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Main Street Business

358: I'm in a Partnership - What to Know

Main Street Business

Mark J Kohler and Mat Sorensen

Tax Reform, Entrepreneurship, Business, Irs Updates, Tax Tips, Legal Compliance, Business Structure, Tax Prep, Accounting, Tax Strategies, Management, Financial Reporting, Estate Planning

2.4584 Ratings

🗓️ 15 October 2021

⏱️ 38 minutes

🧾️ Download transcript

Summary

Partnerships can make or break your business, it is invaluable to understand the core principles of partnerships. Some important points covered in this podcast are finding the right partner, how to structure your partnership, and when to form a partnership. To get Jarom Bergeson's Halloween Children'ss book click here: Why do Witches Wear Black? To learn more or listen to prior episodes, visit: https://mainstreetbusiness.com/ Grab my eBook 30 Unique Strategies Every Business Owner Should K...

Transcript

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0:00.0

Welcome, everyone to the Main Street Business Podcast with Mark Kohler and Matt Sornson.

0:11.2

We're just delighted to be with you today with another amazing topic, which Mark would like to introduce.

0:18.0

Yeah.

0:18.6

The topic is today.

0:20.3

Some of you may have just fallen upon us and we'll introduce why we're kind of making jokes

0:25.6

and a little dorky here in a moment.

0:27.1

But our topic is I'm in a partnership.

0:29.9

And the reason why I wanted to introduce this topic was last two weeks, I've been on the

0:34.7

road doing my two day workshop workshop and wonderful, uh,

0:38.9

experiences, meeting people in Dallas and then in Chicago, uh, so many small business

0:44.3

owners out there, just anxious to talk about their tax planning, their structure and building

0:50.0

their business. We had a little of everything. Their tenure plans, their board of director meetings,

0:54.7

their tax writeoffs that are the most valuable. It was, and Orange County is sold out right now,

1:00.3

unless we get a new venue. Hawaii, we're waiting to hear on COVID rules for groups. Anyway,

1:08.2

it was really a great experience. And I said to Matt, do you know what? And he didn't

1:12.9

know. This was interesting. I didn't expect this either. The number one topic that I think got the most

1:18.5

hands up in the air and, hey, could you explain this more and in the back of the room at break

1:23.5

was, what do I do? How do I structure this? Do we do an escort? Do we not? What do I need? Can I do a

1:31.8

JV? Can I, you know, where can I cut corners to save money? Common question. And where should I not

1:37.5

cut corners? And then I did an attorney training meeting with our associates. I had all of them

1:43.6

captive on Monday for a full day. So I went

1:46.0

from training our clients to training our attorneys, which was a great experience to let them know

...

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