Ep 034: Structuring Your Business
Should you form a corporation? If so, what kind? And how do you run your business after creating a legal entity? Figuring all this out is crucial if you want to protect your business—and yourself—in the eyes of the law. So today we’re continuing our series on legal issues that online entrepreneurs face and discussing how to structure your business at the outset to avoid problems down the line.
Listen in to learn your options for structuring your business, what’s typically the best choice for online entrepreneurs, and more. If you’re serious about your business—if it’s anything more than a hobby for you—then this is one episode you don’t want to miss.
What You'll Learn in Today's Episode
- The big advantage of forming a corporate entity.
- Five different business structures—and the pros and cons of each.
- What is typically the best corporate entity for an online entrepreneur.
- The advantage of doing an S corporation.
- Tax disadvantages of having a C corporation.
- How to set up your business entity.
- The steps for forming an LLC.
- Why it’s generally beneficial to form your LLC in your home state.
- What to do once the business is set up.
- The big thing you need to do to maintain protection for your business.