E53: Have you ever considered setting up a business structure that could save you taxes, protect your assets, and offer countless financial advantages?
Picture this. One day, you wake up to see your bank account flooded with cash from your startup's exit. The question isn't about the money anymore; it's about what you do next. Do you jump into another startup, take a sabbatical, become an angel investor, or advise up-and-coming entrepreneurs? I've found a strategy that worked wonders for me even before I hit my jackpot - the Personal Holding Company.
Today, host Yong-Soo Chung (@YongSooChung) unveils the magic of the Personal Holding Company. It's not just for the rich and famous. It's a tool that allows you to pursue multiple interests while limiting your liability across your entire business. Find out why the future of entrepreneurship is Personal.
On today’s episode, you’ll learn:
- Introduction to PHC Philosophy
- Why PHCs are Gaining Popularity
- How To Get Started With Your PHC
Let's get down to business!
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SPONSORS:
Castmagic - Enjoy an exclusive 30% discount for your first 3 months with the code FOUNDERS30.
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EXCERPTS:
The Importance of Entity Structure: "These are basically corporate structuring vehicles to put some distance between you, the person, and the business itself." — Yong-Soo Chung (07:48)
Converting Hobbies into Business: "If you manage to convert your hobbies into a business and establish it as an LLC within your Personal Holding Company, suddenly all your hobby-related expenses become business expenses, which means you get to write it all off while filing taxes, and with enough time and dedication, you can create a cash flow positive business out of it." — Yong-Soo Chung (14:20)
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LINKS:
Episode 24
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FOLLOW / REVIEW:
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CONNECT W/ YONG-SOO:
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First Class Founders is a show for indie hackers, bootstrapped founders, CEOs, solopreneurs, content creators, startup entrepreneurs, and SaaS startups covering topics like build in public, audience growth, product marketing, scaling up, side hustles, holding company, etc.
Past guests include Arvid Kahl, Tyler Denk, Noah Kagan, Clint Murphy, Jay Abraham, Andrew Gazdecki, Matt McGarry, Nick Huber, Khe Hy, and more.
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