Setting up your own business takes a lot of time and hard work. Setting it up the right way to protect that hard work takes even more thought but doesn’t have to be hard.
Join Rachel as she talks to Amy Woods Butler from The Life Story Coach podcast about the things to consider when setting up your business and how to protect it.
Rachel discusses three ways to protect your business:
- Forming the right business structure for you (and why she recommends LLC over Sole Proprietorship)
- Having the proper legal documents in place (contracts/service agreements, website terms, etc.)
- Having the proper insurance for your business (liability, equipment, etc.)
She also talks about how each of them by themselves is not foolproof and why all three can work together to better protect your personal assets should the need arise.
Other key points to listen for:
- The difference between a Sole Proprietorship and an LLC and why the LLC is the better choice
- What “piercing the corporate veil” is and how it can affect the protections afforded by being an LLC
- How to set up an LLC and when you may need an attorney to help you
- Why maintaining your LLC is important and what can happen if you don’t
- Knowing when to hire an attorney or a CPA and when you need each of them. How to find the best one for your business.
- The importance of contracts in your business and how they can not only protect you but help you with customer service