q and a 2012

where we discuss how to handle / account for start-up costs; [4:00] capital contributions; taxes; [10:00] using a Series LLC for different businesses, additional EIN and permits; [13:00] the company seal; [15:00] the wisdom of adding signers to bank accounts; trusts and power of attorney; [19:00] business expenses; [22:00] what to do if you are the only member in your company; do you need a business plan; [26:00] out-of-country businesses; non-profit issues; [32:00] closing down an LLC / business; [35:00] lending money to your business; [43:00] requirements to open a business bank account; [47:00] Texas Franchise Taxes; [49:00] Canadian banking issues; [52:00] using “foreign registration” to provide liability protection;

where we discuss using various titles as a business owner; [3:00] business and personal credit cards for business expenses; expenses or loans; [6:00] e-products – operating agreement; [7:00] Texas business licenses; [10:00] monetizing your web site; [17:00] business tax deductions; [20:00] single member tax returns; [23:00] tax return extensions; [25:00] how to determine business worth and amount of capital contribution; [28:00] start-up expenses and taxable profit; [31:00] company bank accounts and picking the right bank;

when should you change to S or C tax election; [3:00] seals and stamps; [4:00] transferring property title into an LLC and using a trust as the owner; [10:00] business expense re-imbursement; [11:00] banking in another state; [13:00] finding a good bank; [16:00] NY 275a form and the special certificate; [24:00] types of meetings required for a corporation, even a single member corporation; [33:00] finding the modules and the attachments; [36:00] loans for buying properties; [40:00] using an LLC or a series LLC for multiple web sites; [50:00] how many web sites and products can you sell through a single entity; [53:00] tax returns for LLCs compared to Corporations and sharing bank accounts; [58:00] IRS Form 944 for employees;

where we discuss setting up bank accounts for multiple web sites operated by a single company; [4:00] sales and use tax certificates for the state of Georgia; [6:30] employees; [7:00] using a series LLC; [12:00] rules to decide when to set up a new LLC or Series; [19:00] selling your LLC; [31:00] moving to another state; [34:00] single member or single officer companies and paying yourself a salary; [42:00] capital contributions and real estate investing; [49:00] filing a company tax return; [51:00] capital contributions vs expenses vs loans; [54:00] can you be a real estate professional; [57:00] county licenses; [1:01:00] shares and par value;

where we discuss [1:00] opening a bank account and the difference between the Articles and the Operating Agreement and how many roles you need to fulfill; [11:00] is insurance necessary and some of the types to consider; [16:00] sales tax or re-seller’s permits and quarterly filings; [20:00] reducing taxes and multiple streams of income; [23:00] trading structures and using 2553 (S) or 8832 (C) taxation; [37:00] creative business deductions; [38:00] personal credit cards and business usage; [42:00] office supplies and commingling funds; [44:00] opening a company bank account; [46:00] business licenses in California – the Board of Equalization; [48:00] transferring a property into a cell of a Series LLC; [50:00] paying staff; [51:00] investing with siblings and other partnerships; [55:00] registering the Start Date of a cell in a Series LLC; [60:00] selling an LLC; [64:00] using a C tax election – 8832 – for a managment company;

where we discuss [1:00] tax treatments – S vs C vs partnership vs single member; [9:00] Series LLC tax returns; [12:00] which states allow Series – DE, IL, IA, KS, NV, OK, TN, TX, UT, and WI; [15:00] do you send your minute book anywhere?; [17:00] what should you record in your book; [20:00] handling personal and business expenses; [21:00] titles, roles and signing authority; [23:00] how to pay yourself; [25:00] using a Series LLC; [30:00] linking tax liens, your EIN and the bank account; [35:00] adding a series; [38:00] adding a bank account to a Series; [40:00] seals and stickers; [43:00] physical minute book and downloadable book; [45:00] adding a series and using the seal;[46:00] sales permits and business licenses; [47:00] Taxes in Texas; [49:00] must you hire employees; [50:00] does 500 hours make a real business?;

where we discuss “what do you do next?” after completing your minute book set-up; [6:00] taxes and companies – flow through vs S vs C; [20:00] should your start-up expenses be handled as personal debt, business expenses or a loan; [22:00] membership on this web site; [26:00] maintaining company minutes; [29:00] paying for your Delaware annual report; [31:00] delivery of the eBook; [33:00] what details need to be tracked in your minute book; [36:00] who is the Registered Agent; [44:00] federal tax returns for a partnership LLC – 1065 / K1; [49:00] changing ownership in a company; [52:00] how do Canadians charge sales tax?;

using an LLC with a Qualified Retirement Plan investment strategy; [28:00] ownership equals liability / mortgage does not; [40:00] how many proerties should an LLC hold; [43:00] implementing the trading structure; [46:00] delivery of the minute book; [49:00] foreign nationals and Delaware filings; [52:30] using a separate series agreement; [57:00] QRP issues; [58:00] EIN or SSN – which do you use; [1:06:00] claiming personal expenses and / or business expenses [1:12:00] holding rentals in an LLC;

where we discuss sending your minute book to the state; [2:00] taxation of single and partnership companies; [9:00] should you charge yourself property management fees to pay yourself; [16:00] what repairs should you do to a rental property; [19:00] using an LLC to get business credit; [27:00] using a company card and protecting the corporate veil; [33:00] who pays for the mortgage and lending the LLC money; [38:00] Delaware registration fees; [52:00] do you need a company seal if you have a downloadable eBook;

where we discuss Qualified Retirement Plan (QRP) with single member LLCs; [12:00] should your company select S or C tax treatment with a 2553 or 8832 form; [16:00] should you have monthly meetings – by yourself; [20:00] using a single member LLC for affiliate sales; [21:00] collecting sales tax; [31:30] when to issue shares and how many units should be used; [35:30] things to consider when opening a company bank account [44:00] documenting previous transactions; using “written consent”; [51:00] transferring personal expenses to the company; [1:06:00] how much time should be spent in a business to deduct expenses;

where we discuss [1:00] capital contribution with a trading structure; [6:00] what are appendix B & C for; [7:00] when should you use “C” or “S” tax treatment for your LLC; [16:00] how many positions can a single member company have; [19:00] should you treat start up and training costs as a loan, as expenses or a capital contribution; [23:00] finding out how many shares you have in a New York Corporation; [25:00] what forms are sent to New York; [30:00] what is the seal for; [36:00] who is the Registered Agent; [38:30] California Statement of Information LLC-12; [42:00] using a Credit Union or a Bank; [44:00] percentage ownership vs. capital contribution; [47:00] transferring credit card balance to a business card; [57:00] allowable business deductions; [1:04:00] paper work for lending your company money; [1:08:00] are business deductions worth it; [1:17:00] how long do the calls last;

where we discuss [1:00] why your company name and your web site name do not need a DBA; [3:30] do you live in a “series” state?; [8:00] how to represent yourself as an official of the company; [10:00] having the company repay your personal expenses or credit cards; [16:00] using 0% credit cards; [18:00] how much does your bank charge to open an account; [22:00] moving from OH to TX and buying TX real estate; [29:00] should you ever pay yourself a salary?; [33:00] employing other people; [34:30] re-financing rental properties; [44:30] can you benefit from placing your home in an LLC; [49:00] bank accounts and where you live; [52:00] opening a FL account for someone living in OH; [54:00] difficulties viewing a training module; [57:00] completing the SS-4 for a partnership; [58:00] moving your LLC to another state; [1:03:00] can you use your neighbor as a Registered Agent;

where we discuss [1:00] how entities are useful for small businesses and for you; [2:00] entities and taxes; [5:00] entities and liability protection; [9:00] entities and asset protection; [11:00] paying yourself; [14:00] using the company seal; [16:30] Schedule A and whose name should be added; [18:00] list of members; [19:00] the home office and personal effects; [21:00] steps to close down a company; [24:30] determining home office space; [26:00] what happens when you move to another state; [32:00] do you need a DBA?; [42:00] how many web sites can one LLC have?; [44:00] taxes and quarterly filings; [45:00] paying taxes in Hawaii; [47:00] foreign registration between California and Nevada;

where we discuss [0:30] capital contribution for investments; [3:00] how large should a capital contribution be; [6:00] using drop shippers / PayPal and Canadians; [10:00] using a company debit card for start-up costs; [12:00] should you treat your personal funds ans loans or expenses; [14:00] what to do if you are the only person in your company; [15:30] calculating ownership percentages for a trading business; [19:00] Schedule A – how many do you really need; [21:00] using an IRA and an LLC to gain direct control over your retirement funds – a “CheckBook IRA”; [27:00] how to use a 0% credit card to lower your debt; [33:00] using the 105 medical reimbursement plan; [34:00] using a company to provide group insurance coverage;

where we discuss [0:30] switching an LLC from the original purpose to a new business; [5:30] tracking income and expenses as a sole proprietor – inside an LLC or corporation; [10:30] lending money to your company to keep it alive; [13:00] templates for minutes; [16:00] when should the minute book be completed; [19:00] transferring a rental property into an LLC, accepting rent checks, repayment of personal loans; [26:00] placement of minutes in the book; [27:00] benefits of a virtual office or alternatives; [29:00] steps to transfer ownership of a rental property into an LLC and re-financing to repay personal debt; [34:00] how to pay yourself when a tenant pays the rent; [36:00] paying yourself when the company makes money; [37:00] lending your company money or transferring personal debt; [39:00] finding the minute book templates; [40:00] adding a business activity to a stock trading company; [44:00] the problem with paying yourself to be a property manager of your own property; [45:30] when to complete the minute book; [50:00] additional State paperwork for California; [52:00] balancing the number of members and the people on title for a property transfer; [56:00] using DBAs for an online business; [1:02:00] adding a second LLC; [1:07:00] when to hold the first meeting of members; [1:10:00] balancing the number of properties in a single LLC against the equity at risk;

where we discuss [1:30] using a capital contribution instead of loans for your company; [10:00] start-up expenses or operating expenses; [11:00] when does your business actually start; [15:00] switching from a sole proprietor to a corporation; [19:00] holding an initial meeting – as a single member; [20:00] using a waiver of notice and written consent; [25:30] how many units should an LLC have; [27:30] Certificate of Secretary; [29:00] do you need a company seal; [34:00] using an 8832 or a 2553; [36:00] 2 members in a company – roles and responsibilities; [38:30] having foreign nationals as investors or partners; [51:00] difference between the operating agreement or bylaws; [1:00:00] using resident agent services; [1:05:00] what are start-up costs; [1:06:00] what should be capitalized; [1:09:00] lending money to your company; [1:11:00] does you business HAVE to make a profit; [1:13:00] web development and drop-shippers; [1:19:00] receipts; [1:20:00] registered agent services in Delaware;

where we discuss [0:00] moving property into an LLC; [1:30] changing to a Trust as member; [3:00] Certificate of Secretary; [3:30] holding the Initial Meeting by yourself; [5:00] finding templates; [7:00] additional Certificates; [8:00] Written Consent of Action / Waiver of Notice; [14:00] tracking sales and finances; [21:00] claiming education and start up costs; [31:00] accessing the membership site; [32:30] do you need an 8832 or a 2553; [33:30] management and trading companies; [36:00] how much interest should you charge yourself; [37:00] do you need a company seal; [39:00] naming an Illinois Series LLC; [41:00] does you company need to profitable in order to deduct expenses;

where we discuss [0:00] using an S Corp or an LLC for both eCommerce and contracting; [11:30] using a single LLC for multiple web sites and affiliates; [14:00] California Statement of Information – LLC-12 time limits; [16:00] multiple web sites; [17:00] adding new business ventures to an existing company; [21:00] when should you hold meetings; [23:00] tracking expenses – credit cards, bank statements; [25:00] rules concerning start-up expenses vs. operating expenses; [27:00] how often should you hold a meeting; [31:00] paying payroll taxes; [33:00] paying worker’s compensation; [36:00] using contractors or employees; [40:00] comparing equity, salary, contractors; [41:00] California Franchise Tax Board – myFTB account; [45:00] how many businesses are allowed in an LLC;

where we discuss [2:30] types of sales and tax licenses; [6:00] assigning stocks or units of ownership; [11:00] obtaining / using a company credit card; [16:30] completing Schedule A as single member company; [27:00] S Corporation – 2553, state and local taxes; [33:00] Business Licenses and annual reports (Alabama); 34:00] New York state forms CT-6 and 725a; [42:00] using a virtual office as a tax write-off; [45:00] IRA owned rental property checks; [47:00] reserves for IRA owned rental properties;

where we discuss [0:00] completing the Data Sheet and the minute book; [13:00] using the two company trading package; [18:30] do you need a tax license in New Jersey?; [23:00] what is a fiscal year?; [25:00] completing the initial meeting; [33:00] transferring personal credit card fees to a company credit card; [40:00] how big is a capital contribution?; [52:00] how to choose an accountant;

where we discuss [2:00] using the eBook version of the Minute Book; [6:30] eCommerce and the on-line business; [17:00] using a 2 company strategy to maximize business deductions when trading stocks options and futures; [25:00] tracking business expenses and costs; [32:00] changing business direction in your company; [35:30] claiming expenses and tax returns; [38:00] business write-offs; [42:00] using your bank manager to get an SBA loan; [43:00] does your business name have to match your web name; [45:00] when does using a DBA make sense; [48:00] building an eCommerce business;

where we discuss [1:30] finding out about sales tax permits or licenses; [3:30] getting married and changing your legal name; [6:00] completing the minute book – starting with the Data Sheet Page, Schedule A / B / C, Capital Contribution; [34:00] Co-mingling of funds; [37:00] Annual report; [41:00] business licenses – do you need one?; [46:00] home business permit; [48:00] banking – certificate of secretary; [51:00] using a DBA for an LLC / Corporation; [1:00:00] Annual meeting; [1:06:00] Schedules A / B / C; [1:13:00] Membership Ledger and where to get a new one; [1:19:00] is a seal really needed?; [1:20:00] transferring real estate into an LLC; [1:29:00] Canadian / US taxes; [1:28:00] minutes, what to record, how to record; [1:39:00] does any state have an “Unlimited” LLC?, sharing ownership on a company; [1:47:00] is a non-profit 501(c)3 necessary?;

where we discuss [1:00] Rental properties and rent checks and property managers; [3:00] increasing number of LLCs being used; [4:00] Additional state documents in the Minute Book – NY CT-6 selects NY S tax treatment, NY 275a and sample letter; [8:00] choosing a checking or debit card bank account; [9:30] recovering your expenses – loan or write-off;

where we discuss [2:00] Commingling funds during start-up; [8:00] documenting decisions; [14:00] difference between a marketing name and a company name; [15:00] Canadian resident and virtual offices, banking choices; [22:00] comparing an LLC to an S-Corp, business phone numbers; [27:00] what is an Annual Report – for the company and for the state; [42:00] a Company Car and how to document business deductions; [53:00] when is the company annual meeting due?; [1:00:00] do company meetings have to be in person; [1:02:00] operating vs. start-up expenses and how to claim them;

where we discuss [1:00] the initial meeting of members if you are the only member; [6:00] how to sign the last page of the operating agreement; [32:00] spending more than $500; [37:00] where to find the Filing Date; [41:00] Completing Schedule A, Initial Meeting considerations, Capital Contribution; [55:00] where to find a new copy of the Membership Listing; [56:00] leave the specimen certificate alone; [58:00] how to get paid from your company;

where we discuss [1:00] using a DBA instead of the LLC name; [7:00] using IRA funds for investing; [12:00] California business permits and Franchise Tax Board fees; [15:30] recovering money as a loan or as a business expense; [17:00] completing initial meeting of members when you are the only person in the company; [21:30] self-directed IRA / 401(k) custodians, spousal consent [23:00] adding your spouse to your company; [25:00] the financial year, state licenses and short year tax filings; [26:00] using a personal card for business expenses; [28:00] transferring title into your LLC; [36:00] when does your minute book need to be started; [37:00] web names vs. company names; [39:00] who can be a Registered Agent; [42:00] using the certificate of secretary and when to notarize it; [44:00] can you be your registered agent; [45:00] using your LLC for different business purposes; [46:30] when you should use a foreign registration;

where we discuss [4:00] IRS form 1065 and partnership companies; [6:00] difference between S Corp and C Corp; between an LLC and Corporation; [12:00] President, secretary, treasurer, manager – what’s the right Title?; [15:00] is a separate business address important?; how to pick a business bank; [24:00] rental properties, business licenses; using insurance and LLCs; [40:00] using a “written consent” or a “waiver of notice”; prom notes and paperwork; [51:00] insurance vs. LLCs; [57:00] business credit and business addresses;

discussions concerning [1:00] setting up a private 401(k) – looking for a custodian; [3:00] using a “C” taxed entity to postpone paying taxes on excess income; [16:00] changing from a multi-member company to a single member company where the sole member is an LLC; [21:00] must your email address be the same as your company name; [23:00] information on the “first” page – what is the data sheet; [26:00] using an LLC for property renovation and other earned income activities in Real Estate; [30:00] New Jersey business licenses; [35:00] how many pages in the minute book? less than 100; [39:00] using the Banking Package email to open a bank account and is transferring your balance a good idea; [44:00] deciding on which source of funding is best for your business; [53:00] don’t turn away help from banks that want to review your situation; [59:00] Sales and Use taxes, reseller’s permits; [1:10:00] comparing a capital contribution to a loan; [1:14:00] is using personal funds always “co-mingling”; recording mileage to claim a business deduction;

discussions concerning [1:00] opening a bank account; [2:30] using disability support to your best benefit; [7:30] business credit programs; [8:30] opening a bank account; [9:00] how ownership determines profits; [10:00] Annual meetings; [20:00] using your company seal; [25:30] California vs. Nevada; [30:30] California Franchise Tax Board (FTB) fee; [33:30] recording capital accounts; [34:00] working with the Texas Comptroller’s Office, sales and use taxes, resellers permits; [40:00] principal place of business;

discussions concerning [3:00] Banking and business credit, real estate strategies; [13:00] multi-member LLCs and ownership percentages; [24:00] expenses versus loans; [29:00] business plans to support corporate credit; [35:30] how to use a series LLC; [43:00] using a DBA for a series; [44:30] amending the operating agreement; [50:00] recovering the money you have spent – expenses vs. loans; [54:30] using corporate credit – how much does it cost; [59:00] choosing a bank; [1:05:00] partnership tax forms 1065 K-1, holding meetings; [1:07:00] resellers permit; [1:14:00] documenting meetings and minutes; [1:16:00] sales and use taxes and sellers license;

discussions concerning [1:30] transferring real estate into a Florida LLC, using cash flow to build credit; [5:00] insurance coverage for real estate; [7:00] adding a spouse or child as a manager; [9:00] using an LLC for stock market trading; [17:00] can an “Unlimited Package” be used for a non-profit 501 c (3); [21:00] what is a flow through entity and using an IRS form 1065 for a partnership; [23:30] difference between a MEMBER and a MANAGER; [30:30] what use is a single member LLC; [35:00] business deductions “C” Corp and double taxation; [43:00] things to consider when applying for a sales tax license; [50:00] licenses for rental business; [52:00] building corporate credit; [59:00] re-reimbursing start-up expenses; [1:04:30] Canadian Banking for web sites; [1:08:30] applying for state licenses;

discussions concerning home office deductions; [2:30] capital contributions and the operating agreement; [10:00] paying yourself – payroll vs. draw; business expenses; [24:00] choosing other team members – accountants, bookkeepers, coaches; [26:30] rental properties, depreciation, cash flow; [34:00] capital interest and ownership; [36:00] business office deductions; [44:00] certificates and shares; [46:00] waiver of notice / consent of action for real estate transactions; [52:00] what is indemnification; [56:00] using your home for business meetings and “The Roy Case”; [57:00] changes to Nevada license fees and exemptions; [1:07:30] using a series LLC for business in California; [1:12:00] Texas properties and transferring title into an LLC;

where we discuss tax issues and the difference between a single member LLC and multi-member or partnership LLC; [7:00] what is earned income and when does it make sense to become an S Corp or an S LLC; [9:30] the benefits of having your spouse as additional signer on a bank account, using a waiver of notice or a written consent of action when spending more money than your operating agreement will allow; [22:00] loans and capital contributions [26:00] business insurance to indemnify members in the event of a law suit; [33:00] banking – credit unions and transferring money; [37:00] home office and automobile business expenses; [44:00] re-imbursement of personal money spent for company purposes; [48:00] moving expenses to other credit cards; [54:00] what is the “unlimited” package anyway; [59:00] getting a business license / sales tax permit for your company; [1:09:00] trusts for privacy or for estate planning;

where we discuss Members and Managers – who are they, what do they do and what happens if you are the only person in your company; [9:00] co-mingling funds – what to do if you use your own money to get started or to operate your business; [14:00] operating as a sole proprietor – what to do when you start an LLC or Corporation; [20:00] transferring ownership of rental properties out of your name and into the LLC; [25:00] rental real estate and property management – should you pay yourself a salary; [28:00] renovating your home office – can you claim a business deduction; [32:00] what happens if a family member wants to lend your company money; [49:00] Network Marketing – MLM accounting for start-up costs and product costs; [52:00] repaying your personal credit card for money that you used to start up the LLC; [57:00] transferring rental properties II;

where we discuss [1:00] units of ownership and adjusting them when you find an investor; [15:00] adding family to an LLC / Corporation – should you make them members / shareholders or just managers / officers; [21:00] Investing with your IRA, do you need an IRA LLC; [27:00] limits on how many mortgages a single person can have; [29:00] dropshipper request for a tax exemption if your LLC is Delaware and you live in Canada; [32:00] completing the LLC minute Book Schedule A and Capital Contributions; [37:00] when to use promissory notes and how to avoid co-mingling; [45:00] using an IRA for real estate rentals; [47:00] buying real estate with a partner; [55:00] IRA investing – real estate, tax liens, businesses;

as a result of a technical ‘glitch’ the recording starts a few minutes after the call began [0:00] using IRA funds for investing; [1:00] does a self-directed IRA need an LLC?; [3:00] “pooling” funds and using investors’ money, accreditation and non-solicitation issues; [9:00] converting a 401(k) or a traditional IRA to a ROTH; [17:00] using a 2 company strategy to minimize taxes when trading stocks / options / FOREX; [25:00] the initial meeting and assigning certificates; [27:00] tax paperwork implications of a single member vs a partnership LLC, 1065 / K-1; [31:00] initial meetings for Corporations; [39:00] how many meetings do you need to have?; [43:00] what is a resellers permit and how to obtain one; [44:00] changing the type of business an LLC is used for e.g. from eCommerce to Real Estate; [49:00] should you pay yourself a salary or take a distribution of profit?; [54:00] loans and promissory notes; [55:00] Series LLCs and how they are different from Standard LLCs; [59:00] more discussion;

where we discuss [1:00] estate planning and family trusts; [12:30] how to link an LLC and a trust – who owns what; [15:30] law suits – are trusts protected; [20:30] exceeding the morgage limit – non-recourse or commercial loans; [26:30] should you have a company car; [ 42:00] the importance of certificates when you are the sole member of the LLC; [44:30] your properties are in Arizona and California and your LLC is in Nevada – what to do; [1:05:00] investing with your IRA; [1:09:00] how units should you assign your LLC; [1:13:00] transferring title into your LLC;

where we discuss [1:30] the challenges of obtaining business credit cards; [4:00] being incorporated – does that mean you have to be an S Corp?; [5:00] what to do if your bank doesn’t recognize a series LLC; [9:00] documenting minutes and resolutions and how often do you need a meeting; [17:00] changing banking regulations in the USA and the world; [24:00] real estate investing and lending your LLC money to buy property; [27:00] real estate and rental properties – considerations for the number of properties in a single LLC and other risk reduction techniques; [45:00] can you assign a value to your time for tax purposes when finding properties for other investors; [48:00] what are ‘annual reports’?; [49:00] accounting for start-up costs – loans or capital contributions; [52:00] using an LLC for rental properties – where does the money go?; [57:00] changing ownership of real estate into an LLC; [59:00] strategies and structures for holding multiple properties; [1:02:00] what can a land trust do? why would you use a land trust?; [1:05:00] how many layers of protection do you need? [1:06:00] can a credit union act as your business bank?; [1:07:00] using a living trust (revocable) or a charitable remainder trust (irrevocable) for estate planning purposes; [1:12:30] how does are a Series LLC and an S corp the same and how do they differ? ; [1:16:00] selecting accountants, attorneys, insurance agents for your team; [1:18:30] how to decide if your business should be in a separate LLC from your web site LLC; [1:21:00] using your LLC for multi-level marketing; [1:25:00] transferring assets (automobile, computer, furniture) into your LLC; [1:26:30] should your LLC own your car?; [1:27:30] are you a California resident? registering a non-California LLC in California; [1:31:00] using your LLC with an out-of-state MLM company;

where we discuss [2:00] whether you can change from a standard LLC to a series LLC, where does an LLC provide liability protection; [9:00] transferring personal funds to an LLC or Corporation; [16:00] tracking income and expenses; [20:00] completing the Minute Book as the sole member of an LLC, taxes in Florida; [22:00] taxes for a Canadian; [26:00] Opening a brokerage account for an LLC; [28:30] using promissory notes to cover startup expenses, is a prom note better than a capital contribution; [32:00] sales tax licenses in Georgia; [33:00] characterizing expenses as startup costs or capitalization; [38:00] using your personal credit card for business expenses; [45:00] documenting the movement of funds between yourself and the company; [53:00] using an LLC for rental properties, transferring title, quit claim or warranty deed transfer; [1:01:00] using an LLC for Liability Protection; [1:14:00] what is a Registered Agent and what do they do?;

where we discuss [2:00] Registered Agent services and Virtual Offices, things to consider; [9:30] Trading stocks, bonds, funds, currency and who to use a 2 entity structure to increase the allowable business expense deductions; [16:30] when and where to open a business bank account, using a line of credit instead of a card; [20:00] Annual filing requirements for a Delaware LLC when you live in another state; [24:00] do you really need a power of attorney for a virtual office, using a family relative as a registered agent; [25:00] does your business bank have to be established in the same state as your LLC?; [29:30] Connecticut corporate fees or annual filing fees; [33:30] additional considerations for using a Virtual Office as a Registered Agent; [36:00] using a virtual office as a business office in your home state; [39:00] considerations for selecting a bank; [43:30] what is the minute book used for; what to record and when; how to use a waiver of notice or a written consent; [50:00] continuing the discussion about the role and need for meetings and resolutions;

where we discuss [0:30] choosing a bank if your live in New York and you have a Delaware LLC; [7:30] internet sales taxes and on-line businesses; [12:00] NEXUS or why Amazon (and other retailers) will not allow you to become an affiliate; [19:00] how to check if you can become an affiliate in Connecticut or any other state; [21:00] can you get a refund if you dissolve your company; [23:00] using business deductions to reduce your taxes; [26:00] protecting yourself by using an LLC for rental properties; using a quit claim deed or warranty deed transfer; [31:30] can you use your IRA or 401(k) to invest?; [44:30] tax returns for a single member LLC; [47:30] tax returns for a partnership LLC vs. single member LLC; IRS form 1065 K-1; [49:30] claiming deductions as a sole proprietor; [55:00] the differences between an affiliate and a distributor; [59:30] creative business expense deductions; [1:00:00] limits on using your LLC for different businesses; [1:04:30] how much can you deduct for your home office; [1:08:00] tracking your money – how to pick the accounting package you should use; [1:12:00] doing your own minutes or using a service;

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