Here is a list of legal requirements for a business that I picked up down through the years and recently my 7 Figure Income earner mentor. It will help you to set up your company properly! Unfortunately, many people come online to make money but do not set their small business up right. As long as you are not making any money that could still be a problem. The best thing to do is seek legal advice from an attorney and an accountant!
Today I am going to share with you!
Also, I posted a video below with nuggets to help you see the importance of meeting the legal requirement for a small business and the problems you could face if you don’t take this serious!
There are several options: sole proprietor, partnership, LLC, Corporation. Each one of them does something different and that is why it is important to seek legal advice! I will say if you are operating as a sole proprietor you are setting yourself up for all kind of lawsuits., please take this serious!
Many small business owners find themselves in trouble because they did not read the contract with a fine tooth comb! Sam Walton was one of them. His story is very interesting you should go research it, you will learn quite a bit from his story!
When you establish your business as a third party entity you have more people willing to invest in you. Also, you have an opportunity to establish a line of credit that would be difficult to get in your own name.
If you don’t have a third party entity it will be impossible to sell partnerships to those interested in what you are doing, including stocks. No one wants to buy you, but the will buy part of a partnership with your company.
If you brand your name it will be very difficult to sell it when you are ready to retire. But if you brand a company it will be easy to sell. The truth is we all will get old one day and at that point, we will be ready to retire or pass the company along to our children. Even if you pass it along to your children, unless your child has the same name it won’t be beneficial. If you use your name people will expect to hear from you!
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