In this episode, Jeff discusses:

• Keeping personal and business records separate
• Business structures and their implications
• Sole proprietorship vs s corporation

Key Takeaways:

• Using a separate business account makes tracking business expenses much easier for tax purposes.
• Consider your options carefully. You need to pick an appropriate business structure that offers you the right balance of legal protections and benefits.
• An S corporation requires significantly more paperwork and regulation, but it may provide tax benefits and liability protections that are more advantageous than a sole proprietorship.

“I think a lot of times we fail to do things in life out of fear, and I believe the scare of payroll is what keeps most people in the sole proprietor industry." —  Jeff Hockett

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