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Have you ever dreamt of launching your own business or side hustle, but the thought of going through the legal registration process holds you back? I'm Erin Olson and I've got your back in this week's episode of the Quality of Life podcast. Buckle up as we cruise through the different types of business structures - sole proprietorship, partnership, LLC, LLP, and various types of corporations. I'll be your guide, breaking down the pros and cons of each business structure, helping you understand the tax implications, and aiding you in making the most suitable choice for your entrepreneurial journey.
Navigating the legal side of establishing a business can be complex and, let's be honest, a tad boring. But with a pinch of humor and a sprinkle of my personal experiences, I hope to make it digestible, and maybe even a bit enjoyable. And while I am not a lawyer or accountant, the insights that I share will set the groundwork for your consultations with these professionals. We'll explore the perfect balance between the simplicity of management and tax complexities, and the protection of personal assets. So, get ready to transform your side hustle into a legitimate, money-making venture. Let's make your business dreams a reality, one podcast episode at a time!
This week's homework:
Determine your legal structure and work with a lawyer or online service (links below). Then, get your business and name registered!!!
Resources:
irs.gov/businesses
avalera.com
taxjar.com
legalzoom.com
rocketlawyer.com
Thanks for listening! I'm glad you're here.
Be sure to subscribe to the podcast, and share it with someone who could benefit from what you heard. Also, head over to https://theerinolson.com/links and sign up for the email list, and you can get all the downloadable PDFs and tools! News: We finally have a YouTube channel! Visit us HERE: https://youtube.com/@theerinolson
See ya next week!
Erin