How To Form Your LLC Correctly

Mark Pierce 0:00 Unless you're going to go public, do a limited liability company. There's absolutely no reason for you to have a corporation. So it goes from a 21% tax overall to a 61% tax at the end of the day. Is that what you're on about? Well, how do you get around that? And the answer is you don't. It costs them almost $25,000 to take care of it. So that's what I think about DIY. You don't get it done right. So for $200 a year, you can engage someone like Wyoming LLC attorney to do your annual report and act as the registered agent and file all of this stuff anonymously so that you're not beat over the head on it at some point in time. $200 a year. That's lunch.

Maggie Pierce 0:40 This is Keep What You've Built. Every week I sit down with my dad, attorney Mark Pierce, and we break down the asset protection strategies nobody talks about publicly. If you're an entrepreneur or investor and you want to keep and grow what you've built, we're recording this episode for you.

Mark Pierce 0:57 Well, Maggie, I'm excited. Let's get going.

Maggie Pierce 0:59 Okay, sounds good. Forming your LLC the right way. That's what we're talking about today. We are going to cover the basics of LLC formation, why you want an LLC, etc., the classic mistakes people make, and then get into some more advanced strategies when you have multiple businesses or complex needs. So starting off, for anyone who needs a refresher, what is an LLC and what does it do for a business owner?

Mark Pierce 1:28 Well, an LLC is known as a limited liability company. And Wyoming was the first state to recognize an LLC in 1977. I don't mean recognize, they formed a statute that allowed you to form an LLC. What the LLC is, is it's an independent uh entity that when you put things into it, whatever goes on in that entity remains the liability of the entity. So you, as a membership interest holder or a manager, have no liability for the debts of that LLC unless you personally guarantee those debts separately. So it's a way in which to aggregate capital, much in the same way as a corporation, and to keep the shareholders being liable solely for the amount of their investments, not for anything in addition to that investment. In other words, if the LLC gets into trouble, runs up a lot of bills, then the individual membership interest holders are not responsible for those bills, the LLC is. Correspondingly, if the individual LLC membership interest holders have personal debts that overwhelm them, that LLC is not called upon to recognize those debts and make them good. And more importantly, if a creditor of an LLC membership membership interest holder gets a judgment against that member, that creditor can only execute a charging order against that LLC interest, which means that that creditor can't buy or sell that LLC interest. What they can do is wait by the mailbox for a check to show up if and when that ever happens.

Maggie Pierce 3:09 And I know people often get confused the difference between LLCs, C corps, S-corps, etc. So can you just briefly define those terms? What's an LLC versus a corporation and S-corp?

Mark Pierce 3:23 Well, those are tax denominations. So a limited liability company under the Internal Revenue Code can be taxed as a C Corp, it can be taxed as an S-corp, it can be taxed as a partnership, or it can be C taxed as a sole proprietorship or a flow-through entity to the interest holders.

Maggie Pierce 3:43 Okay, then so those are the tax classifications, but I also want to clarify there is a difference though with the business types between an LLC and a corporation, right?

Mark Pierce 3:54 In what way?

Maggie Pierce 3:56 Well, a corporation is you're required to have um a board of directors, aren't you?

Mark Pierce 4:02 Yeah, yeah, yeah. Okay, okay. Yes, and an LLC is structured so that it is run by managers. And one of the real benefits of a Wyoming LLC is you can elect to be tack elect to be organized as a closed Wyoming LLC, which means you don't have to maintain the level of formality that you would within a normal corporation. You don't have to have annual minutes, you don't have to have annual meetings, you don't have to have minutes reflecting those meetings, you don't have to have special meetings for extraordinary events. Wyoming recognizes that for small companies, most of the business done by a small company is done over the coffee table in the morning between members of a family. So they're not gonna get overly stratified in terms of the level of oversight that's provided by the government. So you can do what you want within the context of the LLC, and it's good. And if you don't keep books and records other than accounting books and records, and you don't commingle, Wyoming is gonna recognize that as being an uh a good LLC and there's no liability to you to you as a membership interest holder.

Maggie Pierce 5:07 Great. I'm glad that we covered that because when I was working at Wyoming LLC attorney, uh one of the biggest mistakes that were yeah, one of the biggest and most annoying mistakes we saw people make was forming a corporation instead of an LLC uh because they think it sounds better. I don't know. And it's is there any time you would recommend a corporation? Because my understanding is that it's just for small businesses like the uh the ones we normally service, it's just seems way more complicated than what it's worth.

Mark Pierce 5:41 You know, uh essentially an LLC is operated pursuant to an operating agreement, which is a contract between the membership interest holders. They can change it at any time to put whatever they want into it. A corporation is a statutory mechanism. Whatever you do within that corporation is governed by a statute. So if you want the freedom of contract, do an LLC. So I run into, unless you're going to go public or do something along those lines at some point in time, do a limited liability company. There's absolutely no reason for you to have a corporation.

Maggie Pierce 6:13 And isn't it true also that you can convert from an LLC to a corporation if you end up wanting to go public later? Or is that am I misunderstanding that?

Mark Pierce 6:23 Yes, an LLC can elect to transfer all of its assets into a corporation and to be governed by the corporate laws at any time. So if you want to go public and you're an LLC and the underwriter comes in and says, no, you need to be in a corporation, switch to a corporation. Your attorneys can take care of that seamlessly and quickly for you.

Maggie Pierce 6:45 Awesome. So another thing you mentioned as you were answering my initial questions was forming an LLC in Wyoming. And I also, through talking to business owners, have found that a lot of people aren't really familiar with Wyoming law, and a lot of people just default to forming an LLC in the state in which they reside, which I think makes sense. Uh, can you speak a little bit to that and why somebody should consider Wyoming, who is allowed to form an LLC in Wyoming and those questions?

Mark Pierce 7:21 Number one, Wyoming recognizes single member LLCs by statute. There are a number of states that do not recognize single member LLCs. So if you're in Florida and you have an LLC that's owned just by you, good luck having those debts in that LLC keep away from you because Florida is going to find you liable for them. And it's that way in several other states as well. If there's an issue, resolve the issue, get a Wyoming LLC. Then you know that you're not liable for debts. Number two, charging order remedies are the sole remedies a creditor of a membership interest holder has against that LLC interest. It means that the creditor can attach that interest, meaning the creditor can wait by the mailbox for a check to show up. That creditor cannot foreclose on that interest, cannot take that membership interest and make it a member, cannot sell that membership interest to anyone. All they can do is receive the monies that are distributed to that particular member over a period of time, and good luck that happening. Third thing, Wyoming loves anonymity. Now, you're not anonymous from the standpoint of your relationship with your bank or the Internal Revenue Service or the federal government or the state government. You have to have information available with the registered agent and in your filings with your bank and your uh federal and state governments that disclose who you are. What you don't have to do is you don't have to be a voyeur. You don't have to put a window on your business and say, look to the public, take a look at what we've got going on here, even though it's none of your damn business. Good luck. We hope you enjoy it. And it seems like a lot of states get confused on that. Wyoming doesn't like voyeurs. We like privacy. We think that what you do within your business, within your family, is your own damn family's business and no one else's business. And I keep getting this horseshit thrown out to me by people outside of Wyoming that said, oh my God, you're hiding things. Really? I'm not hiding things. The IRS knows who's behind it. Your bank knows who's behind it. The people involved in the company know who's behind it. So at the end of the day, just exactly who are we hiding from? You, who we have no relationship with, and think that you gotta keep your nose out of our business. So there you go. That's the those are the principal benefits to a Wyoming LLC. Here's a final benefit, and this is what people don't recognize. If you get a judgment against a Wyoming LLC and you attempt to enforce that judgment in Florida, you can get a hold of assets that are in Florida, but if you want to get a hold of assets that are in Wyoming, and this is one of the structures that go on, particularly with holding companies and large real estate holdings, meaning four or more real estate holdings, you've got to go to Wyoming and domesticate that judgment. At that point in time, Wyoming collection law governs under the full faith and credit of the uh clause of the Constitution that has evolved over the last 120 years in respect of tax collections at the federal level, the exemptive provisions of Wyoming law apply to exempt those assets and those judgments from being attached against that interest. So if you want to relitigate that interest, relitigate that uh that judgment, you're entitled to do it because you're saying that this particular asset, even though you recognize that foreign judgment under the Full Faith and Credit Act law, you cannot enforce it against this asset in Wyoming because it's an exempt asset. And that's what people keep getting confused about. And I look at these munions on the internet that provide professional advice who aren't professionals, who have never been down in the trenches on this stuff, arguing with judges, arguing with creditors, and going in front of juries who come up with this idea that, oh no, that you're just prostate to the creditor at this point in time could time, it couldn't be further from the truth.

Maggie Pierce 11:23 Okay, uh, what is the limit of a Wyoming LLC though? Because I, as you mentioned, if you have real property or something that's domiciled in Florida, there are some limits in terms of what is protected within the Wyoming LLC. For example, if you own an apartment building in Florida and that's owned by a Wyoming LLC, you're not really protected the way you would be if the apartment building was in Wyoming, for example. So if I'm, let's say I'm a business owner in Florida, um, what are the limits of what the Wyoming LLC can do, and what should those people do?

Mark Pierce 12:04 Right. And I think that's an absolutely excellent point. So when I went into what it is that you can enforce a judgment against, then I went to Wyoming law because that asset was in Wyoming. So here's what happens. If you're in Florida and you've got a Wyoming LLC that owns an apartment building, and that apartment building has an issue, and somebody comes in to collect against that apartment building, Wyoming exemption provisions will not pertain. Florida court looking out the window would say, What do you mean I don't have the ability to execute a judgment against that piece of property? I'm in Florida, I'm a judge from Florida, and that property is in Florida, and guess what? That judge has a jurisdiction over that property. So you're exactly right. Wyoming law will not pertain in that. I'll tell you when it does pertain, though, is if you have a Wyoming holding company that owns that Florida LLC, and you've been taking excess working capital and transferring it from the Florida LLC to the Wyoming LLC, those funds are now domiciled in a Wyoming account and Wyoming law applies. So what you do with your real estate holdings is you would bifurcate them. You would put commercial residents in one, you would, I'm sorry, you would put, you would put uh residential real estate in one, so apartment buildings, that sort of thing, in one LLC, or a variety of LLCs depending on the number of properties that you had. Your commercial uh endeavors would be in another LLC, and then those LLCs would be owed by holding companies that are owned in Wyoming so that there's no brother-sister relationship to them. That way those monies would be transferred up and would not be subject to the jurisdiction of any court because no LLC over here is going to have a liability against an LLC over here absent commingling, which is why it's really important to have each one of those LLCs with their own bank account, with their own stream of monies going back and forth and not between the two. Because if you start running monies between the two LLCs and they're in different parts of the state, or they've got different properties in them, you're gonna have commingling, and the judge is gonna say, we're gonna look at those all together. LLC one is liable for the obligations of LLC two, and vice versa. And we discussed earlier when you get into a number of different properties and you've got a number of different LLCs, how difficult it is to write checks out of each one of those LLCs. So you form another LLC in Florida that's called a management company. The management company takes on all the bills, pays all the bills, and then gets reimbursed from those LLCs under a management contract. That gets rid of the problematic aspect of having five different checkbooks all the time.

Maggie Pierce 14:41 Okay, uh that makes a lot of sense for real estate. I'm wondering how we can apply this to other business types as well. So for example, um, real estate makes a lot of sense because the asset is definitely in Florida, the apartment building is there, or the properties are there. What about businesses that don't necessarily have assets like real estate, but are operated face to face with people in a certain state? So let's say a Florida doctor's office or a chain of doctor's offices in Florida, or let's say I have a Pilates studio or a cafe or something like that that I run.

Mark Pierce 15:21 Yeah, you know, you're you're gonna have you're gonna have a business operation that's operating in Florida, Texas, California, wherever. You're gonna be subject to whatever laws apply to those businesses in those states. So if you have a Wyoming LC, you're registered to do business, you take the money in, you do what you need to do, and then you flush the money up, the excess working capital, you flush it up to a holding company in Wyoming, separate apart from all the other businesses, and that way you've got a repository and trust in Wyoming that's very difficult for any creditor in Florida to get to. Now keep one thing in mind that holding company in Wyoming, there is no state income tax. So when you've got places like New Jersey, New York, California that are developing properties and doing things throughout the United States, you want to be able to isolate those monies away from those high-tax jurisdictions into a low tax jurisdiction. So those are some of the additional tax planning strategies that you can put into place.

Maggie Pierce 16:17 Okay, interesting. Um, I'm not sure how much how far into the weeds you want to get into the tax planning aspect, but I know sometimes people get a bit confused about that. For example, I think it probably depends on the way that it's taxed. But my understanding was that wherever you reside, you're going to be paying the tax on your income. Like so if the LLC, well, I guess it depends on whether it's a pass-through entity, right? Because if it's a pass-through entity, then it just shows up on my personal income statements and I have to pay the tax. If it's an S-corp, is that different where you can keep it in the LLC and you only get taxed on the distributions? Or can you just explain that a little bit?

Mark Pierce 17:01 Oh, if you have a if you have an LLC tax as an S-corp, all of the income and all the deductions flow out to your 1040 as an individual shareholder there in a form 1120S, and your accountant can run over that. If you have an LLC that's taxes a C Corp, then the LLC itself uh would pay that tax into the government and any distribution out to the shareholders or membership interest holders would be taxed again as the form of double taxation. So people come in and they say, look, we want to do a C Corp uh election on an LLC. And my initial advice is why do you want to do that? And they said, well, you know, we only want to pay the 21% tax. Well, that's right. You pay the 21% tax, and then when they distribute, when that entity distributes that money out to you, you pay your income tax rate. So it goes from a 21% tax overall to a 61% tax at the end of the day. Is that what you're on about? Well, how do you get around that? And the answer is, you don't. So all of these people who are represented back in the 80s who did C Corps are calling me up now, going, I've already paid tax on this. And I said, no, you didn't. The corporation didn't. And now they're gonna distribute it out to you and you're gonna own an addition an additional amount of money. Not only that, you've got an accumulated earnings tax issue with that inside these corporations. You've rat holed money in there that you had no purpose for at the end of the day, and they're gonna hit you with an AE tax. So you better get a hold of a good accountant to help you work this out because you're in a great deal of trouble. So that's what people get by trying to manipulate their own tax result at the LLC level. So, what you want to be able to do is you want to have an LLC that's a pass-through entity that distributes all of the income and all the deductions up to a holding company, up to a trust, and then the trust out to the shareholders to get the maximum tax benefit. That requires planning and effort. But you know what? You want to minimize your taxes? There's no magic wand. It requires planning and effort and good accountants.

Maggie Pierce 19:03 So, my understanding and what I've been told for by I guess you and then other attorneys I've worked with is that there isn't really when it comes to tax optimization, you don't really optimize your taxes through a business structure like an LLC. You're not going to save money on taxes. It might help you organize your finances a bit more by having a business bank account where it's clear that there are certain write-offs you have and things like that. But it doesn't seem like there's a real way to pay less in taxes from what you've said. But then you were talking a little bit about the trust planning. And I know maybe this is getting too far onto the tax side for what we're talking about. But would you say that there is a tax benefit to the LLC, or is it mainly well, I know it's mainly the liability benefit and protecting yourself against lawsuits and things like that.

Mark Pierce 19:58 But what is the tax benefit if there is one with respect to the LLC itself, you can have various membership interest holders in that LLC. So what you can do is you put yourself in there, you put your wife in there, you put a couple kids in there, and then you make distributions out based on the percentage allocations between yourselves. If the kids are in a much lower income tax bracket, you can funnel some money into those accounts and they're taxed at a 16% rate instead of a 40% rate. That helps you out. That requires some advanced planning as well. Easiest way in the world to do it is to put it under a trust. So what you do is you put a non-grantor trust with a flow through of all those LLCs, so everything comes up to the non-grantor trust. The non-grantor trust then within 60 days at the end of every year sits down and makes allocations to each one of the beneficiaries. Now, each one of the beneficiaries don't have a specific percentage beneficial interest. So you can allocate those monies out to those kids, the grandkids, or whatever, whoever's got the best tax basis. So you can take a kid that's in school, and yeah, you know, they're at a 5% rate right now. So you shovel some money at them, et cetera, et cetera, et cetera. And that's what allows you to save the money. But once you shovel the money to them, guess what's their money? But you can do phantom distributions. So what you can do is you say, I'm sending $100,000 to this kid for tax purposes. But what I'm actually going to do is I'm going to schedule as a distribution and a recontribution, and I'm going to send them the money to pay, or I'll pay the IRS directly from the trust, the money that is accrued on that tax. Well, you still get the benefit of their reduced income tax rate, but you keep the money in the trust. So that's how you allocate it. But it requires a lot of work because you know what? You're going to have to keep your accounting up to date, and at the end of every year, you're going to have to sit down with your accountant. And within 60 days at the end of every year, you have to allocate that money to get the most tax efficient benefit. Well, guess what? Isn't that a difficult thing to do? To get organized, to save. Money. You know, cry me a river. If you don't like it, get a hold of your congressman and say, gee, I can never meet that 60-day limit. I'm going to need at least 30 years. Give me a break after a while. Come on. Get your act together, run your business efficiently, stay on top of it, get a good bookkeeper, get a good accountant, and learn how to work with them. So my most successful clients, the ones who keep coming back and doing this work, are the ones that just do this automatically. And guess what? The first year's hard. Second year is a lot easier. By the third year, they're not even calling me unless they need some paperwork done. So my feeling is that those businesses run well as a family. They get their family involved, they have their meetings, they make their allocations, they minimize their taxes, they have a wonderful relationship with the accountant, and that's the end of the day. And they're successful.

Maggie Pierce 22:53 And I think it's also important to mention with this type of planning, yes, it takes organization on your part as the business owner and the person who's running the trust, but it also requires having a well-versed team that knows how to deal with these issues and can help kind of walk you through it for the first couple of years as you're getting comfortable. Because I think you've said, Mark, that you've run into certain people who are working with high networking with your clients and don't really know what they're doing, and it seems like it causes a lot of confusion.

Mark Pierce 23:33 So it doesn't cause confusion for me. The client is confused and never gets unconfused. That's what I meant.

Maggie Pierce 23:41 I meant, of course, you're not confused. I meant causes confusion for the client.

Mark Pierce 23:45 You know, and the clients, the clients who want to be confused are the ones that just come in and they're chaos. And eventually they run through every accountant that you would want to be uh involved with, and they end up on their own and they're never successful. So reduce the chaos, structure the stuff. If you can't do it, hire someone else to do it. But it has to be done. Develop an approach to it that is the same year in and year out so that people aren't always befuddled as to what's going on. Make your allocations and run your business. It really is not that difficult. You just have to sit down and do it. And a lot of people find it to be unpleasant. Well, that's fine. Then hire someone who doesn't think it's unpleasant to do it and pay them. Yeah, you know, we've been doing this for 45 years, and we have a platform that works beautifully. And it allows you to keep up to date on everything that you're doing so that your filings with the Wyoming Secretary of State or any other Secretary of State are timely. You don't fall out of favor with the local regulatory agencies. All your taxes are filed on time. All of the paperwork flows through. And we have that available on a secure client portal. And that secure client portal is open to your accountant. So at the end of the year, the accountant said, gee, I wonder if these LLCs are still in good standing. Guess what? They're in the client portal. They are. It works out beautifully. They don't have to call me, they don't have to call you. All you have to do is put a credit card in there and you get billed, I think, $160 a year. Somebody said, Oh, that was an outrageous sum of money. Well, you call your accountant and spend 15 minutes with them, it's 160 bucks. So I'm not sure what this guy was talking about. So this allows the accountant to follow up on all that information quickly and efficiently. We work with a couple of different uh accounting firms. One of the accounting firms we work with is Thorne and Company out of Big Bear, California, uh, an entirely woman's own organization, and they do great work. And I have enjoyed working with them, and they've gotten things straightened up on a couple different clients of mine that I got to be honest with you, I just didn't think anybody would get straightened up. And they're they're good to deal with, they're very professional, and uh, you're just not gonna have the problems with them that you have a lot of these fly-by-night guys, and they're not gonna go out on a limb with your tax planning. You don't want to be out on a limb with your tax planning. You know what? Justice Learned Han back in the 1920s said when an IRS came claim, claim came in, you only owe what you owe, but you owe that. So you don't have to come up with additional money that you owe, but at the same time, pay what you owe. So get a good accountant, get a good attorney, put the information together, whatever the tax bill is, write the check and get on with your life and don't think about it. And people that sit there and go, oh my God, I can't believe the government's taking such a large portion of money. Well, great, yeah, fantastic. I feel really sorry for you. Go to Syria and start your business there, and we'll see how well that works out for you. So we live in a great country, you owe what you owe. Get the advisors put together to take advantage of whatever tax breaks you have and get on with your life and go make some money.

Maggie Pierce 26:55 That's pretty solid advice. Um, the last thing I want to end on is talking about, we've talked about the correct way to set everything up and how to put your team of advisors together a little bit. Um, oftentimes, though, people will come to you after they've already done a little bit of planning themselves or set up LLCs themselves. What are some of the biggest mistakes you see people make? Maybe top three biggest mistakes you see people make that you end up having to clean up, or they have to hire somebody to clean up?

Mark Pierce 27:29 Well, one of the biggest mistakes you make is that you do it, you do it yourself. So what you have to have is you have to have uh and and by doing it yourself, you disclose who you are to the world. And so you have to maintain yourself as the registered agent, you have to do all the filings yourself, you fall behind, it doesn't happen, you you fall into an administrative dissolution or a tax dissolution, and you end up in all kinds of problems. So I had a guy come to me who had had his entity dissolved two years before, so he couldn't reinstitute it. The problem was he had a bank loan. The bank checks to make sure that the LLCs maintain the efficacy of the status of the LLC with the Secretary of State. He's out of status, would have resulted in the calling of a $20 million loan on a project that was otherwise struggling anyway. He needed some more time. I got it taken care of. It was a very difficult transaction for him to take care of. You know, what are you doing trying to chisel off of that? So that that's the biggest mistake that I see people make. The other mistake that people make is that they get a hold of the IRS and they file an EIN. And the EIN for the LLC can do them one of four ways C Corp, S Corp, uh partnership, or a pass-through entity. Depending on the structure you're doing, most of the time you want a pass-through entity, particularly if you're under a trust structure. Guess what they don't do? They don't get the pass-through entity. And then you're left with a tax election that, oh, guess what you're gonna have to file? An 1120S. Oh my God, well, I don't want to file that. Well, then why'd you make the election? Well, I didn't know what I was doing. That's not a good excuse. So then you have to get your accountant involved and your attorneys involved, and how much money did you save that? You know, I'm $750 to $1,150 an hour. How much time does it take with me before you've overcome what it was that you saved on your DIY? And it's almost always done incompletely and incorrectly. I don't charge that. Setup is part of that fee that you paid a Wyoming LLC attorney. They get it done right, they know exactly how to do it. We've schooled them on how to do it. You don't have to pay me for the information. That's information that's available with them. Go get it done. So the other thing is, you know, they get involved in these LLCs from places where you should never have an LLC. Utah is one of the worst, California is another one. Uh, Wyoming, as a holding company, is beautiful. I mean, this state, Wyoming is an LLC state, the closed limited liability statutes, uh, that you don't have to maintain paperwork for most of what you're doing. The ability to pierce the veil on single-member LLCs is not there for that reason, et cetera, et cetera. So I see them forming the LLCs in the wrong state, getting the diagrams done wrong, et cetera, et cetera. The least you could do is to go to the website and look how we do it and follow that. And if you are having issues and you want to follow up on, you can get a 300, what, a $175, half-hour consultation with an attorney who's better than almost any other attorney out there who knows exactly what you should be doing, get you completely straightened out for $175. Just do it.

Maggie Pierce 30:45 There we go. And the attorney in question that you were just talking about is John, right?

Mark Pierce 30:51 Yeah.

Maggie Pierce 30:52 Okay, just saying, because this will be on our YouTube channel, but what you were talking about with all of the LLC information, I filmed like 60 YouTube videos with John for LLC attorney's YouTube channel. So that link and the link to book a consult with John, if you specifically need LLC help, will be in the show notes below. But if you would like to speak with Mark about setting up a trust, then that link will also be in the show notes or the description below. And if you're not sure whether or not you should set up a trust yet, our next episode that we are going to film right now is on exactly that topic. So go listen to that if you're interested in that. So on that note, are there any last thoughts you have?

Mark Pierce 31:39 You know, I I think that it benefits people to have access to a quick and economical process to forming an LLC. Mommy LLC attorney provides that to you to provide you the ongoing support that you need. If you need some legal advice, that's that's available as well from an independent attorney who's schooled in LLC formations and operations. And the 175 bucks that you pay for a 30-minute consult is going to save you so much money at the end of the day. So don't be pennywise and pound foolish and try to do everything yourself. And I know that uh several years ago I had a conversation with a woman and she had been forming LLCs in Florida, doing a number of different things. And after 40 minutes, she said, Well, thank you. You've answered all my questions. I said, Well, you got another 20 minutes if you want to keep going or want to call back or something. She said, You know, I've been trying for three years to get these questions answered by my attorneys, and they're not able to do it. You answered it all succinctly and efficiently in 40 minutes. You know why that is? I've been doing LLCs since 1977. Tell me what it is that I don't know. I would be really open to finding out what that is. But if you go to that website, you form it through those through those people, and you maintain the efficacy of your filings year to year, you'll be a much happier camper because now you can go focus on making money instead of operating the company and saving a couple shekels.

Maggie Pierce 33:09 Thank you for listening to Keep What You've Built. If you're interested in speaking with Mark, you can schedule a meeting with him through the link in the show notes or by visiting WyomingTrustAttorney.com. If you've enjoyed the show, please rate it five stars or give us a like. We'll see you next time.