Productive Flourishing Podcast 078: The 3 Essential Pieces of Your Business’s Legal, Tax, and Financial Foundation with Kyle Durand
Let’s face it, the legal, tax and financial aspects of our businesses and creative ventures are areas that many of us avoid. We’ve been conditioned to be afraid of them, in the case of financial and tax matters; and diving into the financial realm, naturally makes people feel uncomfortable. But avoiding them is like trying to build a third floor of your business without building its foundation. Kyle Durand joins me today to jam about 3 essential pieces of your business’s legal, tax, and financial foundation. I ask him some of the common questions I get, so listen in to see if he answers a question you might have. Ready? Let’s do this!
Key Takeaways:
[1:06] Who is Kyle Durand?
[3:28] What motivated Kyle to do a deep dive into the legal, tax and financial realms?
[6:25] Kyle shares a story to help us reframe our relationship with legal, tax and financial matters.
[10:59] What are Kyle’s reasons for laying a legal and financial foundation in a businesses.
[14:02] How does this type of foundation help you to set the foundation for business growth?
[18:23] Kyle discusses the different pillars of the business foundation.
[19:16] What is a business entity? How does Kyle use it to his advantage?
[21:50] What are 3 different configurations to consider when deciding on a type of business entity?
[25:22] Kyle talks about financial systems and the importance of having clarity with money matters.
[30:36] When should you get professional help to set up your financial system? What do you want and don’t want in a bookkeeper?
[37:06] Kyle talks about business contracts and agreements, which may be the scariest part of all!
[43:22] What does Kyle think about the 50/50 partnership agreement?
[47:15] When is it a good time to tackle the business partnership agreement? The dos & don’ts of business ventures!
[54:56] What is the one thing that Kyle wants the listeners to take action on?
Mentioned in This Episode:
Disclaimer:
This does not constitute legal and financial advice. Please consult a professional and engage them for consideration.
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