The Legal Advice you Need to Safely Build a Business
One of the most exciting things you might ever do is start a side hustle or a full blown business of your very own! But before you get too far, make sure you have some of the basic legal bases covered so you can build your business safely and securely. Here are some top tips from lawyer, and TLCG podcast guest, Scott Reib:
1. Build a Legal Structure:
It is very important to have a legal structure to separate your business from yourself. If there were ever a legal concern in your work, you want to have space between you and your personal assets and your business. Talk to a legal adviser and an accountant to see what makes the most sense for you. They may recommend anything from setting up as a sole proprietorship, a single member LLC, or an S or C Corporation. But make an informed decision with a team you trust to make this call.
2. Get Your Money In Order
Beyond having a lawyer you trust, you will want to ensure your money is in order. Even if your business is still very small, working with an accountant can be an enormous help. You'll want to know if your business is profitable, if there are tax benefits you might be eligible for, and when to file your taxes. There are plenty of online tools that can help you manage your money, but be true to yourself. If you know this isn't your strong suit, it could be wise to invest in accounting support for your growing business.
3. Don't Wait
Follow the steps above as quickly as possible. One of the biggest mistakes new business owners make is to neglect putting enough money aside for your taxes. The numbers can be overwhelming if you aren't expecting them. Do not wait to receive a huge tax bill next year. Start saving and paying right away to allow for the potential of longevity in your new business.
Want to learn more? Listen to our podcast with Scott Reib below. For more tips on becoming a great leader subscribe to our Podcast, The Leadership Coaching Group, on iTunes or wherever you get your podcasts. Also, follow us on Instagram @theleadershipcoachinggroup