Want to get your financial questions answers? Submit your questions at to get your questions answered on an upcoming episode! Today we are going to chart some waters that we haven’t voyaged much here on this channel and that is in the areas of business structure, managing taxes depending on what type of structure your business is, and whether or not you should consider borrowing to fund equipment for your business!
Time Stamps:
1:17 – What are the different type of partnerships?
6:09 – Business is purchasing a large amount of equipment and the Partners are taking around $24,000 a year and their CPA is telling them they only made around $34,000. Partner is getting hit much harder in taxes than I am, why might that be?
8:00 – Garrett’s Tax Framework
12:30 – Does it make sense to borrow to purchase equipment for my business?
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Garrett is the author of the New York Times and Wall Street Journal bestselling personal finance book Killing Sacred Cows: Overcoming the Financial Myths That Are Destroying Your Prosperity.
He is the Founder and Chief Wealth Architect of the Inc. 500 firm, Wealth Factory. A regular on ABC’s Good Money, he has been on Fox, CNBC, as well as hundreds of radio interviews, and is a contributor for Forbes. Garrett is a frequent speaker at workshops and conferences. He lives in Salt Lake City.
Garrett has also been interviewed by some of the greats in the personal development space like Hal Elrod, Robert Kiyosaki, Ryan Moran at the Capitalism Conference, Dan Sullivan from Strategic Coach, the Mindvally Podcast, Project Life Mastery with Stefan James, Joe Polish of Genius Network, Entrepreneur on Fire with John Lee Dumas, The Science of Flipping with Justin Colby, The How of Business, and many more!
If you want to build sustainable wealth, increase your monthly cash flow and enjoy economic independence without using budgets, cutbacks, limiting your lifestyle or adding new customers to your business, then Garrett & the Wealth Factory team can help provide the tools and training you need to build the life you love.
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This video is about Choosing The Entity That Best Fits Your Business Needs / Wealth Labs Podcast with Garrett Gunderson
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