06. Do I Need an LLC? (And then what?)

In this episode, Yasmine discusses the basics of forming a limited liability company (LLC). She explains that an LLC is a business structure that protects owners from personal responsibility for the company's debts or liabilities. Yasmine highlights the benefits of forming an LLC, such as personal liability protection and potential tax benefits. She compares LLCs to corporations and explains when it is appropriate to form an LLC. Yasmine also provides guidance on how to form an LLC, obtain an EIN, and open a business checking account. She emphasizes the importance of maintaining financial separation and liability protection.

Key Takeaways:

• Forming an LLC provides personal liability protection for business owners.
• LLCs have lower compliance requirements compared to corporations.
• Maintain financial separation between personal and business expenses to preserve liability protection.

EPISODE TIMESTAMPS:

00:00 Introduction

01:02 Benefits of Forming an LLC

03:53 When to Form an LLC

04:28 Tax Considerations

07:09 Forming an LLC

09:54 Obtaining an EIN & Opening a Business Checking Account

11:03 Maintaining Financial Separation

14:00 Compliance & Filing Requirements

18:53 Conclusion

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Disclaimer (because, duh): The information presented in this podcast and on any affiliated platforms are for educational, informational, and entertainment purposes only. Consuming this content does not create an attorney-client relationship. If you need legal advice pertaining to your particular situation, you should consult directly one-on-one with an attorney.

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