How do you know when it's time to form an LLC or corporation?
Learn why it's a good idea for course creators to form a corporate entity, and which entities work best for different types of businesses.
In this episode we'll cover:
- Why it's critical to speak to both a lawyer AND a CPA when you're making the decision about the best legal entity for your business
- What "liability protection" actually means, and how forming an entity helps you get it
- How to safeguard your personal home, car, bank accounts, and other assets from things that might go wrong in your business
- Higher risk course topics that may affect which entity you choose
- Why adding a physical location or hiring employees may mean it's time to form an entity
- Tax and insurance issues to consider when choosing which entity to form
- Different types of entities and when it's a good idea to consider each one
- A few steps you'll need to take to open your business bank account (and what order to do them in!)
- What the "corporate veil" is and why you do NOT want a court to "pierce" it!
Key takeaway: Protecting your personal assets is the name of the game when it comes to forming a corporate entity, but consulting with a trusted advisor (or two!) can help you make the right choice for your business.
BONUS: get your hands on our FREE resource to help you write your contracts: The 5 terms I think every contract should include: www.awbfirm.com/5terms
Resources:
Corporate entity cheatsheet: sign up below!
GDPR podcast episodes: www.awbfirm.com/podcast38, www.awbfirm.com/podcast39, www.awbfirm.com/podcast40
This podcast is information, not legal advice specific to your situation.