{"id":19683,"date":"2021-10-16T22:09:42","date_gmt":"2021-10-17T02:09:42","guid":{"rendered":"http:\/\/privacyfight.io\/?p=19683"},"modified":"2023-06-26T05:46:32","modified_gmt":"2023-06-26T09:46:32","slug":"u52-how-to-open-llc-account","status":"publish","type":"post","link":"https:\/\/privacyfight.io\/u52-how-to-open-llc-account\/","title":{"rendered":"U52 &#8211; How to Open LLC Account"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"19683\" class=\"elementor elementor-19683\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-fd742be elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"fd742be\" 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-a66c578\" data-id=\"a66c578\" 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-bdac51c elementor-widget elementor-widget-text-editor\" data-id=\"bdac51c\" 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\/727838607\/?\" 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            0:07\r\nWell, hi, everybody, this is John. Jay. Today is September 30th. I&#8217;m going to just my volume. here. Give me one second.\r\n0:14\r\nMake sure I get this right.\r\n0:16\r\nAll right.\r\n0:21\r\nCan I see if that works OK, so hope this volume is good.\r\n0:26\r\nThanks for joining me today. September 30th. That&#8217;&#8230;        <\/div>\r\n        <div class=\"vidseo_collapse_content\" style=\"\">\r\n            <p>0:07<br \/>\nWell, hi, everybody, this is John. Jay. Today is September 30th. I&#8217;m going to just my volume. here. Give me one second.<br \/>\n0:14<br \/>\nMake sure I get this right.<br \/>\n0:16<br \/>\nAll right.<br \/>\n0:21<br \/>\nCan I see if that works OK, so hope this volume is good.<br \/>\n0:26<br \/>\nThanks for joining me today. September 30th. That&#8217;s Thursday, and I&#8217;m going to talk about combinations of how you would use an LLC so that we can use it for different purposes. And I&#8217;m also gonna mention some things about trust organizations.<br \/>\n0:38<br \/>\nWhat I recommend, I base all these based upon what I see as risks that people have experienced over the years.<br \/>\n0:45<br \/>\nSo it may sound unusual, but this is just based on how I&#8217;ve seen the most effective way to avoid risk, in most situations. This is a core example, OK?<br \/>\n0:56<br \/>\nNow before I get into this, I want to talk about the changes that kill them in Brown, which is not really substantial, but it&#8217;s kinda the same thing we&#8217;ve been experiencing when we try to open an LLC at a bank.<br \/>\n1:07<br \/>\nAnd we&#8217;re going to have a couple of members are. We&#8217;re going to have a PMA. The PMA seems to be creating the most friction, but we&#8217;ve been doing that I guess now for maybe a couple of years.<br \/>\n1:17<br \/>\nAnd we always get the account open. You gotta be persistent.<br \/>\n1:20<br \/>\nBut let me just share with you something I just did today. And this will help alleviate, I think, a lot of things.<br \/>\n1:25<br \/>\nHere&#8217;s here&#8217;s the message on the changes, it killed him and brown.<br \/>\n1:29<br \/>\nWhat I would suggest is, and this goes for banks, too, any third party where you&#8217;re going to try to open an account for the LLC that is owned by a private membership association or even a trust for that matter.<br \/>\n1:40<br \/>\nWhat I would suggest is that you open the account any way you can, tell them anything you want, OK?<br \/>\n1:46<br \/>\nRegister the articles the way I have, you Have you do it, read the articles the way we discuss it, and then go to the third party and open your account in any way that you can and tell them anything you have to to open the account.<br \/>\n1:58<br \/>\nOK, This doesn&#8217;t change anything, it&#8217;s like I was explaining years ago, I&#8217;ve always explained that the articles are binding on everyone. That means the rights and obligations that are set forth in the articles that we published in the newspaper over the State.<br \/>\n2:12<br \/>\nThose determine what liabilities we have, OK?<br \/>\n2:16<br \/>\nSo it doesn&#8217;t matter that I tell the bank something if it doesn&#8217;t matter that my PMA owns the LLC. And I tell the bank I&#8217;m the 25% owner or I&#8217;m the 100% owner. It doesn&#8217;t matter. and it doesn&#8217;t matter if I fill out those forms of the bank, collects that information and puts on its records. That information.<br \/>\n2:31<br \/>\nBecause the articles have to be the controlling factor of who has what obligations in reality, because Whatever, I tell the bank, I can change it every day.<br \/>\n2:42<br \/>\nThe next day, OK, forever. It doesn&#8217;t matter.<br \/>\n2:45<br \/>\nSo, just to be thorough, I went and made an amendment, which is very unusual. I&#8217;m going to show you this, I just put it on the different screen here, So let me just switch over there.<br \/>\n2:58<br \/>\nSo, here&#8217;s what it looks like, the Original, and the, this is in the Banking resolution, OK, the banking resolution, one page document that you&#8217;ll see in your banking abstract documents.<br \/>\n3:10<br \/>\nThis is where we write a resolution giving a person sign or authority over the account.<br \/>\n3:17<br \/>\nSo what it says, now in the third paragraph, Is this, this one line, right?<br \/>\n3:22<br \/>\nAll I did was change it to this OK, and what we&#8217;re doing here is we&#8217;re disclaiming all liability for anything that is represented to the bank, verbally or in writing that is inconsistent with the articles. Now, I don&#8217;t need to do this. We don&#8217;t need to have this. You guys can ignore me here, OK? I&#8217;m doing this to demonstrate to you that we can put someone on notice disclaim liability and reinforce what is already a matter of law.<br \/>\n3:50<br \/>\nOK?<br \/>\n3:52<br \/>\nSo, if you want to sleep better at night, add this clause to your, to your begging abstract.<br \/>\n3:58<br \/>\nWhen you open your accounts, you can even open a new account and use it. You can update your banking abstract if you want to.<br \/>\n4:04<br \/>\nI don&#8217;t, I don&#8217;t know that I would update it because you&#8217;ll get all kinds of drama from the people at the bank, OK?<br \/>\n4:10<br \/>\nA freak out over things that are new.<br \/>\n4:12<br \/>\nBut that&#8217;s what you do, OK, So here, here&#8217;s the article, here&#8217;s the language, I&#8217;m just adding the phrase, The undersigned disclaims, any and all liability, the third parties, regarding the undersides rights or duties within or for the company, except those terms.<br \/>\n4:31<br \/>\nArticles of association, which are officially published in the public record, of the company&#8217;s origin.<br \/>\n4:39<br \/>\nSo, that&#8217;s all we need.<br \/>\n4:42<br \/>\nIf you want to do it. I don&#8217;t think it&#8217;s necessary.<br \/>\n4:44<br \/>\nThere&#8217;s that, and then I wanted to show, I&#8217;m gonna get into something here in just a minute, I&#8217;m gonna flip over there, but let me just get out of here.<br \/>\n4:52<br \/>\nOK, so what I want to go over is, let me, let me explain the example, let&#8217;s call them configurations that you can use with your single LLC for many purposes.<br \/>\n5:03<br \/>\nSo I can use my LLC to manage my crypto account.<br \/>\n5:07<br \/>\nWe all know that and I can then, if I like how that, works, I can just go in and change my Stockholding account, my stock investment account from my own personal name to the LLC. Now, let me just caution you about that. Be very careful when you&#8217;re talking with the brokerage house. Make sure they understand that.<br \/>\n5:25<br \/>\nYou want to convey the ownership of the stock from your name to a limited liability company, in which the beneficial interests do not change.<br \/>\n5:33<br \/>\nSo what you want to be careful of is that they don&#8217;t dispose of the stock for dollars like selam.<br \/>\n5:39<br \/>\nAnd then repurchased them in another transaction, or they don&#8217;t want, you don&#8217;t want the accounting to look like that.<br \/>\n5:46<br \/>\nBecause it&#8217;s not actually like that. You don&#8217;t want that transaction to happen.<br \/>\n5:49<br \/>\nSo, you want them to re-assure with you or confirm with you in writing.<br \/>\n5:52<br \/>\nI would say that they are going to convey the title of the ownership of the stock. That&#8217;s all you&#8217;re doing.<br \/>\n5:59<br \/>\nYou&#8217;re changing the title of the stock from your name to your LLC, and the beneficial interest stay the same, so there&#8217;s no consequence about gains or taxes or anything like that.<br \/>\n6:10<br \/>\nThat just make sure they don&#8217;t make a record to make it appear as if you sold it and then bought right back in the next minute.<br \/>\n6:16<br \/>\nSo sometimes you have to talk to maybe a boss or somebody, a manager.<br \/>\n6:20<br \/>\nSo that person may may understand what to do. And it can be done. So just be just below careful on that.<br \/>\n6:25<br \/>\nBut you can use your LLC to have a stock account, received dividends, sale cryptographic currency. You can use as an LLC. And it&#8217;s not necessarily owning or having a title to gold that&#8217;s in your house, like you take possession of it.<br \/>\n6:41<br \/>\nBut you could use the LLC to hold title to it. If your gold, is it a VoLTE service, OK, a third party, then it would have an account a Vault account.<br \/>\n6:49<br \/>\nBut if you have possession of the gold, precious metals, it would only matter that you have an LLC when you go to sell it.<br \/>\n6:57<br \/>\nSo you&#8217;re going to sell it in the name of the LLC with its E I N, OK, And sometimes the buyer is going to give you a 1099. It just depends on who you&#8217;re selling the goal to.<br \/>\n7:05<br \/>\nOK, so that&#8217;s one, that&#8217;s how we would use an LLC for things that are liquid.<br \/>\n7:09<br \/>\nNow we can also use an LLC for a range of cashflows.<br \/>\n7:13<br \/>\nI can, I can collect rents, I can sell my second car and put the money, my LLC, I can do all kinds of things, I can, I can have, uh, some cash flow, I got maybe from an e-bay website that I own, or garage sale, like, a cash in there. I mean, I could put 12 cashflows as long as I can manage it. As long as I can be organized. I can use one LLC for that purpose.<br \/>\n7:36<br \/>\nI can have 12 LLCs with no tax number and no bank account that own different types of real estate in different cities, OK, because it&#8217;s managing risk effectively and none of those companies receive any money at all.<br \/>\n7:48<br \/>\nI can have my one LLC receive the money from all these types of investments.<br \/>\n7:52<br \/>\nI almost do that now.<br \/>\n7:53<br \/>\nI mean, I have some variations of that. But I almost have one company that receives money for everything. Now, if that source of income develops into something or if I take on a partner, then I would restructure that LLC. I would, I would parcel that cash flow off of that ownership of that, whatever it is.<br \/>\n8:11<br \/>\nAnd I would set up a new company and maybe bring in my partner and maybe rewrite the contract a little bit. So that&#8217;s how it would work in that situation, But for the most part, you can use an LLC, where there&#8217;s a lot of liquidity.<br \/>\n8:22<br \/>\nYou can just keep on adding types of property, cash, stock, kryptos, whatever, where there&#8217;s lots of liquidity.<br \/>\n8:31<br \/>\nWhere you get into a problem is, if you have an ownership in real estate, that is, fixed assets like land, and, and fixtures on the land like buildings, real estate hotels, apartment complexes. That&#8217;s kinda hard to just liquidate in many cases.<br \/>\n8:47<br \/>\nSo you do want to separate those out. So I&#8217;ll get into in just a second here But let&#8217;s say I want to my LLC wants to sell coins OK as a typical example Now when I say sell coins, I can mean sell stock or take dividends. I could also mean I&#8217;m selling precious metals because it can mean whatever is going to be sold in the name of the LLC, but let&#8217;s just say coins crypto coins.<br \/>\n9:08<br \/>\nOK I can buy a vehicle, vessel or aircraft I can put it in the name of that LLC.<br \/>\n9:14<br \/>\nI can put it in the name of another new LLC I just created at the moment, I bought it right.<br \/>\n9:20<br \/>\nI would sell the coins in the LLC I&#8217;m using at my exchange account, for example.<br \/>\n9:25<br \/>\nand then I would wire the money over to the seller of the thing I&#8217;m buying Veeco Vessel Aircraft.<br \/>\n9:31<br \/>\nAnd then I would tell that seller to title the property.<br \/>\n9:34<br \/>\nIn the name of the same LLC, I could do it that way. I could use a new LLC and I could use a trust.<br \/>\n9:40<br \/>\nI get to decide who the Titleholders going to be.<br \/>\n9:42<br \/>\nAnd yeah, you come into some little friction with the sellers, because it&#8217;s usually it&#8217;s not an unusual thing in many cases. And some attorneys don&#8217;t like that. You&#8217;re doing stuff like that, especially when they are not involved. But just push through, and you&#8217;ll get what you want.<br \/>\n9:56<br \/>\nOK, You can use your LLC in that way.<br \/>\n9:58<br \/>\nSo that&#8217;s how these are written. I&#8217;ve written all these things.<br \/>\n10:02<br \/>\nAnd they should be written so that the, the thing you care about, the treasure that you&#8217;re building, if it&#8217;s in crypto coins or a business venture, that should be, in my opinion. It should be out of your estate.<br \/>\n10:14<br \/>\nIt should not be able to be probated, you should not name your interest in that company in your will!<br \/>\n10:20<br \/>\nOK.<br \/>\n10:20<br \/>\nThat&#8217;s just my opinion, Like I said, I&#8217;ve seen a lot of things over the years and that&#8217;s why I&#8217;ve concluded that would be the least risky, OK, from what I&#8217;ve seen.<br \/>\n10:28<br \/>\nSo, so, we can title the property and the name of the LLC.<br \/>\n10:34<br \/>\nAnd this allows us to avoid having to claim that the money that came out of the LLC, that bought something for me. That&#8217;s now in my name, is, now dollars I received as part of my gross income. That&#8217;s what we&#8217;re trying to avoid.<br \/>\n10:48<br \/>\nAnd we&#8217;re simply able to do that because we just changed the name of how it&#8217;s being titled, OK, it&#8217;s that simple.<br \/>\n10:55<br \/>\nWe can also have the LLC that sells coins for dollars.<br \/>\n11:00<br \/>\nAnd then it spends those dollars on a vehicle vessel aircraft where me, the person, where I would be the owner of the thing, they airplane, the boat, the car, OK, motorcycle, whatever, even the land.<br \/>\n11:16<br \/>\nBut then I would put a lien on it.<br \/>\n11:18<br \/>\nAnd this is why I kinda lose some people.<br \/>\n11:21<br \/>\nUm.<br \/>\n11:21<br \/>\nLet me show you what I mean by that.<br \/>\n11:23<br \/>\nSo if I just did that, I just sold some coins and I bought a car, and it&#8217;s in my name, there&#8217;s no debt on it.<br \/>\n11:33<br \/>\nWell, as of right now, that&#8217;s my money.<br \/>\n11:36<br \/>\nThat&#8217;s my income, I took it out of the LLC, just because I didn&#8217;t put it in cash in my name, doesn&#8217;t mean it&#8217;s not reportable as Gross Income. So, if I bought something, that&#8217;s mine that&#8217;s titled in my name, then that&#8217;s considered cash in my name.<br \/>\n11:50<br \/>\nYou&#8217;re not going to you&#8217;re not going to Tell the IRS. Well, I bought the I bought it for Bitcoin, or I bought it for gold. They&#8217;re gonna say, Yeah, well, we value in dollars so deal with that, right? so here&#8217;s what we have to do. Let me switch over to the screen again.<br \/>\n12:05<br \/>\nI may if I may have shown this before, but, um, I&#8217;m just going to do it for this purpose here, so Let&#8217;s go behind here.<br \/>\n12:12<br \/>\nAnd what I did is just to save time as I searched on Fannie mae&#8217;s website and I looked under Mortgage Security Documents, OK Now, this is a government website where it has all the security instruments, and it has notes.<br \/>\n12:27<br \/>\nWe&#8217;ll get to that in a second, but it has trust deeds and mortgages, four real estate.<br \/>\n12:36<br \/>\nSo if you look down here, I mean, let&#8217;s just pick something.<br \/>\n12:38<br \/>\nLet&#8217;s pick Florida Form 30 10.<br \/>\n12:41<br \/>\nHere&#8217;s what I&#8217;m gonna get, it&#8217;s gonna open up. I hope you guys can see this.<br \/>\n12:45<br \/>\nIt&#8217;s opening up.<br \/>\n12:46<br \/>\nUm, Maybe me in the background here.<br \/>\n12:51<br \/>\nIt is opening up a mortgage contract, you see, so we can actually prepare this. It might take about 20 minutes, sometimes it takes a bit longer.<br \/>\n13:01<br \/>\nBut when we come here, we enter all the information who&#8217;s the borrower. That&#8217;s me.<br \/>\n13:06<br \/>\nRight now, of course, this is talking about real estate, OK.<br \/>\n13:09<br \/>\nIf it&#8217;s a car and I want to structure with a loan, I want to make sure that the seller does all the work for me. So the seller, the dealer, I&#8217;m gonna have that, if it&#8217;s a dealer, it&#8217;s much easier, because we&#8217;re the dealer. He&#8217;s gonna understand. When, I tell them that the money I&#8217;m paying for the car is actually a loan, and the lender, as such, and such, and he&#8217;ll write up the documents, and he&#8217;ll take care of all that.<br \/>\n13:28<br \/>\nBut if I&#8217;m going to buy a house, it&#8217;s gonna look like this.<br \/>\n13:32<br \/>\nI&#8217;m gonna, I&#8217;m gonna go get a mortgage contract, I&#8217;m going to fill it out, OK, and I can calculate and would do what&#8217;s called an amortization. I like to amortize things for 30 years. That&#8217;s normal. Get a real interest rate, and write all this up. And then that gets recorded against the thing I bought.<br \/>\n13:50<br \/>\nSo, I bought the house my name. And then maybe I bought it my name in Florida because I&#8217;m gonna get homestead exemption because I live there. Right?<br \/>\n13:56<br \/>\nSo, that&#8217;s why I would, I would strip the equity with this and then make it, make it a borrowed money so that it&#8217;s not taxable, that&#8217;s what we&#8217;re trying to do here.<br \/>\n14:07<br \/>\nSo, enough of that.<br \/>\n14:08<br \/>\nI didn&#8217;t wanna go too far into that.<br \/>\n14:10<br \/>\nBut you get the idea. So, it&#8217;s, it&#8217;s very, it&#8217;s, it&#8217;s very available to just go there and just grab one of those mortgage contracts or trustees fill it out.<br \/>\n14:19<br \/>\nCalculate your numbers, bankrate dot com is a great way to do that, you can do what&#8217;s called an amortization.<br \/>\n14:25<br \/>\nYou can also search on the Internet for something called the amortization calculator. There&#8217;s a lot of free applications on the Internet, where you can just type in the terms and give yourself some reasonable numbers, and then it will do it for you, and then type those into the document. Um, one thing I didn&#8217;t show you on here as is the note.<br \/>\n14:41<br \/>\nLet me just flip over that back real quick. You&#8217;re not even going to need to see this. This is, this is so simple.<br \/>\n14:46<br \/>\nBut if you just go back to this, this website here, you&#8217;re gonna see notes, right?<br \/>\n14:52<br \/>\nSo, you do want to have a note for your mortgage or your trustees&#8217;.<br \/>\n14:56<br \/>\nAnd again, these are by state.<br \/>\n14:58<br \/>\nWhat kind of what kind of note do you want, right? Picking out any note.<br \/>\n15:02<br \/>\nAnd if you don&#8217;t have one for your state, so I pick another one, change the names. It&#8217;s good enough, OK?<br \/>\n15:07<br \/>\nYou get the idea. So, we&#8217;re using a government website to get these documents. This is how I create Lane&#8217;s. I&#8217;ve been doing this for a long, long time.<br \/>\n15:12<br \/>\nAlright, enough of that.<br \/>\n15:16<br \/>\nSo, now we can also do this weekend.<br \/>\n15:18<br \/>\nWe can hold title, OK, An LLC can hold title to a home, and also place a lien on a vehicle.<br \/>\n15:26<br \/>\nSo if I want to have one LLC that owns my home, this is a common thing.<br \/>\n15:30<br \/>\nNo problem there or a trust.<br \/>\n15:33<br \/>\nI don&#8217;t want to also on my car because my car drives around the neighborhood and it can have all kinds of nastiness happen, right. All kinds of drama can happen to it. My house doesn&#8217;t do anything, it just sits here. It doesn&#8217;t.<br \/>\n15:44<br \/>\nBut if I if my, if my LLC owns my house and owns my car, that&#8217;s more or less like driving my house around.<br \/>\n15:50<br \/>\nIf my car gets into a wreck, or if it gets stolen.<br \/>\n15:53<br \/>\nAnd something happens to it, like, someone, plants drugs in it, or whatever.<br \/>\n15:59<br \/>\nThen that, and that, it brings in my house to write whatever is owned by that. LLC. That owns the car, OK, so I want to separate that. Car is a huge liability.<br \/>\n16:07<br \/>\nSo I can put up an LLC as the owner of my house, and I can use that same LLC as the lien holder of my car. Now, that would be the limit I would. I would use that for vehicle, because cars, vehicles, those are not much of a risk.<br \/>\n16:22<br \/>\nI mean, your biggest liability is the fact that you&#8217;re driving them, and they can kill somebody. That&#8217;s the biggest liability.<br \/>\n16:27<br \/>\nThe only other reason to not put your name on the car is, again, if you&#8217;re trying to structure as alone, or you don&#8217;t want to title it because of tax purposes that, that makes sense.<br \/>\n16:37<br \/>\nSo you want to use, you can use a trust, OK, to own the title to a car, if you just wanna pay cash for it and be done with it, You can use a trust.<br \/>\n16:44<br \/>\nYou can use, um, if you want to borrow money, like I&#8217;m explaining, you would have the dealer create the loan documents.<br \/>\n16:51<br \/>\nNow, if you have a private seller, you&#8217;re probably gonna have to work that out some other way like you probably have to go. When you go to the DMV, even record this particular title.<br \/>\n16:58<br \/>\nOn there, you&#8217;re going to have to make up a lien holder, which can be your LLC. So really that all that takes is just a little bit of notation on the back of your certificate of title.<br \/>\n17:06<br \/>\nOK, now, if you&#8217;re going to do that, I still would recommend getting a note here, and keeping that in your records, so you can document what you did, OK, So you see how that works.<br \/>\n17:16<br \/>\nSo if I&#8217;m using one LLC, and I&#8217;m dealing with my house, my car, I can either put the lean on the house, and own the car, or I can own the house, and put the lien on the car.<br \/>\n17:26<br \/>\nSwap them, right, but not both, and definitely don&#8217;t own your house with an LLC and own a giant real estate investment.<br \/>\n17:35<br \/>\nDon&#8217;t own a hotel, and your house with the same LLC.<br \/>\n17:39<br \/>\nThere&#8217;s lots of reasons there.<br \/>\n17:40<br \/>\nBut, um, mean, one of, which is, really, that&#8217;s why I don&#8217;t, I&#8217;d say that the trust organizations are interchangeable, mostly. Because if I&#8217;m going to raise capital or bring on partners or joint venture with someone, I&#8217;m probably not going to want to use a trust. It&#8217;s too complicated. I&#8217;m just gonna use an LLC, it&#8217;s so easy to use it, the accounting so easy on that.<br \/>\n18:00<br \/>\nAll right, so now an LLC can manage cash flow with many different types like I was explaining Like rental income, merchants&#8217;, merchant accounts.<br \/>\n18:09<br \/>\nYou can have a merchant account even if you&#8217;re the guarantor, that merchant account up the proceeds can be paid like PayPal, those can be sent to an LLC. In fact we just did that last year.<br \/>\n18:19<br \/>\nMy wife had one.<br \/>\n18:20<br \/>\nIt was a personal account, and we just we had to upgrade it, so they made us upgraded, and they didn&#8217;t make us open a new account, we just upgraded to an LLC.<br \/>\n18:28<br \/>\nUm.<br \/>\n18:30<br \/>\nSo like I said, don&#8217;t use your LLC to own your personal residence, and then own an investment property, like real estate or business.<br \/>\n18:39<br \/>\nTeng Personal Loans now this is a little bit off of this but paying personal loans is or does create a taxable situation.<br \/>\n18:47<br \/>\nSo if you have a loan like a mortgage and you paid off it doesn&#8217;t matter that your LLC is paying it off it doesn&#8217;t matter as long as the loan is yours and you pay off a mortgage early you&#8217;re going to probably put yourself in a new tax bracket so I don&#8217;t recommend that. What I recommend in paying off large debts is not really paid off. I&#8217;m recommending a set off.<br \/>\n19:07<br \/>\nSo don&#8217;t path large personal debts, instead, use a set off a set off as where you take the money that you would use to pay off the personal debt.<br \/>\n19:14<br \/>\nYou take a fraction of that, and you purchase an asset that creates cash flow specifically for that purpose, and that cash flow then is used to make the payments on the debt.<br \/>\n19:24<br \/>\nSo I&#8217;ll give an example of why you would do that if your loan is for 6% on a mortgage, and you paid off, let&#8217;s say, 20 years early, that 6% turns into, well, I&#8217;m just going to make up a number, 116% for the bank.<br \/>\n19:38<br \/>\nMore or less, some something like that, OK? It&#8217;s not rages return on capital for the bank. And for you, what does it do for you? What&#8217;s the reciprocal side of that? If you give up that return on capital, the banks making, you&#8217;re giving that up.<br \/>\n19:50<br \/>\nYou can make 200% on your money.<br \/>\n19:52<br \/>\nYou can do that, OK? Maybe you can make 5% on your money. Why would you give it to the bank?<br \/>\n19:58<br \/>\nAll right, so do a set off instead.<br \/>\n20:02<br \/>\nAnd like I said, the trust&#8217;s interchangeably, except I wouldn&#8217;t use a trust for business, raising capital, things like that. And let&#8217;s see what else.<br \/>\n20:11<br \/>\nYeah. So I don&#8217;t wanna get too far into that. There are some more details. I&#8217;m sure we can, we can cover this when we do a Q&#038;A. I don&#8217;t think I&#8217;m going to do a Q&#038;A today.<br \/>\n20:21<br \/>\nBut we will certainly have that opportunity. So, I hope this gives you guys some good notes, and we&#8217;ll cover it later. Thanks 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-5c597c8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5c597c8\" 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-8198aec\" data-id=\"8198aec\" 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-aeb2cee elementor-widget elementor-widget-spacer\" data-id=\"aeb2cee\" 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-7c182ed elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7c182ed\" 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-55d97c4\" data-id=\"55d97c4\" 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-88af33a elementor-widget elementor-widget-text-editor\" data-id=\"88af33a\" 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. John discusses the effective use of an LLC (Limited Liability Company) for different purposes and the importance of trust organizations based on risk assessments.<br \/>2. He acknowledges challenges when trying to open an LLC account at a bank, especially when there is a PMA (Private Membership Association) involved.<br \/>3. He advises that LLC accounts should be opened in any possible way, even if it involves telling the bank whatever is necessary to accomplish this, while ensuring that the articles of association remain the controlling factor.<br \/>4. John discusses the importance of the controlling factor of LLCs, i.e., the articles of association, which dictate the rights and obligations within the LLC.<br \/>5. He presents a banking resolution that disclaims liability for any representation inconsistent with the articles of association and encourages the audience to use this resolution to alleviate concerns.<br \/>6. John recommends using a single LLC to manage various assets, including cryptocurrency and stock accounts. He cautions to be clear with brokerage houses about transferring the ownership of stocks to an LLC.<br \/>7. He discusses the use of an LLC to manage physical assets, like precious metals, and the importance of the LLC when selling such assets.<br \/>8. The idea of using an LLC to manage real estate properties is brought up; multiple LLCs can be used for properties in different cities, while a single LLC can receive the revenues.<br \/>9. He suggests that an LLC can be used to buy assets without counting as personal income, thereby avoiding tax implications.<br \/>10. Lastly, he talks about the use of LLCs to hold titles to properties and place liens on vehicles, underlining the need to manage the potential liabilities.<\/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-95a6116 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"95a6116\" 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-64c7909\" data-id=\"64c7909\" 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>U52 &#8211; How to Open LLC Account<\/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\/19683"}],"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=19683"}],"version-history":[{"count":6,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/posts\/19683\/revisions"}],"predecessor-version":[{"id":25642,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/posts\/19683\/revisions\/25642"}],"wp:attachment":[{"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/media?parent=19683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/categories?post=19683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/tags?post=19683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}