No, friends, it’s not a recipe for alphabet soup! It’s all about setting a firm foundation for your business!

In this episode, I discuss:

• The difference between a sole proprietorship and an LLC
• How they differ in terms of your personal asset protection
• How they affect your bottom line tax-wise
• When to set up an LLC, and how (it’s not as hard as you’d think!)
• The answer to the question: do I need a lawyer to do this?
• Finding your State’s Secretary of State (and I walk you through a sample set-up)
• How to set up an EIN or FEIN (and do I really need one of those?)

And, finally, your “homework” - Google “register for an LLC in (your State here)” and find the application (really, it’s that simple - just find the application!)

 

EIN Application website:

https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online

 

But that’s a lot of information for you, so let’s get started!

• Find my show notes on: ericagoode.com
• Reach out on social media and say "Hi!" on IG - @erica.goode.cpa
• Or on LinkedIn: Erica Goode, CPA

Podcast Review Giveaway

Between now and Oct 21st, leave an Apple Podcast review for Coaches, Consultants, and Money and be entered to win:

• $100 gift card on Amazon AND
• 1-hour Strategy Session with me!

How to enter:

1. Complete a podcast review on Apple Podcast
2. Complete an entry form here

Full Giveaway Details: Apple reviews must be entered by October 21, 2022 and complete an entry form here. Giveaway limited to the first 50 entrants. Immediate family members of Erica Goode are not eligible to win. 1-hour Strategy Session can not be used for filing tax or legal documents with any federal or state filing agency.