Assets and Taxes - Set Up Your LLC The RIGHT Way (Asset Protection and Privacy)

Episode Date: May 15, 2025

Don't set up your LLC the wrong way. If you just set it and forget it, you could be subject to losing all of your personal assets and having your personal information being out there for the world to see. That's why in this episode, Kent Fitzpatrick AIFA®, GFS®, MSCTA© and Josh Halpern, J.D. break down why its so important to set up your LLC right and how you can go about doing it.(0:00) Intro(1:37) Don't Set Up an LLC On Your Own(5:20) What If You Already Have Insurance?(7:20) How Many LLCs Should You Set Up?(8:00) What are Series LLCs?(9:15) What Information Do You Need To Disclose(10:20) Why Is Wyoming Unique, and What Are COPE Entities?(13:00) Are You Truly Invisible?(14:33) Privacy Addresses and Registered Agents(16:38) Biggest Mistake When Setting Up an LLC(18:15) When Do You Think About Setting Up an LLC?(21:03) Should Your Revocable Living Trust Own Your LLC?(23:14) What is the Due-on-Sale Clause and Why LLCs Beat Insurance(29:10) LLCs and Taxes(32:50) ConclusionVisit Legal Halp: https://www.legalhalplaw.com/Our Financial Wellness Tool: https://assetstrategy.com/myblocks/Our Financial Guides: https://assetstrategy.com/financial-guides/ Once you're ready, we can offer you some professional guidance!Book a FREE discovery call today to explore how we can help you: https://assetstrategy.com/contact/Call the Asset Strategy Team: 781-235-4426Email: [e-mail]:Website: https://assetstrategy.com/LinkedIn: https://www.linkedin.com/company/asset-strategy-advisorsFacebook: https://www.facebook.com/people/Asset-Strategy-Advisors/61573136047425/Instagram: https://www.instagram.com/asset_strategy/Disclosure: ia-sc-r-a-439-5-2025

An LLC is designed to give you privacy and asset protection. You're only afforded those privileges if you follow certain corporate formalities. Respecting the corporate veil. If he's not respecting the corporate veil, why should we? If you get sued down the line or if somebody comes after you for failing to follow through on a business contract, your personal assets are up for grabs. I can go in the Secretary of State's office and lo and behold, see who's behind that, see their home address, all these other things.

So, you know, you gotta take it seriously. Welcome back to Assets and Taxes. I'm Kent Fitzpatrick, Managing Director here at Asset Strategy. In today's episode, we're talking two of the most important aspects of structuring your business and financial plan, and we're talking about asset protection and privacy. So joining me today is my friend and colleague, Josh Halpern from Halpern Law. Thank you, Josh.

Welcome back, Josh. I know we just did an episode a few weeks back on estate planning, and this is usually bundled together. When you're talking about estate planning, the words asset protection and privacy kind of all get blended together. So I'm going to start with a quote. I'm going to let you run with it. But the word anonymity, and I looked up the Merriam-Webster definition to share with our viewers here, and it's the quality or the state of being anonymous. So Josh, talk to me about these two different lanes, we could separate them too, privacy

and asset protection, and why does it get all thrown together with estate planning? Well that's a great question. Thank you for having me again. It's always a pleasure being a part of the asset strategy team. I'm gonna do you one better and back up a second. I think if there's one thing that our clients try to do on their own most frequently, okay, it's setting up an LLC. This is just the number one thing that clients Google on their own, chat. Yeah, because they're looking for a cheap option.

They're looking for a cheap option to do it. Whenever someone has an idea in their head to start a business or they wanna get together with a buddy and throw some money together, do a new venture, the first thing that comes to mind is, let's set up an LLC, let's make ourselves legit. And that's kind of where it stops. So we need to better educate our clients on why this is important from a privacy and asset protection standpoint. We also need to educate them on how to properly set up an entity. I think the average semi-sophisticated client is going to know enough to go online

and file articles of organization, get a piece of paper PDF printed or email to them. It says, hey, here's your LLC. And then they kind of just stop. But the purpose of that is because they want to hold themselves up professionally and have that wall of protection or known as the corporate veil. But what do they typically fail to do? They might get the cheap document, but that's it, right? Nothing happens. You know, they have to file their annual

report with their state, but they may not be doing, you know, minutes of meetings or board of directors, board of advisors, you know, so. Yeah, most people just don't know about that stuff. I mean, just take Ohio, for example, because we have a lot of clients in Ohio. It's 99 bucks put in your credit card to set up LLC. Pick a name and you're done. And if you don't have a lawyer or a CPA on your team or just somebody who has experience with this, you're gonna stop there and you're gonna start doing business.

And most clients even, they don't have a business bank account, they don't have an EIN, they don't have a business bank account. They don't have an EIN. They don't have an operating agreement. This is a big deal because an LLC is designed to give you privacy and asset protection. But legally, you're only afforded those privileges if you follow certain corporate formalities. And those formalities are things like an operating agreement, corporate minutes, which you mentioned, small things, or at least seemingly small things. But if you don and asset protection,

but it's only going to happen if you follow certain corporate formalities. Respecting the corporate veil. Yeah. Right? Yeah. Well, because in that courtroom, isn't that what the plaintiff's attorney, if you're on the defense side, is going to try to say to the judge, listen, they haven't done this, this, and this. So why should we, if know, they haven't done this, this and this.

So why should we, if he's not respecting the corporate veil, you know, why should we, we should just go after all of his assets. Yeah, I've been on both sides of this. So, and people don't think this far in advance when they're excited about a new business and they're online trying to set up a new LLC. I've seen plaintiffs go after business owners by saying, hey, look, you have two business bank accounts, but really all the funds are flowing into your personal account.

You're just using the business account as a shell. Is this business even operating? Let me see your employment agreements. Let me see your customer agreements. Do you really offer any services? And the courts subpoena this stuff. So, you got to take it seriously. So let's take an example where a lot of our listeners have investment real

estate and they, I hear this a lot too, where if I say, listen, you're running this as a business and you know, you have equity built in that property, that should probably be walled off in its own LLC. And the answer I get to typically is, well, I have insurance for that. Isn't that why I have insurance and I have an umbrella? So how would you respond to that in terms of asset protection?

A common question. A lot of our clients will ask, I already have insurance, so why do I need an LLC? Well, first of all, policies can, they can deny coverage, number one. They can cap out. So oftentimes your limits are capped at a certain amount. And lawsuits don't stop at your insurance coverage limit.

They can go above and beyond and into what you personally own. Or garnish wages. Garnish wages, whatever it is. So your legal structures are truly your last line of defense after insurance. So we typically advise, unless someone has a net worth below a certain amount, it's a single member LLC, they don't have a lot of assets, maybe in those cases you can get away without an LLC or corporate structure, maybe. But we always advise having some sort of legal structure in place.

In fact, I can't even think on our client Rolodex, I mean, who doesn't have an LLC situations. So in that example, if let's say you're isolating that rental property titled under an LLC, aren't you, you're basically walling off the exposure, if you will, to just that LLC and not in separating your personal assets or other interests that I have. And then the insurance is certainly also going to be a layer, but it's kind of that walling off part that would be missing without that.

Correct. Correct. I mean, it's multiple layers of protection. Now, a common question we get since we're on the topic of rental real estate and real estate investors is how many LLCs should I set up? Is it one LLC that holds everything I own or is it an individual LLC for each rental property? And that's a whole separate analysis.

It depends on the characteristics, the nature, the location of the property, the types of tenants, et cetera, et cetera. But in some cases, it may make sense to have multiple LLCs to segregate liability. At the end of the day, the LLCs are intended to put a veil, a protective corporate veil, between you and your personal assets and other business assets. Does a series LLC, which I know not all states recognize

that, kind of keep some of the operational complexity or costs down and maybe could you speak to a series LLC? Series LLCs are cool, they're unique, they're a relatively new legal development. So normally if you want to set up different LLCs, you got to duplicate the registration process. So you have to set up, file articles of organization, have separate operating agreements, separate corporate formalities for each entity to make

sure a court recognizes it, recognizes it as being valid. A series LLC is a bit different. You have one master LLC and then beneath it, you have multiple cells or, you know, clone LLCs that don't require following all of the usual corporate formality processes. Some states don't recognize series LLCs, so that's hurdle number one. And, you know, they're just not always useful in certain situations. Most of the time we avoid series LLCs

unless we have a complex case where we really need the convenience of not having to go through the setup process. But they're a cool thing that we do offer a select handful of clients. In the states where it recognizes. In the states where it's recognized. Yeah. Well so then let me pivot then to privacy. So you know anyone can go into the Secretary of State's office and pull up an address or pull up a XYE LLC, because I can go into the tax assessor's office, see that this

property is owned by XYZ LLC, I can go in the Secretary of State's office and lo and behold see who's behind that, see their home address, all these other things. Is that where the whole idea of privacy comes in? Yeah, so depending on the state, when you set up an entity, that state is going to require that you disclose certain information. Oftentimes, who are the members of the company? Who's the managing member of the company? Who's authorized to sign off on this company? Who's setting it up? So there's going to be some disclosures that put at risk your privacy and anonymity as you kindly brought up the definition at the beginning of the podcast.

So, you know, what we like to do or what our clients like to do is target setting up their LLCs and jurisdictions that don't necessarily require those types of disclosures, Wyoming being one. And that can be beneficial. Privacy is one of the main drivers you want to set up an LLC. Well, I know when we talked on our last episode about estate planning, the idea of

a cope or a charging order protection entity came up and you just mentioned, you know, Wyoming, which is probably one of the stronger states that recognize cope. We've always talked about, you know, having an LLC in the state where your operation is. So if I have a rental property in Tennessee, I'm not going to have an Ohio LLC. I'm going to have an LLC for that state. But maybe to take the benefits of some of this privacy, is that where I would basically have a cope set up in Wyoming? And maybe you could speak to why Wyoming is so unique that is the owner of that LLC rather than me personally. Yeah. So it's important to note, and we stress this to our clients,

that the default rule as to where you should set up your LLC is in the state in which you work and or live. That's gonna give you the most protection and legitimacy from a corporate veil standpoint. In other words, if you set up a company randomly in Washington, but all your operations are in Florida, a court's likely not going to recognize that LLC as being valid because that jurisdiction has nothing to do with your business

or where you're located. So that's the default rule. Now, some clients we recommend exploring entities being set up in jurisdictions like Wyoming because we know that Wyoming has a very complicated and beneficial LLC structure that, you know, provides an added level of protection or privacy. So one of them you mentioned is a COAP entity, and that COAP stands for Charging Order Protective Entity. So basically what that means is if a third party or creditor sues you personally and wins a judgment, but your assets are held in a properly structured cope entity.

For example, a multi-member LLC, the creditor can't take control of the business, the LLC, and force a sale of the business's assets. Instead, they can only get what's called a charging order, which gives them the right to distributions from your business. But that's only if you make the distribution. So if you don't make any distributions, the creditor or third party gets nothing. So in many cases, if someone is suing your Wyoming entity

and they see that it's a cope entity, their lawyer or they're gonna see that this is a very complicated means of recovery and it's gonna in turn protect you. So that's one benefit of Wyoming. Wyoming also doesn't, like I mentioned, require as many disclosures as most other jurisdictions. So you can actually set up an entity

without identifying who the members of the business are. That's beneficial. And what about the idea of being invisible? So if someone's a celebrity or maybe a high profile job or maybe someone who's more susceptible to lawsuits, whether that's a surgeon or whatnot, they may not want their home address floating around out there, let alone their name, how does that invisible feature work with these anonymous LLCs? We represent a lot of social media influencers. These are typically- You mean other than you and I?

I mean, you're a big time for us. We'd have to hire a whole new staff to handle it. But we have quite a few younger influencers who need help and they have big followings and people are frequently Googling them and trying to figure out where they live, where they can meet up. So LLCs, they help with anonymity, but they don't make you totally invisible because at the end of the day, the IRS is still going to want to see your EIN. That has to be attached to someone or something.

And the court can always subpoena these records. the IRS is still gonna wanna see your EIN, that has to be attached to someone or something, and the court can always subpoena these records. So we wanna make clear that you can never be truly invisible, but with that being said, we can leverage some of these jurisdictions to maximize your privacy. And we can also get real creative with DBAs. So, you know, doing business as names

is names totally unrelated to your underlying business or family or product. You know, we get very creative with our clients and we can protect them as best we can. What about things like privacy addresses and registered agent services? How do those play? I'm glad you went there. So normally when you set up an LLC, you have to enter an address. It's typically a business address. A lot of our clients, if they're doing this on their own, they'll just put their home address. So they're not realizing that I could Google your new LLC and your home address pops up right underneath

your LLC name, even if it's a name that has nothing to do with you. So one of the services we provide is a registered agent service, which is essentially a dummy address or a mail forwarding address, whatever you want to call it, but it's an address that isn't yours that will forward you state notices, regulatory notices, and it will show up on public record.

And it has to be a physical address, right? It can't be a PO box because of if you were to be served or whatnot, is that one of the requirements? Right. Most of our clients, they really want to use PO boxes. Frankly, I don't even know how to set up a PO box. All these clients, they say, can I use my PO box? You can't use a PO box.

It's got to be a real address. So if you only have a personal address and you're working remotely, registered agent service is the way to go. It's usually a few hundred bucks a year. It's not a big expense. It keeps all of your stuff off of public record. And so that is the registered agent service

the same as the privacy address or they're kind of two different roles? It depends on the service you're using. So, you know, the company we partner with, they can offer you both a registered agent address, they can also offer you a virtual office address. So there's often a mailing address, a business mailing address.

There's a physical address of where your office is located. And then there's a registered agent address. This can get very confusing when setting up an LLC, which is yet another reason why we recommend clients seek counsel when they set up an LLC. We can want to keep all these addresses straight and you don't want to mess up somewhere and type your own address thinking that it's not going to go on public record and then you

get your certificate of your company and you see, here's Kent, here's Josh, and here's where they live. Here's where they go skiing. Here's where they go eat, you know, it's you. So you mentioned some of these do it do it yourself, you know, processes or platforms. What do you see as the number one mistake people make when they go that route? I think we already touched on it.

People just stop. I think that's the biggest mistake. They stop at paying the $99, the $50, the $100 fee and getting a certificate printed and thinking that that's it. That's all they need to do. Now they have a business. Yeah. But won't they respond saying, well, yeah, but, you know, my accountant is, you know, filing my my annual report, so I must be in good standing. Is that is that enough?

What we find when we partner with accountants is they do not follow through with the corporate formalities. They may file an S Corp election. They may file an S-Corp election. They may file a compliance report. But as far as preparing an operating agreement, as far as preparing corporate minutes, as far as helping set up a registered agent service, we're finding more often than not CPAs neglect to do these things. And rightfully so because it's not really in

their job description to do that. So we really would like to build a team for our clients and have them consult with both an attorney and their CPA to make sure that their LLCs are properly structured. So let's talk through, I guess, maybe it's the path to entrepreneurialism because you see that there's over, I think it's 40 or 50 million

people that have a side hustle, whether I have my W2 day job and maybe I walk dogs at night or I'm a copywriter or whatever it may be. So sometimes these passion projects could actually become more than that. So when do you think about going from, hey, this is just Kent as a DBA, and I'm taking income to my personal account, I'm showing that at my schedule C for my accountant, to then moving to, let's say, the LLC, and then we can talk about the step to go beyond the LLC, maybe look at the tax filing of a a sub-chapter S as an example. So walk me through that, maybe that side hustle progression in your mind. I have a great example of this.

I have a young 27 year old client who I just spoke to yesterday and he's been a client for three or four years. He's always had a decent fixed salary job, you know, working at an engineering firm, construction engineering firm, but he's made posts on the side on LinkedIn for private consulting, doing his own consulting work. And we checked his non-compete, we checked his employment docs, there was no conflict. Like a Fiverr platform? Yeah, like a Fiverr, just doing side hustle projects where people would pay him a couple

hundred bucks to consult on some projects. And the first year, you know, he didn't have a separate business bank account. He didn't have any agreements. He was just collecting some spare cash here and there. But after a year, we checked in, did his annual review, and I'm like, dude, you got a solid business here. I mean, if you look back at your past six months, you're generating some serious income and you're having meetings.

You're going out to job sites. There's some liability starting to brew here. There's some business expenses you're starting to accrue. So at that point, it's starting to make sense to have his own entity. And that's accomplishing a lot of things for him. It's making him look more professional. Number one, it's segregating liability. So it's keeping these new business side hustle activities separate from him as an

individual, which is important because this client also owns rental real estate. So we don't want in that case, anybody coming after his business and then in turn coming after his assets that are unrelated to the business. So we had a discussion yesterday where it made sense to form his first LLC. And we're not only filing the articles of organization, we're taking it a step further, and we're going through our checklist of corporate formalities. We're setting up an operating agreement. We're getting him an EIN, a business bank account. And it doesn't need to cost a lot. I think a lot of people, as I've reiterated on our other meetings and podcasts, a lot of people are deterred from talking to lawyers because they bill hourly, it's expensive,

you got to go into a big office and go through hoops and hurdles to talk to them. We keep things very simple. We keep things very simple. For a few extra hundred bucks, you can make sure things are done right. And then thinking about that LLC journey, should I be owning my LLC or should my revocable living trust be owning my LLC? And I know it's kind of a loaded question because it's unique to everyone's situation and I think if we look at our current president's stack of entities it's you know it's a interesting web, if you will, but ultimately it all ties back down

to your revocable living trust. So your LLC has to be owned by someone or something. So can you speak to whether it should be me or another entity? I think technically speaking, you know, it's okay that you own your LLC individually. Technically speaking, I know this is going against the grain of what we normally preach,

but if you own your LLC and it's structured properly, you're automatically going to get that asset protection and liability protection. Now, if you want to go a step further. Combo with your insurance that we talked about. Combo with the insurance. You're pretty good there. But if you want to do things properly and you want to go a step further, comboed with the insurance that we talked about. Comboed with the insurance. You're pretty good there. But if you want to do things properly and you want to go a step further, we recommend that you set up a revocable living trust, which is not difficult to do, it's not insanely expensive, and have your revocable living trust

own your interest in your LLC. And the reason for that is the revocable trust trust own your interest in your LLC. And the reason for that is the revocable trust is gonna give you an added layer of privacy. So, so long as you don't name your trust, Kent Fitzpatrick's revocable trust, okay. It's going to be another anonymous name that goes on public record, so that's number one. And number two, asset protection.

It's going to help dictate where things go upon your death, and also avoid the probate process. So the whole point of our aim of our advising our clients is efficiency, privacy, asset protection, tax mitigation, and avoiding the probate process. Because as we know, the probate process can be very expensive, time consuming. It's a matter of public record.

We don't want someone else determining where our stuff goes. So let's say we have one of our viewers, kind of the lights going off. They're listening to this conversation. Right. And they say, geez, you know, Josh, this is a really good idea. Cause my wife and I own this rental property. It's a short-term rental. We have a lot of tenants kind of turning over.

Someone slips and fall. You know, not only do I, you know, want to protect that asset the best I can, but I also want to protect everything else I own. Um, so if, if they reach out to, um, their mortgage company, typically the mortgage company is going to say, well, we'll allow you to retitle that into a trust. But if you're going to do it in an LLC, well, gee, maybe that's going to trigger the due on sale clause. So can you comment on that a little bit just for our viewers?

Yeah, this is a very, very common situation for real estate investors or even people that just own residential real estate. The due on sale clause is a common provision in lending documents that states if the ownership of the property changes hands prior to the loan being paid off in full, that we're going to accelerate the balance of the loan and it comes immediately due. Now, technically speaking, if you own a rental property individually and you would like to transfer that rental property into your new LLC that we set up for asset and liability purposes, the due on sale clause can get triggered. 99.9% of the time in practice, the lender does not care.

So long as the individual who originally owned the property is the same owner as the LLC, lenders understand the benefit of holding a property in a LLC. Now, there is a bit of gray area as to how to handle this. Some clients prefer to notify their lenders and say, hey, this is what I'm doing. They have a good relationship with their lender. They get sign off on it.

Other clients just do it. And as long as the payments continue to come in, as long as there's no default on the loan, again, 99.9% of the time, there's no issue. So in practice, it's not a big deal. However, on paper, technically, it does trigger that clause. Well, and I guess I'd also add, because we were talking about kind of you're getting the double layer between the LLC, hopefully, if it's structured right, maybe you're getting some of that,

the anonymity as well. And then insurance kind of being the extra layer. Where I see a lot of clients that start building a real estate rental portfolio is they have the wrong insurance coverage. So they have this false sense of security that if something happens, they're going to be covered, whether it's fire, you fire, wind, theft, whatever it is. The problem is, if you have an HO3 policy, we're going to kind of go down a property casually in here for a second, that's for your personal residence.

And if you're holding this property out as a short-term rental and you've got a whole series of Airbnb renters and all the rest of it, your HO3 could actually deny a claim because they're going to say that that's a commercial operation, it was not being used personally, so we're not going to cover you at all. So back to your point that maybe the insurance is limited or they could deny the claim, that's a perfect example. If you're going to have this as a short-term rental or even a long-term rental, you might be looking at what's called a dwelling fire policy or a BOP or business owners policy to be adequately

covered because you're running it as a business. And that way, not just the property coverage, but the liability that goes hand in hand with that, you'd be properly covered. So I think maybe that kind of combination between the LLC to wall off the rest of my assets combined with the right insurance and even if it's more expensive to move from a homeowners policy to a business owner or a dwelling fire policy, you're running a business. It's a cost of doing business and you're not covered if you think you're covered using a

homeowners type of coverage. So I just think that that's something I wanted to share with our viewers as well. Yeah. I'm not sure why so many clients really push the insurance route over the LLC route. Maybe it's a misunderstanding as to how affordable setting up an LLC is and how easy it is. I don't know, but to your point, policies can deny claims. is and how easy it is, I don't know. But to your point, policies can deny claims. Coverage has its limits and there's no protection

from lawsuits after the claim has been paid out or if you exceed what your policy covers. So that LLC is gonna act again as your last line of defense. It's also gonna make your personal assets much, much harder to grab from a plaintiff. So if I'm a plaintiff's attorney and I'm trying to figure out where your stuff is, if everything is properly sheltered in LLCs, you know, at some point I'm going to have to go back to my client and say, look, this is, this may not be worth it. This is going to cost a lot of time and money for you to figure out even where these assets are held

before we even attach to them. assets are held before we even attach to them. Well, I think on top of that too, if I have that homeowner's insurance on my short term rental portfolio, and then I have a personal umbrella on that, thinking that, OK, that's going to exceed the limits of this homeowners, well, guess what? Your personal umbrella does not cover business exposures.

So technically, you would need a business owner policy as the base coverage, and then a commercial umbrella to exceed that. So it's not going to cover contract disputes, business lawsuits, employment claims. I mean, yeah, this argument of using insurance in lieu of an LLC, I don't think it holds water. Use them together, but the value of the LLC is always going to be there. Yeah, so what I wanted to reference when we do what we call a tax track, or sometimes it's called the trifecta, we have operations on one side, you know, W-2 income and

maybe it's entities that are really more managerial. We have assets on the other side, which could be brokerage accounts or HSAs or or investment real estate that the LLCs in that case own the assets. And then the third would be really the estate plan where you have your revocable living living trust. So that's kind of the trifecta or we call it our tax track map. When we talk about an LLC that which choice of tax entity, if it's operational, we probably don't want to, I'm sorry, if it's asset based LLCs, we're not talking about an S-Corp election because as we've said before, you never want to have a piece of investment real estate owned by a C-Corp or S-Corp or an LLC taxed as a CRS. But on the operation side,

if we have income that we're getting hit with, like your consultant example, with self-employment tax, talk to me about when that operational LLC should be looking at its tax status as opposed to a single member disregarded entity. So the general rule of thumb is that an S corp election for your operational LLC generally doesn't make sense unless you're netting anywhere between 50 to 100K. And you can correct me if I'm wrong on that general range. Below that, the administrative cost and burdens of Satisfying the s-corp status is

Probably it's it's it's outweigh. I mean the cost is Outweighs the benefit in that situation So I think it's important also to stress that an LLC taxed as an S-Corp is different from a actual corporation. I think for some reason, our clients get very confused on that. When you set up an LLC, you have the option to make a filing that changes the tax status of your LLC. It doesn't convert your LLC to a different entity structure. So what you're talking about Kent is filing S-Corp status, but that's a tax status that's not converting the actual entity structure of your LLC.

Exactly, exactly. So that LLC can either be single member, disregarded, It's going to just flow right through to my typically schedule C of my 1040. It can be a partnership status. It can be an S-corp status, or it can be a C-corp status. Right, right. And the S-corp election is valuable, because if it makes sense based on your net income,

it's going to save you in self-employment taxes. Now, you have to follow certain rules to be eligible for that tax savings. Part of that is taking a reasonable salary and then also reasonable distributions. And this can end up saving thousands per year, but again, only if you're netting out a certain amount. So going back to the example of the young consultant

I work with, it doesn't make sense at this point for him to have an LLC taxed as an S-corp given the net income he's realizing. So he has currently a single member LLC disregarded entity. So it's just a straight LLC, everything flowing down to his personal tax return. Well, that's fantastic. So I think I'll wrap it up right here, Josh, and I just want to thank you once again for this straightforward conversation. And I would say that anyone that is looking for anonymity, that privacy, the asset protection, will provide the link to our site.

You can book a 15-minute discovery call. And we also will have Josh's contact information here as well. But thank you once again for joining us. And until next time.