Today we’re talking about business structure basics.
When you start any business, it’s easy to get caught up in all the different things that you need to do to it get up and running.
You’ve got to get a website and clients, create products, learn how to market yourself and your business, and take payments online.
All these things take time and they’re all super important because they are the things that bring money into your business.
One of the things that cost money to set up is your business’ legal entity. But having the right legal entity can also save you money in a number of different ways, so it’s important to know what you options are.
Business Structure Basics Shouldn’t Hold You Back
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When I Was Starting Out…
I know that when I first started my business I was really worried about all of these structural details, like how to tell the government that I was running a business, and how was I going to file taxes?
We can easily spend time upfront agonizing over all of these decisions, but that just slows down the progress in those early business days.
Here’s what I want you to know about setting up your business’s legal entity, finding insurance if you need it, and setting up your bookkeeping and tax systems:
Don’t do it alone.
If you’re trying to figure out what legal entity you should have, how to be tax efficient, and what to do next, you need to get outside perspective.
It helps if you have friends or family members who have also started a business similar to yours, but that’s not usually the case. That’s where working with a lawyer or a tax professional, really comes into play.
But before you even hire a lawyer, you need to know a bit about the basics of the different entities and options that are out there.
That’s where Alexis Martin Neely’s LIFT program really comes into play. LIFT stands for Legal, Insurance, Financial, and Tax.
I signed up for Alexis’s left program back in 2010, because I was really confused about all of these different systems and things that I didn’t feel like I had a good enough understanding about to move forward on.
What I Learned…
I learned about the different legal entities and who should be signing up for which ones, based on the type of business you run, where you live, and how you operate your business or plan to in the future.
I learned about insurance, liability, and how to set up my financial systems to make the most of my expenses and my income to the business.
I also learned about taxes more deeply. One of the benefits of having a business as opposed to being an employee, is that you have a lot more control over how you file your taxes and you can make strategic tax planning decisions that will help you save money.
I’m not an accountant or a legal advisor by any means, but this program will give you the foundation that you need to approach a professional in these areas and know the language. This means you know what you can ask for and what to watch out for.
One of the things I love about Alexis Neeley is that she talks about all of these different systems and tools and legal things in very easy-to-understand layman terms.
And she also shares why she believes that taking all these details seriously when you’re starting your business means that you’ll actually be set up to make more money.
I have definitely seen this to be the case. There’s something that happens when you commit to your business by setting up all the legal entities and foundations of your business properly, that allows you to trust that you can grow into this business without fear of something going wrong or the wheels falling off.
Figuring out all of these details is really important, especially as your business grows and starts to generate more income, because you don’t want anything to happen that could affect your business or your personal assets.
So if you’re still confused about legal entities, insurance, taxes or anything else relating to setting up your business, then I highly recommend Alexis Martin Neely’s LIFT program.
Let’s Talk Business Structure Basics!
I find that not enough people talk about these things in our part of the business. Let’s change that.
Post a comment below with questions you have, experiences you want to impart onto others, any anything else you think we should talk about more as it relates to business structure basics!