When’s the right time to form an LLC or S-Corp?

by | May 31, 2021 | DIY Legal Master Classes, LLC & S-Corp

Happy Memorial Day! I hope that this year’s Memorial Day is much better for you than last year and you’re doing something fun.

Right now, Scott and I are traveling and I couldn’t be happier! We were in Boulder for 5 days visiting Scott’s brother, then spent 3 days in Sedona, and now we are in St. George, Utah hiking in Bryce Canyon and Zion National Park and staying at the luxurious Red Mountain Resort. Ahhhh – it feels so good to get some good R&R! 

But, let’s talk business. More specifically, legally protecting your assets.

What are assets – and why do you need to protect them?

The super-simple answer is that assets basically fall into two categories – your personal assets (like your house, car and savings account) and your business assets (like your computer, business income, and business checking account).

At this very moment, if you don’t have an LLC or S-Corp in place and you are a small business owner, you are known as a Sole Proprietor.

This means that your personal and business assets are all lumped together because you and your business are one and the same.

Why does this matter? Because if you don’t have an LLC or S-Corp in place, you’re personally liable if anything goes wrong in your business which means that your house and car aren’t protected. Your personal assets aren’t safe. If you’re sued, someone could potentially get your business assets AND your personal assets.

So what can you do?

An LLC or S-Corp can help you limit your liability and protect your personal and business assets.

But how do you know if it’s time to create an LLC or S-Corp? And which one is right for you?

This new DIY Legal Master Class called “How Do I Know if I Need an LLC or S-Corp?” can help you get clarity.

 

 

The whole purpose of this Master Class is to help you know if you need an LLC or S-Corp.

By the end of this class, you’ll be able to:

    • Understand what an LLC is, what an S-Corp is – and their differences
    • Know when you need to ‘go pro’ with an LLC or S-Corp – which one is right for you
    • Know what your next step is to forming an LLC or S-Corp

    You’ll quickly and easily be able to determine whether you need the simplicity of an LLC or the flexibility of an S-Corp.

    This DIY Legal Master Class includes a helpful “Is it Time to Go Pro?” LLC & S-Corp Checklist and Audio Guide.

    You just listen to the Audio Guide and fill in the blanks on the Checklist and by the end you’ll know which entity is right for you.

    Learn more about the DIY Legal Master Class and purchase it HERE. (Note the affordable price of just $97. It would cost you hundreds of dollars to get answers to these questions from an attorney. Trust me.)

    Having an LLC or S-Corp is one of the best ways to protect your business AND your personal assets.

    And, as I like to say, you always know when it’s time to ‘go pro’ when your inner spiritual wisdom and insight of your third eye chakra gives you a nudge that it’s time to find out if you should step up to an LLC or S-Corp.

    Here’s to knowing which business entity is right for you and to protecting your assets!