FCP050 – Legitimizing Your Business

Welcome back to the Financial Conversation Podcast!

Tonight is a special one as it’s our 50th episode and our last episode for 2016. After this, we will be taking a break to spend time with our friends and family for the holidays. We plan to come back next year with lots of new ideas to make the show even better!

To celebrate our 50th episode, we’re talking about something a lot of small business owners and entrepreneurs think about: how to legitimize their business, and what it actually means for you.

Because we have a lot of questions on this topic, we decided to bring in a special guest to tell us what we need to know about transforming our businesses into actual legal entities and other ways to legitimize your business.

Our special guest today is Eric Nisall. Eric’s an accountant for freelancers and totally knows his stuff when it comes to all the ins and outs of taxes and business law. He’s also an entrepreneur himself, so we knew he’d be the perfect guest to join us in this episode.

Do you want to know how to legitimize a business? Believe it or not, you don't always need to be an LLC or Corporation to accomplish legitimacy.

In this episode we discuss:

  • 1:50 – Eric introduces himself
  • 3:30 – When Eric chose to strike out on his own
  • 10:00 – When to consider tax benefits of forming an entity
  • 24:50 – Viewing your business as a business
  • 35:00 – How to tell a bad accountant from a good one
  • 38:15 – Eric’s future plans

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2 thoughts on “FCP050 – Legitimizing Your Business

  1. Hey everyone, great episode. Had a quick question, it was said that things such as PayPal have to give tax documents if you receive payments through them. What’s the best thing to do tax wise of you didn’t get $20,000?

    1. Hey Tyler.

      The simple rule to follow is this: report everything. It doesn’t matter if you received a tax form or not, you are still required to report every penny of income you made during the year. It’s always up to you to keep track of and report everything completely and honestly (as in the IRS isn’t going to give you a flyer if you say “But I never got a 1099”).

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