Visit awbfirm.com/vimeo-video/podcast108 for a video version of this podcast episode.
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
Corporate entity cheatsheet: sign up below!
Have you poured your heart and soul into creating an online course? How upset would you be if one of your students copied some or all of your course content and tried to sell it as their own? Perhaps a more important question: how upset would you be with yourself if you didn’t have an agreement in place that expressly prohibits your students from doing something like this? Our Legal Road Map® to Protect Your Online Course contract template bundle can help you lock down your course content in the time it takes you to catch a few episodes of your latest Netflix binge.
To buy your bundle and start protecting your online course today, visit www.onlinecourselegal.com/yes
This podcast is information, not legal advice specific to your situation.