#529 Tax Advisor Playbook: Help Your Clients Establish A Family Board

Main Street Business

Mark J Kohler and Mat Sorensen

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

4.8 • 584 Ratings

🗓️ 20 September 2024

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode of the Main Street Business podcast, host Mark J. Kohler focuses on the transformative role of family board meetings in a business context. He discusses how these meetings are crucial for asset protection, tax planning, and promoting family unity, offering a blueprint for implementing these strategies effectively in any business environment. Here are some of the highlights: Mark introduces the concept of family board meetings and how it can be used for LLCs (board of advisors)...

Transcript

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0:00.0	Welcome to the Main Street Business Podcast with your distinguished hosts, Mark J. Kohler and Matt Sorensen.
0:05.5	Both are best-selling authors and have over 25 years of industry experience with 10,000 client consultations,
0:12.3	making them the leading tax and legal experts in the nation.
0:16.1	Together, they'll unpack the most complex tax, legal, and financial strategies,
0:20.6	crucial for saving more,
0:22.1	stressing less, and building generational wealth. Today, they're your personal advisors.
0:28.1	Ready to break it down for you and make the tax and legal game easier than ever. Here is Mark and Matt.
0:34.5	In today's video, I'm going to teach you how to help your clients establish a family
0:38.6	board. This could be a board of advisors for LLCs or board of directors for a small corporation.
0:44.1	These board meetings are a tax write-off. They create better asset protection and even audit
0:49.7	protection. You need one of these boards. And when you do this for your clients, they are going to love you. Now, I'm a certified public accountant, attorney, bestselling author, podcaster, YouTube personality. I've done over 10,000 consultations helping clients all over the country. And I currently train almost a thousand different CPA and enrolled agents around the country to become certified tax
1:11.7	advisors. But most importantly, I'm a business owner myself and I'm a dad. And my family board
1:17.6	meetings are precious to me. This is a chance for me to leave a legacy, teach my kids financial
1:22.3	literacy, and teach small business. Now, what is a board?
1:30.4	Now, it's actually pretty easy to get our heads around.
1:31.9	We just don't apply it to ourselves.
1:37.2	We can think of Microsoft in their board meetings or Amazon or Apple.
1:39.4	They all have big corporate boards, right?
1:42.7	Well, even a small business owner can have a board.
1:49.5	In fact, with a corporation in all 50 states, you're required to have officers and a board of directors.
1:58.3	And with every LLC, we've been setting up in our law firm for at least the last 10 years, we ask our client, have you thought about a board of advisors?
2:02.5	You can have a board of advisors in your LLC. It's a standard provision in all of our operating agreements. So with a corporation, most likely your clients
	...

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