Sow You Can Grow Ep. 10 - Leveraging Financial and Legal Resources as an Entrepreneur
Andrew Smith and Lucas Mitchell dive into the importance of legal and financial considerations when starting a business, including business formation, contracts, and protecting intellectual property. The conversation highlights the importance of having a legal resource to reach out to for advice and guidance through all stages of your business journey. On the financial side, they recommend keeping separate business and personal accounts and discuss how and when to utilize a bookkeeper and accountant to fully leverage your time and maximize business tax advantages.
Key Takeaways
02:17 Acknowledging the Challenges of Entrepreneurship
05:44 Importance of Legal and Financial Considerations
09:43 Starting Small and Business Formation
12:58 Adapting and Evolving in Business
21:12 The Importance of Legal Documents and Templates
23:01 Having a Legal Resource for Advice and Guidance
28:14 Managing Bookkeeping and Accounting
35:32 The Role of a CPA or Tax Advisor
43:31 Clear Communication and a Crystal Clear Vision
Disclaimer: The hosts speak from their own personal experience and this content is not intended to provide legal or financial advice. Please consult legal counsel and tax professionals with specific questions about your business.
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Executive Producer: Andrew Smith
Producer: Doug Thompson