#560 How Business Owners Hold a Family Board Meeting

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

2.4 • 584 Ratings

🗓️ 28 January 2025

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode of the Main Street Business Podcast, Mark J. Kohler uncovers the secret to saving big on taxes and strengthening your business—the family board meeting. Discover how to legally write off travel, meals, and payments to family members, while staying compliant and building financial security. Mark breaks down the process step by step, making it easy for any small business owner to implement. Here are some of the highlights: Mark explains why every small business should hold a fam...

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.
0:34.2	I am absolutely convinced that one of the most underutilized strategies by small
0:38.6	business owners today is the family board meeting. That's right. Every small business should
0:44.0	have a family office. In fact, they do. It's a room down the hallway. It's a corner of the studio
0:49.4	apartment. That is your family office, just like Microsoft and Apple and the big boys.
0:55.3	And it's an opportunity to take tax write-offs to go somewhere to hold your family board
0:59.7	meeting.
1:00.2	It's going to give you better asset protection.
1:02.7	You're going to be able to talk about your business with your family members that should be
1:06.4	on the board, and it's going to help you be a more successful business owner.
1:12.5	Having a board meeting is an awesome strategy for the small business owner to save taxes, build wealth, and be more
1:19.1	successful. Now, my name is Mark J. Kohler. I'm a CPA attorney. I've been in the tax and legal
1:23.7	industry for over 25 years with a law firm and accounting firm and helping small
1:28.4	business owners all over the country. But most importantly, I'm a small business owner. I have a family.
1:33.8	I have a mom and dad and friends and people that I want to meet with and talk about with my family.
1:38.7	And this isn't hard to do. If you have an LLC or a corporation, you're in fact required to have a board meeting every year.
	...

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