030 How to Protect My Assets

Hey there, real quick, before we jump into the episode, listen, if your earnings treadmill hasn't set you free yet, running faster won't either. Listen, hustle without principles just going to burn you out. So here's what I want for you. I want you to join me for my money machine experience live. It is three free trainings. Deep dive into how to escape the treadmill and build a money machine that actually works for you. All right, grab your spot here by going to moneymachinelive.com and I'll see you in the free training. Hey there. Welcome to this episode of the Affluent Entrepreneur show. And in this episode we're gonna talk about something that I get asked a lot. Should I be an llc? Should I be a corporation? What about an S corporation? Do I even need an entity? Well, that answer's coming. Stay tuned.

This is the Affluent Entrepreneur show for entrepreneurs that wanna operate at at a high level and achieve financial liberation. I'm your host, Mel Abraham and I'll be sharing with you what it takes to create success beyond wealth so you can have a richer, more fulfilling lifestyle. In this show, you'll learn how business and money intersect so you can scale your business, scale your money and scale your life while creating a deeper impact and living with complete freedom. Because that's what it really means to be an affluent entrepreneur.

Hey there. If you're here, I already know that you're one of the people that really want to get this money thing situated. You want to understand what it is to try and change your financial destiny and build financial independence in your life. You want to be an affluent entrepreneur. I get it. So here's the deal. I want to go deeper with some of my my audience and my community and spend a little more time with you. So I have a free three part live training event that I am doing starting October 20th. I want you to mark that on the calendar October 28th. We're going to do three different sessions, about 90 minutes each. We're going to go through a number of different things because I'm going to set you on a different trajectory financially, wealth wise, business wise and life wise. And so to save your spot or to be on the VIP list to make sure you're there, go to affluence live.com affluencelive.com and make sure you grab the spot. We're going to have limited spots, but I want to help you. The first session really going to focus on this idea of what is the affluence journey, what does it take? What are the four stages of the affluence journey, and what are the barriers, the things that are getting in the way of building the wealth at the level that we want, to have the freedom that we want so we can break those barriers down. In the second session, we're going to talk about the core affluent entrepreneur principles and drivers that drive wealth and start to give you the breakdown of the pillars, the three pillars, and that all affluent entrepreneurs need to have in place to make it happen. And then we're going to bring it home in our third session. In the third session, I'm going to talk about the nine accelerators to being an affluent entrepreneur to live a richer lifestyle, to have a deeper impact, and to have complete freedom. So October 28th is the date. Go to affluencelive.com grab your spot, set yourself up on the VIP list. I'll see you there. Let's change your financial destiny to together.

All right. Welcome to this episode of the Affluent Entrepreneur Show. And this one's going to be cool. We're going to get a chance to maybe clear up something that seems to come up a lot. When I am outspeaking or I'm talking to a bunch of entrepreneurs or people in the online space, they're asking always, do I need an entity? You know, maybe they're building wealth and they're creating. They're getting rental properties. Do I need to put each rental property in an LLC and. And that type of thing? Now, I'm not going to get a chance to go into details of exactly how to structure everything that are personal to you, because, let's face it, each person's situation is different. It depends on what kind of assets you have. Do you have kids? Do you have children, Grandchildren? Do you have kids? Going to college? Depending the age of the kids, what are your age, what are the risky elements to it? But here's what I do want to do. I'm going to walk through each of the different types of structures that you can have for your business or that you can have for your assets. And what are the key elements to consider in each of them? Because here's what we know. Face. Face it. Like it or not, we live in a litigious society. Live in a society where it's easy to file a lawsuit, that you have the opportunity for $50 or $100 in, in some jurisdictions to file a loss. Whether you're guilty of doing something wrong or not, you're stuck defending the doggone thing. And so it still costs you money. I know years and years ago, some I got named in a lawsuit that I had nothing to do with. I never had to pay anything out, but I did have to hand it to my insurance carrier to defend me in the lawsuit. And actually all they did is their attorneys got me thrown off the lawsuit saying that I wasn't part of the lawsuit. And they called the court agreed. So I never got into the lawsuit. But because I was named, I had to hire attorneys to stop it. So now it would have cost me money, but the client that was in the middle of all of it was good enough to say, we'll reimburse you for anything. So it didn't cost me anything in that situation. But the fact of the matter is that lawsuits are easy to file. And the more success you have, the more assets you have, the more things that you do, the higher the likelihood that something can come and hit you. Now, structuring isn't just for lawsuits. It's also there's some tax elements to it, there's some financial elements to it that we need to consider. There's some planning elements to it that we need to consider. Now let me give my CYA right now. I am not an attorney, I am a cpa, but I'm not your CPA unless you and I have a one on one relationship with a signed engagement letter. I am not giving you personal tax advice, legal advice or anything like that. Every single person, every state is different. The tax law, the federal tax law is the same around the states, but your legal law is different in each state. And so depending on the state you're in, depending on the country you're in, you need to look at what those laws are to see what applies to you. But there are some general things to understand. And when you understand those general things, then you can have a more informed conversation with your accountants, with your legal team, with your advisors. And I do recommend that you spend some time, spend a little bit of money and have the conversation when the time is right, which we'll talk about. So here's the thing. I'm going to go back to a lawsuit that was filed. And just so you understand how this thing can play about. There was a kid who was 16 years old, he was driving his grandmother's car and he stopped at a stop sign, kind of rolled the stop sign and he ended up hitting, getting in a car accident. The people that he hit sued him. Now he's 16 years old, the kid has nothing. So they sued him, they sued his parents, they sued the homeowner on the Corner where the stop sign is because their hedges were too high and therefore there was a blind intersection. And they sued the grandmother that owned the car and let him borrow it. And the courts awarded them a settlement of $600,000 against the grandma. She wasn't even there. And I tell you this because it's important to understand how these things can come about. You might say, I'm not in a risky business. I don't have these things. But, you know, what do you have teenage kids? Are they driving? All those things could create a risk. So there's a time where you want to look at this. So that's the way to at least start to think about it. Because here's what I know. You can protect yourself with bricks or sticks. Obviously, it's just like the. The fairy tale and all that, all that stuff. Bricks are going to be stronger than sticks. And. And so there's a lot of different entities to consider in there. But what I want to do is actually look at a couple things. When you talk about an entity for your business or an entity for your assets, it gives structure to the business. It's the skeleton, and it's the walls to some sort of commercial enterprise. Whether it's a rental property that you're holding an Airbnb business, or your coaching business, or your bricks and mortar business, it creates the skeleton of structure that may be in place. The other thing that it does is it gives you a legal form to do business in. It separates you, in many cases, it separates you from. From the business. And remember in previous episode, in the last episode, I talked about the accounts that the accounts that are your business accounts are separate from the accounts that are your personal accounts. And then we need to treat them separately. If we don't treat them separately, then what happens is that the courts and other people will say, well, it's all one and the same. They treat it as a personal account. So I can go after it. One of the reasons for creating an entity and putting assets in an entity is to protect them from people getting at them when you don't want them to get at them, is to protect the things that you earn, the things that you create. The other thing that happens is that it gives, like I said, legal shielding to your business or your personal assets. You may have a situation where the business gets sued, but if you set it up right, your personal assets aren't at risk. So we need to be aware of that. And then, then it establishes a tax structure. Each entity, each entity choice has a different type of tax structure that'll apply to. We're going to talk about each of those as we go through it. And then the last thing is this. It can give you a big step from a hobby to commercial. So at least in the US There is a situation where if you are doing a side gig, a side hustle, if you will, and that side hustle doesn't earn money, but you're parading losses through to reduce your taxes, the IRS will allow that for a few years, but if it goes on too long, they're going to say, you know what, Johnny, you are not in business. You are running a hobby and you're trying to take a tax deduction for your hobby. And we're not going to let you take the deductions and they disallow it. But creating a legal structure, operating it as a separate entity from you, operating for the purpose of making a profit, doing the things right, will go a long ways to legitimize the fact that it is not a hobby and a business. So here's what I want to do. I want to walk through each entity structure, each possible structure, and tell you a couple things. I want to talk about what each is and what it takes to set it up and maybe the possible costs to doing so and the kind of protection you get and what it's going to take from a taxation. How does that affect your taxation and your reporting requirements? Because each entity is slightly different. All right, so let's get rolling. The first one that most everyone has probably heard of is what we call a sole proprietorship. Now, sole proprietorship is the easiest entity to set up because you really don't have to do anything. A sole proprietorship has no legal shielding because actually, the way it's reported is on your personal tax return, it's on what we call a Schedule C. And all you're going to be doing is putting the income and expenses from your business on your personal tax return. So the pro is that it's easy to set up. One of the biggest cons is that it's on your personal tax return. There is no separation. There is no legal shielding. And if there is risk or you're doing anything that's risky, it can be a problem. Now, I'm not saying not to operate as a sole proprietorship. In fact, I had a sole proprietorship for a while for a reason, and that I'll explain in a moment. But also, if it's a new side hustle, and assuming that there isn't a tremendous amount of liability associated with what you're going to do if it's a new side hustle and you're not sure if it's going to take off or not. Instead of going through the cost of setting up a new entity, a corporation or a LLC or anything like that, maybe you started out as a sole proprietorship at the beginning. Once you start to see it get traction, once you start to see it get legs, then in all likelihood you're gonna want to shift it, shift it to some other structure so it's separate when you do that. In most cases it files its own tax return and it's not on your personal tax return. That is a big deal. Because when a sole proprietorship starts to generate higher levels of income in the couple of hundred thousand dollars or more, the likelihood, the probability of audit goes way up. So you want to make sure that we want to reduce the exposure from any of this stuff. Not that you're doing anything wrong and an audit is a problem, but an audit is a headache at least and it's going to cost you because you, you need representation and all of that. So sole proprietorship, you don't have to do anything to set it up. It's automatic. If you're going to operate under a different name, then you might have to file a dba. You may have to get a business license in the sole proprietor name. I would recommend getting a sole proprietor's separate bank account. So if you're going to do like if I was going to do Mel Abraham coaching, that would be a separate bank account from my Mel Abraham personal. It would also, I would also do in all of these situations have a separate credit card. If I'm going to use a credit card for that business and make sure that the only thing that's going on that credit card is the expenses relating to that business. So it's easy to set up, but there is no shielding. And one other thing from a tax standpoint is 100% of the net. So that's the amount of money you collected. Less the deductible business expenses is subject to something called self employment tax. Self employment tax is a little over 13%. That's on top of.

Your income tax. Okay, so 100% of the net is subject to self employment tax. Well, the self employment tax is a vehicle to kind of substitute for Social Security tax. When you get paid a salary from a company, withhold Social Security tax from your check and the company pays a portion of it. So the company matches the Social Security tax. So half of it's paid by the company half it's paid by you. The self employment tax is in order to replace that tax. Because a sole proprietor doesn't have Social Security tax. Instead they have self employment tax. So that's the thing. And I'm going to give you a business entity cheat sheet at the end. That is a graphic, a matrix that kind of summarizes some of this stuff. So if you're listening only and you're on on itunes or Stitcher or Spotify, then go to the show notes, go to my page and download the resource. We'll make sure we link it all up in the show notes there and everything. So that's the sole proprietorship. Then we have the corporation. Now the corporation is probably the most common form that people know of. Now there is a corporate what you do in order to form the corporation, you decide to incorporate based upon the state that you're in. Now some people say all incorporate in Delaware or Iowa or Wyoming and that type of thing. Here's the thing, they think they're going to avoid some. But if I live in California and I create a Delaware corporation, okay, I still live in California, that corporation's doing business in California and therefore I'm still going to. I don't avoid any California tax. We just need to be smart about it. And there's a lot of, let's say shady people out there that are trying to sell these entities and asset structures that are trying to protect your assets that, that are just a bit over the line. So let's be smart about it and work it that way. So a corporation is the probably the oldest structure that has been around the longest. A corporation, you file what's called articles of incorporation with the state. Depending on the state, the cost to do that can range anywhere from a couple hundred bucks to, you know, four or five hundred dollars. In addition to that, the state themselves might have a fee. For instance, California has an $800 minimum franchise tax or fee to be a corporation in California. Here's the other thing with it. Now this gives you a lot of legal shielding because it completely separates you. The corporation. Here's the thing that people don't realize is the corporation isn't you. It is completely a legal entity different from you. So what goes into the corporation can't just come out to you willy nilly without having to take some steps to report it correctly. So the corporation assets are the belong to the corporation. Just because you own 100% of the stock of the corporation doesn't mean you own 100% of the assets of the corporation, they belong to the corporation, you can get the assets out. It's typically going to be taxable to you if you do that. Now, there are two different ways to file your corporation. Now the entity itself, the legal structure is exactly the same. And you can choose to get taxed as a C corporation or as an S corporation. Now, C corporation is what most of the public or all the publicly traded companies are and everything. And that what happens there is the corporation pays its own tax. So if a corporation has a net income of $100,000, the corporation pays tax on $100,000. But if I file a form with the IRS to elect that corporation be treated as what we call an S corporation. S for subchapter S of the Internal Revenue Code as an S corporation, then what happens is that that $100,000 doesn't get taxed by the corporate level. The corporation pays no tax. It transfers to the personal tax return of the owner. So If I own 100% of an S corporation, in fact I do, one of my corporations is an S corporation and that $100,000 would show up on my tax return and I pay the tax personally. Okay? The entity doesn't pay tax. And so many small close CL businesses will if they are, if they were. A corporation made an election by filing the Form 2553 with the internal Revenue Service to elect to be treated as an S corporation. And you get this approval letter and then you file a different tax form. A regular corporation files a form 1120, an S corporation files a form 1120s. You don't need to necessarily know that, your accountant will know that. But the bottom line is this corporation is more expensive to set up, gives you much greater legal shielding and can be taxed in a couple of different ways depending on whether you elected S corporation or not. If you didn't elect S corporation, then the tax is paid at the corporate level. There is no self employment tax on that income.

If you elected S corporation, then it's not taxed at the corporate level. It's taxed on your personal tax return and you avoid the double taxation. You avoid getting hit with tax twice. The money gets taxed on your personal tax return and you avoid self employment tax on that also. So that's the corporation then. The third type of entity which you see a lot of these days is what we call limited liability companies, an llc. LLC is a.

Easier entity to form than a corporation. It's typically less costly than a corporation. It's more flexible than a corporation. And so this is why we see a lot of, a lot of asset protection, a lot of companies starting to create LLCs. But you have the flexibility. Now an LLC there's can be taxed a couple of. Now it gives you the legal shielding as a corporation would, as long as it's all respected. It gives you the same type of legal shielding as a corporate, generally the same type of legal shielding as a corporation would. But the way it's taxed is dependent upon how you elect to be taxed. So in order to form an llc, you file articles of organization or an operating agreement, articles of organization, typically with the state that you're forming it in. And what typically happens then is you get a stamped set of articles of organization saying that you formed this llc. Now that is a legal entity. You go open your bank accounts and do all of that in that form and in that company name. And now when it comes to filing your taxes, you can file your taxes as an LLC or as an LLC taxed as an S corporation, which is typically the two ways that it happens. But here's the caveat. If the LLC only has one member, which is the owner and it's what they call a single member llc, then it is reported for tax purposes the same as a sole proprietor. In other words, all the activity shows up on a schedule C, which also means that all the net is subject to self employment tax. Okay, so let me repeat that. If it's a single owner llc, then it is reported like a sole proprietor or on a schedule C on your personal tax returns. And 100% of the net is subject to self employment tax. Generally speaking, if the LLC has more than one member, let's say it was you and your spouse. It could be you and your spouse, it could be you and your brother, it could be you and a stranger. And so there's more than one.

Member, one owner of the llc, then it is not on your personal tax return. It files a separate tax return and you take your portion of the income on your personal return and they take their portion on what's called a K1. It's reported that way. So it's not on your personal tax return. But the LLC's income again is subject to self employment tax. So you have that 13% tax that's going to, you're going to get hit with. If you form an LLC and are taxed as an llc. Okay, but you don't have the double tax.

Then if you have an llc. I know this is a lot to go through, but if you have an LLC that you elect. You tell the IRS, I want this LLC to be taxed as an S corporation. Couple things happen then legally you're an llc. Tax wise, you're an S corporation. You kind of get the benefits of both. You get the flexibility of the LLC and the protectability of the llc, the protection from the llc. But you also have the ability to avoid self employment tax because the pass through of the income from a S corporation isn't subject to self employment tax. Okay. So that's that entity. Now I'll give you how this is typically used. Is that. And I'm going to say typically because it depends on your situation. But think about this. I create an entity, an LLC to run my business. My business is just starting out. So I create this LLC and I'm running my business. I'm making $20,000 the first year at that case. Then typically I'll just let it get taxed as an llc. I'll be subject to self employment tax. And, and I'm fine. But when that $20,000 goes to between 40 and 60,000, that's typically when I'm going to have my clients. Typically I'm saying, because I'm not saying it's automatic. Have them elect to have the LLC taxed as an S corporation. What does that mean? That means that I can now limit the self employment tax that I'm paying. And the way it's done is this. When you have an S corporation, whether it is an S corporation that you filed or an LLC that's elected as it is important for you to make sure that you're get taking out a salary from that corporation.

That is a market rate of salary for the work that you're doing. Okay. If you have an S corporation or llc, it taxes an S corporation and you're not taking a regular salary check or end of the year salary check, that means that it has taxes withheld and you pay Social Security tax on it. That's a trigger for a potential audit and you need to get it corrected. Okay? But you're going to take a salary check for a portion of the income and then whatever is left in the company isn't subject to self employment tax. So watch what happens. Let's play with some numbers here. Okay. I'm going to write some of this down on those that can read it. Let's just assume that the net is $100,000. Okay? If I was an LLC, this would be subject to self employment tax at 13% plus. Okay. And income tax. But what we're going to do is say let's just assume that I can take a salary out of $45,000. Okay. That leaves in the company $55,000. Okay, so this is LLC. If this is an S corporation, then this is a salary. So this is going to come through on a W2. So there's going to be Social Security tax on it and withholding taxes just like any other paycheck. But this $55,000 is going to pass through on a K1 with no without self employment tax. What that means is that on $55,000 I save 13%. I'm not paying it on all of it. So what is that, 10%? 5,500 plus 3. It's about $7,000 in tax that I don't have to pay. Okay. So the reason we do this is just that is to reduce or control the self employment tax with an S corporation. So we'll start with an LLC and we'll typically convert down the road when the income starts to get high enough that it makes sense. Okay. Hopefully that makes sense to you. I'm just trying to give you a primer of things for you to think about. Obviously there's more detail to go into depending on your situation. This is something you want to sit with an attorney and an accountant with as you're trying to form it so they do the right thing for you. You, you can create LLCs to hold rental properties, activities, businesses and all those things and they work in conjunction with each other to make that happen. Okay. In conjunction with each other to make that happen. And then the last entity that I want to talk about and touch on is this is one that I don't want you ever to do. It's called general partnership. Okay. A general partnership is easily formed. It effectively allows you to just two people come together and they start operating a business. And you can be a general partnership. Here's the biggest problem with this is in a general partnership you get absolutely zero shielding. It's like a sole proprietorship, but worse. It's worse. Here's why. In a sole proprietorship, it's just me. If I do something, then I'm liable for it. But in a general partnership, it's me and at least one other person. And my liability is not just for what I do. My liability is for what I do, what the partnership does and what my partners do. So if my partners do something that is wrong, stupid, indifferent, bad, and we get sued, I am liable and my personal assets are exposed for the acts of my partners. So this is why I Say general partnership, avoid at all costs. Okay, we don't try to go into general partnerships. So sole proprietor llc, corporation, S corporation or C corporation and general partnership. But we're going to avoid the general partnership. Okay, let me walk you through the cheat sheet. So you have it, you'll see I summarize all of it in this business entity cheat sheet that you can get from the show. Notes that we talk about the taxation, the taxation of it, how many owners you can have, the types of owners that can be there. Can I have different classes of stock and does it shield from liability? And I hit on the C corporation, the S corporation, llc, the general partnership. And we didn't talk about it. But a limited partnership, limited partnership is like a general partnership, but you have provisions in there that can limit some of the liability if you're a limited partner. But if you're a general partner, you take on the full brunt of, of exposure. And this is why we avoid that general partnership element. So this is the key. Here's what I think you should do and here's some steps to consider. If you're just like I said, if you're just starting out, if you're just starting out, testing an idea, doing that, I would just do it in a sole proprietorship. If it's something that's risky, if it's something that has risk to it, maybe you form an llc, operate it as an LLC for a period of time in most cases until the income comes to a level where you can draw a salary and start to reduce the self employment, employment tax that you're subject to. These are kind of the ways that we look at things. And then you use these entities and end up having potentially multiple entities. I have multiple entities to shield liability from different things that I'm doing to protect my assets. Remember, the idea is this, if we talk about this in the affluence blueprint, when we talk about the business doesn't you know, most people, most entrepreneurs go into business because they want freedom. But a business doesn't give you freedom. A business gives you cash flow. It's what you do with that cash flow that gives you the freedom. See, the business is building a cash flow machine, but you need a second machine. So you need the business machine. And that business machine helps you build a money machine. Those are the assets that we create, which we go real deep into in the affluence. Blueprint is to create the money machine because it's the money machine that gives you the freedom. So if you have a business Machine. And you have a money machine. And that money machine has all these other assets in it, whether it's rental properties and stocks and other things in a portfolio. We want to protect the money machine from anything else that could happen. So the money machine never gets taken away from us. That's the purpose of structuring. That's the reason we need to be smart about it. That's the reason I'm going to invite you, as you start to grow, to not cheap out, okay, on spending a little time and money with an accountant and an attorney to say, here's what I got. How do I protect it? Because this isn't about protecting today, it's about protecting tomorrow. It's about protecting your future. This is about protecting your legacy. Here's the thing. I'll tell you a story of a dear, dear friend of mine and he tells us from stage. So I'm not talking about anything that other people haven't heard, but my dear friend, Brendan Richard, he had a company and he had a business that he called College Success Boot Camp. This was a beautiful business that was meant to help our youth be successful in college. And he brought people in to educate them, the kids that were college bound youth, their parents, to help them navigate the college system in a way that they could be successful. And so he did this big live event in Florida in conjunction with Sony and Disney, I believe. And it was a multi day event. They were teaching the parents, they were teaching the kids, they were doing all kinds of things. And one of the things that he did there is he wanted to do a board break. And so he did a board break with the kids and the people that were volunteering to work the event. Many of them were counselors from the different colleges from around the country. And it was an absolutely successful event. And what happened was six months or so after the event, he gets a call from an attorney that says, well, someone got hurt during the board break. And he says, no problem, I'm sorry, I didn't even hear about it. I didn't know anyone got hurt. No one reported it. We didn't know and you're being sued. And he says, oh my God. Well, he says, here's my insurance company's names. So he gives him the insurance company thinking it's over. But here's the thing, the person that got hurt got hurt practicing the board break the day before the event started. And when Brendan insured the event, he didn't know better, he insured the event itself. So if the event was Tuesday, Wednesday, Thursday he insured. Tuesday, Wednesday, Thursday. This person got hurt on Monday in rehearsal the day before the event. So it wasn't insured. And because it wasn't insured and Brennan wasn't structured properly, he was personally liable. He lost it all. He had to give it all up. The college success boot camp was completely lost and was never done again. That's what I don't want to have happen to you. That's why it's important. As you become successful, as you build wealth, as you build your business, as you create the business machine and the money machine, we, we need to make sure that it's structured in a way that you protected your future, you protected your children's future, your spouse's future, your legacy. That's what this episode's about. So hopefully this helps. I know that's a lot of stuff. I don't expect you to be an attorney. I don't expect you to be an accountant. I don't expect you to get this dialed in. I just expect you to know that it matters and get the right help. So I hope that this helps settle this question. Make sure that you download the business entity cheat sheet, go to the show notes and make that happen. And listen if you have a question, if you have questions about money, well, business life as it relates to this, how do you your relationship with money? Do me a favor, reach out to me. DM me, send it to me. Let's get it on the show. Let's get it on lives. Let's get the questions answered. Let me be your money mentor as you grow and shift and change your financial destiny until we get a chance to see each other or chat with each other in the next episode I of the affluent entrepreneur show. Remember this always, always live a life that outlives you. And I'll see you soon. Cheers. Bye. Thank you for listening to the affluent entrepreneur show with me, your host, Mel Abraham. If you want to achieve financial liberation to create an affluent lifestyle, join me in the affluent entrepreneur Facebook group now by going to melabraham.com group and I'll see you there. Foreign.

And that's it for this episode of building your money machine where we help you learn how to master your money, eliminate financial stress and live a life of choice. If you found this valuable or helpful to you, here's what I'd love for you to do. If you do me a favor, go to Apple, Apple podcast or wherever you're listening to this podcast and rate and review the show. It helps us tremendously to keep us at the top of the list so we can continue to get this information and this message out to people. Because I truly believe that financial freedom is your birthright, and I want to help each and every one of you claim it. Thanks so much.