Don't Ruin Your Business With The Wrong Partnership... Do This First

Foreign. Welcome everybody to a live broadcast here where I want to be on your side to help you better succeed with your American Dream. I love Main street business. My name is Mark Kohler. I'm a CPA attorney, best selling author and I love helping business owners figure out the best way to succeed. Level up in a partnership is one of the best ways to go at this. A partnership can be a really wonderful thing for a business, but if you do it wrong, it can be terrible. So I want to talk today about three different techniques, strategies, issues that you need to be aware of to better succeed in your partnerships that you might be engaging in. Tomorrow I'm doing a private webinar that is for free. Any of you could sign up for that. I'll give you the link later here. And when you sign up for that webinar, I'm going to be hitting 10 and I'm packing it for over an hour with a whiteboard tomorrow, engaging with Q and A as well. It'll be more tailored to those that specifically are facing partnership formation, partnership exits and partnership issues. So without any further ado, let's dive into this. And from a personal On a personal note, I want to say I've had some incredible partnerships in my life. I've been blessed with good partners in several businesses. Got a couple of partnership deals that didn't go too well. And you know, sometimes we're our own worst enemy. We think it's not going to happen to us. Like oh my brother is the best or my brother in law or my mom or my dad, my member of my church, member of my neighborhood, used to be on my sports team. He would never screw me over. She would never take advantage of me. I've heard that one before. So let's talk about three ways to better succeed and make your business even better with a partnership. Number one, you've got to know who you're getting in business with. I'm going to title this betting your partner. And it's not just doing a background check and Google them. You may say, oh I've known this gal or I've known this guy for years. They come from a great family. They've succeeded in other businesses. I hear that one a lot. Oh, they've made millions. They drive a fast car. They have a big home. That doesn't mean they're not in debt up to their eyeballs or they're wanted after the law or they're a jerk when it comes to documentation and working out issues. You just sometimes don't know. So Let me give you, let's break that, let's unpack that a little bit. And by the way, I'm doing Q and A here. If any of you have a question, please put it in chat, type it up. My studio producer is going to read those questions to me. Ignore any posts from anybody claiming to be me and anybody trying to sell crap or some bitcoin thing. Just focus on the presentation here and type any of your comments in chat and I will take those. So when it comes to vetting your partner, here are some key things. First of all, if this is a relationship that you don't have past history with, Google them. Maybe pay 30 bucks for a background check. Find out what their credit score is. There's a lot you can do to do a background check, especially if you're doing a real estate deal across the country. You're working with someone new as a vendor, small business, product service development situation. Don't just assume they're a great guy or great woman because someone told you, do a little background. The web is amazing for this. Google yourself, by the way. It'll shock you. Right? Okay. Number two, as you start to build the partnership relationship and talk about the future, talk about the worst case scenario. This is probably the number one thing I say all the time to my clients that are starting new partnerships is what happens if you're not making money? What happens if you have to put money in? Oh, well, it won't come to that. This is a no brainer. We're going to make so much money. Really, what happens if you have to put money in? Ask your partner that and your partner may be like, I'm not putting in more money. I'm not even putting money in at all. This is what I'm doing. Have the hard conversations of when the storm clouds come because I want to tell you the partnership's not always going to be rolling in cash and making money. There could be problems. So talk about what the ramifications are and you're going to see the true colors of your partner. Now on the flip side, talk about what happens when the money is rolling in. How much are you going to take out in distributions? What are the expectations of each person in regarding compensation, use of company property, buying company equipment, supplies. Oh, everybody gets a new iPad, everybody gets their cell phone paid for, everybody gets their car paid for. I don't know. Ask your partner what they think. Again, a lot of times what you're thinking and they're thinking, I promise you they're going to be different so you want to talk about that and find out real quick what type of person you're getting in business with. A good way to do this too is next. I'm going to put these down in 1, 2 and 3. 4 is number 3. I'm going to leave it at 3. Is Rob, write up a 3, 5 and 10 year plan as to what both of you want from the business. Is there an exit plan? Who are your customers going to be? Who's the potential buyer going to be? What are the duties of both parties? Now, we're not even to. And I'm going to talk about this more tomorrow in the webinar of drafting the partnership agreement, how to set up the llc, and trust me, it's not fricking going to Legal Zoom and clicking a few buttons. That's not setting up a proper partnership, for crying out loud. You're going to spend the rest of what, three to five years working day in and day out and with a partnership relationship and draft this shit on Legal zoom. Are you kidding me? Sorry. I have to swear there is this going rated E now. It drives me nuts. People come to my office in a partnership battle and I go, where's your partnership agreement? I'm lucky if I get one sheet of paper. People, there's too much at stake to not have these conversations about what you expect from the business in three years or five years or 10 years. Have that conversation. So many people are going into a partnership looking for reasons not to do the partnership. I want you to change the perspective and go into the conversation of looking for reasons to do the partnership. See, that's a very different perspective. You may be like, oh, I'm going to look for reasons not to do this. Well, that's presuming you're going to do it no matter what. Why don't you say, I'm not doing this unless I have enough reasons to do it. It's going to change the way you talk to your partner. So I'm just talking about number one. Number one. And I'm going to go through 10 by the time I'm done with my webinar tomorrow. But number one is bet your partner understand if you're both on the same page. And that three ways to do it is do background on this person, talk about other people that have worked with them, family and others. Number two, talk about the worst case and the best case scenario. And number three, do a three, five and 10 year plan for the business. Make sure you're all on the same page. All right? Number two, now I'm going to come to questions here in a bit. So if any of you are talking about the tax or the legal or the business or piece of this, I'm all yours. Let me get through these. Number two, legal structure. This is a hot one. Everybody wants to know. Oh, well, you just set up an llc. No you don't. Let me just say this. LLC do not save taxes. Can I repeat that? LLC do. Limited liability companies do not save taxes. Well, they don't. Oh, or I have to have an LLC before we start the business. No, you don't. A handshake creates a partnership. You can have emails back and forth agreeing to what you're going to do together and you're in a lawsuit if you run away. I literally have had clients that had an employee they were working with where they had emails where they talked about partnering and the employee sued him because that I get half the business and they ended up losing the business. People, what you say, what you put in an email, what you put in writing matters. And so just getting an LLC is not solving the problem. So let's talk about two different structures first. And this is where I go to my trifecta. Many of you know, I talk about this all the time. This look good. Okay, we're good. Want to make sure my microphone is not in the way here. The first one is if you're going to do, let's do the easy one first. You're going to bring on a partner and buy a real estate deal. You're going to buy into a rental property, very common. You might be doing a rehab, a fix and flip, a little rental and you're going to partner. Okay. That will start with an LLC and you're going to have what's called an operating agreement. Operating agreement. This operating agreement acts as a partnership agreement. When you do legalzoom, they give you a template for an operating agreement. You're lucky if it's in word so you can change it. So you want to. This is why I recommend every partnership start with at least one lawyer representing both parties. This is you with your trust. You're down here and your partner's over here with their trust. And this is a long term hold. This is a long term hold. You're going to buy a rental property, you're going to have an LLC in the state where the property is located, not Wyoming or Nevada or some BS like that. Don't get sucked into that crap. And guys, I'm a real lawyer, I'm a real accountant with A real law firm. If I thought selling everybody a Wyoming or Nevada entity would work, I do it. I love making money. But I also look at like looking at my client in the face a year from now and knowing I didn't rip them off. Be careful with someone trying to sell you on that crap so you get a real lawyer. I can give you a link to our law firm. We help clients in all 50 states. We're a boutique law firm, tax law firm, helping small business owners. Affordably. Affordably. A lot of times our paralegal services are cheaper than LegalZoom, so don't get sucked into that. Anyway, so you set up an llc. You have an operating, you have a rental property, you have a partner and you set up an LLC with the trust as owners. So if something happens to you, your family gets your share of the LLC and this asset you're building together, you have an operating agreement of how you're going to split money and share money and work on it. This is a long term hold partnership. Now if you're going to open a restaurant together, you know, I have a client that I'm meeting with on Friday, a restaurant owner meet with them on Friday and they're trying to figure out their llc. And I asked, do you have an S corp in the mix? Why do I need an S corp? Well, let me just tell you. Let's do a quick board on this. Let's say I own a restaurant and My restaurant makes 100 grand. We'd love to make 10 grand a month, 8 grand a month. So my restaurant makes 100 grand and I'm going to split it with my partner, we both take 50 grand. Oh that's great. You're going to pay self employment tax on every dollar. That's 0.153. That's $7,500 each before federal and state tax. Oh wow, that LLC really served you, didn't it? Now if I do an llc. Well let's back up. If I do an S corporation and I make 100 grand, then I can do salaries, take 50 grand as profit and pay no self employment tax. So each partner takes 25, 25 and 50. Split 25 and 25, you make the same amount of money, you still make 100 grand, but we split it on paper differently because we have an S corporation. I just saved $7,500 because I'm not going to pay $7,500 twice. I'm going to only pay it on this piece. All of this flows through with no self employment tax. Have you heard about that? Did LegalZoom tell you about that? People just pay a few hundred dollars, maybe a thousand, fifteen hundred dollars to get a real lawyer setting up your partnership. So it's done right. And I'm only on tip number two. Now, where does this look? What does this look like in the trifecta? I don't even recommend this. This is bad. This is bad. What I recommend is if you have a partnership situation with a restaurant. So here's our little restaurant. Restaurant. Okay, we're going to set up an LLC, but it's going to be owned by 2S Corps. One for you and one for your partner. Now, you're going to take payroll down here individually and take additional tax write offs for travel, home, office, kids, health care. Things that you may not write off up here. With this S Corp structure, you can't do that. Here we have our partnership expenses, partnership income, and then we take our profit and split it based on the percentage of ownership and we each have our own S Corp. When I have partners come to my office, they literally the women and sometimes the men are in tears wondering why in the hell my lawyer accountant didn't recommend this. Because they've got to stick up their butt. They don't do current continuing education. They're not advisors or strategists. They do whatever the old white guy said to do in the corner of the office from 1985. People, you got to get cutting edge strategies and know that you're the captain of your ship and hire quality advisors that are on the cutting edge. That's what I do. That's why I write books. This is why I'm on YouTube. This is why I'm on doing blogs and podcasts. Because I've made this my life's mission to help Main street small business owners. And I love it. And I know I'm acting a little pissed right now. I don't know why. Maybe it's just, it's the end of the day. But I love you. Please just take a little extra time to do it right. So legal structure, long term holds elsewhere. L.L.C. trusts, operational business, L.L.C. s Corps Trust. This alone is a masterpiece. You know what I did before this? Live? I was training 90 CPAs and enrolled agents from around the country on this. Because they don't learn this in the CPA exam. You don't learn this in law school. You don't learn this in the enrolled agent exam. You learn it out on the streets. And I was in the meeting and learning from them because we're a Tribe. And if you're a CPA or you're an attorney or an enrolled agent and you want to join a tribe of like minded people that want to really push the needle and save your clients money, go to markjkohler.com check out my certification program. It's affordable, it makes sense. And it's weekly trainings, 12 modules, 70 different training sessions. You can do it as a business owner. Be your own best advisor. Anyway, that's a side note. Okay, number three. So number one, let's go over. Number one, you're going to vet your partner, ask hard questions, make a plan, make sure you're on the same page. Number two, you're going to structure the damn thing right. To begin with. Tomorrow we're going to talk about what to put in the operating agreement. Oh, is it going to be good? We're going to talk about phantom income, voting rights distributions. Who are we going to hire, who are we going to fire, who's going to do what? Oh, that's tomorrow. Make sure you sign up for the webinar. Now, number three, today, this is just going to try to hit three real quick here. Techniques to maintain your partnership. So you mean, Mark, after I set up my partnership, there's crap I've got to do to maintain the relationship. Yeah. For some of you that are in a relationship with the significant other, don't you need to talk once in a while? Don't you need to go on dates? Don't you need to go out and have dinner and talk about needs and wants and desires? Don't you need to continue to build that relationship for the rest of your life? Well, guess what, a partnership's just like that. You may spend more time with your business partner than your, your life partner. What's your plan? Right. So I want to give you four things to do. Number one, you're going to have regular meetings and you're going to stick to it. You're going to put them on the fricking calendar and you're going to have a regular monthly meeting. You know, I just met with my business, my law partner, we do a podcast together, Matt Sorenson. He was just out here in the hall a half hour ago. And after Labor Day weekend, we are scheduling a day off site to spend a whole day together to plan fourth quarter. You go, well, Mark, you got 50 employees and everything's working. Oh no, we've got to meet regularly to stay on top of it. Schedule regular meetings with your business partner. Number two, stay involved. You may go, oh, well, this Partner runs the rental project. I'm just the money partner. I let them run everything. I don't have to worry about it. It's a turnkey property. You ever heard that bullshit? It's a turnkey. I don't have to do any. I just invest. It'll work out wonderfully. Really? Good luck with that. I've had clients that literally bought property that doesn't even exist. Partners that have five aliases that are long gone when the bank account's gone. Yeah, it's ugly. So you're going to stay involved. You're going to have access to the bank account. You're going to look at regular reports. You're going to see the legal documents. You're going to talk to your partner regularly. You're going to know what the hell's going on. Because if you're investing your hard earned time and or money, you need to stay involved. Next, number three, we're going to have bookkeeping. I know many of you don't want to talk about that, but you're going to have books. I hate accounting. Can't we just do it on Excel? Can't we just look at the bank account and have our account and put together the books at the end of the year? Sure, knock yourself out. That's when partners steal money from the other partner. That's when the other partner's writing off shit. It holds Home Depot and Apple Store and Best Buy. When you're not around, you have got to have good bookkeeping and good financial statements. That's right. You're going to pay for an accountant to hold your crap together. Now, if you're looking for a good accountant, I got a the Main street tax pros. Hundreds of tax advisors around the country that I train Weekly. Go to markjkohar.com Click on TaxPro Network. You can find a tax advisor that speaks Mark Kohler and we'll look out for you. Number four, you're going to hold each other accountable. You're going to give each other tasks. You're going to have teeth to the agreement. You're going to meet regularly. You're going to stay involved. You're going to have good books and you're going to make assignments of one another and you're going to hold each other accountable. It's hard. Being in a partnership is hard. It's a marriage and you've got to put the time in and it can pay off incredibly. Your business can go to new heights with the right partner. It could also go in the toilet with the Wrong partner and with. And you can have a good partner and a bad agreement. Let me repeat that. You can have a great person. A lot of people say that, oh, they're a great person. The partnership just didn't work. You know why? Because they had crappy documents, crappy procedures, and they tried to do it all on their own. Please get a little bit. Don't use my law firm if you don't like me or my law firm, but use someone. There you go. Three things. Probably vet your partner, have the right legal structure, and operate properly. After day one, I've got seven other strategies I'm going to talk about tomorrow. Many of them are going to be in building the operating agreement and operating properly so that you set it up properly and maintain it properly for success. All right, well, if I don't have any questions, I'm going to tap out. But I think we have some questions from some of you in the crowd. And I'm hoping that some of you take advantage of the fact you've got a real tax lawyer here ready to help you save taxes, build wealth, and properly build your business. So now, let me see.

Okay, I've got a question here. Should I have a partnership LLC with my wife or a single membership llc?

Love it. In A. And I've got a few texts coming in through with people that are watching live, that are texting me directly. All right, In a marriage, husband, wife, in this restaurant side, we would not do an LLC and 2s Corps. We would go straight to the S Corp. And for tax planning, believe it or not, I may make the wife the 100% owner. I may make the husband 100% owner. I may make them 50. 50. There's some tax strategies involved there. How much do we put each spouse on for a W2? They're both going to be on the board of directors, I can guarantee that. And you may have an LLC taxed as an S Corp. That's the same as an S Corp, everybody, so don't freak out. But with a husband wife situation, the trust is ultimately going to be the owner. And I'm going to issue stock to both husband and wife in the trust, but definitely not a single member llc. Now, I just got a text come through too, and said, mark, why does each partner have to have their own S Corp? All right, let me tell you why.

Okay?

Let's say I'm going to pick on Robby here. Robbie's here in my studio. He's my producer. So Robbie and I are going to open a restaurant. What kind of restaurant are we going to open? What's your favorite? What are we going to do? What kind of restaurant? We're doing Sushi. Yeah, Sushi. I love good sushi. Okay, we're going to open a sushi restaurant. Okay, so here's Sushi R Us. All right, now let's say. Ooh, we got to compare the two. This is going to be good. Okay, we have option one and, and option two. So you know we're going to pay self employment tax. So you already know Mark and Robbie that option one is. I'm going to do three. Good. One, two, three. Okay, option one, Robbie and I go to LegalZoom and F the thing up and just set up an LLC. Okay, there's Mark and Robbie. 60 for me, 40 for you. Or is it 50? 50? A 60 for you and 40 for me. What the hell? Jeez. Okay, we'll go 50, 50. All right, so we're 50, 50 in our sushi restaurant. We're an LLC. We start making money, we're paying self employment tax out the butt bad. Now, we could have a good LLC agreement. We vet each other. We're on the same page. We have a good LLC agreement, but now we're paying self employment tax. It is bad, not good. So Robbie's at his family reunion eating Kentucky Fried Chicken, and his uncle says, you need to be an S corp. Robbie, he's like, mark, we need to be an S corp. I'm like, all right, so we do an S selection and we convert this LLC to an S corp. We charge 200 bucks, easy schmies. Now we make it the same hundred grand, but we take 50 as pass through and 25, and 25 is W2. And we split up our pass through. 25, 25. So Robbie and I both make the same money. We both make 50 grand here, we both make 50 grand here. But now we only pay the F word. Fica, Social Security, Medicare, self employment tax. We only pay it on this part. And so we just save 15.3% of 50 grand. We each save $3,000 or more by doing an S corp. So you're like, mark, this is great. Okay. Robbie calls me up one day and he goes, hey, Mark, I'm going down to Florida for the weekend. Me and my girlfriend, we're gonna have a great time. We're going down to Florida and there's a sushi conference down there. Oh, my gosh. It's gonna be a great tax write off. So I think the company should pay for me to go to Florida. I'm like, B.S. i ain't paying for you to go to Florida. You're just gonna screw around down on South Beach. You're not gonna go to the sushi conference. I'm not paying for that. Well, it would really help the business. And I want a tax write off. I say, well, go pay for it yourself and write it off. Can't do that in an S corp. Literally, Robbie cannot go and write off his home office, write off his car, write off his kids, or write off that trip to Florida because it's an S corp and you're a shareholder. There is no shareholder reimbursement expense strategy that makes sense here because we got to make it equal. You may go, well, an accountable plan will do it. No, it won't, because now I've got to equalize. I don't have those expenses, but Robbie does. How do I equalize that? Oh, you take more salary. Oh, I want to take in more fica. I don't want to pay more fica. Well, you take more distribution. You can't do that as pro rata ccpas. I know what I'm talking about. It's a mess. So what do we do? We set up an llc and we each have an S corp. Now, why like that? So the question was, why do we each have to have an S corp? Because now Robbie can write off his Florida trip. That's it. He can write off. He can take other income in. He can write off other expenses. He could write off the kids, the spouse, medical, home office, Florida, and I could write off whatever the hell I want to. Because we each have our own S corp. This is the creme de la creme. So when you're an operational business opening up a sushi restaurant, the LLC is the restaurant, but each partner is their own S corp. We do it for maximum tax savings and maximum asset protection. I got protection. This way, this way, this way. Holy crap. Someone could go get sick on sushi, and I'm covered. Do you know you have to freeze salmon before you can eat salmon sushi? Did you know that?

Yes.

You did? I didn't know that. I was up in Alaska catching salmon, and I said, let's. Let's cut up some salmon right here on the boat, Neat. Sushi. And luckily, someone on our boat was like, do you want to be barfing for the next three days? I'm like, what? I eat salmon sushi all the time. But they freeze the salmon, which kills a lot of bacteria, and then they slice it up for sushi. I Never knew that. Anyway, learn something new every day. All right, well, what are any other questions?

Karen's got a question. She just invested with her partner to buy a property to flip it, and it went south. My name is not on the title. She says even though I put down the money to close the property, can I claim my tax return?

Can she claim it? The loss on her tax return is probably what she's saying. All right, Karen, first of all, I am so sorry. So let's get the facts here. Karen bought a property with a partner. Karen is the money partner. I'm assuming her partner is the credit partner. They signed on the loan, the property went down in value and they lost money. Karen, what you're allowed to write off, level one, is your loss up to your investment. So if you put in 50 grand and the business went down the toilet and you lost 70 grand, how did you lose 70? That means. But you only put in 50. Well, it's going to come out of the loan. Well, now, your partner who co signed on the loan, they're going to be on the hook for the loan, and they're going to get a bigger write off, and they're going to sell the property, try to recover what they can for the loan. Your partner's got a bigger issue because they signed on the loan. Now, Karen, if you signed on the loan, you need a consult, you got to talk to a professional. One of my tax lawyers could help you out. Get to kkos lawyers.com. but any of you, you're. You're able to deduct your basis. Meaning what did you put in the business? Now, if you put in 50 grand, the company had profit of 20 grand and you took 10. Now your basis is 60 because you had profit. So your basis would go up. So you can write off more. But this is a really complicated conversation. Inside, outside basis, and what you can write off in a loss, I would highly recommend you get a consult with a tax advisor, someone on my network or my law firm to help you out in that situation. Next question.

Okay, we've got a question here from Junior. He wanted to see if you could draw the difference between an S corp individually and an S corp when he's with a partner.

Yeah. So let's go back to me and Robb. That's your question, right, Junior? This is an S corp with Robbie. This is an S corp with me and Robbie each having our own S corp. So here's Mark, here's Robbie. What's the difference? I'll repeat it here. We save on Self employment tax. It's better than option one. This is the worst. This is okay. This is best. So when I have an S corp with me and Robby, we're able to save on self employment tax, but we're not able to take advantage of additional write offs. When we each have our own S corp, we save on self employment tax and get the ability for better write offs at our individual S corp level. That's the difference. Could talk about it more, I guess, but that's, that's, that's the gist of it.

Junior, we got a question here from Andy Mark. He just started a side hustle selling coins. Should he LLC from the starter hold off. Is it okay to hold off? Because he doesn't want to go through all the paperwork.

Selling what?

Selling coins.

Selling coins. Okay. What's his name?

Andy.

Andy. All right, so Andy is selling coins.

Wow.

I would want to ask more questions about what this coin stuff is all about. I don't know if you're into crypto or if this is precious metals. They're going to be treated differently. If you're buying and selling coins, it can be depending on what you're doing, it could be treated on a schedule D as if you were buying and selling stock. So it may only be subject to short term capital gain. And S Corp is not going to help you at all. And if someone's trying to sell you to be get an investor, a trader status, be careful of that. Andy, I think I really need more info to answer that. But I'll just tell you an LLC is not going to save you tax in that situation. An LLC is going to protect the coins. So say you got a million dollars worth of coins and you're trading and you get in a car accident, texting and driving. An LLC may help you depending on what state you're in. Andy, if you're making more than 50 grand a year doing this or even 30 grand a year, please set up a consult with one of my tax lawyers and dive deep into it. I want to know the type of coins, what state you live in, Are you married or single? Do you have a day job? How much money are you making? What are the expenses you have? Right. There's a lot to talk about there. Anytime you hire a tax lawyer in my office, we're going to save you 10 times in taxes. That's what blows my mind is people like, well, I can't hire a tax lawyer. They're too expensive. Okay, have fun paying that 10 grand in tax, you dumbass. When you could have paid it a tax lawyer 500 bucks to save five grand. See what I mean? You got to say spend a little money to save money. Don't hire me if you don't like my style. That's cool, I get it. But hire someone. Don't think that plugging around on Google is going to help you. It's not. I had to paint a room and take yesterday, I literally had to paint a room, remove wallpaper and get some adhesive, some carpet adhesives, adhesive off the floor. I went to Home Depot last night real quick. I realized I don't know what the hell I'm doing in this situation. Yeah, I painted rooms. I own rental property. But it was a complex situation. I was covering up another paint. I had wallpaper to take off. I literally got on thumbtack and hired someone that showed up at 7 this morning. And within the first hour he had techniques that that saved me $1,000 of my wasted time. People, DIY, aka do it yourself is not always the best deal. And especially when it comes to the IRS and staying out of court. Quit watching Law and Order thinking you can figure it out. Robbie fire pissed. Damn it.

We got one last question.

Okay, one last question.

Lori, you know what she wants to know. How can she sign up for the webinar tomorrow?

Oh, Lori, thank you. Everybody down in the description right now. Robby is going to release it. There is a webinar with a click and a boom, boom, boom and you're in. Sign up for the webinar. It's free. I'm going to spend an hour. I won't be as freaking out and I'll be more patient. It's at 2 o' clock Pacific tomorrow. 2 o' clock Pacific. I will be with you for one hour. I'm going to dive into 10 different ways to do better. Do your partnerships. I'm going to answer your questions, do the best I can. Sometimes we have hundreds of people on there and I can't get to all the questions. But I'll have another lawyers on the line with me helping out. And we're going to try to help you and your American dream. People, please sign up for my weekly newsletter. Get to markjkohler.com Sign up with a lawyer just for an hour to help you better structure your business. I promise you if we don't save you 10 times what you pay us, it's a fail. We really know what we're doing. Watch out for those companies that aren't lawyers trying to tell you that they can do it better and faster. You don't have attorney client privilege and you get into problems, Bing, they're gone. There's no malpractice insurance, there's no bar license to rely on, and there's no attorney client privilege to rely on. We are literally cheaper and a lot of companies out there just trying to sell you crap you don't need. Be careful out there, folks. The dream is real. Keep living the dream. Sign up for the webinar. If you're going to have a partner, have a partner. Want to have a partner in your business? You got to be here tomorrow. It's going to kick butt. You're going to love it. See you at 2 o' clock Pacific tomorrow.