Self-employment

Anyway, one of my members in this group, his name is Dave Steineger, and he has a YouTube video or a YouTube channel.

I think it's called Self-Employment Sidekick.

Anyway, Dave... came to me one day and he says, Cliff, you're not gonna believe this.

He says, I just got one of these.

Right.

This is a major case on whether limited partners in a state law limited partnerships will generally be able to escape, based on that, any liability for self-employment tax under 1402.

And the answer is not going to be good if you were rooting for Sorbonne.

We'll do it, okay? Sorbonne Capital Partners, we discussed them before, they're a Delaware limited partnership investment firm run by three founding principals who held limited partnership interests on paper but worked full-time over 2,300 hours a year minimum, managing the firm's core operations.

And the much, I mean, the limited payments were over a million dollars.

The guaranteed payments were over a million dollars, but the others were way bigger than that.

And they only paid self-employment tax on their guaranteed payments, right? So that's it.

In fact, basically, only one of them had contributed capital, $4.3 million.

Okay, welcome back to Self-Employed, The Forgotten Community.

Today we're talking about something that many self-employed people struggle with, systems.

Because a lot of business owners are working incredibly hard, but underneath it all, there's often disorganization.

[upbeat music] You're about to listen to Enthusiastically Self-Employed, the podcast created for you as someone who is self-employed and enthusiastic about your business growth.

I'm your host, Brenda Meller, and I look forward to sharing with you LinkedIn tips, marketing tips, and business tips.

You'll hear from me in solo episodes as well as through my guest interviews.

Welcome back to Self-Employed, A Forgotten Community.

This podcast is all about the real challenges facing business owners, the pressures, the decisions, the isolation, and the conversations that often don't happen enough.

And today we're talking about something incredibly important, but something many business owners avoid, succession and exit planning.

Hello again, everyone, and welcome to Self-Employed, the Forgotten Community.

Let's be honest.

When you're self-employed, your health often becomes secondary.

I took the leap.

Now, let's talk about the Self-Employment Assistance Program and how that impacted you in your business.

How long had you been in business before you really realized that you needed a little bit of support?

Yeah, well, it's because I'd had mentoring and I'd had this and I'd had that, but I'd never heard of the C program.