh, I see I\u2019m gonna go for it. Has one more question.<br \/>\n1:00:02<br \/>\nGo right ahead.<br \/>\n1:00:03<br \/>\nI\u2019m not going to pronounce that. Hey, John. Yeah.<br \/>\n1:00:09<br \/>\nIt\u2019s Adam.<br \/>\n1:00:11<br \/>\nI have a question with found out about using CPMs to get, um, I guess access to credit.<br \/>\n1:00:23<br \/>\nYeah.<br \/>\n1:00:24<br \/>\nBecause I was looking at a couple of online businesses that were pretty interesting and I was curious to know about because it seemed like getting access to credit lines, using a CPM was a little bit faster.<br \/>\n1:00:38<br \/>\nThen doing it with like done and bet Dun and Bradstreet is there because it\u2019s personal, it\u2019s easy because most people are used to using personal on a small scale, like a small type business, like a small ticket item purchase.<br \/>\n1:00:55<br \/>\nSo that\u2019s why.<br \/>\n1:00:57<br \/>\nYeah, you could do that. You could set up a new credit file.<br \/>\n1:01:01<br \/>\nUm, but I would just I would first look at buying a business without using your personal credit.<br \/>\n1:01:07<br \/>\nIt\u2019s easily done.<br \/>\n1:01:09<br \/>\nBut you can, a lot of times you can get the seller to finance the business based on the merits of the business, you just gotta get the right pricing ratio.<br \/>\n1:01:18<br \/>\nThat\u2019s what I talk about, My 13 minute video.<br \/>\n1:01:21<br \/>\nYou know, an intro video on how to do that, Anka, um, see. So then the CPM is a is a credit profile number for those who don\u2019t know.<br \/>\n1:01:33<br \/>\nAnd I came up with this, I\u2019m not, I\u2019m sure other people did it before me but I did it independently in the nineties.<br \/>\n1:01:39<br \/>\nBecause, I just didn\u2019t want to use an SSN because the moral aspects of it, the immoral aspects of it, it wasn\u2019t trying to do for any other reason and I just, I just reverse engineered the system.<br \/>\n1:01:49<br \/>\nBut, the answer is, you can, you can set your own file up OK, and you can start a whole new credit file.<br \/>\n1:01:55<br \/>\nNow, if you guys are thinking about that, I would just caution you on one thing, if you\u2019re going to do that, limit yourself to once in a lifetime.<br \/>\n1:02:06<br \/>\nOK, that was going to be another question.<br \/>\n1:02:08<br \/>\nYeah.<br \/>\n1:02:09<br \/>\nI don\u2019t, because it\u2019s so simple, But then, you could do many of them, But then it gets a little, I mean, It looks like you\u2019re trying to do something wrong.<br \/>\n1:02:18<br \/>\nYou can do it. It\u2019s legal in itself.<br \/>\n1:02:20<br \/>\nYou can commit a crime with it, and then it becomes an element in the crime. Even the FBI says that I was saying that before the FBI said that in the nineties, everyone would say, Is this legal?<br \/>\n1:02:30<br \/>\nI\u2019d say, OK. Well, don\u2019t commit a crime doing that way, you know.<br \/>\n1:02:35<br \/>\nSo, but, yeah, that\u2019s kind of a shortcut.<br \/>\n1:02:36<br \/>\nI have used it more instead of what you\u2019re describing, which is for financial reasons. I have used it for privacy where people\u2019s physical security was in jeopardy and I had to make it look like something changed on paper.<br \/>\n1:02:48<br \/>\nLike, make them move or something, that was helpful because they\u2019re being tracked on their credit.<br \/>\n1:02:55<br \/>\nThat was direct, where the telephone.<br \/>\n1:02:59<br \/>\nWhich, of course, is making that a whole lot easier now.<br \/>\n1:03:02<br \/>\nYeah, the cell phone. In fact, I just talked to a woman today who\u2019s, I think, she\u2019s being tracked by the police. I think they\u2019re harassing her, and I think they\u2019re using her phone to do it.<br \/>\n1:03:10<br \/>\nAnd that\u2019s not the first time I\u2019ve heard that.<br \/>\n1:03:15<br \/>\nOK, um, so did you do it? Did you set it up the CBN?<br \/>\n1:03:21<br \/>\nNo, I haven\u2019t done it yet only because I wasn\u2019t sure about the legality of, of the whole process.<br \/>\n1:03:30<br \/>\nWell, legal or not, why don\u2019t you try to make a deal without credit.<br \/>\n1:03:36<br \/>\nYou can Yeah, yeah.<br \/>\n1:03:39<br \/>\nAnd then uh, the guy that did the testimony on Davis. I forget the when it was maybe a year or two ago.<br \/>\n1:03:48<br \/>\nHe bought something for $200,000 and he never did that in his life.<br \/>\n1:03:52<br \/>\nLike 28 years old, but he had really good credit and he did use his personal credit and the seller financed 40% of it and the broker we used connected him to a lender commercial lender. Now Commercial Lender, a commercial lender that lent him the money on his personal credit.<br \/>\n1:04:10<br \/>\nBut, check this out, within like a week of closing on it, she was calling them and begging him to get another asset or refinance.<br \/>\n1:04:18<br \/>\nAnd, here\u2019s what she said: I want to refinance it at half a million dollars under the business without you being the personal guarantor.<br \/>\n1:04:29<br \/>\nThat\u2019s how she was able to get them in the door, and then she\u2019s still wanting to get them into her, her world of commercial lending.<br \/>\n1:04:36<br \/>\nSo they, the commercial loans are, you know, once you get rolling on it, more debt gives you more ability for credit.<br \/>\n1:04:46<br \/>\nWell, that\u2019s A, it\u2019s interesting that you say that, because, you know, Davis is a close personal friend of mine, and he tells me all of these things, and he\u2019s actually told me about how, how he\u2019s been doing some of this stuff. And now that he has this rolling, he\u2019s actually been working with some CPAs, I think, who have been recommending these kinds of things for their clients. And so, now he has, I think, an agreement with those same people you\u2019re talking about to where he gets kickbacks. Every time one of their customers buys an online business.<br \/>\n1:05:17<br \/>\nGreat. He\u2019s a smart guy.<br \/>\n1:05:19<br \/>\nAbsolutely, yeah.<br \/>\n1:05:21<br \/>\nYeah, super. Yeah, that\u2019s that\u2019s really That\u2019s what it takes. I mean, you just gotta be creative. He just ran with it and yeah, excellent. Glad to hear that.<br \/>\n1:05:29<br \/>\nThank you.<br \/>\n1:05:30<br \/>\nAll right, appreciate the question.<br \/>\n1:05:31<br \/>\nAll right, and Matthew, what\u2019s on your mind?<br \/>\n1:05:36<br \/>\nActually, it\u2019s just a quick question. I Had spoke with you, I think two weeks ago in the last All. about you coming on that call on Sunday nights.<br \/>\n1:05:45<br \/>\nI just wanted to you confirm for this weekend or for this Sunday 915 year time. Probably know, and that way gives everybody a minute to get on. I just wanted to make sure, and Soon as this is done, I will e-mail you the Calendar, OK? Perfect, OK, yeah, looking forward to it.<br \/>\n1:06:05<br \/>\nAppreciate everyone out there. They\u2019re all pretty excited. Yeah, all right, all right, and it\u2019d be nice.<br \/>\n1:06:10<br \/>\nAlright, guys, Well, it\u2019s on the hour. Oh, we made it past. and our awesome, OK, I appreciate the questions That was really good.<br \/>\n1:06:16<br \/>\nGet some good content out there, and I\u2019m going to end it for now, and I will put up this recording.<br \/>\n1:06:20<br \/>\nShould be tonight or in the morning?<br \/>\n1:06:22<br \/>\nAll right? You all have a good night.<br \/>\n1:06:23<br \/>\nThanks a lot.<\/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-4595444 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4595444\" 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-1c615c4\" data-id=\"1c615c4\" 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-8591d5b elementor-widget elementor-widget-spacer\" data-id=\"8591d5b\" 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-c111f6b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c111f6b\" 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-d6e0732\" data-id=\"d6e0732\" 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-e1f617e elementor-widget elementor-widget-text-editor\" data-id=\"e1f617e\" 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>Please also review:<\/p><p><strong>U22 \u2013 This one was a Question and Answer Discussion about very basic LLC andTax Strategies <\/strong>&#8211; 1 hr 24 mins &#8211; <a href=\"https:\/\/privacyfight.io\/u22-this-one-was-a-question-and-answer-discussion-about-very-basic-llc-and-tax-strategies\/\"><strong>Watch Now<\/strong><\/a><\/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-9095517 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9095517\" 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-d55ad84\" data-id=\"d55ad84\" 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-a75511c elementor-widget elementor-widget-spacer\" data-id=\"a75511c\" 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-b6c1b7b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b6c1b7b\" 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-70b3a35\" data-id=\"70b3a35\" 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-1df314e elementor-widget elementor-widget-text-editor\" data-id=\"1df314e\" 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 opened with John Jay welcoming participants and noting their questions about setting up LLC accounts in different states, and why one might prefer one state over another for registration.<br \/>2. He discussed challenges of opening a bank account for an LLC registered in a state where you do not reside, highlighting that banks may require you to domesticate it. <br \/>3. Jay then addressed the role of an LLC organizer, stating anyone can be the organizer without incurring liability. He emphasized that any name could be used for the registered agent but warned against using a real person&#8217;s name without their consent. <br \/>4. The conversation moved onto company ownership, where Jay clarified that if the official articles of association do not list you as the owner, the bank cannot treat you as such.<br \/>5. Jay shared his preference for certain states for LLC formation, preferring those that don&#8217;t burden his clients with paperwork or scare them with official letters.<br \/>6. There was discussion about the process of selling a personal property by putting it into an LLC.<br \/>7. Jay addressed the implications of running a brick and mortar business, suggesting that in such cases it makes sense to file as an S corporation to manage state&#8217;s workmen\u2019s compensation, FICA withholding issues, and other filings.<br \/>8. He touched on managing business expenses, suggesting that one could switch to using a company card if expenses were getting too high on personal cards.<br \/>9. Jay clarified that there is no need to worry about an erroneously issued 10-99 from an exchange, as the IRS will correct it.<br \/>10. He closed the discussion promising a video on a complex topic, expressing reluctance to publish complicated material without sufficient explanation.<\/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-4e3b996 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4e3b996\" 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-62bcf03\" data-id=\"62bcf03\" 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>U42 &#8211; July 28, 2021, Thursday Evening with John Jay Open Discussion<\/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\/16970"}],"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=16970"}],"version-history":[{"count":7,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/posts\/16970\/revisions"}],"predecessor-version":[{"id":25394,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/posts\/16970\/revisions\/25394"}],"wp:attachment":[{"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/media?parent=16970"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/categories?post=16970"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/tags?post=16970"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}