Episode Details
Back to EpisodesEpisode 201: Do you need to form an LLC?
Episode 201
Published 1 week ago
Description
By request from my girl Kim, "should you get an LLC and why/how?" What you'll hear:
- Went on a family vacation with my ex and it was awesome 3:30
- Come to Bel Rev!! 4:30 https://www.bigtickets.com/events/LOOP/bel-rev/
- Follow Heather for updates on her current project (I get to do some art direction for this) 5:00
- The meat of the episode starts at 6:00, this is only going to be super relevant to the US based folks.
- What's a business structure and how might one begin to develop this concept for themselves 7:15
- Why I'm not just going to tell you do some shady shit to avoid taxation 9:30
- What is an LLC: Limited Liability Corporation? When should you start thinking about forming one? 12:44
- What about an S-corp? When should you consider this structure? What are the downsides? 13:45
- Separating yourself from your business, not just in structure, but in finances (ie: separate checking account) 15:00
- Step 1: Come up with a name to operate under, this can also be called a DBA (Doing Business As) and get a business license from your county clerk. You might need a residential business permit, check with your county. 17:00
- Step 2: Get an EIN, it's dumb easy, here's the link: https://www.irs.gov/businesses/small-businesses-self-employed/get-an-employer-identification-number You can do this even if you don't run a business
- Step 3: Get a business checking account to separate your business income from your personal checking account 20:20
- Step 4: File the paperwork to become an LLC (this process and the fees involved vary wildly according to state, so check with your county/state legistlation and outlines)
Don't go back to sleep.
xoRachel
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