q and a 2013

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where we discuss some of the year-end activities that all small business owners should complete; [4:00] when to hold the annual meeting; [5:00] who is identified publicly as a member; [11:00] running a company as a single member; [12:00] what are units of ownership; [16:00] getting a sales license for your business; [17:00] assigning units of ownership; [19:00] paying a Christmas Bonus; [20:00] using a 1099 form to record payments; [23:00] written consent of action without a meeting – permission to spend money; [27:00] the back of the share certificate;

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[1:00] setting up mulitple LLCs for friends; [8:00] referral program; [10:00] consequences of representing yourself incorrectly; [14:00] selecting the right amount insurance; [22:00] what to do if your does your state does not provide signed articles;

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getting ready for the end of the year for your company; [6:00] regular meeting paperwork, written consent of action without meeting, wavier of notice; [9:00] initial meeting minutes documents; [11:00] how many UNITS can an LLC have; [14:00] which certificate numbers can you issue; [17:00] using the Q and A recordings; [18:00] Internet sales; [19:00] separate banking for separate LLCs; [22:00] adding partners; [25:00] paying yourself;

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where we discuss [1:00] where is the minute book; [3:00] getting money from your business into your pockets; loans and repayments; [8:00] how much interest can / should you charge your business; [12:00] is a loan repayment taxable; [12:00] what is Schedule A used for; [15:00] what is Schedule B used for; [18:00] if you and your spouse are members, who signs what; [21:00] minority ownership issues; [27:00] controlling access to the company bank account; [32:00] getting paid as employees or taking an owner’s draw; [39:00] how is the capital contribution accounted for; [47:00] using PayPal as a online merchant service provider; [49:00] how do real estate profits get into the LLC bank account;

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funding your company and accounting for personal expenses; [3:00] tax write-off and personal loans; [7:00] Quickbooks(r) and bookkeeping; [10:00] selecting team members; [24:00] who does what – dividing roles and responsibilities if there is more than one person in your company;

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where we discuss taxation issues regarding income from “flipping”; is the grass greener in Nevada when living in California; [4:00] is real estate investing increasing; [7:00] what types of insurance are needed;

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where we discuss [3:00] which meetings are required throughout the year; [4:00] which decisions must be recorded; [8:00] the importance of record-keeping and how to keep records; [11:00] California Franchise Tax Board form 3522; [20:00] Texas Franchise Tax Board; [21:00] tracking business expenses; [26:00] using the Texas Series LLC for Texas web sites and reporting income for tax purposes; [31:00] types of insurance considered for real estate investments and how to determine how much is needed;

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where we discuss the challenges and paperwork of being a single member company; [6:00] dividing profits between 2, 3 or more partners; [9:00] getting a business loan with a personal guarantee; [14:00] California LLC-12 form is important; [15:00] when do you use a Certificate of Secretary; [18:00] use a meeting to change how much money you can spend without a meeting; [19:00] the need for regular meetings as well as an annual meeting; [20:00] bringing investors into your business; [36:00] use your company for different business purposes; {42:00] managing and protecting Intellectual Property (IP); [47:00] differences between a physical minute book or a downloadable minute book;

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where we discuss business taxes; [5:00] business planning; [8:00] accounting packages; [10:00] brokerage accounts;

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where we discuss using MaxEmail or other eFax services as a business FAX line; [6:00] review Exhibit B for series LLCs and the contribution amount;

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where we discuss the activity in the trading minute book; [3:00] the importance of contemporaneous record keeping; [5:00] what does the signature block for a brokerage account look like; [10:00] filing the California FTB fees and the LLC 12; [13:00] is a capital contribution better than a start-up expense; [18:00] section 13.3 of the minute book where members may not always be managers; [22:00] using the secretarial certificate; [27:00] banking and EINs for Series LLCs; [34:00] using series for rentals or flips; [37:00] using trusts with your LLC; [39:00] details of an internet retail business; [42:00] when should you do quarterly tax reports; [45:00] tracking the Profit / Loss of a business; [48:00] syndicating investors for real estate and property management;

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where we discuss using LLCs for real estate including rental properties and flips; how does a Series LLC work in this situation; [13:00] using the Table of Contents and video controls; [17:00] steps in moving a rental property into an LLC; steps in refinancing the LLC; [23:00] accounting for start-up costs; [25:00] loans vs. capital contribution; [28:00] procedures for a single member company; [35:00] California Franchise Tax Board and the Secretary of State form LLC-12 – Statement of Information; [44:00] transferring properties; [51:00] which states have approved series LLCs;

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where we discuss accessing the training modules from the home page; [8:00] how to use different types of LLCs and Corporations for Real Estate activities; [33:00] California Statement of Information; [35:00] California Franchise Tax Board;

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where we discuss using the S Corp tax election; [5:00] finding terms and conditions for your web site; [8:00] where to purchase a physical Minute Book; [14:00] verify the affiliate terms and conditions; [18:00] funding the trading LLC in a management / trading package; [23:00] recognizing the difference between Member actions and Manager actions; [27:00] spelling mistakes in the minute book;

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where we discuss [1:00] internet taxation and internet retail / web business; [16:00] California Statement of Information LLC-12; [19:00] the importance of a business plan; [42:00] Business expenses, picking a bookkeeper; [46:00] real estate rehabs, rentals and flipping; [54:00] using an S Corp tax election; [1:03:00] LLCs in New York, the newspaper publication requirement;

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where we discuss transferring real estate title to an LLC; [7:00] signing certificates as a single member company; [10:00] using “Written Consent …” and “Waiver of Notice …” for initial / annual meetings and other meetings / decisions; [21:00] using a trading account with IRA funds; [24:00] finding a copy of the waiver of notice; [27:00] steps in lending a cash advance to your company; [28:00] accounting for start-up costs; [31:00] considerations when changing your business address; [43:00] your capital contribution; [44:00] who needs a certificate of secretary; [45:00] IRS confirmation letter for the EIN; [47:00] re-paying expenses incurred on behalf of the company; [48:00] drop-shippers and sales taxes licenses and permits; [51:00] how to catch-up on minutes if you have fallen behind;

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where we discuss what interest rate should you charge your company; [2:00] Texas documents and single member annual meetings; [14:00] business checking accounts and start-up expenses; [17:00] completing schedule A for a trading management company; [19:00] working with bookkeepers and accountants; [27:00] signing as a management company representative; [30:00] make copies BEFORE writing on the originals; [31:00] is spousal consent required; [32:00] using spreadsheets to track expenses and income; [37:00] documenting decisions;

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where we discuss using a Series LLC in California; [3:00] closing a Texas LLC; [6:00] how much should you use for your initial capital contribution; [11:00] is ownership information (members) public information; [15:00] when and how often should you hold meetings; [17:00] using forms / templates; [18:00] contacting the state department of revenue or taxation for state and local business licenses; [21:00] where can you find the discount for workbooks; [25:00] paying yourself; [30:00] the costs of paying yourself a salary; [32:00] placing asserts in the company; [35:00] Additional California Forms after company formation; [37:00] allowable business expenses; [43:00] using the waiver of notice and the written consent; [49:00] paper vs. electronic records; [52:00] can a single person be multiple officers;

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promissory notes and loans to the company; [5:00] using minutes to record decisions; [7:00] gifting vs. lending; [15:00] changing address of the company; [19:00] transferring properties into an LLC; loans vs. contributions; [28:00] amortizing start-up costs;

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using a living trust to pass your company to specific family members; [8:00] next steps, licenses and meetings; [17:00] California Statement of Information for LLC-12 and the Franchise Tax Board form 3522; [23:00] should you pay yourself a salary or take an owner’s draw; [24:00] how long does it take to get started on the internet; [29:00] California form LLC-12; [30:00] change from a multi-member company to a single member LLC; [32:00] using multiple brokerage accounts with a single LLC; [35:00] business loans; [40:00] business insurance;

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where we discuss removing a member / spouse and changing tax treatment; [6:00] Series or Standard LLC; changing PayPal and eBay; [12:00] accounting for money earned before the LLC is established; [14:00] printing certificates; [17:00] selling your company; [19:00] when should you use an ‘S’ election (IRS form 2553); [21:00] employment taxes; [24:00] assigning ownership units – how many; [25:00] when to use IRS forms 2553 and 8832; [27:00] personal loans; [28:00] using a management C company for trading; [30:00] lending money for eBay transactions; [35:00] promissory notes and capital contributions; [46:00] when to use the conformed copy of banking resolution; [49:00] community property states and spousal consent; [50:00] completing Appendix B and examples of “written consent”; [53:00] capital contribution; [56:00] sales taxes vs. income taxes; [60:00] California Franchise Tax Board form FTB 3522; [61:00] completing company paperwork; [63:00] using the “S” election for direct sales / MLM; [67:00] what are the first steps; [1:10:00] quarterly tax filings; [1:11:00] finding investors; [1:14:00] internet sales tax splits; [1:17:00] California Board of Equalization for sales licenses; [1:20:00] do you need a DBA for web sites;

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where we discuss claiming start-up costs; [2:00] using a line of credit; [5:00] do you need a 2553 or an 8832?; [11:00] wearing multiple hats as a single member company; [27:00] using expenses reports to collect reimbursements; [28:00] transferring personal debts to your company; [29:00] using a personal eBay account; [32:00] applying for a DBA; [35:00] when should stocks be dated; [36:00] raising capital and the Small Business Administration; [40:00] bank loans; [41:00] removing a member (spouse); [42:00] SBA.gov;

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where we discuss the California State of Information – LLC-12 and the length of time taken to reply; [2:00] the 105 medical reimbursement plan; [5:00] concerns about commingling funds; [8:00] drop-shippers, selling on the internet; [22:00] is using a home equity loan considered commingling; [25:00] transferring debt to the company; [27:00] what are the rules for a sole owners annual meeting; [29:00] who can be invited to the annual meeting; [30:00] adding (or removing) owners to your company;

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where we discuss claiming business expenses from real estate; [16:00] is transferring your personal balance to a 0% credit card a good idea; SBA loans; [27:00] is more than one EIN assigned to your business; [32:00] are you a single member company; [33:00] instruction letters with an emailed minute book; [36:00] reduce taxes; [38:00] choosing your team members; [46:00] should you expense your start-up costs or treat them as a loan; [49:00] commingling funds and how to correct the problem; [55:00] how to contact us for assistance; [58:00] the importance of mentors; [59:00] my phone disconnected and call terminated early;

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where we discuss [1:00] Benefits of using an American and Canadian Corporation; [10:00] using Facebook as a marketing tool for your business; [14:00] should you use Corporate Credit; [25:00] choosing a CPA; [40:00] should you claim personal expenses as a capital contribution or as a loan to your business; [49:00] setting up a cell in a Series structure for Chapter C tax treatment; [62:00] what if you are the sole member in your company;

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where we discuss capital contribution vs personal loans; [0:04:00] accounting for assets used in a music business; [0:07:00] filing New York form 275a; [0:09:00] re-financing properties / good standing and operating agreement docs; [0:17:00] Seals and stickers; [0:19:00] Completing Schedule A; [0:21:00] funding the management and trading companies; [0:28:00] using a virtual office address; [0:29:00] splitting websites between companies; [0:34:00] signing as individuals and as company officials; [0:45:00] series LLC exhibit A addresses; [0:46:00] using certificates / assigning units; [0:52] which method of accounting – accrual or cash – is best; [1:00:00] Incorp compliance notifications; [1:01:00] Texas Franchise Fees;

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where we discuss taxes and company tax returns; [7:00] using the Gifting tax allowance; [13:00] loans vs. capital contribution; [17:00] accounting for small businesses; [18:00] should you use capital contributions or loans; [29:00] using a “waiver of notice” or a “written consent”; [36:00]how do I sign as a manager; [37:00] re-purposing your LLC / Corporation; [43:00] annual renewal fees and annual agent fees; [45:00] transferring title of ownership; [52:00] when should you file a partnership return – 1065 / K-1; [53:00] interviewing CPAs; [54:00] Annual renewals; [1:00:00] using a DBA with a series LLC; [1:00:04] using an S Corp or an S LLC when “flipping” real estate; [1:00:05] using a series LLC for “flips”; [1:00:09] what does a Registered Agent do?; [1:00:10] what to do with the Certificates;

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where we discuss [1:00] transferring ownership to your child; [7:00] how to handle printing your electronic share certificates; [9:00] how many units should you assign your LLC; [13:00] when is a good time to get an accountant; [15:00] Canadian bank accounts and accountants; [23:00] when should you use a 2553 or S Corp / S LLC; [26:00] using dropshippers for Canadians, sales licenses, EIN; [31:00] collecting sales tax for internet sales; [32:00] working with the RBC; [39:00] it’s all ablut marketing;

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where we discuss when to open a business bank account; [2:30] using the seals and certificates and how to find the training video for your LLC; [4:30] do you have series LLC or a Standard LLC; [6:30] completing paperwork as the only person in the company [8:00] when should you use S or C tax election; [9:00] what is the NAICS code; [13:00] Capitalization or Lending your company money; [18:00] using a promissory note to fund your company; [19:00] will you get audited; [24:00] what does a registered agent do and where are they located; [25:00] do yo8u need the confidential report and the structuring call; [26:00] picking the right peopel on your team – CPAs, Insurance agents, bankers; [36:00] using a C election for management of a trading LLC; [39:00] what is a Chart of Accounts; [42:00] should you use QuickBooks; [49:00] Podcasts;

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where we discuss [1:00] quarterly tax filings; [2:00] sales taxes and reseller’s permits for MA; [7:00] do you need a company seal with an electronic copy of the minute book; [9:30] paying business bills with personal funds and treating it as a capital contribution; [14:00] do additional contributions require new stock certificates; [16:30] accounting for start-up costs and education; [21:00] your signature should always have your title and company name; [23:00] using SKYPE to call in; [25:00] Schedule A explanation; [26:00] deadlines for tax filings; [29:00] single member paperwork; [30:00] when should you have meetings and write minutes; [38:00] what should a loan be used for; writing up a loan agreement; [42:00] repayment of a loan; [45:00] state and local taxes, franchise, sales and use, etc.;

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where we discuss identifying your company on your web site; [2:00] who is the resident agent; [4:00] eProducts certificates to be printed along with the operating agreement; [6:00] Alabama registration procedures; [8:00] sound for modules; [00:10] Georgia annual renewal fees; [00:12] information for Drop-Shippers; [00:13] presenting business card information LLC and .com; [00:15] difference between DBA and web site names; [00:16] receive payments in the name of your company, not the web site; [21:00] when do you have to collect sales tax; what happens if your products are stored in a warehouse; [00:24] changing access phone numbers; [26:00] web sites and taxes;

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where we discuss [2:00] single member companies and completing your minute book, issuing share certificates, holding meetings and documenting business decisions; [13:00] other businesses that we are related to; [14:00] printing and using your electronic minute book contents; [16:30] sales taxes and licenses; [18:30] opening a bank account and using your Certificate of Secretary; [20:00] do you need a DBA to sell on the internet; [23:00] tax deductions for traders and using the 2 company strategy to obtain more tax deductions, funding trading and management companies for stock market investments, calculating the percentage ownership for the management company; [45:00] review the operating agreement, what is a Deficit Account?;

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where we discuss banking and reseller’s license for Canadians with Delaware Corporations.Canadian Flag 200px

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where we discuss using a trust to own your business and company for estate planning to avoid probate, assigning units to the trust, capital contribution and how to complete the minute book for a single member LLC owned by a trust; [27:00] using chattels to accelerate depreciation of rental properties for tax benefits; [31:00] how do you use the minute book if there is only one person in the company and why is it important; [43:00] using a promissory note / loan; [44:00] holding your first meeting / minutes if you are the only person in the company, assigning company shares, do you need the secretarial certificate; [49:00] the Texas franchise tax board and what is required when you are not a franchise; [55:00] signing acceptance of bylaws, New York taxation documents; [1:00:00] internet retail web site identification; [1:02:00] trading company assignment of percentage ownership to the management partner; [1:12:00] being the only officer and the only shareholder of a corporation, what happened to the medical re-imbursement plan; [1:25:00] invoices and receipts, filing business and personal tax returns;

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where we discuss using IRA to invest in Real Estate and other non-traditional assets; [10:00] what to do if you are the only person in the company – what about paperwork and meetings; [14:00] determining percentage ownership between a management company and the trader; [17:00] do you really need to complete the Certificate of Secretary; [23:00] Spousal Consent requirements in California; [24:00] a stock corporation is not automatically treated as an S Corp; [29:00] requirements for US bank accounts and registered agents for foreign nationals owning US companies; [33:00] capitalization vs. loans, accounting for start-up costs; [38:00] how often should you consider lending your company money (prom notes); [40:00] using assets (computers, desk, etc.) as a capital contribution; [42:00] paying month to month expenses with a line of credit; [46:00] using a trust as an owner of a corporation as part of estate planning; [47:00] allocating trading expenses vs. management expenses

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where we discuss company seals and using the e-Products attachments to print out stocks; [3:00] signing stock certificates as the sole (100%) shareholder and where to keep the stock; [8:00] assigning or changing the number of units for an LLC; [10:00] lending money to your company for business expenses, using a prom note; [15:00] allocating membership in a market trading structure; [17:00] assigning units to a cell of a Series LLC; [19:00] re-payment of loans as expenses deducted from income; [20:00] buying supplies and reimbursement form the company; [22:00] handling expenses from previous years; [24:30] paying out corporation profits as dividends; [26:00] banking and series LLC cells; [30:00] sharing an EIN with another LLC; [32:00] balancing the number of properties in a single LLC with the risk of losing them in a law suit; [38:00] selecting an insurance agent; [39:00] annual fees and issuing stocks; [42:00] the IRS contact is not the same a company ownership;

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where we discuss [2:00] when to start tracking expenses; [5:00] accounting for start-up costs; [10:00] types of insurance when buying liens and deeds; [19:00] 500 hour requirement, tracking the activity times; [22:00] do you have a corporation or an LLC or both, banking for foreign nationals; [32:00] what documents are available from the IRS; [34:00] your company name is not normally the same as your web site name; [37:00] when do you collect sales taxes; [41:00] how do you get paid – salary or draw; [48:00] making copies of waivers of notice and other minute book documents;

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