EPISODE 132: TAXES, INSURANCE AND BUSINESS LIABILITY FOR ONLINE BUSINESSES WITH BRADEN DRAKE
Let's talk about getting legal protection for your online business, so things like LLC, contracts, insurance, tax etc.
Now the information is going to be specifically for the US, so if you’re not from the US, the advice that you’ll hear may not be the right one for you depending on where you’re from.
Today’s guest is the very lovely Braden Drake. He is a California licensed attorney and he also has his master's in tax law.
While Braden owns his own law firm, his true passion is educating small business owners on legal and tax issues through his podcast, membership, and course. He calls himself your gay best friend here to help you get your legal and tax shit legit.
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"I always tell people like if you're spending money on your business, deduct it. It's going to save you taxes. You're legally entitled to it. You should do it."
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Topics Discussed In This Episode:
- The 5 layers to protect our online business legally
- Sole proprietorship, LLC, S Corp - how to decide which business entity to select for our online business
- How to prepare taxes if you're a sole proprietor vs LLC
- How to switch over to LLC and vice-versa
- What you need to know about business deductions
- Find out if you need insurance as an online business
- What to DIY and not to DIY when it comes to book-keeping
- How to do a mini housekeeping audit to make sure that your business is legally and properly set up
Resources Discussed In This Episode:
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