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Ep 034: Structuring Your Business

By Bobby Klinck | YOG Podcast

Jul 10

Should you form a corporation? If so, what kind? And how do you run your business after creating a legal entity? Figuring all this out is crucial if you want to protect your business—and yourself—in the eyes of the law. So today we’re continuing our series on legal issues that online entrepreneurs face and discussing how to structure your business at the outset to avoid problems down the line.

Listen in to learn your options for structuring your business, what’s typically the best choice for online entrepreneurs, and more. If you’re serious about your business—if it’s anything more than a hobby for you—then this is one episode you don’t want to miss.

Listen to the Full Episode:

What You’ll Learn In Today’s Episode:

  • The big advantage of forming a corporate entity.
  • Five different business structures—and the pros and cons of each.
  • What is typically the best corporate entity for an online entrepreneur.
  • The advantage of doing an S corporation.
  • Tax disadvantages of having a C corporation.
  • How to set up your business entity.
  • The steps for forming an LLC.
  • Why it’s generally beneficial to form your LLC in your home state.
  • What to do once the business is set up.
  • The big thing you need to do to maintain protection for your business.

Ideas Worth Sharing:

If you haven’t yet formed a corporation, formed an LLC, or done something of that nature, you’re making a mistake. If you’re serious, you need to do that. - @bobbyklinck Click To Tweet You have to run your LLC the right way, or you will not have protection.” - @bobbyklinck Click To Tweet If you are not treating your business as a different entity, the law won’t either. - @bobbyklinck Click To Tweet

Resources In Today’s Episode:

 

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About the Author

Bobby Klinck is an intellectual property attorney, but he’s not your typical lawyer. Sure, he went to Harvard Law School and worked at some of the most prestigious firms in the country, but if you look at the big whiteboard in his office, you won’t see much about the law. His whiteboard is filled with tasks related to platform building, inbound marketing, and sales-funnels. Bobby is a full-fledged online entrepreneur, whose area of expertise is the law.