Have you taken the proper legal steps to protect your assets? If you’re a business owner, then today’s show is for you, as we discuss the need to protect your assets, the options available to you, and the dangers of being a sole proprietor.
Jason Amon is an attorney who has been practicing law since 2011. His firm focuses on estate planning, probate, and limited liability company formation. Prior to opening his law office, he was a teacher of Advanced Placement Macroeconomics. Jason has a broad range of business and technical experience, including financial software design and project planning. He has a varied background that leads to an incredible ability to work with his clients to meet their business needs. As I recently created my LLC, Jason is the attorney I chose to help me through the legal process. In today’s show, he shares information about making the important legal decisions to protect your assets and the benefits of that protection.
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Jason’s overall perspective of how being a business owner intersects with the legal aspects you should know
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The #1 thing to consider within your business is that your business liability attaches itself to your personal identity and assets
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The two routes to take for asset protection are to establish a legal entity or pay on a regular basis for insurance
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The different kinds of entities and how to choose between an LLC or a corporation
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Ongoing costs and expenses for a business owner
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The unique value for Jason in specializing in LLC’s
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The expectations for record keeping and “piercing the corporate veil”
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How a business owner should pay themselves: either pay yourself wages or have a distribution of profit to yourself as the owner
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Jason’s advice is to consult a CPA to set up your pay system properly
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In addition to having an attorney handle the legal portion of your LLC, a CPA can help you set up the tax portion
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Make sure your attorney and your CPA have access to each other to work together and keep everything about your business on the same page
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Jason’s advice in finding an attorney to help create a legal entity for your business: Consider their fee structure (whether it’s hourly or a flat fee) and whether you prefer a large or small law firm
Find out more about Jason: Jason Amon