{"id":20776,"date":"2021-12-02T17:21:26","date_gmt":"2021-12-02T22:21:26","guid":{"rendered":"http:\/\/privacyfight.io\/?p=20776"},"modified":"2023-06-26T06:14:05","modified_gmt":"2023-06-26T10:14:05","slug":"u62-opening-accounts-with-group-owners-of-llc-part-ii","status":"publish","type":"post","link":"https:\/\/privacyfight.io\/u62-opening-accounts-with-group-owners-of-llc-part-ii\/","title":{"rendered":"U62 &#8211; Opening Accounts with group owners of LLC Part II"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"20776\" class=\"elementor elementor-20776\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-61547d0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"61547d0\" 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-1b3ae14\" data-id=\"1b3ae14\" 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-616c083 elementor-widget elementor-widget-shortcode\" data-id=\"616c083\" data-element_type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-shortcode\"><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\/729798172\/?\" 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            0:04\r\nHi, everybody, thanks for joining this, John, Jay.\r\n0:06\r\nThis is Part two, we're going to talk about the second half or second part of how to deal with escaping, let's call it escaping the maze of ad hoc rules, OK, When opening an LLC account, right, we can keep life simple and do like everyb...        <\/div>\r\n        <div class=\"vidseo_collapse_content\" style=\"\">\r\n            <p>0:04<br \/>\nHi, everybody, thanks for joining this, John, Jay.<br \/>\n0:06<br \/>\nThis is Part two, we're going to talk about the second half or second part of how to deal with escaping, let's call it escaping the maze of ad hoc rules, OK, When opening an LLC account, right, we can keep life simple and do like everybody else and be a single member LLC, that'll, that's OK.<br \/>\n0:25<br \/>\nBut what we're trying to do is divest our exclusive rights and property OK, And the LLC is a great tool to do that.<br \/>\n0:32<br \/>\nThere's no reason why we can't get what we want, while we can't set up things the way we want to, there are no laws against it. It's a write up property. It's a contract, right.<br \/>\n0:41<br \/>\nSo before I get into it, I just want to say you guys can check out privacy, fight dot IO or send it to your friends. We have a membership there. I put a lot of good content up there.<br \/>\n0:49<br \/>\nI've got a lot more to put up there.<br \/>\n0:51<br \/>\nThere's actually a feature where you can ask questions and I know I'm slow on that but I definitely will answer you.<br \/>\n0:57<br \/>\nThere's also a function at ace of coins dot com at the very bottom of that website.<br \/>\n1:02<br \/>\nIt's a Help Desk function, bottom, right corner. Little, tiny icon down there. It says Help right now.<br \/>\n1:07<br \/>\nThat's there. And then, as you can see, I do publish videos. Sometimes, I publish them on YouTube. And then sometimes I don't. And I just put them in the members area. Just depends on the content. This recording here is, is going to be only in the members area. So I'm glad you were here to join and taught and participate in the call.<br \/>\n1:25<br \/>\nSo, what I'd like to do is, Um, I'm assuming that y'all have seen the first part.<br \/>\n1:30<br \/>\nAnd if not, I can do a recap.<br \/>\n1:32<br \/>\nBut let's go ahead and do some questions and answers.<br \/>\n1:36<br \/>\nAnd what I'm going to do first is look at the chat window. OK? So someone's saying hello, everyone from California. All right. So, you're You still got daylight over there, were in the dark here in Florida.<br \/>\n1:48<br \/>\nAlright, so, um, let's start with some questions. Anybody want to ask me something on, on the video, or we're talking about opening LLC accounts at institutions like banks exchanges.<br \/>\n1:58<br \/>\nWhere the owner is a trust or a private membership association. It's not just an individual.<br \/>\n2:04<br \/>\nYeah.<br \/>\n2:11<br \/>\nI didn't want to keep this long. Today, it's going to be about 30 minutes. So I get, it's really pretty, John. Yeah, please, go ahead.<br \/>\n2:17<br \/>\nWhen I spoke to you several months ago, we first started chatting.<br \/>\n2:23<br \/>\nI saw Part one video, and I think this might be helpful for everybody, is to maybe just kinda review what you told me about how associations are constitutional right.<br \/>\n2:36<br \/>\nYeah, and maybe you can talk a little bit about, that's some of the case studies you mentioned to me that you pointed to.<br \/>\n2:42<br \/>\nJust so it's clear for everybody.<br \/>\n2:45<br \/>\nYeah, That's a good point. I mean, it's a constitutional right. Meaning that the government is refrain from interfering with the right that we already had.<br \/>\n2:52<br \/>\nIt's a, it's a right of contract, and unless you're involved overtly and some sort of crime, or you're a suspect in a criminal investigation, you can't be precluded from um, organizing your property rights in a certain way. We're not laundering money and everyone I guess is a suspect and laundering money. So really it's it's a good point. I mean, we haven't a right to do this stuff, so.<br \/>\n3:12<br \/>\nUm.<br \/>\n3:15<br \/>\nOK, good point, Um, I'm gonna answer some questions here on the, on the chat.<br \/>\n3:20<br \/>\nYour question is, Does the LLC have to be a business address?<br \/>\n3:25<br \/>\nOK, the LLC uses a business address for the registered agent.<br \/>\n3:30<br \/>\nIt doesn't have to be an address, OK, it uses an address, it could use any address it wants, any address you want, the LLC that you're using can have your home address, a PO box, or anything. It's just that the registered agent has to have a physical location, it could be a residential address.<br \/>\n3:46<br \/>\nI like to use an office space address that just happens to be valid, OK. That's all you have to do.<br \/>\n3:52<br \/>\nThe other thing on that question, and I know that's a little bit off of the topic here. I know my topic is very narrow today.<br \/>\n3:58<br \/>\nIs that the EIN application?<br \/>\n4:01<br \/>\nI don't care what addressee use, get the EIN number assigned to the LMC.<br \/>\n4:04<br \/>\nThat's it, with the LLC designation.<br \/>\n4:07<br \/>\nThe address for the EIN applicant should match the address on the documents that the signer who's using has SSN on the application has, or has it appear, OK, and his documents. So it should match the seiners address. That makes it easier for the bank, OK?<br \/>\n4:25<br \/>\nThe more times your addresses that you're using match your ID for the signer, the easier it is at the bank. All right?<br \/>\n4:32<br \/>\nAnd you would use a W nine. I have a video on this, OK? You would use a W nine to verify the authenticity, the correctness of your EIN that's assigned to the LLC.<br \/>\n4:45<br \/>\nThat makes it guaranteed that any disbursements paid out to that LLC, you're going to be assigned to the correct EIN, an LLC in any one thousand ninety nine's would be correct, meaning that there's no chance it would be having your information on there, and then there's no need to file a return.<br \/>\n5:04<br \/>\nYeah. So, for customer service reps, you always ask for the boss.<br \/>\n5:09<br \/>\nRight, you have to go, you have to talk to somebody else, And it's hard. I know, because sometimes we open these accounts online, and so we have to get a real person.<br \/>\n5:17<br \/>\nMaybe you have to send a letter, like a cover letter. And that will get escalated to somebody.<br \/>\n5:21<br \/>\nSo that might be another thing to keep in mind, to use a cover letter. You can make one up, Use the letterhead, make up a letterhead for your LLC. Alright.<br \/>\n5:30<br \/>\nBut yeah, you want to have a conversation with them. I don't know what they tell you, because I can just tell you like examples of ways I discuss this with people. You can use analogies, OK?<br \/>\n5:42<br \/>\nYeah.<br \/>\n5:43<br \/>\nTrust farthest from an LLC.<br \/>\n5:46<br \/>\nGo directly to the trust.<br \/>\n5:47<br \/>\nYeah, you can do that If you have a if you have a pass through, it can send money anywhere.<br \/>\n5:53<br \/>\nIt's not going to create a tax liability, OK, now, for the LLC, if you send money to someone, that's filing a situation.<br \/>\n6:03<br \/>\nAll right.<br \/>\n6:07<br \/>\nYeah. So you don't.<br \/>\n6:08<br \/>\nYou can't speak to a compliance officer because that involves proprietary information.<br \/>\n6:12<br \/>\nYou should be able to speak to someone in who can make decisions, All right, about opening accounts, It should It shouldn't be too difficult.<br \/>\n6:20<br \/>\nI mean, the reason why I wanted to do that video is because for the first time ever, I saw her in Arizona, made it a difficult time for a client In overtly said, No, you can't do a PMA as a member managing member.<br \/>\n6:33<br \/>\nSo, I thought that was unusual. Of course, that's not legal.<br \/>\n6:36<br \/>\nI don't know that the state has the right to do that because it is a public accommodation.<br \/>\n6:40<br \/>\nI believe the state has to allow you to do that because what you're doing is you're paying for indemnification OK? You're paying the fee, you're willing to pay the fee, they can't make an unreasonable restrictions, OK?<br \/>\n6:55<br \/>\nSo, you kind of have to work through that. Sometimes you have to shop around, and find satisfying some other organization like another bank.<br \/>\n7:02<br \/>\nThanks. They just don't care here, your explanation. Even set docks. Yeah. So, I don't know if they are on the banks that. I can do here. I'm trying to eliminate this noise, someone keeps unmuting, and you're making all this background .... All right.<br \/>\n7:21<br \/>\nIn any case does anybody have any questions about going directly to the bank?<br \/>\n7:26<br \/>\nwith a PMA trust? Is there with the reason for it?<br \/>\n7:30<br \/>\nAlternatives?<br \/>\n7:31<br \/>\nLike I said, you can open it as a single member, get your account open, modify the articles. That's probably the easiest way to do it.<br \/>\n7:37<br \/>\nOK, The Articles are binding on the bank. You don't have to tell the bank you did that.<br \/>\n7:49<br \/>\nAny, any questions along those lines?<br \/>\n7:53<br \/>\nI think we can get every account open.<br \/>\n7:55<br \/>\nI've always succeeded that I've had some clients quit, that they just said I'm not going to bother, are some people will say, means like one in a thousand, people will say, I'm just going to be a single member, It's up to you, But I don't, I don't think that, this is why we're in this problem, guys.<br \/>\n8:09<br \/>\nThis is why we have to even have this discussion, because for decades, people have been doing what they're told.<br \/>\n8:15<br \/>\nOK, You were told that you have to have a Social Security number. You're not required to have one. I bet you didn't know that.<br \/>\n8:22<br \/>\nYou were told that you have to have an SSN for your credit file.<br \/>\n8:25<br \/>\nYou're not required to do that, but everybody does it.<br \/>\n8:29<br \/>\nI think it's time at some point that we say no, we're not going to do this anymore, and I'm gonna tell you at some point. I think you guys already know this that we don't need the banks.<br \/>\n8:36<br \/>\nThey're about to be consolidated So they're on the way out anyways.<br \/>\n8:40<br \/>\nYeah, go to the next bank, just that's a good attitude.<br \/>\n8:42<br \/>\nJust go to the next one you will find one, OK?<br \/>\n8:48<br \/>\nIt's, it's easy to amend the article. So the easiest way to go is you have one signer. You'll need one signer. Erica, if you have two business partners, you have one signer, open the account.<br \/>\n8:57<br \/>\nSo what you want 100% owner. Then you modify the articles, each final amendment with the state.<br \/>\n9:03<br \/>\nAnd I have a video on how to do that. You just go search on, Amend Articles, New Mexico, LLC, or whatever state you're in, OK? You'll likely get a PDF file, You can download it, follow the instructions, fill it out, and New Mexico, it takes about a week, turnaround time You do it in the mail. It cost $50.<br \/>\n9:20<br \/>\nAll right? That's the easy way, The no drama way to do it. All right.<br \/>\n9:24<br \/>\nIf you have to modify the articles that involve making amendments with the state, yeah, Are just your private documents, OK, amending your private documents may protect you in that rare case you would be under subpoena to produce the documents I have.<br \/>\n9:36<br \/>\nI don't think I remember even seeing that ever, maybe once or twice.<br \/>\n9:40<br \/>\nWhat you want, here's how we're getting our protection, everybody, It's on the articles, OK? The Articles of Public Record, I want people to see what my client's relationship is to the company, if the client's.<br \/>\n9:52<br \/>\nIf the ownership is going to be, the managing member as an innocent party, like a trust, or a PMA, or just a name.<br \/>\n9:59<br \/>\nThen, I want everyone in the world to see that.<br \/>\n10:02<br \/>\nThat shows that there's no need to get involved with trying to collect anything. Guess my client, OK, there's no liability, there's complete separation. So, now I'm going to avoid the costs of litigation. That is the whole idea, if I avoid costs of litigation, I can avoid tax consequences and everything else. OK, I can do everything that way.<br \/>\n10:19<br \/>\nSo that's, that's why I'm doing it this way.<br \/>\n10:23<br \/>\nYeah, OK.<br \/>\n10:24<br \/>\nSome some states are taken awhile.<br \/>\n10:27<br \/>\nYep.<br \/>\n10:28<br \/>\nI sold crypto. Let me try to get this question here.<br \/>\n10:31<br \/>\nI sold crypto to dollars is being held by Caleb and Brown, OK.<br \/>\n10:37<br \/>\nCan you transfer that cash to the LLC?<br \/>\n10:40<br \/>\nYou can do that.<br \/>\n10:42<br \/>\nIf you sold the coins in that, in your title and your personal name, then it's going to be a gain and it's reportable taxable.<br \/>\n10:51<br \/>\nBut the saving grace here is that Kilby Brown and won't report on you.<br \/>\n10:56<br \/>\nSo technically, it is taxable and it is reportable.<br \/>\n10:59<br \/>\nLikely they're not going to find out the aerosol now.<br \/>\n11:02<br \/>\nThat's my answer.<br \/>\n11:07<br \/>\nIf you mend articles, it might take a while.<br \/>\n11:10<br \/>\nYou can do a company in Australia a private limited company.<br \/>\n11:16<br \/>\nYeah, and, and you should be able to use standard documents when you register the company. That's why I was telling you, OK, the video I showed you, I'm glad it's helping you open a company in Australia. I sat there with nothing except a couple of notes about you know, I have a video on how to write my notes. As to how I'm going to form the company.<br \/>\n11:31<br \/>\nSo when I actually go to the computer and I type in the documents At the states or government's website, I'm I know who the organizer, as I know the address, I know the name of the managers, members, all this stuff, right? I could just type that in I don't need any documents.<br \/>\n11:43<br \/>\nRonnie documents At least I need to print out when the LLC or or ... is approved.<br \/>\n11:50<br \/>\nOK, so I could take that to the bank, but I also have other documents like the banking Resolution and Certificate of Beneficial Interests to make my job a little bit easier when I go to the bank.<br \/>\n12:00<br \/>\nThat's an option: I give that to everybody.<br \/>\n12:03<br \/>\nSo yeah, I'm glad that helps.<br \/>\n12:05<br \/>\nCoinbase asked to see a bank statement to set up under the PNA OK, again, a PMA let guys.<br \/>\n12:12<br \/>\nin my video I explain a PMA is a family. Go with that.<br \/>\n12:16<br \/>\nYou don't need the PMA designation, you could just say the John Smith family. You can say the Smith family.<br \/>\n12:24<br \/>\nAnd, yeah, I mean, there's documents. I mean, I can provide you the documents. If you get documents for me, basically what you're getting is a years consultation because I'm not just gonna send you some documents, OK, you can download from Legalzoom.<br \/>\n12:36<br \/>\nI have written these documents in a certain way to cover risks and liabilities and problems I've seen over the last 30 years, and that's why they look that way.<br \/>\n12:45<br \/>\nThey're slightly different from what you see, you know, at legal zoom and things like that.<br \/>\n12:51<br \/>\nBank consolidation.<br \/>\n12:52<br \/>\nI don't know if there's going to be systemic problem with your, with your deposits, bank consolidation. I think that's coming. Maybe it's already happening. Maybe We won't know it. Maybe they're going to keep all the bank names the way they are. Maybe that's already happening.<br \/>\n13:03<br \/>\nI would just say that I don't rely on the banks. I don't trust them. I use them barely. I use them for operational costs.<br \/>\n13:11<br \/>\nI try to keep a lot of money in there. I don't want their services. I barely even do wire transfers. I'd rather do it. I'd just rather do a certified check. So keep your money out of the bank.<br \/>\n13:20<br \/>\nWe have a letter. We have other options, OK.<br \/>\n13:23<br \/>\none bank seemed like it wanted to open the account, but then the software wouldn't let them.<br \/>\n13:27<br \/>\nSo, all right, an association does not need a tax number. I mean, these guys have to figure this out if we give in and let them do it. Guess what? We just make our world a lot, lot more difficult.<br \/>\n13:38<br \/>\nI know there was someone who registered a company in Australia that registered the PMA also because the State said it wouldn't do it.<br \/>\n13:45<br \/>\nThe province in Australia said It wouldn't approve it.<br \/>\n13:48<br \/>\nI think that's ****.<br \/>\n13:49<br \/>\nI think you need to write a cover letter to the government and ask what rule preclude them from doing that.<br \/>\n13:54<br \/>\nAnd how is that somehow illegal?<br \/>\n13:57<br \/>\nThere's no problem doing that.<br \/>\n14:00<br \/>\nI'm still waiting on, OK?<br \/>\n14:02<br \/>\nAlright, And I know about the new North Carolina LLC, That is in the process. We've had a discussion on that.<br \/>\n14:10<br \/>\nSo, just say No, I'm going to have my assistant follow up with you on that one.<br \/>\n14:16<br \/>\nThen the question about selling kryptos to USD, it killed them around guys.<br \/>\n14:21<br \/>\nMaybe I should set up a forum. She can answer each other.<br \/>\n14:25<br \/>\nThat those USD stay at killebrew within the LLC until the potential crypto dip by, OK, yeah, if your LLC takes a profit and then spends the money again, that's what you want it for.<br \/>\n14:39<br \/>\nYeah, you can sell your property, your coins for dollars and the name of the LLC at that account and then go back and buy coins again if you want.<br \/>\n14:47<br \/>\nYou can, they're not even gonna give you a 1099, but you can do that anywhere in the world, OK. As long as you're using a pass-through, you're kind of it can be a little bit sloppy.<br \/>\n14:56<br \/>\nThat's OK.<br \/>\n14:57<br \/>\nTaxable event is when you get money in your name.<br \/>\n15:01<br \/>\nWear your name as the account holder.<br \/>\n15:03<br \/>\nAn institution, or you give your name to somebody when you're selling gold, for example, to somebody who's going to report on you, OK, that's going to create a reportable taxable situation.<br \/>\n15:14<br \/>\nAlright, what happens to tax wise if you send profit from crypto to your LLC?<br \/>\n15:18<br \/>\nWell, how did you get the profit, OK, if you've got the profit in your name, it doesn't matter what you do after that. You have tax on that.<br \/>\n15:26<br \/>\nIt would see your name.<br \/>\n15:27<br \/>\nAnd yeah, if kilobyte Brown is not going to report on you, it's still profit.<br \/>\n15:31<br \/>\nAnd you could probably get away without reporting it, but take the profit in the name of the LLC, then avoid all the drama.<br \/>\n15:39<br \/>\nExactly. Thank you G-man, Great.<br \/>\n15:43<br \/>\nIt's not taxable if you're using capacitor as the owner. That's the whole idea.<br \/>\n15:45<br \/>\nSomebody asked me the other day, how do I establish ownership of something with my LLC?<br \/>\n15:50<br \/>\nIt's nowhere in the documents, OK, who cares if you put gold in your sock drawer at home, or in your vault?<br \/>\n15:57<br \/>\nIt's when you put gold in a Vault service, a third party, I should probably say, a second party.<br \/>\n16:03<br \/>\nIt's when you hold coins in a third party, like Coinbase or you kill him and Brown, Whoever the account holder is, whoever the contract party is contracting party is your LLC.<br \/>\n16:16<br \/>\nThat is the title holder of the property, So whoever's considered the owner of the property is the title holder, The titleholders, the owner owner title holder account holder, is the title holder.<br \/>\n16:28<br \/>\nOK, it doesn't matter what you put in your documents, especially in the Operating Agreement, I mean, the operating agreement is a kind of a backstop to protect you.<br \/>\n16:35<br \/>\nIt gets liability if some attorney wants to try and summarize your documents.<br \/>\n16:41<br \/>\nI don't think I've ever seen the IRS do that.<br \/>\n16:43<br \/>\nI mean, they could I don't think they need to do that. But the operating agreement is great for you, being accountable for what you're doing and other people, and planning, and things like that, and structuring.<br \/>\n16:53<br \/>\nAnd if someone were to try to pierce the corporate veil, OK, as they say, that, hopefully, operating agreement is written properly, and it will prevent that. So far, I've not had a problem.<br \/>\n17:02<br \/>\nSo, um, yeah, you can take profits into a pass through you can use the trust that, you know, Jay Sterling does. It's perfect for that.<br \/>\n17:11<br \/>\nUm, as long as that trust does not file a tax return, even if it has an EIN, and even if it gets a 1099 it's not going to have a liability, here's why guys.<br \/>\n17:21<br \/>\nI'm gonna use an accounting term here and I know accountants don't like this.<br \/>\n17:26<br \/>\nThe money is considered unsettled Funs, it's not settled, because it not has not been received by the intended recipient.<br \/>\n17:35<br \/>\nWe don't know who the recipient is. I'm just putting it into the LLC.<br \/>\n17:40<br \/>\nIt's unsettles funds why? Because I'm going to treat it that way.<br \/>\n17:44<br \/>\nThere's no contract, there's no form to fill out. The fact is I'm going to treat it as Unsettled Funds. Why? How am I going to do that? I'm not going to file a tax return for it.<br \/>\n17:53<br \/>\nIt's that simple.<br \/>\n17:54<br \/>\nYeah, so you can use, um, a revocable trust, an irrevocable trust.<br \/>\n18:01<br \/>\nI talked to a woman the other day, just to show you how easy this is, and she wanted to have a trust for our house. I don't recommend those.<br \/>\n18:07<br \/>\nI just don't like them just because I'm leery of them because of my experience in watching what the IRS did back in the nineties. They're perfectly fine.<br \/>\n18:14<br \/>\nYou can have what I call an heirloom trust, some of this well written that's made for estate planning. You can have that to own real estate or the house you live in or the farm your family built, OK.<br \/>\n18:23<br \/>\nSo, this woman asked me about a trust for a house. So I said, just because I was just the way I wanted to do it that day. And I said, well, you know what, I can get you a trust, How about you do this? Why don't you go online, get a Trust document for free?<br \/>\n18:34<br \/>\nOr go on Legalzoom, and pay 10 bucks and get a trust document for real estate.<br \/>\n18:38<br \/>\nWhich she did the next day. And she had this document, and she sent it over to me, and all I did was look it over, and everything was in there perfectly. It was still basic. They didn't mess it up. There was nothing wrong with it all it did was I made a couple of cosmetic changes, I think.<br \/>\n18:51<br \/>\nAnd then I gave her some instruction about the name, and the fact that the title of the trust is the most important thing, OK. It's not all the gobbledygook language inside the Trust. You don't have to understand all that.<br \/>\n19:02<br \/>\nThe fact is you're using that Title two incur the ownership or whatever responsibility liability of a thing that would normally be liable to to yourself.<br \/>\n19:16<br \/>\nThat's it.<br \/>\n19:17<br \/>\nThe name of the trust, quitclaim deed account holder, The name of the account holder is enough to transfer that liability over. It doesn't matter about all the inner workings of that document. All the contract, all the provisions, OK.<br \/>\n19:31<br \/>\nSo anyways, yeah, that's what we did. A three page trust. She did it quitclaim deed, no problem, I haven't showed her how to avoid the tax on that.<br \/>\n19:38<br \/>\nIf she was exempt in that case, so it can be that simple.<br \/>\n19:46<br \/>\nSo, using your money from the trust, OK, Jay Sterling's Trust, claimant as it says, OK, so if you take money out of the trust, if you take money out of a pass through and use it for something that's personal, Like you just take $5000 out and just go on vacation or something, right, whatever you do, pay off a credit card bill. All right, that is reportable gross income. And yes, it would be miscellaneous income, I would not call it, a dividend.<br \/>\n20:12<br \/>\nI wouldn't call it wages.<br \/>\n20:14<br \/>\nBe very careful because you don't want to classify it in some high tax bracket but it's just simply miscellaneous income. You do not need to document who sent the money.<br \/>\n20:24<br \/>\nYou don't need the sender's, the trust, EIN. You don't need a 1099 K 1, None of that stuff, I know your accounts want it. That's just what they do. You don't need all that.<br \/>\n20:38<br \/>\nSo somebody, I don't understand this question here, but I'll look at it.<br \/>\n20:44<br \/>\nOK, yeah, it does, that's why do these calls, so this is being recorded?<br \/>\n20:47<br \/>\nDid not forget this time and uh, I think we covered quite a bit here. I hope I didn't miss anybody, but Listen I will do the best I can. I am you can see there's some things going on with the website, Eisa coins and Privacy Fight. We're doing a lot of things in the background. I missed a few weeks during calls, but I did produce videos. I put them so you guys can see them. I will make, make, content that's pertinent to what we're dealing with right now. I know that a lot of you are waiting for a nice windfall.<br \/>\n21:14<br \/>\nIt's gonna come and I think we have a lot of work ahead Once that happens. All right. I think there's a chance that we see a big dip in the price of coins.<br \/>\n21:24<br \/>\nAnticipating that somma take profits, and then I'm a planet coming back when all things look good, But other than that, I don't know too much.<br \/>\n21:33<br \/>\nAnyways, what I'll do is, I'm sorry, if I missed somebody.<br \/>\n21:36<br \/>\nThis chat here, things, I know you've got some hands up, I'm going to call on some hands.<br \/>\n21:42<br \/>\nI'm going to save the questions. If I miss some, I'm gonna address those later. I am working on an FAQ section for the ticketing system. We have an ace of coins, and I'm trying to answer this question as fast as I can, so I appreciate your patience.<br \/>\n21:54<br \/>\nLet me just answer XOOM user.<br \/>\n21:58<br \/>\nWhat do you got there?<br \/>\n22:01<br \/>\nYeah, John, Yes I was wondering. I would love to see maybe one of these calls, because I think a lot of people get caught up in the PMA, not just what it is, but like how you use it. So I would love to see because when I had you set mine up so long ago that you weren't doing the ... with them yet.<br \/>\n22:18<br \/>\nAnd I have yet to amend my article. So I would love to see like the example. Maybe you can lay it out and started out with, OK? Here's a normal one without the PMA. If you decided to do that, or, you know, in my situation, it was before you were doing. This is how you would add it to it as far as how many articles and you know what it would need to look like. So when I go into my, you know, file there, I would know exactly kind of how to change it and how to make it look, you know, Not just the legit but to do it the correct way, so if God forbid there was any anything subpoenaed I would need to just show that in court than I would have the documents. And they would be all right. And then also, maybe go to, like you said earlier.<br \/>\n22:57<br \/>\nI mean, that's kind of answers my question, but how you would go amend them with the State because I never, I don't think I ever renewed the LLC with New Mexico.<br \/>\n23:07<br \/>\nJust got the account open, now You're good to go wherever I can, so I told In order to amend it and go on their website and then they wouldn't have to be in good standing or whatever.<br \/>\n23:18<br \/>\nLike I wouldn't have to pay a fee or a Fine Or would you? No, No, no, no, you're, you're New Mexico, LLC as good the way it is?<br \/>\n23:27<br \/>\nOK, so even if I went on to amend it, like you said, go on, and YouTube, you know how to do it? You go on the website and get the form, and pay the 50 bucks? That's all I would need to do.<br \/>\n23:35<br \/>\nI would like renew it and make sure it was up to I'm enough with the state.<br \/>\n23:40<br \/>\nNo, no, it's in good standing. It stays that way. It always stays in good standing.<br \/>\n23:44<br \/>\nI'm going to show you right now, guys, since you asked me a really good pertinent question here, I'm going to show you, I'm gonna do a Chaise share screen. Thanks for that question.<br \/>\n23:51<br \/>\nThank you.<br \/>\n23:52<br \/>\nDo you have a single member, right?<br \/>\n23:55<br \/>\nYes, sir. OK, good, I mean, unless you, unless you kinda mean you have all kinds of drama going on, I'm pretty much gonna give you a single member if you want to invest I already know, it's going to be a group, PMA trust, something like that. If you just say, Hey, it's LLC Do some tax planning, whatever.<br \/>\n24:09<br \/>\nWe can do it the nice use of a PMA or a trust, is: I can: I can organize property rights in a group. Let's say The PMA consists of my family or Board members of my family, just say Not everybody, but just a few members.<br \/>\n24:22<br \/>\nI can write up some Articles, and I can: I can manage property rights this way, and I can start an estate plan where my State can be administered outside of probate. That's really what I think we wanted to get to. A lot of people asked me about this.<br \/>\n24:35<br \/>\nSo there's one use of the PMA, Another one is for privacy, so they don't want us to have privacy.<br \/>\n24:39<br \/>\nBut let me just show you guys real quick, I'm gonna go to, It's gonna take me a few minutes here.<br \/>\n24:44<br \/>\nCulture is a Q&A?<br \/>\n24:47<br \/>\nYeah.<br \/>\n24:47<br \/>\nWell, yeah.<br \/>\n24:50<br \/>\nOK, so here is, OK, well, this is what I showed somebody earlier. So, let's say you want to mend your articles. OK and I'm gonna show you the language.<br \/>\n25:00<br \/>\nSo let's say New Mexico.<br \/>\n25:03<br \/>\nLLC amend articles.<br \/>\n25:07<br \/>\nNow, let us see we can find here.<br \/>\n25:12<br \/>\nSo let's say you just want it, you'd like the ..., or you want to switch it back to a single member or you want to members.<br \/>\n25:17<br \/>\nThere's a lot of people that tell you how to do it.<br \/>\n25:19<br \/>\nHere, I think, is the actual form.<br \/>\n25:26<br \/>\nIt's probably a PDF file.<br \/>\n25:28<br \/>\nIt wouldn't, it. Didn't tell me that OK, so here. They, OK, so there's two steps. So, here we go. This goes right to New Mexico. I don't need an account with the state.<br \/>\n25:36<br \/>\nI can, I can just look at this.<br \/>\n25:37<br \/>\nSo Articles of Amendment.<br \/>\n25:40<br \/>\nI click on that. It's going to open up a PDF file.<br \/>\n25:45<br \/>\nNow, do you guys see this PDF file?<br \/>\n25:49<br \/>\nYou see this?<br \/>\n25:52<br \/>\nYes. Yes, Cool. Alright. So there's a checkbox form, This is a Cover letter, they did it for you. It's a checkbox form.<br \/>\n26:01<br \/>\nSo, I just give it a name.<br \/>\n26:03<br \/>\nI give my contact information.<br \/>\n26:05<br \/>\nIt should be someone who's listed on there as having the authority to do this. So, it could be yourself. if you're a designer, you can do this. Like single member, easy enough.<br \/>\n26:14<br \/>\nSo that's your cover letter, they want the information here, what else do they want?<br \/>\n26:19<br \/>\nThe data was filed, you can get that by just looking it up, it's on your documents.<br \/>\n26:23<br \/>\nOK, so here's how we amend it.<br \/>\n26:27<br \/>\nI'm going to assume that article three is not the registered agent, I'm going to I'm going to amend the members, OK? So what I do is I say.<br \/>\n26:42<br \/>\nBe it resolved this day and the dates are already on this document.<br \/>\n26:49<br \/>\nSo amending the articles to include Mary Jane, or it could be a PMA, or it could be the Smith family. It could be anything, I can add a member, OK?<br \/>\n27:06<br \/>\nSo in your single member case, you let's say you want to add a PMA, so here's what I would do just as my example here I would say to include the Smith family as Managing Member.<br \/>\n27:18<br \/>\nNow sometimes they make it do this, OK, so Managing Member.<br \/>\n27:24<br \/>\nAnd notice I did this first, because I have the authority, now I add a member, now I'm going to remove myself, don't remove yourself first.<br \/>\n27:34<br \/>\nThey probably don't care, but just just to be correct here. So and removing.<br \/>\n27:41<br \/>\nLet's say, John Smith, as single member.<br \/>\n27:46<br \/>\nAnd then I always like to do like this such that the soul managing member of the company is the smiths family.<br \/>\n28:00<br \/>\nNow notice I did not put a PMA designation.<br \/>\n28:04<br \/>\nIt is still a PMA.<br \/>\n28:07<br \/>\nOK, so I fill the rest out, make sure I sign it, put the dates and all that stuff.<br \/>\n28:10<br \/>\nThere's the language, OK, mail it in, they have instructions here, it takes a week turnaround.<br \/>\n28:18<br \/>\nCost, 50 bucks.<br \/>\n28:21<br \/>\nWe're good, New Mexico, you can do this, every state's almost like this very, very few hours.<br \/>\n28:27<br \/>\nThen also, like amend them on your the articles you've sent us, like where you would amend them on the actual Articles that you send us. So it jives with what you got. Sure. Went to say it's going to line up. Yeah.<br \/>\n28:40<br \/>\nCould you maybe pull that document up as well, and, Or everyone Yeah.<br \/>\n28:45<br \/>\nThat's a little more complicated, but, No.<br \/>\n28:49<br \/>\nIt's not so important But, Yeah, OK. So if you want them in the banking abstract documents, you would, you can do it two ways.<br \/>\n28:56<br \/>\nYou can, I like to do it this way, I like to document the fact that there was an amendment so I would take this language and I would add a page behind the the document that I'm amending. So let's say it's going to be where I'm naming the members.<br \/>\n29:11<br \/>\nAnd, or maybe I can add a paragraph, I can actually edit the document, I can insert a paragraph, and I would say be it resolved this day. And then, in that case, I would put the date, and I would say it was amended this day. And here's, here's the change.<br \/>\n29:22<br \/>\nSo, you just type out this kind of language in that document.<br \/>\n29:26<br \/>\nYou can pretty much copy this.<br \/>\n29:27<br \/>\nOK, that's a good question. But, I will, I'll do some more videos in this. I'm gonna do some more videos on the actual documents, how to work them, how to use them, how to add an equity partner. I'm gonna have a contract for that, There's going to be a lot of things in there.<br \/>\n29:38<br \/>\nI'm gonna put a joint stock transfer, a Joint venture stock transfer agreement, so I can show you guys how to do that, too.<br \/>\n29:46<br \/>\nAnd that will be in a couple of video series, I'm going to do.<br \/>\n29:49<br \/>\nSomebody's asking me, somebody asked me about using a bit, an LLC, a business account to make payments on a car and payments on personal credit cards. Yeah.<br \/>\n29:58<br \/>\nUm, it is your income, so if you're paying a personal debt with an LLC, the LLC, paths, pass through or not, third party or not, Even if it's Uncle Bob, paying your credit card bill and your insurance in your car payments. That is still your income.<br \/>\n30:12<br \/>\nWhatever personal debt you have that gets paid is your income.<br \/>\n30:18<br \/>\nYeah. You tell them how to send the confirmation page, so you have the address, you give the state on this document, they'll confirm it for you, they'll send to the address you want.<br \/>\n30:26<br \/>\nYeah.<br \/>\n30:27<br \/>\nNew Mexico doesn't have any annual fees, all right, and I'll check the, I'll check the telegram message there, and I'm gonna call him one more person, and Anthony.<br \/>\n30:38<br \/>\nHey, John, can you hear me?<br \/>\n30:39<br \/>\nOK, yep, Yeah. Hey, I'm the one that asked the two questions regarding that.<br \/>\n30:45<br \/>\nThe PMA, Kent, I'm the only signature the author authorized signatory on the PMA.<br \/>\n30:51<br \/>\nI'm trying to do some estate planning, an ad, or a be able to transfer that signatory authority to my wife or my children.<br \/>\n30:59<br \/>\nIn case my sudden demise, how would I do that? OK, put the description of what you want to happen.<br \/>\n31:04<br \/>\nSo for example, in the in the event of your incapacity or unavailability or whatever you how you want to describe it, that's situations where you'd be in a coma right.<br \/>\n31:14<br \/>\nIt would be you would be lost at sea OK, that's a legal situation, actually. Sure, Or be deceit. Become deceased, right. Or lose your mind maybe, or adapt adopted by aliens.<br \/>\n31:26<br \/>\nOK, so, I don't know anybody that's happened to.<br \/>\n31:28<br \/>\nSo, you would describe, in the event 1, 2, 3 happens, the following would take place.<br \/>\n31:35<br \/>\nThe right to do such and such would be, whatever it is, OK.<br \/>\n31:38<br \/>\nAnd the credentials to do the thing are here or there, or how, here's how you access them. Now, remember, this type of document should be private. So really, it's more instructional with your family than it is a trust that has to be administered by a board of trustees like with a bunch of attorneys.<br \/>\n31:56<br \/>\nSo it's a recordkeeping document. Yeah, very bottom will need a third party trust. My my concern is I've transferred three Real estate properties into the LLC.<br \/>\n32:07<br \/>\nOK, and, and now my I'm the only signing party on that LLC, something happened to me and my wife wanted to try to sell that, I would need to be able to transfer signatory authority at our, OK. So, look at your banking resolution document. You have that, right? Yes, OK.<br \/>\n32:21<br \/>\nSo, all you would have to do is, if anybody wanted to know, your wife could sign for you if you're deceased in that case.<br \/>\n32:29<br \/>\nI mean, just by amount as a matter of state law, OK, but it has to be sure.<br \/>\n32:34<br \/>\nyou could even do, without going to probate that is OK. That's what I hope for.<br \/>\n32:40<br \/>\nYou could take the banking resolution and modify it slightly to say that the authority extends to dispossessing any property owned by the LLC and then you, she could put her name there in place of your name or she could put her name with your name and you just change the language just a little bit. And that's acceptable.<br \/>\n32:58<br \/>\nIn fact, you can sit there in front of the other party and do that because all they need is plausible deniability that you have the authority to do what you're doing, that takes them off the hook, that's all they really care about.<br \/>\n33:10<br \/>\nThey're not trying to investigate you to see if you're doing something, you know, suspiciously, right? Yeah, OK.<br \/>\n33:16<br \/>\nSo, the second question was related to the 1099 K.<br \/>\n33:19<br \/>\nI'm going to be getting, I'm sure 3 or 4 up here for 2021 in my name and I wanted to get a jumpstart on responding to those. And I think you said it was like a six page letter you you send out for each one of those.<br \/>\n33:31<br \/>\nYeah, if you get one, is it going to be in your name, Yes, it will be in my name.<br \/>\n33:36<br \/>\nIf, as you get those, just send them over to me.<br \/>\n33:39<br \/>\nYou've already, it's already cover, you have to pay me for that. I will write up each letter and all I'm doing is take the form letter, put in the dates and all that stuff.<br \/>\n33:46<br \/>\nWe'll mail it off. The only thing I could send you the instructions, but that's useless because it takes three minutes to do it.<br \/>\n33:51<br \/>\nAll right, OK. Well, I was just because I know how busy you are, and I'm like, OK, I like to get my taxes filed sooner rather than later in the month of January or February.<br \/>\n34:02<br \/>\n2020. 2020, so that I've got. Yeah, you can do that. You can write that. I can just amend it.<br \/>\n34:08<br \/>\nI will do that. Yeah, I believe the ticketing system lets you send Detachments.<br \/>\n34:12<br \/>\nSo I'm going to make a note here that you're going to do that. And I'll tell my assistant to look for it.<br \/>\n34:16<br \/>\nThe ticketing system, through what I did.<br \/>\n34:18<br \/>\nLots of coins dot com, OK, I'm trying to make it where I can plugin more people to answer more questions. So yeah, OK, so I'm gonna attach the 220 20 ones that I got, so I'm gonna get those past 2 or 3 other ones.<br \/>\n34:31<br \/>\nGood enough. Great things about, yeah, sure thing. Appreciate your questions, everybody. I'm gonna end it for tonight. Thank you so much. Enjoy your weekend, and enjoy your Thanksgiving. I'm, of course, not going to do this on. On Thanksgiving.<br \/>\n34:42<br \/>\nYou guys probably be sleeping anyways after eating huge turkey dinner.<br \/>\n34:45<br \/>\nSo, have a good weekend, ya'll. Thanks for joining.<\/p>\n        <\/div>\r\n    <\/div>\r\n\r\n    \r\n<\/div><\/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-eace658 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"eace658\" 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-75aeb6e\" data-id=\"75aeb6e\" 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-9c73fe5 elementor-widget elementor-widget-spacer\" data-id=\"9c73fe5\" 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-ae6f146 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ae6f146\" 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-2176a46\" data-id=\"2176a46\" 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-2a8ee93 elementor-widget elementor-widget-text-editor\" data-id=\"2a8ee93\" 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 Jay continues his discussion on opening LLC accounts, aiming to navigate the &#8216;maze of ad-hoc rules&#8217; while trying to retain privacy and secure property rights.<br \/>2. He encourages users to use the &#8216;Privacy Fight&#8217; membership website for helpful content and answers to queries.<br \/>3. He focuses on the aspect of setting up LLC accounts at institutions like banks where the owner is a trust or a private membership association.<br \/>4. According to John, the address for the EIN applicant should match the address on the documents that the signer is using. This makes things easier for the bank. He also emphasizes the use of a W9 form.<br \/>5. The speaker suggests that users could directly transfer money from an LLC to a trust, without creating any tax liability for the LLC.<br \/>6. John discusses strategies for opening LLC accounts and maintaining privacy, such as having a single signer, modifying articles post-opening, and the importance of an address that matches the ID of the signer.<br \/>7. He touches on the topic of bank consolidation, advising listeners not to rely too heavily on banks as they might undergo changes in the future.<br \/>8. John offers advice on managing property rights through trusts, including &#8216;heirloom trusts&#8217; designed for estate planning.<br \/>9. He discusses the tax implications of taking money out of pass-through trusts for personal uses. He states it will be counted as income and hence taxed.<br \/>10. Finally, he talks about amending the structure of an LLC and highlights the importance of documenting the amendment. He also addresses the question of personal debt payments being regarded as income.<\/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-86fa00f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"86fa00f\" 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-6e9e085\" data-id=\"6e9e085\" 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>U62 &#8211; Opening Accounts with group owners of LLC Part II<\/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\/20776"}],"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=20776"}],"version-history":[{"count":6,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/posts\/20776\/revisions"}],"predecessor-version":[{"id":25693,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/posts\/20776\/revisions\/25693"}],"wp:attachment":[{"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/media?parent=20776"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/categories?post=20776"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/tags?post=20776"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}