00:00
This is the Aftermarket Radio Network.
00:12
Welcome to another episode of Business by the Numbers.
00:14
I'm your host, Hunt Demarest, CPA with Paramellas & Associates.
00:18
So I've been doing some work with an attorney to work on my own estate planning.
00:22
Hint hint, if I'm working on this at age 37, how should you feel at age, and to your
00:28
And the topic of spouses owning assets have came up.
00:31
I, like a lot of you, am self-employed and have thought a lot about spouses being on business
00:36
or spouses being on payroll, but wanted to share some do's and don'ts about spouses
00:41
and being self-employed, estate planning, payroll, and everything else in between.
00:46
Before we get into that, I just want to stop and say thank you to you and the
00:49
rest of the dedicated listeners.
00:51
Remember, if you have a question for me or want to hear a question answered on
00:54
here, shoot me an email at podcast.paramellas.com.
00:58
I want to talk to you about accounting and tax services for your auto repair shop.
01:02
Shoot us a text at 301-307-5413.
01:07
And last, but surely not least, we cannot forget our dedicated sponsors.
01:11
If you need to hire the next rock star for your team, give Promotive a call.
01:15
If you're looking for a full-service staffing solution that does everything from sourcing,
01:19
qualifying, creating job descriptions, scheduling interviews, to negotiating job offers,
01:24
Promotive is your answer.
01:26
Put them online at gopromotive.com.
01:29
So this week's episode, we are going to talk about everything related to having
01:33
your spouse on a business.
01:34
Should you file together?
01:36
Should you pay the spouse on there?
01:37
And a lot of different things, but I want to go back to what I talked about
01:42
originally on this.
01:43
Why did this topic come up and what did I learn from the exercise that I did
01:47
with my attorney are still doing it?
01:50
First and foremost, what we're talking about here is estate planning.
01:54
To give the cliff notes on what we're doing here without giving away personal information.
01:59
If you die and you have not done any work with an attorney to figure out who owns your
02:03
business, who owns your real estate, and everything else on it, you could be paying
02:08
a lot of taxes in today's day and age with the estate tax rules on it.
02:12
Most of you guys probably don't have taxing considerations, but could, but it becomes
02:17
a much, much, much bigger nightmare for your necks of kin to figure out.
02:22
If estate planning is done correctly, there's no questions.
02:24
There's always going to be sadness.
02:26
There's always going to be, you know, some level of confusion and fear.
02:29
But if people put into work to set up the trust, to set up the estates, set up their
02:33
advanced directives on this, then a really, really bad situation doesn't become good,
02:39
but it becomes less crappy.
02:41
I know this stuff sucks, but again, like I kind of joked about before, I'm 37
02:45
and doing this probably older than I am.
02:47
If you haven't done this stuff, you need to be doing it.
02:50
Another thing that I learned, taxes and estate planning can be at odds sometimes.
02:55
And if we kind of broaden this a little bit beyond just taxes, but, you know, financial
03:00
structure, business structure in estate planning, sometimes these two can be at odds, but they
03:06
Now, in my situation, it's a little bit easier for me to go and talk to the lawyer because
03:11
I am my own accountant.
03:12
So anytime I'm talking to a lawyer, the lawyer's talking to their client and
03:15
the accountant as well.
03:16
I mean, my lawyer doesn't see that as a good spot on here, but the reason I mentioned that
03:21
is your estate planning should be no different.
03:25
Just like we talked about a lot with setting up your business, if you let an accountant
03:28
set up your business, we are going to set up a certain way because we have a lot of
03:32
consideration and concerns, probably two biggest consideration concerns of accountant.
03:37
What is going to make the most amount of money?
03:38
What is going to pay the least amount of taxes?
03:41
Now, if you want to go to a lawyer and a lawyer sets up your business, they're
03:44
going to set up very differently as well because they generally have one thing and
03:48
it's asset protection.
03:49
What is going to protect this person the best case possible?
03:52
Estate planning is exactly the same.
03:54
If you go all the way this way, you could be spending a ton of money.
03:58
It could be not even possible.
04:00
But again, just looking at this and saying, hey, that's too much work.
04:03
This could be too complicated.
04:05
Everyone, everyone, everyone should be doing this stuff.
04:09
Probably depends on your overall intentions and your overall assets as well.
04:14
And lastly on this, what did I learn?
04:15
A little bit of things.
04:16
All the stuff that we're going to talk about here now are all quick, easy,
04:20
cheap things to do.
04:22
Now, obviously the lawyer's time and all that stuff has a cause to this.
04:26
But a lot of the things that you need to be doing or should be doing now for
04:30
your estate planning is just work and it's not money.
04:32
So there's really no excuse on that.
04:34
Why did this all come up?
04:36
How did you go from figuring out your will estate planning to talking about
04:40
spouses and spouses owning your business?
04:43
The reason that this kind of came up is this is part of the estate planning.
04:48
If you're married, what you own and what your spouse owns is your first
04:53
planning opportunity.
04:54
And this is where this stuff starts to get a little bit tricky.
04:57
Because again, I'm talking about this as my experience in Maryland.
05:00
Some of these are federal rules.
05:01
Some of these are state by state rules.
05:03
So again, if you're listening to this and
05:05
trying to take real estate tax advice, you're missing the point.
05:08
This is what I've learned.
05:09
This is to hopefully get you to go and
05:11
talk to the professionals to do it for you and your business and your objectives.
05:16
But where I kind of didn't really think about this is I always thought of
05:20
spousal assets as kind of one big bucket.
05:22
Me and my wife are married, whatever I have, she's gonna get half of it,
05:27
I never really cared, hey, this car is in my name, that car is in her name,
05:30
this real estate is in my name, this business is her name, whatever it is.
05:34
And even a lot of this stuff, we have a lot of this where it's just
05:37
But what I found out is a lot of that makes a very big difference.
05:41
The overall idea here is that it's different to have a house that is owned
05:45
100% in my name, right?
05:46
Let's say we have a house and it's worth a million dollars.
05:49
If that is all in my name and it has to transfer to my wife,
05:53
even though there couldn't be, there might not be any tax consequences,
05:56
that's still a million dollars transferred to my wife.
05:59
Now if my wife owned all of that and I died,
06:02
there is nothing transferring cuz she owns all of that.
06:05
Now you might be saying to yourself, well, I don't probably wanna transfer
06:08
any of it to my spouse, my spouse might not wanna transfer any of this to me as well.
06:13
But what I also found out is there's ways to do this but
06:16
still have it in both people's names.
06:19
This is more common in real estate, I've seen this in real estate but
06:21
maybe never really understood it.
06:23
But let's say me and my wife owned our house jointly.
06:27
So all these states are different, but essentially the way that it works on
06:30
a lot of these is only one person is owning it.
06:32
The person that's on the top, you see this a lot in brokerage accounts.
06:36
If we have person A in person B on a joint brokerage account,
06:40
the person that's on the top one is gonna get it reported in their social security
06:45
Yeah, the ownership is joint on it, but for
06:47
a lot of these things, they only look for one person.
06:50
What is the solution behind that?
06:52
There's something called a tenants in common.
06:54
And so what you would do in a situation like that is like the title
06:58
alludes to, we are both tenants and we're sharing in common in this asset.
07:02
So instead of this being Hunt and his spouse owning this entire thing 50-50,
07:08
Hunt's gonna own this half and his spouse is gonna own the other half.
07:11
It's essentially going into the local county office, paying them $60 and
07:15
saying, instead of me and my spouse owning everything, I'm gonna own this half
07:20
and they're gonna own this half.
07:21
It puts you both on there for your legal amounts.
07:24
You can do the same thing for brokerage accounts.
07:26
You can do the same thing for a lot of different things.
07:29
And there's no downside to this.
07:31
You might come back and say, well, hey, what happens if you get a divorce?
07:33
What happens if you get a lot of that stuff?
07:35
I would argue most of this stuff is already probably gonna be joint ownership
07:39
But again, your results may vary, you need to look into this.
07:43
The reason that I bring this up though is because this is something that I've
07:47
never really thought about.
07:48
Who owns businesses, and we'll talk about a little bit,
07:51
is something that's come across my radar?
07:54
But generally not in the thought of estate tax planning.
07:58
Usually when we talk about this stuff,
08:00
we're talking about I own a repair shop, should my spouse be on it?
08:03
I own a repair shop, should my spouse be claiming a tax deduction?
08:07
I own a repair shop, should my spouse be on payroll?
08:10
There's a lot of different things that come aboard with this.
08:13
So I'd like to be honest with you guys because again,
08:15
some of the stuff we talk about parts reconciliation, different tax planning,
08:19
there's some stuff that I say, this is how we're gonna do it.
08:21
But there's other things where I will admit in practice,
08:24
this is what's going on.
08:26
If you were to look at this and I was to stop right there on
08:28
estate tax planning purposes, you might have some direction on this.
08:32
You probably have some loose random recommendations here.
08:36
But what I found out is this.
08:38
All of your assets that you have, whether it's a watch,
08:41
whether it's a car, whether it's a piece of real estate,
08:44
or whether it's a small business on it,
08:47
all of these things are looked at virtually identically
08:50
in estate tax planning purposes.
08:52
All of these are assets and all of these have a value.
08:55
And there is a big argument that in a perfect world,
08:58
you should be able to split all these up and they're kind of
09:00
held in a 50-50 bucket.
09:02
There's no benefit of one of them having more than the other
09:04
when in most cases it's all gonna be looked at as 50-50.
09:08
What is stopping most people from going and saying,
09:10
I'm gonna transfer this, you're gonna transfer that
09:13
and everything else in between?
09:14
So the big thing that you gotta look here
09:16
is assets versus liabilities.
09:19
What is the positive?
09:20
What is the asset that I get?
09:22
What is the liability that comes along with it?
09:25
And again, what is the best case if I transfer this?
09:27
What is the worst case?
09:29
There are some things that I think
09:31
that you can transfer pretty loosely.
09:33
Bank accounts, brokerage accounts, real estates,
09:35
maybe, cars, personal assets, joint or individuals.
09:40
On the business side of it, as my lawyer recommended to me,
09:43
he still did not recommend me transferring
09:44
my ownership interest and why is that?
09:47
So there is a large argument that I have
09:49
an ownership interest and specifically
09:51
in service business on it,
09:53
having part of my interest transferred to my spouse
09:56
probably didn't get me out of any liability
09:58
and it now brings my spouse on board.
10:01
I'm gonna be here every single day.
10:03
I'm doing this podcast, I'm talking to clients on it.
10:05
I'm always gonna have a liability.
10:07
If my wife is not on the books at all,
10:09
she doesn't work here,
10:11
then she is not gonna have any liability.
10:13
We would be solving hopefully one issue
10:16
by bringing her onto this for state tax planning purposes,
10:20
but again, the liability or prospective liability
10:24
of having the spouse on a business
10:26
kind of outweighed them.
10:28
So some of the brokerage accounts,
10:29
some of the cars, different things where it's a no-brainer.
10:31
Yeah, let's transfer this over
10:33
because again, we're trying to have the best case scenario
10:35
for our entire family unit.
10:37
But what I see too much happening
10:38
is people try to get their spouses
10:41
involved in all this stuff with good intentions.
10:43
I own everything, she owns everything, he owns everything,
10:46
however you wanna do this stuff.
10:48
But again, there could actually be some liabilities
10:51
that you're not thinking about here
10:52
that are hanging them up.
10:54
The more I think about this episode,
10:55
I'm telling you guys to keep all of this stuff jointly,
10:58
but then again, you know, probably not.
11:01
I guess that is true to some degree on this,
11:03
but I think what it is,
11:04
is you need to be looking at this stuff.
11:06
Because for some of you, it might be a no-brainer.
11:09
You guys are gonna be joint,
11:10
you guys are gonna be tense and comment on all of this
11:12
because you truly share in all these adventures,
11:15
you share in all these different business ventures,
11:17
and it just makes sense.
11:19
You could be on the exact flip side of this.
11:20
You could say, hey, my wife has nothing to do with this,
11:22
I don't want them to have anything to do with it,
11:24
and I'm gonna keep them as such.
11:26
Also, if you have $50,000 to your name,
11:29
it probably doesn't make much of a difference,
11:31
and if you have $50 million,
11:33
it probably makes all of the difference in the world.
11:35
Is your recruitment process draining
11:37
your valuable time and resources?
11:39
What if there was a partner
11:40
who could take your recruitment efforts off your plate?
11:44
Promotive is your ultimate solution for hassle-free
11:47
staffing focused solely on the motive industry.
11:50
On the web at gopromotive.com.
11:52
Promotive understands the challenges you face
11:54
when searching for the perfect technician
11:56
or service advisor for your shop.
11:58
That's why we've developed a platform
12:00
that takes the hassle out of recruiting.
12:02
Michelle Tansy from Euro Clinic said,
12:04
I am a shop owner and recruiting new talent
12:06
is so time consuming.
12:08
Promotive does the majority of the seeking and recruiting.
12:11
They reach out to the candidates for you
12:12
and when they feel they are a good match for you
12:14
and culture, they make the connection.
12:17
They follow up throughout the interview process
12:18
and we make sure that the candidates are a good fit
12:21
and a shop is a good fit for the candidates.
12:24
I admire that they genuinely want both parties to win.
12:27
They recruited and paired us with a solid BTEC and MasterTEC.
12:30
Both left a dealership position
12:32
and they're still part of our team.
12:33
We are very happy with the character and culture match
12:36
and both technicians have become valuable team members.
12:39
Visit our website at gopromotive.com today
12:43
and join the growing community of shop owners
12:45
who have found their ideal team members with Promotive.
12:49
There is some other things to worry about
12:51
and let's kind of talk about the downside.
12:53
Why would you say, hunt, I would have no qualms
12:57
about putting my spouse on a brokerage account
12:59
that you own jointly
13:00
and why would you give pause on doing that same thing
13:03
for an auto repair shop?
13:05
If I have an auto repair shop that's worth $300,000
13:08
and I have a brokerage account that's worth $300,000,
13:11
which one do you think has more liability?
13:14
Which one do you think that I can get sued from?
13:17
Which one do you think that has any liability with sales tax
13:20
that could possibly go to jail if I don't pay sales tax?
13:23
Which one has liability that if one of my employees
13:25
forget something on a vehicle,
13:27
I could actually end up financially responsible or in jail?
13:31
I think that you understand where we're going on this one
13:34
and this is the big reason
13:35
why I generally don't see spouses on there.
13:38
For every time that I've probably seen a situation
13:41
where having the spouse benefit
13:44
by being in a state tax situation,
13:46
I've seen someone else that would have not been able to do
13:49
what they were able to do by having their spouse on there.
13:52
Realistically, most of you guys do not plan
13:54
to keep your shops until after you pass,
13:56
it's gonna be a sale before death
13:58
or hopefully before death on there
14:00
and by having your spouse on there,
14:03
they are now liable for most of the things that you do.
14:05
But I'll give you a great example on this.
14:08
If you go out and you are the sole proprietor
14:11
of your business and you rack up a $400,000 liability
14:16
to the IRS, payroll taxes specifically,
14:19
and we'll use sales tax is kind of interchangeable as well.
14:22
If your spouse doesn't work in the business,
14:24
your spouse doesn't own anything on it,
14:26
you absolutely could be liable
14:27
and you absolutely could be going to jail,
14:29
but there is no legal standing for the IRS, the state,
14:32
or the county to go after your spouse.
14:34
She doesn't own the business,
14:35
she's not on any legal paperwork.
14:38
You thought that you were being nice
14:39
and when you started this business,
14:40
you said, hey, everything's 50-50.
14:43
Still the same situation,
14:44
wife has never been in the business,
14:45
wife doesn't do the sales tax,
14:46
wife doesn't do the payroll tax.
14:48
If they see your owners are 50% owner,
14:51
not that they're always going to go after them,
14:53
but they now have the same legal standing
14:55
to go after her as they do for you.
14:58
What's the benefit of it?
14:59
What's the benefit of having your spouse on there?
15:01
Absolutely not in most situations
15:04
because remember, you guys file a joint return.
15:07
If I make $100,000 in my business,
15:09
I'm going to show $100,000 on my tax return.
15:12
If that same business has owned jointly
15:14
with me and my wife,
15:15
I'm still going to be paying tax on $100,000.
15:17
50 is going to become for me, 50 is coming from her.
15:20
It really makes absolutely no difference.
15:23
And again, like I said,
15:24
could open us up for some liability.
15:27
What if you've made this mistake in the past?
15:29
What if you said, well, hunt, you know what?
15:31
I had an ex-husband, a current husband,
15:33
whatever it is, and I actually got,
15:35
you know, mixed up in a tax situation.
15:37
They fraudulently filed return.
15:39
They forgot to include their ERTC money.
15:42
And now the IRS is trying to come after me.
15:45
The good news is in most situations,
15:47
the IRS has a situation to deal with it.
15:50
I'm not going to tell you it's always a good situation.
15:52
I'm not going to tell you it's always an easy situation,
15:55
but pretty much anything that you can name
15:57
that has possibly happened as far as tax is concerned,
16:00
the IRS does have guidance on this.
16:02
There is something that I have seen.
16:04
I've never actually seen it done in person.
16:07
I've heard about it, but it's called an innocent spouse.
16:11
What is an innocent spouse?
16:13
And can this help me in a situation
16:15
where my spouse does something that I could be liable?
16:17
And the good news is, yes, if you're liable for,
16:21
if you're concerned about the liability for taxes,
16:24
the bad side is no, if you're liable for anything else.
16:27
Innocent spouse just means that,
16:29
that the spouse is innocent
16:30
from whatever tax related thing that the spouse did.
16:34
Like I said, I have never seen this actually used
16:38
I've never filed this for a client.
16:39
I've luckily, knock on wood, never been in a situation.
16:43
I usually see this stuff
16:45
when someone commits some sort of fraud.
16:47
When someone has a massive audit,
16:49
when there's a mass underreporting of tax liability
16:53
and the IRS comes back and says, you know,
16:56
John and Jane Smith,
16:57
you guys underreported $3 million
16:59
and either John or Jane comes back and says,
17:02
I did not underreport anything on this,
17:06
There is ways to kind of get out of tax debt
17:09
if your spouse is into trouble.
17:12
But as we'll talk about a little bit,
17:13
if you have some of these things going on,
17:15
you might not want to file to jointly anyways.
17:18
Something that it is more common, and again,
17:20
you know, if you are filing taxes,
17:23
if you're being married, you know,
17:24
some people have tax liability
17:26
that either predates your marriage
17:28
or even predates any marriages altogether.
17:30
This one's a little bit more common
17:32
and it's called an injured spouse relief.
17:35
The injured spouse relief,
17:37
not to be confused with the innocent spouse relief,
17:40
has to do when someone has a previous year tax liability
17:44
that has nothing to do with your joint account.
17:47
So let's say that I am single,
17:49
I owe the IRS $50,000,
17:51
and this year I want to file a tax return with my new wife,
17:55
but I don't want that person
17:57
to have any negative impact on my previous year's taxes.
18:01
My new wife could file something called
18:03
injured spouse relief,
18:04
which essentially says we are filing this stuff together,
18:08
here's my side, here's my spouse's side,
18:11
I have nothing to do with them.
18:13
That kind of leads us to the last question on here,
18:16
is should I just file a separate return for my spouse?
18:20
We've went full circle on this.
18:22
We've went from the estate tax planning of like,
18:24
it doesn't matter, we all own everything on this,
18:27
to a lot of people are probably coming
18:28
to the conclusion of like,
18:29
wait, should we be held jointly on any of this stuff?
18:33
And a short answer on this
18:34
is should you file separately from your spouse?
18:38
There is some situations.
18:40
If your spouse has a big tax liability from previous years,
18:43
I would probably think about it.
18:45
If your spouse currently has a massive tax liability
18:48
every single year and has issues paying it,
18:50
notices, whatnot, I would seriously think about it.
18:53
Anything else in between other than the son,
18:55
I would not use that as a reason to file separately.
18:59
The reason why I would almost
19:01
never recommend filing separately
19:03
when you have a married couple
19:05
is there's virtually no way that it could benefit you
19:07
other than these situations we're talking about here before.
19:11
And there's a lot of ways that actually could be a negative
19:13
for you or your taxes.
19:15
There's a lot of things the way the tax law works is
19:18
the tax rates for more the tax brackets for joint
19:22
are essentially double what they are single.
19:24
You got one person here, you got two people there,
19:27
Deductions are generally the same way too.
19:29
Hey, if you get $1,000 on your personal,
19:31
if you file a jointly, you get $2,000.
19:34
The issue comes up on the married filing separately.
19:37
There's a couple of things that you just can't get
19:39
if you file separately.
19:41
You want to deduct student loan interest.
19:42
Well, if you file separately, you just can't.
19:45
So like I said, you should probably be filing jointly.
19:48
Your spouse should probably not be on the business,
19:51
but the longer answer is it's probably gonna make
19:54
a big difference depending on what you have going on,
19:57
what you've done in the past
19:58
of what you plan to do in the future.
20:00
And like a lot of this,
20:01
how much money is all involved in a lot of it.
20:04
So, huh, I might or might not want my spouse on the business.
20:08
I probably want them or tenants in common
20:11
on some of the real estate, the bank accounts.
20:13
If my spouse owes a bunch of money
20:15
or is about to owe a munchie to the IRS,
20:17
I probably should not file jointly.
20:19
What about paying them?
20:20
Is the relationship between paying your spouse
20:23
and them being an ownership in the business,
20:25
do they actually have anything to do with each other
20:27
and does it all even matter?
20:30
So kind of like filing separately,
20:31
if you're sitting here right now working in your repair shop,
20:34
working in your business on it
20:36
and your spouse does not currently take payroll
20:39
and you say, hunt, should my spouse take payroll
20:41
without looking at anything that's,
20:43
answer is probably no.
20:44
And then again, a 90% of the situations,
20:46
the more I ask, I do not change my answer.
20:49
10% of those I say, yeah,
20:51
you probably should have your spouse on payroll.
20:53
The biggest reason why you should not have
20:56
your spouse on payroll is because
20:57
there's probably no benefit.
20:59
If your spouse is not on payroll,
21:01
they can still be covered under your
21:03
health insurance benefits
21:04
because they're your spouse on there.
21:05
We're not getting a tax deduction when we pay our spouses.
21:09
If we pay our spouse 100 grand,
21:11
we get a $100,000 deduction on the business,
21:13
we pay tax of 100 grand personally.
21:15
Those wash out, we get no tax deduction.
21:18
But you know what we don't get a deduction for?
21:20
The $15,000 in payroll tax
21:23
that we paid on that payroll.
21:25
If you have two businesses,
21:27
both of them making $200,000 a profit,
21:30
one of them takes 100 grand on payroll.
21:32
The other one, both spouses take 100 grand on payroll.
21:35
Business A is gonna pay $30,000 in payroll taxes.
21:40
Business B is only gonna pay $15,000.
21:43
The whole game here that we're trying to work with
21:46
is to pay the least amount of payroll taxes possible.
21:48
You guys know that you shouldn't be bonusing yourself,
21:51
paying yourself a ton of wages.
21:53
Why the heck you just paying your spouse?
21:54
That being said, if there's a reason
21:57
why your spouse has to be on there for health insurance,
21:59
obviously put them on there.
22:00
This is the asset versus liability cost versus benefit.
22:04
If you have a retirement account,
22:05
your spouse should be on there
22:06
and should be maximizing that.
22:08
In a perfect situation,
22:10
if I'm looking for most repair shops,
22:12
one owner, I don't care if it's you,
22:14
your spouse, husband, wife,
22:15
one of you guys should be on there.
22:17
Same person that's on there should be taking payroll,
22:20
should be filing a joint return,
22:22
but you should not become mingling this
22:24
as much as you can unless your lawyer says
22:27
there's a benefit from doing so.
22:29
I hope that this never comes down to it,
22:31
but the last kind of, you know,
22:33
well, why would I do all of this?
22:35
What is my option by keeping my wife,
22:37
my husband completely separate from my business?
22:40
I don't see this a lot.
22:41
It's not advisable on no one ever plans on doing this,
22:45
but I have had a handful of businesses
22:46
over the years that have got into sales tax trouble,
22:50
payroll tax trouble, income tax trouble.
22:52
What they are able to do by having
22:54
only one of their spouses on the business
22:57
is they were able to shut that business down
22:59
and then a new business was to reopen
23:01
sometimes the following day.
23:03
If you wanna look at XYZ auto repair
23:06
and some of my clients in the past,
23:08
they closed down on a Friday
23:10
where the husband owned that business.
23:12
They had a massive amount of payroll taxes
23:14
and then Monday they opened up as a brand new business
23:17
and they were not actually liable for those payroll taxes.
23:20
Is there more to this?
23:23
Is the husband that walked away from those payroll taxes
23:24
or sales tax gonna still have some stuff that follows them?
23:28
But if you do this correctly,
23:30
you could have one person on the hook
23:32
and still be able to be flexible,
23:34
still be able to do what you need to do in the business,
23:36
whereas if you guys might both end up going down
23:39
with the ship, if you really, really wanna have both
23:41
of your names on this.
23:43
Being married and having a business partner
23:45
in many ways pose similar issues,
23:47
disagreements and frustrations
23:49
and combining the two can make it even more daunting.
23:52
Talk to your spouse, talk to your accountant,
23:54
talk to your lawyer and make the right move
23:57
for you, your business and your family.
23:59
As always, please share with friends.
24:01
If you have any questions, comments or ideas,
24:04
shoot me an email at podcast.parmalus.com.
24:07
Just wanna say thanks again
24:08
for listening on the Aftermarket Radio Network.
24:10
You can find all shows
24:12
on the AftermarketRadioNetwork.com
24:14
and on your favorite podcast listing app.
24:16
So just wanna say thanks again
24:17
for joining me on a business by the numbers.
24:19
Stay safe out there and I'll talk to you all next week.
24:23
You've been listening to Business by the Numbers
24:24
with Hunt Demerist on the Aftermarket Radio Network.
24:27
Follow Hunt on your favorite podcast listening app.
24:30
Let him know what you'd like him to cover.
24:32
His email is in the show notes.
24:34
Hunt is all for advancing the Aftermarket.