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Anderson Business Advisors

Justin Strait
Rental Property Investor · VA/MD · Member since 2022 · 18 posts · 14 votes

So, I had my consult with Anderson Business Advisors yesterday. They ask a lot about your assets and goals. They definitely didn't force me into any predesigned solutions but took what I was looking for and made recommendations. They give you a customized plan and based on my desired they should their recommended end state and anything I didn't want to do now was marked "future" while things I wanted to execute now was listed "now".

I'm looking for anonymity, asset protection, tax benefits, and someone to handle much of the LLC stuff as I am still working full time.

What they came back with was:

1. WY Holding LLC Formation: $2750 discounted to $1500
2. Company Assistance Program: $2500+$795yr discounted to $1800+$795/yr
3. Platinum Enrollment: $2500+$35mo discounted to $1500+$35/mo
4. Registered Agent: $150 discounted to $135
5. State Filing Fees $102

*Note at you can see in others posts discounts seem to depend on what services individuals get. Each plan is tailored to your desires/needs. I my case I'm just setting up my holding LLC so I can build business credit while looking at deals with Rent-to-Retirement and then will set up my REI LLC/Land Trust where I do my deals.

Anderson does state that "Non-Platinum Member’s professional hourly rate is billed at $350/hour."

Regarding the cost from what I can tell it's in line with similar competition like KKOS. They just seem to bundle more but also provide more secondary services like training, legal forms, etc.

As for the cheaper things like legalzoom, etc. Well, I looked at that too. Personally, when it comes to legal stuff, I don't trust cheap. Plus, I'm willing to have someone do some of the extra work for now.

Descriptions:

PLATINUM MEMBERSHIP
Access To The Anderson System
2 Year Tax Review
Unlimited Attorney Strategy Sessions
Unlimited questions with our tax team via the online platinum portal
Access To Monthly Tax Webinar
Tax Q & A Database
Access To Video Training Library
Extensive Legal Forms Library
E-newsletter
Attorney Document Reviews (Limited)
Exclusive Product & Workshop Discounts
$35/Month to maintain membership
Receive Two Complimentary Tickets Each Quarter To Attend Our Educational Workshops In Las Vegas*

COMPANY ASSISTANCE PROGRAM
$1,800 initial payment, $795/yr
Verifiable Corporate Headquarters*
Entity Maintenance Support* (anything related to the ongoing compliance and operation of the entity, ie conversions, domestications, binder restatements, redrafts, and dissolutions** for Nevada & Wyoming)
Mail Forwarding
Reconstruction of Missed Entity Records
Annual Corporate Compliance
Annual LLC Compliance
Phone answering service (702.871.8535)
10% discount on executive retreat, upon qualification
*Entity must be formed or binder docs drafted by Anderson and Anderson is required to be listed as the Registered Agent.
**Excludes dissolutions outside of Nevada & Wyoming, as well as any state filing fees or shipping costs.

LLC FULL SERVICE FORMATION
Operating Agreements
Membership Certificates
Membership Ledgers
State and IRS filings
Corporate Record Book Kit

REGISTERED AGENT
Accept and Forward Tax Documents
Accept and File Compliance Documents
Respond to Service of Process Notifications
Help Make Sure Businesses Are i n Good Standing
Renews annually at $135 per year per Entity




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Michael S.
Huntsville, AL · Member since 2018 · 577 posts · 864 votes
4y

I do not know anything about Anderson Business Advisors, and have no comment or feedback on them whatsoever.

I have set up multiple LLCs for various business ventures through top notch attorneys - never paid more than $900 for any of them, and that includes all state taxes and filing fees.  

I have CPAs for tax questions and taking care of the LLC returns, as well as for any "random" state audits of the LLC (which do happen - they claim they are random, but they are looking for LLCs not paying state unemployment taxes).

That's all I have needed for over a decade of being a part of multiple different business ventures.  I am unclear why you would need the majority of the stuff you listed out - but that's just my opinion on it from personal experience.  Good luck.  

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  • Daniel HymanBusiness Member
    CPA · Milwaukee, WI · Member since 2016 · 2k+ posts · 1k+ votes
    4y

    What does your real estate portfolio look like? What was your initial reaction to the plan presented to you?

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    1Reply
  • Justin Strait
    OP
    Rental Property Investor · VA/MD · Member since 2022 · 18 posts · 14 votes
    4y
    Quote from @Daniel Hyman:

    What does your real estate portfolio look like? What was your initial reaction to the plan presented to you?

    I don't have a real estate portfolio yet other than my personal residence. Right now, I'm setting up my core LLC. I am currently working with Rent-to-Retirement to pick-up 2-4 properties this year and grow from there with RTR and other opportunities.

    My only other investment income comes from my crypto mining business.

    2Reply
  • Justin Strait
    OP
    Rental Property Investor · VA/MD · Member since 2022 · 18 posts · 14 votes
    4y
    Quote from @Daniel Hyman:

    What was your initial reaction to the plan presented to you?


    I realized I didn't answer this question. I was fine with the initial plan. There were many things in the plan that make sense but that I don't need today but will be mapped out and reviewed annually. There was no pressure to set anything up I didn't want. Some of the things I didn't think about was moving my personal assets into a living trust for protection either. What I chose will set me up for the initial business investment and then leave me with a plan for growth, tax advantages, and protection in the future.

    2Reply
  • Daniel HymanBusiness Member
    CPA · Milwaukee, WI · Member since 2016 · 2k+ posts · 1k+ votes
    4y

    You might want to take this slow. Keep it simple until it makes sense to build out more complexity.

    Its always better to date before you get married.

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  • Justin Strait
    OP
    Rental Property Investor · VA/MD · Member since 2022 · 18 posts · 14 votes
    4y
    Quote from @Daniel Hyman:

    You might want to take this slow. Keep it simple until it makes sense to build out more complexity.

    Its always better to date before you get married.


     Thats my thought exactly. Get what I need now and build out later.

    0Reply
  • Michael S.
    Huntsville, AL · Member since 2018 · 577 posts · 864 votes
    4y

    I do not know anything about Anderson Business Advisors, and have no comment or feedback on them whatsoever.

    I have set up multiple LLCs for various business ventures through top notch attorneys - never paid more than $900 for any of them, and that includes all state taxes and filing fees.  

    I have CPAs for tax questions and taking care of the LLC returns, as well as for any "random" state audits of the LLC (which do happen - they claim they are random, but they are looking for LLCs not paying state unemployment taxes).

    That's all I have needed for over a decade of being a part of multiple different business ventures.  I am unclear why you would need the majority of the stuff you listed out - but that's just my opinion on it from personal experience.  Good luck.  

    7Reply
  • Eddie L.
    NY · Member since 2021 · 143 posts · 45 votes
    4y

    What'd you end up deciding on if you did? Is it better to set up the holding LLC now or just wait till right before you find the deal and start setting up the REI LLC/Land Trust so maybe even more discount when doing all at once?

    0Reply
  • Eddie L.
    NY · Member since 2021 · 143 posts · 45 votes
    4y

    Also just picking on one piece of the package. What is being done exactly for the LLC Formation that makes it worth $1500? Serious question because I'm also considering them but I know other firms seem to charge less for this piece.

    1. WY Holding LLC Formation: $2750 discounted to $1500

    1Reply
  • DongHui Patel
    Member since 2021 · 95 posts · 30 votes
    4y

    @Justin Strait  I am currently evaluating Anderson Business Advisors. My biggest concern is they will pawn you off to a junior (or not even licensed 'consultant' - or whatever they call them). 

    I am trying to sign up for the tax advantage program where they review last 2 years of tax returns and optimize. 

    Toby does a great job selling the firm and giving away free advice on Tax Tuesdays but after that I read on Yelp some reviews of not so stellar service, you get pawned off to a unlicensed employee and have to keep following up, reiterating your questions, and nobody cares.

    @Justin Strait can you come back with some feedback? I am DM'ing you as well. 

    1Reply
  • Charles Chang
    Investor · Hackensack, NJ · Member since 2012 · 24 posts · 15 votes
    4y

    I ran into Toby's YouTube videos and they are great!   Seems like there is always something that he can offer and plan a well rounded overall strategies depending on your particular situation.  What makes me hesitated is just the same as what @DongHui Patel said, they will pawned you off to some junior staff.   Witnessed by Yelp reviews.

    I personally went through many CPAs.  Some knows more than others, but they all comes down to just do file your tax return at the end.  Sure! You will eventually run into someone like @Michael S. talked about.  A CPA with more experienced, but that's where it really ends.    I think the value from Toby is the combinations of that he and his partners who understands tax, law and actively participate the things that he/they said.

    What needs to make sense is if the value they provide offset their cost and if they can really deliver the end result as planned. Services like forming LLC, registered agent, state fillings...etc. doesn't spell value to me. Values to me is when they went through your files, point out mistakes, understand your goal, plan a strategy and follow through. Most importantly, do them within the tax year.

    @Justin Strait Did you eventually went with Anderson?

    2Reply
  • Greg O'BrienBusiness Member
    Accountant · Boston, MA · Member since 2019 · 386 posts · 336 votes
    4y
    Quote from @Charles Chang:

    I ran into Toby's YouTube videos and they are great!   Seems like there is always something that he can offer and plan a well rounded overall strategies depending on your particular situation.  What makes me hesitated is just the same as what @DongHui Patel said, they will pawned you off to some junior staff.   Witnessed by Yelp reviews.

    I personally went through many CPAs.  Some knows more than others, but they all comes down to just do file your tax return at the end.  Sure! You will eventually run into someone like @Michael S. talked about.  A CPA with more experienced, but that's where it really ends.    I think the value from Toby is the combinations of that he and his partners who understands tax, law and actively participate the things that he/they said.

    What needs to make sense is if the value they provide offset their cost and if they can really deliver the end result as planned. Services like forming LLC, registered agent, state fillings...etc. doesn't spell value to me. Values to me is when they went through your files, point out mistakes, understand your goal, plan a strategy and follow through. Most importantly, do them within the tax year.

    @Justin Strait Did you eventually went with Anderson?

    Charles, your mindset is exactly correct!  Compliance, although it must be done correctly (like setting up LLCs, RAs etc), it not "value".  Fortunately there are tax strategists and firms out there that 1) prioritize client education and 2) focus on strategy over compliance.  However, many firms cannot do this as they are in a model that emphasizes tax returns as their primary revenue line item, vs tax strategy. 
    1Reply
  • Kevin Collins
    Rental Property Investor · Member since 2020 · 5 posts · 8 votes
    3y


    @Justin Strait Did you go with Anderson? I'm considering them as well.  If you did go with them, have you encountered any of the concerns that @DongHui Patel mentioned? 

    2Reply
  • Glenn N.
    austin , TX · Member since 2015 · 60 posts · 5 votes
    3y
    Quote from @Charles Chang:

    I ran into Toby's YouTube videos and they are great!   Seems like there is always something that he can offer and plan a well rounded overall strategies depending on your particular situation.  What makes me hesitated is just the same as what @DongHui Patel said, they will pawned you off to some junior staff.   Witnessed by Yelp reviews.

    I personally went through many CPAs.  Some knows more than others, but they all comes down to just do file your tax return at the end.  Sure! You will eventually run into someone like @Michael S. talked about.  A CPA with more experienced, but that's where it really ends.    I think the value from Toby is the combinations of that he and his partners who understands tax, law and actively participate the things that he/they said.

    What needs to make sense is if the value they provide offset their cost and if they can really deliver the end result as planned. Services like forming LLC, registered agent, state fillings...etc. doesn't spell value to me. Values to me is when they went through your files, point out mistakes, understand your goal, plan a strategy and follow through. Most importantly, do them within the tax year.

    @Justin Strait Did you eventually went with Anderson?


    0Reply
  • Chris S.
    Investor · USA · Member since 2016 · 2 posts · 5 votes
    3y

    Current Anderson Client, about 8 months in.  Initial consult is great and talk to senior who knows the ins and outs.  Now it's hard to get quality answers when needed, and at times, timely responses.  Def feel good about my structure, though. 

    4Reply
  • Jaron WallingPro Member
    Rental Property Investor · Indianapolis, IN · Member since 2018 · 4k+ posts · 4k+ votes
    3y

    @Michael S. Your response is exactly what people need to read. It amazes me how may "steps", "programs", or "business structures" people think they need to get started. Then they admit they don't own any rentals or income producing assets. Blows my mind.  

    Anderson Business Advisers has a wonderful YouTube page which is more than likely how the OP found them. I just watched a video yesterday. Toby Mathis is a genius (tax god?) and I love the content. 

    3Reply
  • Jeffrey Evans
    Investor · San Jose Ca · Member since 2020 · 125 posts · 115 votes
    3y

    Sorry Late to this thread.  I saw them speak in Indy at a Out of state investor symposium.  Def good at selling it.   I am curious if I did the Wyoming trust can I put my personal home in it that is in Cali?

    0Reply
  • Peter TverdovBusiness Member
    Developer · New Brunswick, NJ · Member since 2015 · 1k+ posts · 2k+ votes
    3y

    My huge issue with these guys (and Wealthability) is the business formula appears to be the following:

    Master guru sucks you in with their knowledge via books, podcasts, Youtube, seminar.

    Master guru tries to hire minions to re-create his success (it underdelivers)

    Master guru tries to scale too fast and becomes more of a salesman (clients further suffer)

    I am interested in learning more about this and can deal with negative reviews but the negative ones outweigh the positive ones online for Anderson and in 2023 no less, so this is an active problem. 

    [email protected]732-289-3823
    1Reply
  • Lindsey Keller
    Phoenix, AZ · Member since 2016 · 40 posts · 18 votes
    3y

    Might be a long shot here, I am looking at Anderson now... Had the same concerns. Would anyone who has setup with Anderson be willing to share an example operating agreement or trust terms? 

    1Reply
  • Charles Chang
    Investor · Hackensack, NJ · Member since 2012 · 24 posts · 15 votes
    3y
    Quote from @Lindsey Keller:

    Might be a long shot here, I am looking at Anderson now... Had the same concerns. Would anyone who has setup with Anderson be willing to share an example operating agreement or trust terms? 


    I am with Anderson as their Titanium Client. Sounds pretty big hot shot right? Well, not really. So far they are not impressing me. I thought I got everything I needed, only to find out I need to buy additional tax package in order to have them prep tax for me. I bought it, and again "not yet" impress. All my taxes on all entities were all filed with extension. They claim that is the right thing to do. Well, that's new to me as I always file my tax on time, but I went along with it. During the extension period, I tried to communicate with Anderson's tax preparer. That didn't went well. Emails and calls were not return. Finally, I fed up and went on their live meeting and start to complaint. Now, I am with a new tax team (I think), and things are starting to move along. I just got one of my holding LLC back and the numbers seems much different than my previous CPA. In a good way (again, I think). Until all the taxes are filed for 2022, I won't know if the money is worth it.

    For the record, I did everything they said.  Land trust, Living trust, WY holding llc, disregard tax to holding...etc. 

    5Reply
  • Jonathan R McLaughlin
    Rental Property Investor · Boston, Massachusetts (MA) · Member since 2016 · 2k+ posts · 2k+ votes
    3y

    oh my god this is utter Bull...s#$%

    1. $1500 "discount" for LLC formation is probably 900 for the cost and 900 for them filing the form. Nice work if you can get it.

    4/5. yea some states require a registered agent and have a fee OK

    The rest is crap. Tax Q and A database? You can get that for free from the IRS for gods sake, online platinum portal? Really? I could go on.

    You can form an LLC in about 2 seconds as you purchase a property. This just isn't that hard. Worried about being out of state? Pay a competent lawyer/accountant $350/hr to deal. That's about the going rate.

    Seriously, just a brutal waste of money

    2Reply
  • Lindsey Keller
    Phoenix, AZ · Member since 2016 · 40 posts · 18 votes
    3y

    That was my concern. I think I was mainly looking at them to setup the Home trusts, holding LLCs and other LLCs. but with the right verbiage so I am completely protected. Do you have any recommendations for setup of these Trusts and LLC's with operating agreements that are iron clad so creditors/lawsuits cant get to other parts of my life?

    6Reply
  • Charles Chang
    Investor · Hackensack, NJ · Member since 2012 · 24 posts · 15 votes
    2y

    Update:

    So, finally I got my tax return done.  Yes, it has been a bumpy ride but the result is not so bad.  For the first time in many years I actually got a refunded check from IRS.  As you all can see from my previous post, I was skeptical all these time.  Now that I have been with Anderson for about a year now, here are my final thought.

    1.  While they do deliver results, they are expensive.  That been said, if your return is not substantial, it's probably not worth your time and money (and some aggravation).

    2.  I highly recommend you to learn as much as you can via their recorded videos and/or live event.  This is because the only person who knows what to apply to your tax situations is you.  Only through knowledge, you can than ask the right questions.  (I know there has been some down talks about their videos.  To me it's same as people comes to BP search for answers for free, but if you want a well organized answers, then BP also sell their books as well.)

    3.  Once you did #2, then complaints and frustrations comes.  Because than you will realized that working with different people in within Anderson, they don't necessary see your tax situation eye-to-eye.  At the end of the day, I am just one of their many customers.

    4. Do your due diligent. Again, knowledge is the key element in this whole process. I found many mistakes on my returns. SEP IRA wasn't deducted, Real Estate Professional status was not applied, and Cost Segregation wasn't consider for the year 2022. Between just those 3 items, that's tens of thousands in tax return and lower of the tax brackets as whole. Talking about frustration!!!

    5. Your financial advisor, tax coordinator, CPA and tax preparer are all different person.  Although they share notes among them, you do want to make sure nothing got lost along the way.  

    6.  Paying the premium and not feeling that you having a full service team behind you.  Be prepare to deal with tax authorities at some point throughout the process.  I don't remember when was the last time that I have to go on IRS and/or my local taxation website to file payments personally.  For years, it has always been handled by my CPA firm.  This year, I have to do those myself..... (not very thrill about it)

    Anyways, at the end of the day, they did delivered what they said.   I sure hope that I didn't have to go through all the frustrations, but giving this my first year with Anderson, I give them the benefits of doubts.  Let's see if this will be improves the next tax season.

    Hopefully this is helpful.

    2Reply
  • Allen F.
    Flipper/Rehabber · WY · Member since 2022 · 4 posts · 3 votes
    2y

    We also are Titanium members. We are getting a lot of use out of the Service but we are still not sure it was a good value or the right thing to do. Especially after they just sent out an email saying the month fee was going from $35 to $55 a month.

    0Reply
  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    2y

    @Justin Strait

    This plan is more for someone holding 8 figures of real estate not someone with no real estate.

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  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    2y

    @Justin Strait

    Also go to virginiaregisteredagent.com

    It’s $49 - they are over $100

    There fee schedule is outrageous

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