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Protect your personal assets from business risks with an LLC.
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Today's video is a small talk, and this is a small talk, regarding business entities, liability, and things like that. No, I'm not a lawyer, I'm not a tax accountant, I'm not anything like that, but I am a business person and there's general things you wanna follow. You might have seen, in business world, the Inc. for incorporated, LLC, which is Limited Liability Company, things like that.

And, it's important when you start having a business, you do want to establish an LLC or a corporation, to hold your business assets and the main reason for that is implied by the LLC, Limited Liability Company. So you have a, say John Doe LLC, which is it's own legal entity. So say, someone gets sued for something or other ... Say John Doe LLC sells lamps and the one's you sell will catch on fire and burn houses down. That can be really bad because if everything was in your name, lawsuits could much more easily come after you and take bank account, cars, houses, anything legally in that same name. If it was all sold through an LLC, Limited Liability, whatever entity sold the goods with their money, whatever entity collected the money for the goods, that would be what could be sued. Now some lawyers will try to overreach things, and there are some situations where the owners of the LLC's do get sued as well, but they're only ... much, much less common for that.

So, and you can look up online, how to form an LLC, Limited Liability Company. There's lots of companies that do it online. It's relatively inexpensive, but I would definitely advise that there's different tax implications and paper work based on what route you go, whether it's an LLC or a corporation or an S Corporation, things like that. You might wanna talk with someone official if you're gonna really go into the in's and out's of that, or do some research online.

But you do wanna separate your business and your personal assets because, if push comes to shove, and someone gets sued, you do not want to lose your house. It's easier to lose the business, than to lose a house and a car.