When running a business, it is IMPORTANT that you do things within the legal framework. We all know that doing the legal side of things in ANY business is important no matter how big or small your business is. However going out and doing it is a different story entirely, compounding the difficulties there are SO MANY rules and qualifying factors to take into account. So how do you do it and when is the best time, should you decide to take things further? Are the benefits of doing these things really worth it?
Today’s podcast is the first of the 2-part episode. We introduce Scott Schieffer who is an estate planning and tax attorney with more than 15 years’ experience as a CPA. We talk about whether or not having a LLC (Limited Liability Company) for your business or side hustle is a good decision to make and we answer a host of questions that you may not even realise you have at the moment.
“Go talk to an expert, we’re trying to give you general information. The point of this podcast is to give you awareness. We are trying to make you recognize that there are some things that you can do and when you come through these, it’s not that you can come to Scott or come to us… It’s about awareness.” – Mike Yanda
Welcome to the Laptop Empires podcast hosted by Bobby Hoyt (Millennial Money Man) and Mike Yanda (Red Dirt Marketing Co).
In this twice weekly podcast the former Band Director(Bobby) and Attorney(Mike) share cutting-edge strategies for growing an online businesses. The duo pull on their experiences building blogs, online communities, and courses to grow businesses for themselves and other business owners.
Every episode is packed with content and actionable strategies presented in a laid back, conversational manner. No topic is too big or small for this no-filter show about making money online and having fun doing it.
Whether you’re a full-time entrepreneur, side hustler, or you’re thinking about joining this crazy online business world, you’ll want to join the Laptop Empires crew each Monday and Thursday and learn how to create an online business that lasts.
In this episode, here is what you’ll discover:
- The legal side of things
- LLC as a legal entity and when should you decide to have it
- The risk of doing too much yourself and what you do not know
- When is the best time to consult a CPA?
- The additional cost and work to form this legal structure
- Where to set up your LLC
- The benefits you could get from putting up a LLC for your business
- Factors to recommend to new business owners
- Advice whether to set up LLC or DBA (LLC vs DBA)
- LLC that is sole proprietorship or LLC with S Corp formation
- LLC as a state based entity
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