 In this video, I'm going to share with you arguably the single Thomas decision that I've ever made repeatedly in business that has cost me hundreds of thousands of dollars, if not millions of dollars and years wasted and that thing is very, very simple. It's opening an LTC or LTD, whatever the crap you call it in English opening a company, a limited liability LLC opening an LLC. Why? Throughout the years, what I've done is always get cheap on opening a company because opening a company that costs money, it's a legal thing, a legal thing. You have to get it done. You have to sign the papers. It's not a simple process. But what are the advantages of having a company versus just being a regular business owner where the business is on your name and it's not a separate entity from you? There are a couple of things that make it a really, really dumb decision not to open a company. Again, if you're going to go for more than 10,000 a month, if you're going to go going to go for $10,000 a month in your life, you can have your own business, it doesn't matter. But if you want to go for big things, in this video, I'm going to explain again why you have to open a company and why it was such a stupid mistake not to do that for all these years. So first reason, let's say that you open a business and you're a business owner. What happens is the business doesn't have a business account. It doesn't have a separate financial account. You get money from the business and it comes into your account. And then when you want to use it, you use it from your account on the business. So there's a very small thinking cycle where you make money and they use that money and they make money and they use that money. But what do you also use that money for? You use that money for food, for rent, for just basic life necessities. So you basically are drawing your business from the same place where you're also drawing your regular life from. So there's no separation. When you have a company, there's you and then there's the LLC. This is a company. This is you. These two are not the same. If the company makes money, the money goes into the company's bank account. If you want to use money, the company uses the bank account and then fuels that. And then when you want to get money, you basically draw a salary from the company. So you're taking from the bank of the company. And what that does is it's a major mental shift where you treat it different than, again, your business. My business, it's a company. It's separate from me. And so if the company has a money in the bank account, what is it going to get used for? Obviously to make money. And then you also get taxed differently. Because again, if you're a business owner, you get taxed for this. You pay tax for every dollar that comes in because it comes into your account. When you have a company, you do not get taxed for this money. You only get taxed if you have money left after expenses. So what are you going to do in the company? You're going to pay all that money to invest and grow your company. It's a very different model. Again, then there's the ego part. When this is mine, okay, this is mine. This is my business. Then there's ego. Why is there ego? Because it's my business. It's me. When it's a company, you're not working for yourself. You're working for a company. You're basically an employee in your own company which you've created. So you're going to treat it very, very differently. You're going to make risks differently. You're going to take different types of decisions because it's separate from you. You're not when, you know, when you have a business and you want to spend $10,000 on marketing, it's kind of scary because it's your money. When you have a business, a company and the company is going to spend $10,000, it's not your money. It's the company's money that the only purpose it has there of being there is to get invested. So it's a very, very different style of thinking. And finally, we have the issue of liability. Here's the main crutch. If you are going to get sued as a business owner because you did not deliver the goods, you did not do the service you wanted to provide, you fell on a really crazy customer that, you know, one of the crazy ones. The ones that are just batched insane. And that person sues, he doesn't sue the business. You don't have a business. You're a business. He's going to sue you. You're going to go to court, dude. But when you have a company, he's not going to be able to sue you. There's, again, there's a separation and he's going to sue the company. So worst case scenario, you know, the company lost all its money. You go bankrupt. You can't go bankrupt when you have a business. When you have a business, if you go bankrupt, you don't have money. When you're in your, when your company goes bankrupt, you don't go bankrupt. It goes bankrupt. And again, when somebody gets sued, it's not you get sued. It's the company gets sued. So I hope this video helped you understand why, if you want to get big, if you want to actually have a massively successful business, you need to open a company. It's going to help you. It's an investment worth taking. Don't think twice about it. Just get it done. Just go and open a company. I'm not sure how you do it in your country, but I'm sure it's not that complicated. And even though it costs money, trust me, it's worth every single penny. Thank you for watching. Let me know if you have any questions. Feel free to book a coaching call with me in the link below or buy my ebook for 9.99, which talks about my life story. I'll see you in the next video and feel free to subscribe in the meantime. Thank you.