Wealthy & Wise: The crucial foundation your business needs

Wealthy & Wise: The crucial foundation your business needs

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About the Video

Getting your business idea to an actual operating business takes work and a solid foundation before it can start to generate revenue. Watch Erika Cardenas-Barrios, and Damian Barton, as they discuss how to properly setup your business with the right foundation that can provide protection as your business grows and changes.

Prefer to read? A full transcript is provided below.

ERIKA:

Hi. Welcome to Wealthy and Wise. My name is Erika, and I’m going to be your host today. And today we’re going to be talking about the entrepreneurial journey and proper structuring. And we have a very special guest with us today. His name is Damian Barton. Welcome to the show.

DAMIAN:

Thank you very much. Glad to be here.

ERIKA:

Absolutely. So, again, we’re going to talk about entrepreneurial journey today and we’re going to talk about proper structuring. Now, you’ve been in the asset protection industry for 20 plus years now. And in that time, you were also a retail business owner yourself of over ten plus years. And if I remember correctly, during your ten years, you scaled your business from what was one store to five.

DAMIAN:

Yes.

ERIKA:

And after ten plus years in 2019, you decided that you were just going to go ahead and sell your business and start something new. So here we are today. So again, thank you for joining me. I think you are the perfect person to really have this conversation about the entrepreneurial journey and how proper structuring is so pinnacle at this stage, especially with a lot of our viewers right now. They’re just now starting their business. That being said, I do have to ask, why is it so important to have a solid foundation when you’re starting your business?

DAMIAN:

Ahh, very good question. Well, peace of mind is very, very important. That’s one, two, is the reason why you want to structure yourself is you want to protect your assets. And also, you want to separate your liability. You know, in my case, having the candy stores, I actually had a business partner. And so, we structured limited liability company because limited liability companies are fantastic vehicles for, you know, outlining the duties and responsibilities of the owners, but also separating the liability from personal liability, business liability. That way, you can operate the business without, you know, worrying about what your partner does. So, if your partner’s like a sky diver or something, and you’re worried…

ERIKA:

Oh, God, that would be devastating, can you imagine?

DAMIAN:

Right. And you worry that they may be themselves or hurt somebody else or whatever the case may be. You can have peace of mind. That’s the other half of it. Knowing that your entity is structured correctly in the event there is a business accident or a personal accident that you know your business.

ERIKA:

All your ducks are in a row.

DAMIAN:

All your ducks are in a row. And that’s really important to have a proper structure in order to do that. If you’re doing it on your own, it becomes more difficult and business acts in situations like that. So, indies are, you know, are fundamentally valuable for the asset protection, not just the tax savings as well.

ERIKA:

Right. That makes a lot of sense. And I speak to a lot of individuals who are just now starting their empire. Right? And the last thing that you really think about is setting up a business. You think about the fundamentals. How am I going to get this business running? What do I need? How much is it going to cost? But really, the bare bones of that business itself is the LLC, right? Now in your personal and, of course, professional experience, how has having a proper structured business benefited you? I know you had a partner, but also kind of give us an example of what that would look like had you not done that I don’t know if you know of anyone or any stories that you can kind of share on how it benefits and how people who didn’t take that path, how and how that resulted essentially.

DAMIAN:

As far as the how the, how the structure…

ERIKA:

Yeah, proper structuring.

DAMIAN:

Oh, proper structure, yes. Proper structuring is really, really important. You know, with the structures that that you know, we’re talking like for myself and my business experience with the candy store, is the limited liability company, is really important and there are several pieces that actually go into why that is such a useful vehicle. And one of those things is what’s called an operating agreement. And inside the operative agreement, it’s important that you outline the duties and responsibilities of the owners because you want to be able to hold your partner accountable for their duties. And you want your partner to be able to hold you accountable for what you’re responsible for as well.

ERIKA:

That makes total sense.

DAMIAN:

So, making sure that you do have you know, when you do set up entities and things, you want to make sure all your pieces are proper, are executed, and that, you know, you’re not leaving anything under the table. Because once you start getting your business actually functioning and operational where you’re actually working with clients in…

ERIKA:

The day to day. Yeah.

DAMIAN:

Right. It’s very difficult for you to go back and rework all that and if you structured it incorrectly the first time. So, it’s education is an incredibly valuable tool when you’re trying to start your business and really you want to be able to understand what all the options are. And, you know, because everybody’s different you know, some people are by themselves, some people or ecommerce businesses, some people have partners. You know, for example, I know you know how I like to do mining because we talked about this quite a bit, I have a joint venture agreement that one of us brings the equipment, the other one has the land, the other one has more tools, and the other one has, you know options for financing and things.

ERIKA:

So, it’s outlining that from the get-go at the time that you structure is just more ideal on this, I mean, it doesn’t just apply to partners Yeah. Partnerships, it could apply to even just a business that you have with yourself or a business that you have with your spouse, whatever that may be. Right?

DAMIAN:

Yes. And I would highly you know, I’ve been doing business for a long time, and I would highly suggest that you set goals, that you actually write them down, memorialize the things that you want to accomplish in your business,

ERIKA:

Manifest them.

DAMIAN:

Exactly. And you will be surprised. And if you know, one of the things I like to talk about, too, with the entrepreneurial journey is the initiation itself, having the courage to actually get out there and to just and define something that you’re passionate about. Find something that’s original that, you know, people want. You know, I learned at an early age that if you want to make $1,000,000 you got to solve a million people’s problems. And so, one of the ways to do that is to properly structure yourself because you want to save money on taxes. You want to protect your assets because you worked hard for those things. And you want to make sure they’re done in a format that’s useful for your needs as a business owner. In other words, you don’t want to have the incorrect structure. You want to have the right structure for your needs. So, if you are just an individual there, the LLC may or may not be the proper vehicle for you. So, what we do here at NCH what we do is we consult about those things to make sure that you do have the proper structure, because that’s incredibly important. 31 years NCH has been in business for 31 years plus, you know. It’s like you, we do have the knowledge, we do have the expertise that can go into those things to fine tune exactly what it is that your specific business model needs. You know, LLCs are a fantastic vehicle. They’re less expensive, they’re easier to use, especially if you’re beginning, really easy to maintain. So, it’s a very useful structure I’d recommend that. Corporations, C corporations, for example, are very useful if you have large, you know, like large groups of people with lots of assets, right. You know, stock certificates if you want to go publicly traded, there’s different things that you want to work on there. Sole proprietors are great, too, if you’re not making very much money. But you know, you do want to write it off on your taxes still because you have business activity. Maybe you or you have a multilevel marketing company.

ERIKA:

That does make sense. So, it sounds like there’s so many options. And essentially as an entrepreneur and many people out there, it’s like, what’s the right structure for me? And I think that’s again, the last thing that they think about is proper structuring. And not a lot of people realize proper structuring.

DAMIAN:

And get it done right the first time. You don’t want to go back and have to recreate a whole new system. You want to make sure on the get go because when that’s starting, when that gun goes off, you want to have peace of mind knowing that your foundation is sound. And that’s the key to a proper structure. That’s just your foundation. You actually have to work the business. So, getting the structure done is, one, is part of the battle. Next is again, being original, using your talents and your skills to implement your, you know, your passion into and generate income for yourself. Your vision. Exactly. And then once you do that, once you establish that, you set your goals, you look at all the different avenues and aspects of things, you know, like, oh, I need to I need product. So, I need to find vendors to bring these products in. Or I need to I need to find land to purchase for my real estate business, whatever the case may be. That structure is important to make sure that it’s giving you the ability to do those things easy, you know, as long as cost effective as possible and with least amount of mistakes. And that’s another thing that NCH provides. NCH provides that coaching and that guidance, so that way you’re making less mistakes. Because as business owners, I can tell you I’ve been in business a long time and I’ve made many mistakes. I’ve failed at business.

ERIKA:

You live and you learn right?

DAMIAN:

You live and you learn and having the right structure and having the right people around you is the next step. So, initiation is first and then making sure that you, you know, you understand what your venture is going to be about. Then you what you want to do is you want to go, you want to find mentors. You want to find teachers.

ERIKA:

To help you execute that.

DAMIAN:

To help you execute that. And that’s what I like. That’s one of the reasons why I love working here at NCH is because I get to play that role to help others achieve their business goals. And there’s nothing better, there’s not a better feeling than seeing people call you with excitement and to hear the success and the winning.

ERIKA:

For them taking that first step and I think more so now than we’ve seen ever before, there’s so many people that are really willing to take that leap of faith. I think with the times that we’re in now, people have really been able to reflect and really decide what is it that I’m going to do with my life. And I think during these times we’ve seen so many people just really jump that gun and there’s no greater feeling than being involved in that process. And we’ve seen so many people just stop what they’re doing, leave their nine to five, and they’re going to do something for themselves.

DAMIAN:

That’s brave.

ERIKA:

Absolutely. That’s so brave. And this…

DAMIAN:

I applaud that.

ERIKA:

100%. Yeah, I applaud them for just that courage and just taking that risk there. There’s a lot of risk that a lot of people, even myself, that are really afraid to make. Right? But I mean, it sounds like there’s so much involved with the proper structure. What do I need? So, it sounds to me there is there’s a lot of options that they’re going to have to really think about and they’re not really going to find a lot of that out there. Where can I get the information? So that being said, what does and what can NCH offer to entrepreneurs who are watching this today. What can NCH offer them? How can NCH be of service and how does NCH kind of set the tone for our clients?

DAMIAN:

Perfect. Well, you know, NCH is going to, number one, offer you peace of mind and a proper structure. And having that proper structure gives you confidence as a business owner to know that you’re your “six” is covered your back and is covered. And that’s one of the things that I really love about NCH because we are committed to the client and making sure that we fulfill on everything the client wants to succeed in their business. And this is what NCH offers and NCH offers the guidance and NCH offers support, NCH offers the products and services that support business owners from trusts to LLCs, to corporations, to business credit, whatever it is that you’re looking for that is business related. NCH is like a one stop shop. And when you purchase an entity from us, you literally get everything.

ERIKA:

Yeah.

DAMIAN:

You know, and upfront. So, it’s not piecemeal like you see a lot of other companies. So that’s one of the values that you receive. Not to mention you get free consultations with your business specialist. And that’s invaluable because what the business specialist will do is make sure that you stay in compliance with state and federal law.

ERIKA:

Which is so important.

DAMIAN:

Incredibly important. And if you’re doing business in other states that the business specialist can go over what is necessary, exactly what is necessary. Now, one thing that you did say that I would really like to revisit and if you don’t mind me sharing a personal story.

ERIKA:

Absolutely. No, I was just going to say what I mean, did you know everything that you know, did you know that on the onset when you were starting your business?

DAMIAN:

Well, I’m always learning. And that’s again.

ERIKA:

That’s a good answer.

DAMIAN:

You never want to assume that you’re an expert. And, you know, I’ve been doing this a very, very long time. And before I had my candy stores, you know, I was in a state planning and things like that. So, I did luckily, I had the education. So, when I started my business, I did have a lot of the knowledge, but not everybody does. And I’m able to share that because of my experience. To work both sides. I wanted to work the structure side, but also want to work the retail side so we can speak with confidence to what both ends see.

ERIKA:

The perspective.

DAMIAN:

The perspective. And I want other people to have that. And if you have to put your feet forward and you rise. In other words, you rise and fall in your own efforts. As a business owner, it’s so rewarding to see you succeed because you know everything falls on you. I had several, I had many, many employees, dozens of employees. And having that, you’re responsible for them as well, not only for yourself. And so, you’re driven, you’re inspired, you’re motivated every day to get out there and do things because you have what I refer to as responsibilities. But those responsibilities are challenges that bring reward. And it makes you feel good that you’re participating in society and doing good. And then you know, you like what you do and all of a sudden, you know, things around you are working better, things are working smoother. And I do want to go back to my experience, because you mentioned something I think is really critical right now. It’s very, very tough times. People are you know, they’re struggling in a lot of, not everybody, but a lot of people are struggling.

ERIKA:

They’re in a crossroads.

DAMIAN:

They’re at a crossroads. You know, the world is changing rapidly. And as business owners, one of the things, too, is that we have to be flexible. We cannot just be rigid and fixed in our ways. We have to be flexible to the needs of our clients, the needs of society. So why I want to share that is because in 2008, when I started my candy stores.

ERIKA:

This is what, this is when there was a market crash.

DAMIAN:

That’s exactly right. I did it right when the market, right when the market crashed. This was the worst ever.

ERIKA:

Worst time to start a business. Wow.

DAMIAN:

And, you know, I had fantastic credit. I had assets. You know, my house has paid for all these things. I had all these things that were going for me. But every bank I went to they would not give me a loan because the idea that I was presenting to them, the business plan, which is another product that we have here at NCH, which was super valuable. I submitted the business plan and they said, you know, you have everything looking good here, but this is a concept we’ve never seen before. And because we’ve never seen it before, we don’t have anything to really base it off of. So, we’re going to deny you even though you have all these other things in order or to deny you. Now, if you were like, and I don’t want to name the restaurant, but they said if you were a franchised restaurant, it would be no problem here. And I simply stated well the reason why you’d want to give me the loan to open these, this store is because it’s unique, because it’s different, because again, I’m trying to solve a million people’s problems with something that they haven’t seen before. And because it was 2008 and because of the financial crisis at the time, it was very, very difficult to get banks to do anything but I wasn’t going to give up. And I want to share that with others, too. I don’t want anybody else to give up because I started at the worst possible time, and I was extremely successful in it.

ERIKA:

And you scaled to five.

DAMIAN:

And I scaled to five stores during that time. And I did it all on my own efforts. And I’m so proud of myself for doing that. And believe me, it’s not easy.

ERIKA:

I’m sure it wasn’t.

DAMIAN:

There’s issues. There’s times where you just, you know.

ERIKA:

Adversity.

DAMIAN:

Yeah, but it makes you stronger as a person. It makes you stronger as a business owner. And it really puts you in touch with what your customers or your clients are looking for. And if you’re open to what their needs are, you provide that to them and then that brings you repeat business. That allows them to reach their goals. And if they can stay with you long term, to me, that’s a success for the client because that means you done right by them and they keep returning back to you because obviously they feel comfortable with the advice, the guidance, the support and the coaching, the structuring that you’ve given them. And so this time, this time around. So that was 2008 and I did all this, right? And I was able to succeed through all that. And in 2019 I was able to sell my stores and that right before this next crisis that we’re in. Right?

ERIKA:

Right. And so, we’re in today.

DAMIAN:

That we’re in today. So, I would, I want to share with you is this, is that it doesn’t matter. Right now, is the best time because most people they are not thinking about running, they are not thinking about running a business. They’re more thinking about survival.

Erika:

Right. How am I going to make it?

DAMIAN:

How am I going to make it right and all I can do is to maintain, right? How do I sustain my life right now? But you know, in reality, when you start your business, you are actually, you’re not sustaining, you’re growing, you’re thriving.

ERIKA:

That’s true.

DAMIAN:

And so, it’s a different mindset. And so, if you have the challenge of society that’s being pressed upon you, there’s no better time than to stand up and say, I’m going to make a change. I’m going to do something different. And then have people come into your inner circle to help allow that to grow. And of course, there’s compensation there. But then that helps you generate more income to pay your employees and all of a sudden you start building what you called an empire. And that empire is based off what you feel you can handle. And the more people you have around you, the more responsibility each person can take. And then you’re growing and generating more and more and more. And income is not all the be all. It’s also a great client experience.

ERIKA:

It’s pinnacle.

DAMIAN:

Yeah, it’s pinnacle, making sure that, you know, you are communicating, and you are following up and you are involved with your customer base. That’s a, that’s a recipe for success in any business. So, if you were thinking about, you know, thinking about starting a business, there’s no better time than now. They call it a present for a reason. The present for a reason because it’s a gift.

ERIKA:

Wow. That’s very impactful. And again, I can’t believe how you, I didn’t realize you started your business during a crisis, a time of crisis. I had no idea. I knew you started your candy store. I knew you started your business. I had no idea when you started it. So going back to that, I mean, you had the upper hand at 2008. You had already been in the asset protection industry. You already knew how to properly structure your business. So, you already had the education that you’re talking about. It’s so important. I’m sure you being a business owner, you know other business owners out there and there could be others who did not take that same path that you took and had the education that you had. Do you know of anyone who did not take that same path that you had and how their results may have differed due to the fact that they did not have that sound solid foundation that you’re referring to?

DAMIAN:

Yes. I do. So, this is where mentoring comes into play. I was fortunate because I had good mentors, but I also did my research, and I did my due diligence to make sure had everything in order before I pulled the trigger on anything. Because I’m a person who understands that when I make mistakes, it takes me a long time to unwind those. And I don’t want to do two steps forward, one step back. I want to stay focused and, in my direction, and goals.

ERIKA:

Keep pushing forward.

DAMIAN:

Keep pushing forward. and making sure I’m doing right by myself and people around me. That’s the key. So as far as me having good mentors, I like to put myself in a position of mentoring when it comes to certain things. There’s a lot of things I have to learn but with estate planning and with running a retail store, those things I’m confident in because I did it for so long and I understand it. So, I’m a mentor to a certain extent. And I will share that with you. One thing is that one of, one of my good friends, so I had, I had Bitcoin ATM machines, for example, in my stores. And I had a friend who, you know, wanted to start a Bitcoin business. And, and when I put my Bitcoin team in my store, Bitcoin was like 400 and something dollars. And I told him this is a great industry for you to get into. And I worked very diligently with him and hard with him to make sure he put this into place. So, he had this, this opportunity because this is what he was passionate about, this is what he was interested in. And I had Bitcoin ATM machines in my store. So it was an easy transition for me. And he never, he never actually, you know, pulled the trigger on it. But what’s really interesting is I have my best friend in the same circle who in within I would say within a couple of months, but it was him within the same timeframe who decided, you know what, I am going to do this. And that person is very successful. They’re making, you know, $300,000 plus a year through their Bitcoin business. And it was the same exact conversation I had with my other friend who didn’t go for it.

ERIKA:

He had the idea he just didn’t do it.

DAMIAN:

That’s right. It was actually their idea. And so that idea spilled over to another friend. The other friend says, you know what, if you’re not going to do it, I’ll do it, no problem, and put it into practice. They’re doing very, very well.

ERIKA:

Oh, my gosh. Imagine.

DAMIAN:

Yes, exactly.

ERIKA:

Where it’s at today.

DAMIAN:

It’s a touchy subject for sure. Right. But the person that does have a good job and likes what they do. So, it’s not a sad story, But it’s…

ERIKA:

But it’s a learning experience.

DAMIAN:

It’s there you go. It’s a learning experience. And it’s, also is that sometimes opportunity does knock, and we should be sensitive to those things. And if and again, if we’re passionate about it, if these are, if we wake up in the morning, these are things that we think about when we drink our coffee, if we’re looking at the newspaper and these are things that we read about. If we if we go home and speak to our significant other about, you know, did you hear about this news article regarding this story? Because, you know, on this particular business, right? Elon Musk or whatever the case may be. You know, technology, if you are involved with those things because you’re interested in it, what I would do, you know, I would guide you and help you like start something, start a business that way. I just had a friend here just last week contact me and tell me that they moved to Acapulco.

ERIKA:

Acapulco, Mexico?

DAMIAN:

So, yeah, so he moved, he moved to Mexico. And the reason why he moved to Mexico is because he loves to travel. And so, what he told me he wanted to do is move to Mexico so he can become a travel agent for Americans looking for properties. And lo and behold, this guy has more business than he knows what to do with and he just went down there.

ERIKA:

I’m sure it’s such a lucrative industry.

DAMIAN:

That’s amazing. And he speaks fluent Spanish. He speaks fluent English. He’s, you know, he’s American. And he’s got a laundry list of people that want to come down there. And he just drives them around shows and properties and things. And he’s making very good money. And he’s telling me, he says, I had no idea. I came down here with basically nothing but, like, $1,000, and I was able to build this business and grow this. And now he has a ton of customers. And so, I also want to share with you, like in my case with the bank, right, where I didn’t get the financing, so I had to do it on my own. And this gentleman’s case with $1,000 in his pocket able to build a business, and he’s now he’s looking for his own place now, you know, he’s got his car done. And so, he’s generating, you know, money. So, you don’t need, you don’t need millions of dollars to tell you this.

ERIKA:

No, you just need this. Yeah, you need drive, you need solid structuring, you need coaching, you need mentorship. And, you know…

DAMIAN:

You need the right people behind you.

ERIKA:

Exactly. And that’s what you stated that NCH is able to offer. And I mean, if you’re not an entrepreneur, you’re just thinking about this or you have this idea, everything that you spoke about right now, like me, I, I could be someone that’s just got this idea in my head. And I want to start this business. And I listen to you and I’m like, where do I begin? So, it’s like, what do I do? Where do I start? Who do I call? I mean, how do I get this up and running? Right?

DAMIAN:

Right. So, what I would do is I would, I would find okay so what I would do is I would I would outline what my business goals are. What is it? What are your expectations? What do you want to offer the world that you know, that you can generate long term because you’re passionate about it, enough to work your drive, your motivation, your inspiration, can be put into your business long term because it’s not going to burn you out? Because, you know, if you’re an artist, if you’re a traveler and maybe.

ERIKA:

Whatever it may be.

DAMIAN:

Right, whatever it may be, if you want to if you want to be an engineer, whatever it may be, put that down, memorialize it, really structure it for yourself so you can actually see it with your own eyes what you’re trying to make. In other words, you’re building a blueprint for what it is that you want to accomplish in your life and then what you do again. So that’s like the initiation stage, right? And then again, reach out to a company like NCH if you want. And then what we can do is we can mentor you. We can guide you any way we can provide options for you to share with you. You know, how to properly structure because you want that foundation to be sound. Without a proper foundation is very difficult to actually build, you know, to get the wood, the resources right, to build the roof the protection to, you know, to build the door so people can come in and earn money from you. To have a kitchen so that way you actually have commerce. You need all those things.

ERIKA:

That’s the hardest part.

DAMIAN:

It’s the hardest part. So, you get all that down. You reach out to your mentor, NCH, whatever the case may be, somebody who can assist you to get you the proper structure. Once your structure is sound, make sure that your bank account is done. Make sure that you got the right people around you. Make sure that you’re advertising. There’s lots of different pieces that are going to go into all this, but there’s step by step, you know, systems that you’re going to want to follow and having a good company behind you, supporting you,

ERIKA:

Helping you, providing you with those steps.

DAMIAN:

Right. Right. That is critical. It’s like you, G.I. Joe says, you know, knowledge is half the battle, right? So, it’s kind of, it’s kind of like that. You want you want to have access to that knowledge. The other half the battle is you actually acting and performing. And that’s why they call it a profession because you’re you know, that’s what you’re doing. And so that’s what I would say. And then you go on your adventure. So, once you’re on your, you know, once you get all the information you need, you go on your adventure. In other words, you’re now participating in society through commerce, right? You’re generating income and you’re also generating, you may be generating losses too. And just to be clear, one of the benefits of an LLC, they were structured in the seventies, by the way, in Wyoming. And one of the things,

ERIKA:

I just learned that today.

DAMIAN:

Did you really?

ERIKA:

I did.

DAMIAN:

Perfect. Okay. So yeah. So Wyoming started this. And the idea originally was just to share kind of like little law because I’ve been around a while. Is that the LLC was originally done to help people who were moonlighting. And then they had an actual job, like a nine to five job, for example. But they were like in real estate or something, right? Like say, and they were trying to generate money through real estate on the side and they had losses. And so what they’re doing is they’re trying to because they had losses, let’s say they were taking their W-2 income and lowering the tax liability to a certain extent also as protection. But they could lower the tax liability because all the expenses they had for their business that they were trying to do in real estate, let’s say. So that would help move them into a different tax bracket if, you know, if there was enough expenses there. But again, this is just a generic thing. There’s ordinary, necessary expenses that go into it and everybody’s different. So we don’t utilize. Right, exactly. And people utilize differently. But that’s kind of the idea. The idea is to you know, is to capture those. So, there’s this great there’s this great story. I know people may have heard it before, but, you know, business owners are different than employees. As far as taxes are concerned, as a as a business owner, you make money, you generate income. And then what’s left over after what’s ordinary necessary expenses that, you know, that can be legitimized, justified, and written off. Whatever’s left over that’s what you pay taxes on. Okay? But as an employee, you make money you pay taxes on money, which is different than the business. And then you get what’s left over and that’s what you get to spend. So, there’s a pretax through business and there’s you know, and post-tax, right? There’s pretax and post-tax. We want to distinguish the difference between those two as well, because when you’re in business, you want to be able to capture the expenses that are business related and you want to make sure those are separated from personal. Because this is a way to keep more of what you earn and use that more of what you earn to propel you further in your business because you actually have more income, and you can scale it exactly. And that’s another important aspect. It’s subtle but it’s useful. And the Internal Revenue Service has put these laws into place for us to, you know, to use them as benefits for us. And so, if that if I’ll do it right,

ERIKA:

Do it right and start it right.

DAMIAN:

That’s all they care about is as long as you do it right. So that’s having that structure sound. Having a strong foundation gives you the ability to maximize all those different aspects of building your business.

ERIKA:

And that’s something that NCH can certainly offer from the time that you start your business. For as long as you keep your business.

DAMIAN:

That’s why I’m here. That’s what I want to do for people.

ERIKA:

Wow. Wow. I’m not going to lie to you. You kind of scared me and lost me with the IRS. Oh, but that’s okay. That’s a lot of people are afraid of Uncle Sam around these, you know?

DAMIAN:

Yeah, don’t be because…

ERIKA:

We walk on eggshells but…

DAMIAN:

Because they’re very clear. They’re very clear in their direction, you know, don’t take advantage of it. You don’t want to take advantage of you, you know, but you do want to make sure that you are receiving the benefits that are offered to you through the structures. Because the reason why the tax law is written through different entities, you know, and even the revised statutes are done this way as well. It’s there for guidance. It’s there to show you that if this is what you want to do, you have to do it this way. So, these are rules, regulations that we all must follow that way keeps us all honest. It keeps us all on the same playing field to make sure that nobody has a different advantage than somebody else. The only advantage is that you can receive and somebody else is the different type of any structure that you have and then utilizing those laws to benefit you. And but again,

ERIKA:

Again, it comes down to this.

DAMIAN:

It comes down to that. And you want to make sure you are upfront, honest on everything. That’s why there’s an expenses and income. And another thing that we offer here at NCH is to make sure that you stay in compliance with state and federal law, including the IRS, is the tax service. And I do personally, you know, everybody has their own opinion on this. But personally, when I speak to a client and they’re brand new, I do suggest that they work with our tax team for the first year and to make sure that everything is properly, you know, administered cause that they may need,

ERIKA:

During the infancy and the first tax filing. Yeah. Yeah.

DAMIAN:

Because they may need to file a 2553 form on their LLC to become an S-Corporation and the tax team, you know, these are important aspects the tax team is also associated with. And so, setting you up right, the first year is great. And if you have a personal accountant or CPA that you like, you know, having us do it the first year, we can always move that over the second year, those kind of things. But again, these are options. I’m not saying that you have to do it this way, just saying that one of the benefits of coming to a place like NCH is we are full service, and we do offer many different aspects to provide a vehicle so you succeed in business. And that is a very important aspect to it is, is the tax side. So, you know, we will always make sure that you are handled by a professional when it comes to tax concerns. So, I wouldn’t be the one you know I’m not sure that I would be able to do that, but I can speak generally to it.

ERIKA:

And it’s that constant education. It’s that constant coaching. And again, for as long as you have your business NCH is going to be here to help you.

Exactly.

Awesome.

DAMIAN:

Right.

ERIKA:

I love that. That’s a lot to share. So, if you guys have any questions, please feel free to visit our website, at nchinc.com or call us on our 800 number. All of the details to that are listed below in the description section. If you like this video comment like and subscribe below. Thank you for joining us and see you next time!

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