Video instructions and help with filling out and completing Why Form 1065 Schedule M 3 Withholding

Instructions and Help about Why Form 1065 Schedule M 3 Withholding

So Thomas and I you know we're really only friends because he's got the coolest name but right I think you I think it was his his high school nickname and then he just might change his name some time thereafter he continued to be cool after high school so it's all set name's Joe sender attorney in town and practicing about 20 years started did a bunch of litigation early on because I had to the for have been same for him for 20 years so growing up through the firm and now primarily handled transactional matters real estate business deals of every sort an estate planning for clients so hopefully you guys will ask questions I know if anybody's thinking about a business this is basically your our my regular hourly rates 325 an hour so you can ask questions you're gonna get free legal advice okay free legal advice but you can only sue me for what you're paying today to me so that's that's my only caveat so primarily we're gonna talk about basically entity choice and and I want to set up an entity DNA inanity what's the liability issues tax issues other other issues you might have in mind that you want to talk about so anybody have a business they've started now or they're thinking about starting go ahead what will you be the only owner so far no employees it'll probably have employees or the bad kind of contractors I'm just it's a it's a key issue what are you doing copy shop okay so what do you be the only owner yeah well the owner but you obviously have much employees right okay anybody else what are you doing cannabis shop sweet so you definitely employees you'd be the only owner not really know if he wants to sue you or you're suing him or whatever then he yeah there's other people down the hall family law attorneys I'd send you to up my father so you have other issues but anybody else veteran housing so what would what would you be doing in the business what with a business be doing profession housing so would you on the dirt yes on the dirt and you'd be the only would it be employees will be employees somebody else okay so I'm a risin please down so we can go through it how'd you describe it veteran good student housing okay have we got any pens at work around here you guys not pay we got a coffee shop this one's a little better than a coffee shop we'll say we chopped all rice and legal not Neyers at IRS but okay app development terrible development was there any else okay so and you treated and put a contractor financial adviser so are you an employee of them right now yeah you are yeah probably I'll say I see independent contractor okay so so here so there's a better path green money right yeah so you just issues that are that will drive you one direction or another right so the student veteran housing I mean you're probably not partner or investors I mean what we're gonna be more than one of you essentially gonna have some employees yes - right so I'll have some employees here that's their drivers coffeeshops gonna be one owner right one owner my handwriting's terrible it's the only D I got in my life mouth like second grade penmanship Dana - I'm serious I remember it was my parents like your new Detroit but my god right my son is the same affliction I told Thor about it you know a productive citizen nowhere matter so one owner is gonna bunch employees it's we chop husband and wife right you said yeah husband and wife owners gonna have employees okay app development you know maybe maybe another partner I think on the I don't know what you do in the business so you see protected pretty techie guy okay so I mean you know now nowadays go online and get miss all these shops in India I mean the outsource stuff I mean I was talking to Vince one other day an immigration law field actually and he out sources to some of their filling out the paperwork for immigration documents they prepare US attorneys all right then they review it so it gets legal review where the pain whoever in India Bangalore I think is where the business is at me anyway that's crazy so maybe some partners here I mean you'd probably do independent contractors that's what I'm thinking another app on the app development side financial advisor something right now you you know w-2 maybe we come in a contract I don't know if you'd go set up your own office you know you know right probably some sort of has some partners you have some support staffs you know both employees so this is really good mix of stuff so you know the first issue one of the white focus on you know who owns it you got any employees right employees are great hopefully they make you money they don't make you money shouldn't happen right unless you just want to give money away but employees are like children you can't spank okay they're just liability craters for you potentially without making hope they're making any money but a liability craters so if they wronged somebody in some way right can be at or they're driving your car you know just got your business name on it they run some kid over in the sidewalk I mean they get individually sued for that it's also a tort that goes back to the business of biscuits sued so right so what's the main defense for that insurance right be adequately insured whatever busy set up be adequately insured how isn't the weed business when people insure you yeah well what the