Getting incorporated is, by far, one of the best ways to protect your money. As a business owner, you need to protect your personal and business finances, and the best way to do that is by incorporating your business as an LLC, corporation, or other legal entity. My guest today is Tim Wagner. Tim has worked with LegalZoom for many years and he joins me today to share his knowledge on why it's crucial for new business owners to incorporate their companies and protect their personal assets.
Tim shares how simple it is for you can get incorporated and some specifics you need to know about keeping a company. He explains how it can benefit you and your assets when unexpected, unfortunate events happen, and how you can conduct the annual board of director’s meetings even if you’re a one-man corporation.
“People do not know that once you’re an entity, there are ongoing requirements that the state will impose on you.” - Tim Wagner
In This Episode of Real Money Talks:
- Basics to set up an entity
- Location options in opening an entity
- Common mistakes most people make
- What makes an entity inactive
- Benefits of having an entity
- List of requirements to maintain the entity
- When to create a brand new entity
Basic Steps to Be an Entity:
- Submit the necessary paperwork.
- Create your internal organizational documents.
- Contact the IRS and obtain your federal tax identification number.
- Open a corporate bank account.
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