Own Nothing but Control Everything

well first of all I want to thank every
one of you for listening in to today for this discussion we’re going to be having
Universal Accounting Center is excited to be able to host and offer this
opportunity to discuss really some creative ways to manage and structure
your businesses and also protect your assets now one of the things I’d like to
do is introduce myself this is Roger Knecht president of universal counting
center and i’m here with Ron, Ron Haycock happens to be the presenter today that’s
going to share his insights as how to strategically and proactively protect
your assets and on the line we also have Doug Hales CPA and Marvin Crowther so
thank you for all being with us today and run I look forward part of the
presentation I’ve seen this I’ve actually discussed this with you a
number of times but here in the next 50 minutes we intend to kind of get the
nuances of it also i look forward to your insights Thank You Roger I
appreciate that my question is at the very beginning how many jokes do I get
to tell you can tell as many as you like as long as you understand there’s only
three individuals you’re going to hear laughs so if it goes to silent it’s not
because of a group the audience it’s only because of the voices you hear so
there you go and for those of you who will be listening later on these are for
you as well now this first page is for Pratt and LeFevre Corporation for management
accountants we have a staff of eight people and what we’re trying to do is to
help individuals that are in business for themselves understand how to
organize themselves quite organized themselves how to get structured with
differences in the structure but today’s seminar we’re not going to be able to go
through every detail of my so of course obviously we’re looking at what can we
do to structure ourselves as a business correctly so obviously there’s different
structures that we can be considering this as we’re starting or building our
businesses but you’re going to get more into how to do this in a proactive kind
of a tax structure sheltered kind of approach that is correct all right well
I look forward to this let’s get started all right for the first page you can see
who’s invited with us and so in fact we have Doug Hales you can see his name is
use our staff CPA he is the owner of accounting
first a tax accountant to his Marvin Crowder worked for the IRS for nine
years and he is our main tax accountant they scared all of our clients and can
answer most of our IRS questions so it’s nice to have both of them with us in
both helping us on this year this is our affiliation we belong to the national
society of accountants in addition to being a management accountant I’m also a
member of the American College of forensic examiners which means that i
can do forensic auditing and i specialize my friends academy i
specialize in is mortgage on it because I was the mortgage industry 77.. and then
of course Roger we have your business universal accounting and a I’m
mentor but the BYU management society now maybe the class is this is going to
release it and I taught this for several years but didn’t really like the name
distance organization so i found a phrase by john rockefeller the name of
the phrases oh nothing and control everything the question is how do we do
that now right at the very beginning i want to tell you something and I want to
give you this a strong advice never avoid to pay their taxes that’s really
i’m not here to tell you how to appoint it none of us want you to do what we
want to pay their fair share but you have the right to do tax planning and
you should always receive professional advice is that not true duck yes that’s
absolutely true and one of the things that we want to do is introduce them
because if there’s things i don’t know and i’m going to tell you right now i
don’t know a lot of things but that does doug is our experts and we appreciate
him being with us we also have the right all of us to know what abductions are
allowed by the IRS we want you to take advantage every deduction you can that’s
allowed by law now the question again how do you own nothing and control
everything the first step is you need to know why you want to be in business why
is it you want to have your own business and there’s a lot of different people
out there with different ideas on a project oh yeah i think everyone has
something to burn expert they’re good at and i think
one of the things that Gruber says in his book e-myth is every technician can
kind of go through that experience of wanting to now own their own business
they think I’m going it now when i get paid like the owner right so they have
that entrepreneurial seizure and they go and start the business so i understand
that they have a niche they have a specialty and you want to get paid right
for it how many people have you asked that question of what happened why do
they want to be in 20 anyone that’s in businesses Doug have you ever talked in
deeper clients and asked them why they wanted to be in their own business yes I
have and once I don’t want the the most common as they wanted to want the
flexibility to do what they want that’s exactly correct so the reason that most
people want in there in two top reasons the first is that they like independent
some autonomy they like to be their own boss they don’t like working for other
people for the most part entrepreneurs are a special breed of individuals we
like entrepreneurs the second thing is that they don’t tell if anybody else
tell them how much they can earn so they want to increase their earnings based on
their will work and their skills but I believe that there are two more reasons
for owning their own business it’s really a critical the first is if you
have a property organized business and do it correctly you can reduce your tax
liability now Doug and I yesterday we’re talking to a young man who started his
own business and he was asking about what kind of write-offs he can have for
research we had another plan to do this and he came in and had paid twenty-five
thousand dollars over a year’s period of time to research business the IRS
disallowed those twenty five thousand dollars because they considered him a
hobby business we’re going to get into but he was considered that because he
was not formally organized if you formally organized your business and do
it correctly your business is your best tax reduction vehicle and the last
reason I think and the most important reason is if you protect your family
yourself and your assets make sure you’re organized properly if
you’re not you lose protection you lose a lot of benefits now let’s talk about a
hobby business and one of the things that I have with me today is a letter
from a tax institute called the Bradford tax Institute and it says it basically
that hobby businesses are under attack the IRS doesn’t like hobby businesses
that’s why the this one individual was disallowed $25,000 and deductions
because he was not organized he worked out of his house he did the travel he
didn’t have any idea he wasn’t trying to make a profit if the IRS is going to
allow you to take tax deductions you need to be in business to make a profit
you need to have a profit motive so do not be a hobby business and we have that
available for you to read if you want to do so at the end of this seminar now
let’s talk about how you pay your money and how you get your taxes taken care of
first off you as an employee let’s say you’re a w-2 employee you earn your
income and we’re going to assume that you make five thousand dollars a month
you pay your taxes fifteen percent it’s about an average tax bracket then you
pay after your taxes you pay your fixed expenses at home your house payments
your car payment your credit card payments your utility payments and
probably your food but that’s not really a fixed expense but the expenses that
you can’t do a way with otherwise everything gets shut down and then after
your expenses you have disposable income you’ve given your the government of your
taxes seven hundred and fifty dollars a month for 12 months which equals about
nine thousand dollars and you’re giving it to them interest-free if you get a
refund at the end it’s your money you don’t get to the interest on that money
and so I always used to tell people about the definition of interesting with
the definition of interest is rupture I don’t know but I know the one you’re
searching for about that okay I’m going to tell you a story there was a man by
the name of Tom Perry a Brody in fact he died just a few months ago huh lil older
but when he was younger he went got his MBA the first job that he got was with a
bank in Boston he was called in by the president the first day that he got
there introduced to him they sat down and exchanged pleasantries in the middle
of their discussion the president said now remember this this is a banks
definition the president said Tom can you tell me the definition of interest
well Tom’s trying to figure out what this definition is he trying to show him
how smart he is because he just got his MBA just got out of college right all he
was trying to come up with a book definition the bank president said
remember this interest is to them to understand that them to get syd them so
don’t understand it them so patient if you don’t understand what interest is
you’re going to lose now how does the business pay its income tax the senator
is the same amount of revenue $5,000 but it does not take its taxes at the top
the first thing it does just pays his expenses and then it has operating cash
left over now if you look at that it’s got more operating cash left over with
the same amount of income and the same amount of expenses as you as an
individual would have and let’s assume that it’s a corporation average tax
bracket of about thirty percent that means that thirty percent which is
double the individual of fifteen percent you’re paying a hundreds less in taxes
every because you’re in business and your look you’re authorized to do that
now the one trick is is we want to see if you can’t legally and ethically
transfer your fixed expenses to a business and make them business expenses
and are many expenses that can legally be paid by your business so let’s
transfer here’s some of the interesting things that you can get your business to
take care of legally and ethically and if you want at the end goal to offer you
and make another offer have a newsletter that states this and shows
you what things can be done first off you realize that your business can pay
your entire house payment and contain your rent if you do it right it can also
pay all your house office maintenance so instead of having just a location at
your home that you’re calling a home office expense or home office deduction
with the IRS it can actually pay for almost entirely your all your house and
this maintenance it also could pay for all your utilities it can pay for all
your auto expenses the gas tire the oils that repairs and it can pay for the auto
interest because if you’re buying interest on time and you have to pay
that interest that’s not deductible to you but if the business pays for an auto
interest it gets to deduct the interest it also can be duck credit card interest
which is not a deduction to you add in employment taxes if you’re organized
properly you can reduce your self-employment tax wages versus a
contractor and you can get depreciation now we’ve gone through the tax end of it
let’s talk about the protection end I want to protect myself in the cold cruel
world I don’t want somebody to take things that I have and I’m going to use
the analogy of going skiing if you see this picture here what do you see do you
see the individual now my entremet my on that trail by my face my skin that’s me
and luckily for you and everybody else that gets covered for the most part
Thank good okay but I don’t want anybody to see even my hands of my face that are
not covered so while I’m out skiing I put on a thermal layer I put on a warm
shirt to jeans and heavy socks of snow suit and good boots and on my outside
I’ve got a big nice Park and gloves masks and goggles if Roger if you were
to see me on the mountains like that would you see me know what would you see
a blur you race down the hill and actually you
would actually see the outside covering well because I don’t race to have down
the hill that fast okay but let’s say that you see beyond the hill and let’s
say that I fall down the hill and I ripped my jacket and all of a sudden the
cold cruel world is particular trading again now what do i do I don’t have time
ready to go out and repair it and repairing it would still not do just as
good so the best thing to do is I’m going to take the jacket off and I’m
going to throw it away let’s start all over again the reason for that is it’s
the outside that took the hip not the underneath layers you want to build your
set to business the same way so we propose and we’re going to talk about
this in a minute you want to keep it simple see the bottom of that offer you
or one for you you need to know the differences between the organization’s
and remember this the KISS principle now my wife hates it when I somebody’s
stupid right but I don’t care keep a simple stupid you’re going to keep it
simple silly old ended up and says not as jarring and I get your ex is the same
thing and so I know the words silly now oh I might wonder Las Vegas am so y yo
issue skips it say keep it simple saying keep it simple Sam okay but look at the
very bottom easy in easy out I bought that jacket it got ruined I tossed it
and bought another one easy and easy out it had no real meaning to me except for
protection so how to protect yourself what are you used C corporation S
corporation limited liability company general partnership limited partnerships
Oakland fighter ship or a family trust or do you use them all how do you run
the best okay so let’s start with a c-corporation end an S corporation right
a c-corporation the C stands for classic classic means it’s been around forever
and that’s why it’s got to see if everybody knows that a corporation is
everybody knows that a corporation can protect yourself or do you change it
into an S corporation State corporations and S corporations are organized exactly
the same the only difference is the S corporation has been given a different
tax status by the IRS is recognized as a different type of taxable organization
now the differences taxes it’s all about taxes double taxation is the biggest key
w committee with double taxation yes I am wrong okay can you explain it just a
little bit basically a corporation possible to pay its own taxes on it net
profits it also gives dividends to the shareholders we’re also responsible to
pay income on those non musubi taxes on that income as well on the personal
level they axed why let’s in the business and then once personally and
that’s considered a c-corporation so an S corporation Martin you understand the
difference right Marvin are you there and you hear me now I can hear yet there
you go so do you want to take a minute and explain what an S corporation
differences a c-corporation is its own entity own axis and as corporation is a
float trip for the office flow through to the owners right so who pays the tax
the owners that’s correct the shareholders but C corporations and S
corporations both have to start out as C corporations have to be organized
exactly the same way so there are requirements for maintaining a corporate
status whether your C corporation or an S corporation the status is first off
you have to have shareholders and a corporation must issue stock
certificates input with an s corporation the shareholders elect the board of
directors policies and procedures that the company are set at the board of
directors the board acts according to bylaws which they have approved and the
Board of Directors then elects the officers and we recommend that you have
three directors there’s a reason for that actually officers are directed are
elected they manage the company and we consider that you ought to have to we
president and the secretary I recommend and the company recognize that you have
three directors a chairman and two board members and the president and the
secretary be the same person that act as the only board members on the board of
directors so really in the corporation you only have three individuals a
chairman and president and the secretary all of whom are also board members now
one of the things you got to do is not act as an alter ego I talked to a man
yesterday who has a corporation set it up by himself and I said have you do you
have stock over to suggest that I said okay who’s the stock Holly says I am I
think that’s interesting all right have you given him any stock certificates
that he said no I haven’t they should in the stock certificates okay who’s the
chairman of the board I am who elected you nobody elected they are just
appointed myself well that’s interesting boo suppressor the company I am and who
elected you nobody i looked at they are disappointed whistle that’s an alter ego
your acting like an extension I have an
attorney one to tell me that thirteen ways to peer support for sale you cannot
act as an alter ego without somebody saying they’re not really a corporation
no matter what you say you are not a corporation or an LLC or any other
formally organized company because you don’t act like a business all you’re
doing is acting like you under a different name and they’ll take
everything that you have personally as well as what the Corporation owns you’ve
got to have regular meetings you have the board and the shareholders you’ve
got to keep minutes you got to issue the proper notices you’ve got to follow the
legal protocols now let’s talk about two other ones or one other one quick which
is the limited liability company a limited liability company can be good
for entrepreneurs if you’re organized properly so let’s talk about the
requirements the owners there’s members are the owners they’re not shareholders
they only share the company you don’t have to issue stock certificates you can
if you want to it’s not legally required a single member LLC is one member and
one member does in a way get some sort of protection and I ask another attorney
about this once and he said yeah they can get some protection from personal
liability but if I sue that company i’ll take that entire company so you’ll lose
your company if you’re a single member LLC if you’re a multi-member LLC you’re
not going to have to worry about that as much because now you’ve got more than
one owner and if they were to sue one owner the other owner could still own
for part of the company so because they could take the whole company unless they
sued both an owner’s individually whatever you own can be taken in a
lawsuit if I have another form that i will give to you if you’re interested at
the end of this session where i will send you a questionnaire I’m not quick
to know really it’s a bunch of stating the facts but it says are you soo worthy
are you protected now the IRS considers the single member LLC as a
disregarded entity i also have an IRS statement that shows that exactly
correct and that a single member LLC can be elected to be taxed as a corporation
either CRS OSS proprietorship muesli in default the IRS will take you as a sole
proprietorship if you’re single member LLC if you’re a multi-member LLC you can
also be taxed as a corporation if you want but most often most multi-member
LLC zar partnerships it makes your neck Doug yes correct Ron okay now who pays
the tax in the limited liability company the LLC does not be taxed it forms out
the information tax return and its submit that to the IRS showing who the
owners are if you’re a one owner LLC you pay the tax you file it on your own tax
return for the most part if you’re a multi-member LLC all the owners pay the
tax if there’s a profit and it’s based on ownership which is outlined in part
of what we call an operating agreements like a partnership contract now let’s
talk about two other ones that we’re just going to barely to touch on them
one of the general partnership and the other one is a limited partnership I
went to a class once taught by a very wealthy well-known real estate guru and
he and I were quite different i doing quite well and he said romney need to
come to my class I said okay why do I do that he says i’m going to show you that
a limited partnership is the best class the best type of organization okay i
went to the class when I got through I said you need to come into my class and
he says why is that I said because i’m going to show you that a limited
partnership is not the best vehicle but limited liability company is a much
better general partnerships and limited partnerships are organized in such
effect then both of them have to have general partners which means if they’re
the ones that operate the company general partner means that if
Roger and I went into business together we didn’t formally organized ourselves
we just signed a partnership agreement we could both operate the company for
both equally and severally responsible for whose net for the company and is
somebody were to sue us they could take that company plus the fact if I went out
and borrow ten thousand dollars against a partnership or step down over ten
thousand dollars yours a burger you if you’re my partner yep I’ll try not to do
that too you know okay a limited partnership isn’t it also has a general
partner of which assumes all the risk the limited partners are the ones that
put the money into it through the investment into it and they get back at
passive income The Apprentice infections are limited based on what they have
invested in the company basically on based on how many reflections has been
taken by that partnership but it’s limited based or have anything further
to add to that Doug no Ron you’re done a good job thank you alright so now let’s
go into one other one which is a sole proprietorship a sole proprietor is a
one-person owner and anybody that’s legal can only remember this you of
yourself are as legal as a corporation you are your own corporation and you are
the you can have a limited liability company those are so proprietorship you
could have a corporation that will sell providers to a sole proprietorship
though who assumes the risk country sole proprietor it’s art the owner assumes
all the risk of the business right now let’s talk about one other area family
trust let’s talk about two different types of trust and that’s the only kind
that we deal with what is called a revocable or living trust the other one
there’s a revocable trust a living trust or a revocable trust is fluent can be
changed can be fixed the Grand Tours and I will
about that in a second but they going to make changes to the beneficiaries the
terms of the trust and trustees they can take assets in and out of the trust it’s
a great vehicle for tax planning it’s a great vehicle for estate planning
because if you only have a will will has to be probated you’ve got to go in front
of a job just judge is going to cost the attorneys fees for your survivors if you
have a trust with what we call it pour over wealth which means that it says if
I die before I transfer into the best men remaining assets with the trust
everything you have leftover goes into the trust effect already given it to
somebody else automatically you avoid probate and you avoid estate taxes
because you have not changed the owner but a revocable trust can be fixed can
be changed and anybody that would sue you personally could come back to you
and say well because you have control over the assets there your assets and
I’m going to take them I’ve seen it done it’s called busting to trust I’ve seen
it many times in horrible truck on the other hand our sentence strong once it’s
done it’s done the Grand Tour walks away with it and doesn’t come back doesn’t do
anything with that the trustee is in charge so now the three parties to a
trust both types of trusts are the Grand Tours or trust stores they dictate the
terms of the trust they prepare the trust document they named the trustees
they make that the beneficiaries and into beneficiaries is there the reason
that everything is put together and then they Thunder trust which means they
transfer assets money or hard assets into the trust once that’s done an
irrevocable trust you’ll walk away from it once it’s done if it’s a living trust
or a revocable trust you’re still in charge of everything then the trustee
manages the trust according to the trust document and the beneficiaries get to
receive the benefits of the trust the man let’s go back to our first question
how do you own nothing and control everything what is it it’s all of the
eye of the beholder you do it because you control what the
outside public sees they didn’t have to see everything that we all of those
things new nicknames what you want other people to see this is how I suggested it
be done hey Rissa a company is working with the public that’s your nemesis it’s
got a two inch sword the money for services but if it doesn’t like what you
do it’s going to see you in a c-corporation ordinance corporation you
are family board you physically become the caricature you have two board
members which are also the two officers in the company who is the owner the
family trust family trust is the only owner of the company an S corporation on
the other hand cannot own cannot be owned by a trust well its specific
trusted these two type of trust they cannot do that okay a true an S
corporation has to be normally owned by a warm living body then you have a
liability company now limited liability company does not work with the public it
contracts solely with the C corporation to provide services and it owns all the
assets and at least as those that completely who owns that you the
business owner and your spouse or your family tip that that’s why you got both
arrows in there in my face I family trust and my spouse on the liability
company and one thing that you need to understand here is a c-corporation
before you start business requires that you have leads a thousand dollars in
assets we want you to make some profit we want you to pay some taxes launch of
the keep the IRS happy but at can’t start until you have a Cosmo all that
and let’s say that it owns only a small amount of assets somebody Sue’s the C
corporation what can it take only what else only what the C corporation
has its exactly correct so times a thousand dollars in there that’s a
thousand dollars and with a venture outside jacket what do you do with it
and press it up ribbons or winger that’s exactly correct and why do you do that
because then let the assets are loaned by the limited liability company
underneath there are leasing company so if the C corporation goes way the LLC
takes the assets back you form another one and release it now after that he has
a sole proprietor and the sole proprietor in my case is me I’m a sole
proprietor I met with the liability company I do work for the C corporation
but I don’t get paid by the C corporation right and who owns it you
hear the song proprietor so you build the limited liability company for your
services they pay you for your services so in conclusion remember this not all
cases of the same each family situations got to be planned separately so whether
it’s one of the assets or one of the organizations are all it’s entirely up
to you based on your needs at the time but build yourself a good foundation
from which you can grow and it still will protect you for your app and as you
need more protection you add more layers the colder it gets the more you layer
right it’s right now as we told you throughout the thing we will provide for
you free of charge a letter with IRS references that show what we taught
today that will show that we don’t just make this stuff up that it is actually
involved by the IRS so contact us there’s the website go ahead and contact
us on the web site it has a telephone number and it also has an email address
not just an address but they f form that you can email us it will respond to that
I’ll send you all of the letters that you ever require if you’ve got questions
on these things will send them to you will talk to you but we’ll help you out
we do not charge for telephone call now I’m going to end the story you ready
got another one are you ready I’m ready Doug I think you heard this one before I
don’t think Marvin has salt yes I have heard this one have you okay there was
an old farmer it been given a farm had been handed down from father to son for
generations he was getting old he had nobody to head the farm down to and so
he started cleaning up the mess problem of it was is an old well and an old
donkey it couldn’t get rid of either one of them and he kind of wondered how he
could do that so the first thing that he did was he started trying to sell the
Duncan he couldn’t do it but one day the donkey fell into the well and when it
fell into the well boy it put up a fuss and the arm old farmer said to himself
you know that’s really good let me just take care of both probably fried at the
same time so he called all of his neighbor’s intended and shovels they
started throwing dirt into the well the donkey was old but he wasn’t stupid he
knew exactly what was happening and he really put up a fuss kicking the walls
of the well braying and all of a sudden equipped and it was really soon after
quit and the farmer said to himself this can’t be right he can’t be dead already
looked into the well there’s the donkey every trouble full of dirt to win in and
landed on him the donkey would shake the dirt off and step up another thing was
going in and shake the dirt off step up pretty soon after a couple of hours of
doing that the donkey walked out of the well moral of the story life’s gonna
throw dirt on you shake it off and step up but good another moral Oh got another
one ready I told you that donkey was old but he wasn’t stupid he knew exactly
what that farmer was doing he sought that farmer out and bit him in the back
side as hard as he could fight him the bike became infected than the old farmer
died right and the morphol existed yeah or is if you make a mistake and try to
tell your ass is going to come back to bite you every time that’s fucked up so
that’s wonderful run I found this very very interesting
the listening was intrigued by the thought process that you had is to
protecting your assets and building all the trouble I’ve done a few questions
I’m going to start with Doug and then go to Marvin and then come back to you
you’re going to get this obviously from an accounting point of view what other
insights would you bring to this as to these layers that runs been describing
as far as protecting your business yes from an accountant’s point of view I’m
just curious what what other thoughts you might bring to the table here I mean
it’s important that you know you separate the personal from the business
and what what he’s explained today is that it’s important to be organized and
to keep them separate and also do you like Ron says if you’re not organized
the IRS will can come over can connect you and disallow a lot of expenses and
so I keep it saying you have to be organized and that’s the first thing
people start a business they have to get a separate checking account you know to
get the organization right so if you’re talking to a person that is in business
and has been in business and they just got their company and some employees and
they have some assets maybe person products that they’ve produced and so
forth what what advice would you give them that would encourage them to reach
out and go to the website and start this process what advice would you give them
I advise you you know being in business for yourself it’s a you know high a
high-risk proposition and so you have to protect yourself so you know if you’re
just out there doing things on your own without really getting educated you know
you’re at a higher risk of you know getting getting an audix for getting
something happening so I would encourage you to get the help you need and be
humble enough to ask for help very good and Marvin obviously you’re looking at
it from a tax perspective I’m just kind of curious what other insights might you
want to add to this discussion don’t protect yourself IRS can come
after you and take all your assets if you cover yourself and have an answer
for every action you have if you’re your cover having these layers also helps you
have answers for why do you have the suspense gotcha well Ron I think this
has been a wonderful presentation only because I think most business owners get
into business because we’re good at what they do and they do what they do
business wise as a default they’re they’re more eager to get their product
and service out to the market to the public and and taking care of them and
sometimes I think they just look flat how well they’re organized and protected
like you’re bringing up here today so two questions that I would like to have
for you guys for concluding one let’s assume I contacted you hear your website
reached out how long the process is it to take what I may already have and
create the structure as you described it how much time and effort does that mean
the first we forward me to do an interview yeah if you’re a startup
business you keep it simple remember the kiss principle again that’s really
important in just any form of headphones if you’ve been going for a while making
other things I took on a client here today for instance that’s been going for
years and he did all of his own work he didn’t stress in fact he has three trust
all intertwined with each other and he has a motel or a hotel a big hotel that
he owns in Tennessee his wife owns a finance so he’s got three organizations
already set up a c-corporation couple LLC’s but he was not taking advantage of
the best tax benefits because they were not working with each other they were
all separate and so I went in and took a look at him and we just kind of did a
real simple reorganization formed one other LLC and he didn’t have a quarrel
also we got a pour-over well for him and now he’s saving money in fact I think
last year he saved thirty six thousand dollars on these taxes they hadn’t been
able to do before yeah that’s wonderful so again timewise you’re saying it
starts with the conversation with you and it’ll take about maybe an hour for
we can go in to visit and then they can decide which way they want to go net 10
no charge anybody in fact it Doug does either we’re willing to help people get
proper we will not charge them for an additional visit is that correct that
yes that’s correct yeah well one I thank you for all of your time obviously I
think this is an intriguing conversation that every business owner needs to
consider there’s like philosophy it’s working on your business not just in
your business and I think this is an intelligent way to step back and look at
how you can work on your business and really have your business work for you
one of the things we teach universal County as well as we work with our
clients is you need to see your business as a living breathing separate entity
and as such I think you’re able to then let it basically grow and develop as it
should and basically work beyond you grow beyond room and the IRS wants to
see it as a live in reading separate entrances oh it doesn’t want to argue at
all you got rid of your business and you are two separate legal entities the
business has view the same way that it would treat me excellent well I
appreciate everybody for your time and for listening in I definitely encourage
you to reach out go to the website shown there and basically get a chance to
speak with Ron as to how you with your business actually be more proactive as
to how you’re organized and take advantage of some of the opportunities
out there as to the legal structures that you could be as and so forth so
thank you for your time and Doug Marvin run thank you and have a wonderful day
thank you thank you

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