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hey everybody matthew paulsen here today I want to record a quick video to discuss whether or not your personal name so matthew paulson should be the name of your business brand so should the brand be market beat or should it have something with your name in it and how closely should those things be related there are generally two schools of thought on this there's the thought that I the the train of thought that I subscribe to is that they should be kind of separate and distinct so you're the name of your business then and your personal name should be two different things and then there is another train of thinking that says you know you are your business your name should be synonymous with the name of your business so there are a lot of online entrepreneurs that try to make a big personal brand name for themselves in all of the content they produce kind of the best example of this is the smart passive income show with Pat Flynn there's a guy named Pat Flynn that runs a few online businesses he's got a blog called smart passive income he's written a book he does speeches at conferences and the name smart passive income and Pat Flynn are pretty much just inseparable you can't think of one without thinking of the other and there are some nice benefits for doing this but there are also some cons so kind of some of the you know benefits are one you get to be kind of internet famous and people know who you are so when you walk into a room where you go into a conference you know people already you know recognize hey you're Matt Paulson from the start Q&A show which I do hope that's happened someday but you know that's that's not the focus for me so it is nice because you get to kind of build have your name be a brand and have people know who you are and then you can use that personal branding moving forward and other projects you do but there are also some cons to doing this and I do think those cons tend to outweigh the benefits of having your name and your brand closely associated so the first is you kind of get stuck in a hamster wheel of content creation so if you know you are the brand people expect your content to come from you and you only make money as long as you are creating content and stuff for people that comes from you you can't have somebody else do that because they're not the brand you are so if the brand is Matthew Paulson I can't have my assistant Rebecca McKeever write content for me she's not in a pulse and it just does not work but if the brand is market beat and market beat is the brand that people know and love and not Matthew Paulson Rebecca McKeever can come in and create content and people won't care as much because they're following market beat you know they're not following Matthew Paulson second it's really hard to sell your business when your name is the brand name of the business you know Pat Flynn would have a very difficult time selling smart passive income because 90% of the value of that brand is his name and if his name and he doesn't come with a business you know there's just not much of a business left so if you want to have a business that you can go public with or sell down in a line to somebody else I'd encourage you to try to keep your name off stuff as much as possible so that you know the brand is getting so old and you don't have to come with that brand the third kind of con - having your personal name associated with your business brand is that it's very difficult to switch to being something else like everybody knew Michael Jordan as you know a basketball star and then he tried to play minor league baseball and he just could not get past his own shadow of being known as you know an NBA world champion nobody was willing to accept that he is now a minor league baseball player that was we were challenged for him and if you are really known for one thing and then you want to be known for something else it is kind of a big transition to get people to start thinking of you you know you used to be this person now you're this person it's hard to make that switch when your name is very closely associated with your personal brand and then finally when your name you're broke when you are your person when your name is your business brand it becomes very difficult to systematize or delegate your business so in a normal business you can always have some bringing it bringing on a new team member a contractor an employee and have them kind of help run the day-to-day operations of your business but when your personal brand is your business you know people expect that every interaction from your business comes from you so they want you to respond to their emails they want you to respond to their social media you know their tweets their Facebook messages all that they want you to do that so it's hard to candle after somebody else when people are expecting you the same is true for content creation it's just tough to get team members to be able to become you and respond to people it's it's hard to do that so instead of you know trying to make your name be the focus of your brand I always like to make the focus of the brand to be my readers so market beat is kind of the brand but the focus is not on market be that's ours market be helping the audience so you're not saying hey come learn from me I'm an expert it's here's this great service that is incredibly helpful practical and useful to you market beat is all about you helping you out and helping you become a better investor by doing this you know you're not personally tied to creating content you're not stuck with your business you can sell it I really think it's just a better idea to have a separate brand like market beat that is separate and distinct from your personal brand is for a lot of different reasons
Thanks for your comment Michel Baumkirchner, have a nice day.
- Genna Rosing, Staff Member
hey guys clint coons here and in this video we're going to talk about why you should never use your own name when creating your limited liability company or land trust okay let's get started okay so i have another video on naming your limited liability company how to choose the right name but i i see this all the time unfortunately where i sit down with someone and they send me a copy of their existing structure their exist you know their existing entities that they've set up and i'm looking at the names that they've chosen and a lot of times people will use their own name in their planning and they don't understand the rationale why you wouldn't want to do that well if you recall and if you've watched a lot of the content on my channel one of the things that i'm always hitting on is anonymity you can't sue what you can't see but here you are right say my name is clint coons i went out i go out i create a limited liability company and i call it the coons family limited liability company or or i call it the coons land trust or the clint coons limited liability company you've just shot your anonymity right because your name is listed in the title of that company so if i'm looking for anonymity people are just going to pull up the company say hey it's you so that's one major problem no anonymity when you use your own name the second problem you have in putting your own name into an llc or a land trust is that someone could argue in the event that you engage in you enter into a contract with someone that they thought they were entering into a contract with you individually that they didn't realize they were dealing with an llc because your name and the llc you have the same name and so if you ever can you've ever hear stories about people piercing the veil of a limited liability company well this is a a situation where someone may be able to do that because you're associated with it now this isn't to say that you shouldn't ever use your name in a company uh in the name of the company there are certain circumstances like for example if you're a professional it's required under state law that your name be used in that professional entity then it would make sense to do that or if you're trying to brand yourself and you want people to know about you then maybe it makes sense to to set up an entity where your name's associated in the name of that entity but by and large stay away from that do not choose names that relate back to you and don't think hey i'm just going to use my initials they'll never figure that out believe me people will figure that out i mean for example check this out let's assume i set up this llc right here and i call it c and c llc all right clint coons huh well c and c now i have this piece of property right here and i deeded into this llc and i think i have anonymity here because my name's not associated with it you know i've got that little wyoming llc down here owning the interest so if i pulled title and i saw that this used to be under clint coons ll's clint coons individually and now it's held by cnc llc you think that's going to throw me off and i'm not going to realize this is the same person or that clint is somehow involved with this company and then once they figure this out and the camels in the tent is sniffing around you're not getting them out because that person is going to notice that this wyoming llc here is in play and if that wyoming llc owns multiple other llc's that you've set up across the board all pointing back here well game over they're now going to know that you're associated with all of those companies so definitely avoid using your own name whenever you're setting up your llc now if you've already used your name what should you do well i mean the best thing to do if you can is to consider closing that entity down transferring the property out and set up a new entity maybe what you could do as well is uh if i if i had done that made that mistake then i would take this llc a simple solution would be to set up a land trust here transfer that property into the land trust and then set up a new llc over here that has anonymity and then move that land trust interest into that new llc and then close that entity down that way the deed never comes out to your name individually it goes from from the llc to a land trust that you have anonymity with then that land trust is held by a separate limited liability company so that would be a quick easy solution for someone's already done that and just shut that down now you could change the name on the llc but there's going to be a chain a record of that and so if somebody dug they would see hey used to be cnc llc and now it's 1411 mercury street llc and again they can trace it back to you all right guys hope you learned something about that never use your own name when creating limited liability companies take carebye
Thanks Collin your participation is very much appreciated
- Genna Rosing
About the author
I've studied labor economics at Lipscomb University in Nashville and I am an expert in statics. I usually feel hopeful. My previous job was sales representative (computers) I held this position for 18 years, I love talking about gold prospecting and warli art. Huge fan of Heath Ledge I practice wrestling: greco-roman and collect antique.
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