Legal for course creators: Do I need an LLC or corporation? (Legal Road Map® Podcast S4E108)

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.

Resources: 

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.

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