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Q & A Call Information

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This Q&A call is scheduled for Monday evening except for the following dates. Jan 1, Jan 15, Feb 19, Feb 26, Mar 19, Apr 2, Apr 30, May 21, May 28, June  18,  July 2, July 16, Aug 20, Sept 3, Sept 10, Oct 8, Nov 12, Dec 24, Dec 31.

Occasionally the call may be also cancelled due to travel restrictions, and that information will be posted here.

Recordings started in 2011 and Thousands of topics discussed

They have been arranged by year, click on a blue box below.

If you want to find a topic, use the search box at the top of the page or use the FIND function of your browser - [ctrl F] is usually the key combination that starts the search.

You will find lightly edited recordings of our sessions below. Topics are wide ranging and include out-of-state-banking, when to have a meeting, paperwork to call a meeting, recording a decision, adding partners, being a single member company ... and much more.

Select the previous years' recordings (mostly audio only).

If you have any questions or comments, please use the form at the bottom of this page.

2018 Q&A Calls Below

May 14, 2018

Using LLC for real estate / can it be used for AirBNB rentals / allocating expenses; trusts - estate planning; tax reform and S LLC/Corp; IRA investing; business meals.

April 23, 2018

Capital Contribution vs Loans; completing minute book; tracking finances; removing a member (NJ is different - use form L102); Florida annual report; transferring assets between companies; keeping a MD company in good standing; licenses for tax liens and property resale; transferring contact information with registered agent; CA annual fees; insurance for multiple entities.

3 cups white whole wheat flour (I like Bob’s Red Mill but you can substitute any all-purpose flour)

1/3 cup sugar

2 ½ tsp baking powder

½ tsp baking soda

¾ tsp salt (I like kosher salt)

1 ½ sticks cold unsalted butter, cut into small pieces.  Keep in the refrigerator until needed.

1 cup buttermilk.  Keep in the refrigerator until needed.

1 tablespoon grated orange or lemon zest (or sometimes I use candied lemon peel if it is homemade but it needs to be put into the food processor at the same time as the butter)

Handful of dried cranberries or raisins

Heat the oven to 425 degrees F.

I make the dough in a food processor.  Julia Child would be rolling in her grave, but I find it works better and faster than doing this by hand.

The key is to keep the butter and buttermilk cold.

Put the flour, baking powder, baking soda and salt into the food processor and turn on for 30 - 60 seconds to get some air into the mixture.

Add the butter and pulse until the butter pieces are a bit larger than peas.

Add the dried fruit and pulse 2 or 3 times more.

Pulse the food processor while adding the buttermilk.  Keep pulsing until a dough starts to form, then stop and turn the dough out onto a floured counter.  The dough should be soft but not sticky, and look rough, not satiny.  If you find it is too dry, leave in the food processor and pulse in buttermilk a tablespoon at a time.  Be careful, it is easy to put in too much.

Gather the dough into a ball and knead 10 times, making a quarter turn between kneads.

Gather into a ball and divide in half.  Pat each half into a circle about 7 inches in diameter.

Brush the dough with melted butter and sprinkle on sugar.

Cut the circles into 6 triangles each.  Place the triangles on an ungreased baking sheet.

Bake 10-12 minutes.  Scones will be lightly brown and have a bit of give when you press on them.

After the scones are cool, you can split them in half, grill them under the broiler until brown, and butter the toasted halves.

April 16, 2018

Paying yourself - 1099 / or not; PayPal transfers; loans from family; capital contribution; interview CPAs; certificate of secretary; Canadian investors; foreign registration into Georgia; recipe for scones at the end of this chat; contact Warren Taryle; when do you file for out-of-state investments; Iowa Biennial reports; Texas renewal costs; transfer properties into an LLC.

April 9, 2018

Commingling funds; loans vs capital contribution vs expense; changes in the tax code; umbrella structures; educational expenses; lack of privacy; property managers as registered agent; single member tax treatment; mileage expenses; employment posters; corporate bylaws; irrevocable trusts.

March 26, 2018

Registering for TX franchise board; tax liens; consider exit strategy; NAICS and SIC codes; meeting of organizers; adding MLM, Direct Sales to existing LLC; using a C Corp to manage income; completing the minute book; reducing the number of members; adding units of ownership; opening bank account; tax matters member; what to file if the company made no income; when are taxes due for a company started this year?

March 12, 2018

We started our business last year (2017), I would like to know if we can deduct all the business start up expenses this year; would also like to know, if our business did not make any money last year, how do we file taxes? or do we at all?; Are there any specific forms for business minutes or can it be in list form as a list of actions or information happening at specific days?; I’m trying to file taxes first time since I started my LLC. Where is the operating agreement or written articles of incorporation, anything stating percentage or ownership? Is that in my minute book? I’m not sure where it is; If I use personal checking account or credit card for business work, can I write a business account check to pay for those expenses and pay myself back? What paper work should I keep?; in the minutes of the first meeting, do we put a seal on the last page? also, should we make a copy to use for other annual meetings?; filing tax returns for 2017 / 2018 / 2019; CA partnership filing partnership; determining capital contribution; SBA programs; certificates; when to hold an initial meeting; why to open a bank account; using LLC for rentals; annual meeting minutes; using the IRS confirmation letter; closing business / foreign registration; updating addresses.

March 5, 2018

Using IRA LLCs without a specific tax election (S or C); filing for a company without any profits; paying medical expenses as business write-off; employee labor posters; finding a lender without a job; reversing S election; using a minute book as a single member LLC; dissolving a foreign registered LLC; using a Self-Directed IRA; using an LLC for rental properties; foreign registration; business trip write-offs; converting multi-member to single member; membership percentages for charging order protection; business IOU; appropriate interest rates.

February 12, 2018

Passthrough 20% tax deduction; CA FTB fees for current year; depreciation deduction for rentals; spousal consent form; SoS Statement of Information and FTB 3522 form; If you buy a rental RE property and the previous owner depreciated the property. Can you depreciate the property as if it's new? (Ex. straitline over the 27.5 years?); I did not do any business the last year but I took the money from my business account is that a problem; Is it okay if you have one or two credit cards set aside for the business even though they are in a members name; Can I use the start up money as a loan to LLC and what will be the interest rate?; Can I maintain the paper work using excel only or I need official forms?; How do you document business transactions done on personal credit cards? An excel sheet?; Can profit sharing account funds be used to invest as a loan to your entity? or another's?; If my business expenses this first year exceeded company revenue, would I really owe anything in taxes?; Can we deduct the meal at the meeting?; I Traveled a lot looking for houses what is the best way to record that in the books. even if I did not buy a house to invest in? Can we still deduct the expenses from the Taxes?; Are there grants for a small real estate investing business starting out?; interviewing banks for a business account; business credit - use Dun & Bradstreet; Iowa Statement of Information?; using personal cards for business expenses; finding accountants; using start up costs as a loan to the company; using a bookkeeper; using SBA for support; paying quarterly estimated taxes.

February 5, 2018

Rental property LLC - transferring title / insurance / biz expenses; partnership vs S taxation; issuing certificates; claiming business expenses; how often do you have to have minutes; seals and certificates; annual reports; changing ownership percentages; majority of ownership; certificate of secretary; quarterly tax payments; joint venture partnerships; buying CDs; selling certificates.

January 29, 2018

CA investing in OR, CA with FL rental; California fees; using H&R Block vs an Accountant; finding an accountant; how easy is it to put your house and cars and savings etc on a Living Revocable Trust; Using a revocable trust; changing ownership; starting bank account; Can you trademark (or patent?) a business model?; Giving up ownership to partners - good or bad; What’s your thoughts on Series LLCs vs. LLC for rental properties? What’s the difference in structure? Cost difference to set up? Do they function differently? Risks? How many rentals would you suggest we put in each LLC? Does it matter if they are financed or paid off?; Is the percent of ownership important for taxes where only a married couple is filing jointly? i.e. 90/10, 60/40, 50/50; IRS 1065 / K-1; expense tracking; MINT; closing a company; using personal funds; loans; documenting decisions.

January 8, 2018

Commingling funds; multi-state companies (California, New York, Florida); selling shares vs. loans; titles; rental properties and capital contribution; 1031 exchange; bookkeeper; accountants; IRA investing; California Spousal Consent; Delaware privacy.

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