People ask all the time, who should be on my board of directors?

I just came to me. It's the easiest thing. Who would you invite to Thanksgiving dinner? That's it. Those are your people closest to you. That's your board. Well, well, well, well, well. Uncle Eddie has to come to Thanksgiving, but I don't want him on my board of advisors. I am not taking him his advice. Fair enough. Uncle Eddie, questionable. But I think it's a great place to start.

And yeah, sometimes the people you don't want advice from is your family, I get it. But if you want

to ride off the plane ticket or the cost of the RV for Uncle Eddie to come, you could put them on

the board and just not listen to him. But you've got a write off. You don't have them there.

Welcome everybody to another episode of the Main Street Business Podcast.

I'm here with the amazing Matt Sorensen on a topic we love, the family board meeting.

Oh my gosh.

I just, this is like one of my passion projects.

Yeah.

And we think this is so important for your asset protection, for your

tax planning, for the sake of your business and the growth and the future. We're going to get into all these benefits. The list goes on and on. There's seven, you know, like David Letterman's top 10 back in the day, we've got the top seven and it's better than David Letterman's top 10. Oh, it is. This is going to be good. We're going to walk you through as well, how to do it, but and why, but then seven benefits, direct and indirect that come from this process. So let's just define what we're talking about here first. Why don't we do that? So what we're talking about is if you're a business owner, I don't even, frankly, I'd even go with the point, I don't even care if you have an LLC or a corporation. You have a business and you need to be doing better planning and communication with your family members. Now, this could be a spouse. It could be teenage kids, older adult children. It could be your parents. It could be your best friend. When I say family, I'm talking, who do you hang out with? Wouldn't you think it would be helpful to share with them what your

business is about and maybe get their advice and support? So we'll get into those benefits.

But the point is, you're holding a meeting regarding your business. And if you have an LLC or

corporation, this meeting is your annual meeting that could easily be on one sheet of paper.

But you could have been more than that, we'll explain.

But it's easily one sheet of paper of we're having a meeting.

We're complying with state law, creating separation between our individual person and our business entity.

We're going to put it in our corporate book,

and we're going to make sure we're compliant with the state on renewal fees or anything I need

to do at the state website. But this process of the board meeting is kind of the impetus of that

regulatory process that comes with having an LLC or corporation, and you don't have to be super rich

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