Episode 06: Your Successful Business Foundation
We’ve chatted about why you need to really understand your numbers, now it’s time to go deeper with your infrastructure and foundation.
Business entity types - should you be a sole proprietor, LLC, or S-Corp? Don’t just go to legalzoom - understand what each of those is and what you actually need. Get registered with the IRS and your state, and possibly your county.
Set up a business bank account.
Set up contracts and insurance if you need to have liability or errors & omissions insurance.
Make sales! Track everything the way we’ve discussed.
If you decide to pay estimated quarterly taxes, do it personally through your SSN, even if you have an EIN! You don’t need to file separate taxes until you’re an S-Corp.
We cover ALL of this in the “Get Your Finance Sh*t Together” self-study course at confidentmoneypodcast.com!
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Music credit: Neon Fairies by Wolves
A Podcast Launch Bestie production
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DISCLAIMER:
I am not a financial advisor and this is not financial advice. My podcast is for educational purposes and is my personal opinion only. To make the best financial decision for your situation, please do your own research and if needed, seek the advice of a fee-based, fiduciary.