Hi Mark
Kohler here with another tax and legal tip
Talking about board of directors or board of Advisors now some of you may think this is a big corporate type strategy
And you're too small to ever have such a thing but folks
This is a fantastic tax strategy legal strategy and business strategy frankly
I should have been shooting more videos and writing more blog articles about this topic
And I got five tips for you number one this should be used for corporations and Llc's
Don't think you're left out in the cold because you don't have an INc. Behind your company name an LLc is fine
I call it a board of directors if it's a corporation and a board of advisors if it's an LLC in
the Bylaws of your corporation it's going to define the role of the board of directors in an
operating agreement for an LLC and in the minutes
You should have a definition for your fort of advisors
Both companies should have this team of advisors or directors to help you in your business number
Two this will help you succeed. This is a key strategy forget taxes and asset protection
This will help you succeed because in an entrepreneur to be lonely yep
You know what I'm talking about a lot of times
We need a team of people that believe in it it may not be your family, right?
But a p team that's going to believe in you and help you succeed. Give you encouragement
This board is a group of people
Maybe three to five you can meet with on a regular basis for dinner a barbeque
Some sort of meeting where you can talk about your goals and objectives, and they will give you constructive a supportive advice
Number three, and of course is a great tax write-off
This is your corporate trip your annual trip a regular meeting once a month once a quarter
This is a trip that can be local for just a night out for dinner
Or it could be to vegas for a big party juggernaut and a corporate meeting. I don't care you don't want to overdo
It based on the size of your business, but this is something that is certainly a tax write-off
you're going to take notes during the meeting and you're going to talk about how to succeed in your business better and get advice from
Your board of directors or board and take notes and thereby justify the tax write-off for the travel dining and entertainment
Involved with your meeting number four we've got to be doing this for asset protection right if you got a corporation or an LLC
I want you having annual comedians at least and you might do it more frequently quarterly or monthly
but in these Medians, you're going to
substantiate the corporate veil or LLC veil
You're going to be talking about the sales or the business the goals the objectives what you've sold what you bought who you hired who?
you fired and
Where the business is headed you're going to write it down and put it in the minutes of your lLc book or your corporate book
That's going to help you out in a big way
If there's ever a lawsuit that asset protection maintenance is critical
and I've got other videos and writings about how to maintain your
Corporation or LLC and having the annual meeting with your board of directors and advisors or more regular than that
Will help you with your asset protection?
Number five and I added this one for an important reason and that is your board will hold you accountable
again kind of similar to the
loneliness of an entrepreneur
It's also a very
self driven
process where you have to hold yourself accountable to get up in the morning and get work done and get dressed and get going but
With the board of Advisors and directors. I want you to share your goals when you share them
They become real and I want your board of directors and advisers to hold you accountable
Are you going to meet certain timelines? What's your goal for this year this month three months from now six months from now
That's what a board can do to help. You succeed. Not only the encouragement and support
But that ability to ask you how you're proceeding and hold you accountable to the goals are set
Bottom line, this is an important tool
You should be using and meeting with your lawyer about when you set up your entity
Structuring your board of directors and advisors and if you don't have this in place get it done with your annual maintenance
We have a company maintenance system in our law firm
Very affordable once a year 150 bucks an entity to get all these pieces and parts done
Talk to Becky Lloyd the director of that department if you need getting your company maintenance in place
Bottom line, this is something that will save you taxes give you better protection and help you succeed as a business owner
Thanks so much for watching it if you found that helpful
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Thanks so much and keep living the American dream