Legal Structures You Need to Know
Today I’m sharing some crucial information about legal structures for businesses that I really wanted to share a lot earlier. I’ve finally found the perfect person to talk about this important topic in a way that is not only interesting, but will also convince you that now is the time to get all the legal ducks in a row with your side business.
Jennifer Gligoric is the co-founder and COO of Leafy Legal Services and host on Leafy Podcast. Jennifer has been helping entrepreneurs and real estate investors get started for the last 20+ years. She has a harrowing backstory of being homeless as a teenager and managed to put herself through college and become a successful business owner despite the odds against her. She attributes her success to a mindset of abundance and paying it forward is the means to happiness.
Jennifer and I talk about different legal structures for your side business and why it is essential to your long-term success to determine your structure as soon as possible. We also discuss the importance of anonymity, the protection different legal structures can give you, and what you need to know about business loans and credit.
In this episode, we’re discussing…
Why you should establish an LLC right when you start your business.
How the right legal structure can protect your peace of mind and your assets as your business grows.
How to set up an LLC and why Jennifer prefers anonymous LLCs.
Why you want to have a brand without your name in it and how this will affect your ability to get credit and loans down the line.
Some of the tax write offs and other benefits you can take advantage of if you have the right business structure from the beginning.
Jennifer’s Top Tips:
Everyone should start out with an LLC – doing business as a sole proprietor or with a DBA isn’t a great idea because they don’t offer you enough protection. An LLC is an excellent option, whether you want to stay small or eventually grow into a corporation.
Your ability to get credit is affected by algorithms – as the world shifts more to automatic underwriting, you need to optimize your accounts with the same name, address, and more if you want to get the amount of credit you deserve.
It is worth it to get all your legal structures in place early! – you want to protect yourself from any lawsuits that could affect your assets. Insurance doesn’t always cover everything, and we live in a pretty litigious society. The right legal structure will protect you, your business and your peace of mind.
ABOUT JENNIFER GLIGORIC
Jennifer Gligoric is the co-founder and COO of Leafy Legal Services and host on Leafy Podcast. Jennifer has been helping entrepreneurs and real estate investors get started for the last 20+ years. She has a harrowing backstory of being homeless as a teenager and managed to put herself through college and become a successful business owner despite the odds against her. She attributes her success to a mindset of abundance and paying it forward is the means to happiness.
