LLC or S-Corp? Choosing the Right Business Structure with Bobby Klinck

If you’re reading this, I know that you are an entrepreneur that puts a lot of time, energy and resources to building your business. The last thing you need in your entrepreneurial journey is to run into any sort of legal trouble, but if you do, you’ll want to be protected. Better to be safe than sorry, right? The sort of legal protection I’m talking about is setting up a corporate entity to protect you and your business. The good news is that it’s a relatively cheap investment. The double dose of good news is that I’ve got attorney extraordinaire, Bobby Klinck, on the show today to walk us through all the ins and outs of setting up an LLC or S Corp without all the confusing legal jargon. You may remember Bobby from our GDPR episode, but what you may not know is that Bobby has become our resident attorney here at Team Porterfield. We love him because he breaks down all the legal stuff for us an understandable, doable fashion, and actually kind of makes it all fun! What we cover in today’s episode: The most common company forms (listed below), what they entail, how they’re different, and which is the right kind (and wrong kind) of entity for an entrepreneur to set up: Sole Proprietorship Partnership LLC (including the S Corp election) C-Corp The process for setting up your LLC or S Corp election (most common options with entrepreneurs) and what you need to do after you’re all set up. Let me tell you, this episode is packed with good information. Even after being in business for 10 years and all set up legally, I learned a ton and am glad to be more clear on the whole process. Bobby gave so many good examples throughout this episode and we both hope that you walk away with some real clarity on understanding what you need to do in order to protect yourself and your business. Let’s get to it...press play and let’s dive in! This episode is sponsored by my free master class, “How to Confidently Create Your First Profitable Course in 60 Days” If you’ve been thinking about creating an online course, or if you’ve had a course idea for a while but you are just not sure how to get started, this free master class is for you. Click here for more details. Subscribe & Review in iTunes Are you subscribed to my podcast? If you’re not, I want to encourage you to do that today. I don’t want you to miss an episode. I’m adding a bunch of bonus episodes to the mix and if you’re not subscribed there’s a good chance you’ll miss out on those. Click here to subscribe in iTunes! Now if you’re feeling extra loving, I would be really grateful if you left me a review over on iTunes, too. Those reviews help other people find my podcast and they’re also fun for me to go in an read. Just click here to review, select “Ratings and Reviews” and “Write a Review” and let me know what your favorite part of the podcast is. Thank you!