Before You Set Up Your New Business Entity | Bad Advice | Glitch #23

Before You Set Up Your New Business Entity, make sure you do this and beware of that. ❓Did you form your business entity in haste or not at all?

Category: Business Structure, Business Operations

For one reason or another, while consulting with business owners who were seeking commercial financing, we discovered many business owners didn't know why they structured their businesses the way they did.

🎯 Goal: Research entity options to confirm your understanding of how this business structure affects you long-term.

Confer with a trusted professional to reinforce your position especially if you have plans to scale your business. Otherwise, this could have consequences in the future.

🚧 Actionable items: Review corporation options to understand what you created.

If you're a Sole Proprietor and looking to incorporate, dig deep into how the various entities affect you financially. Discuss with a trusted attorney and CPA the options and how they affect you long-term.

💥 Articles on business structures:

United States
https://www.sba.gov/business-guide/launch-your-business/choose-business-structure

Canada
https://gowlingwlg.com/en/insights-resources/guides/2022/doing-business-in-canada-business-structures/#:~:text=There%20are%20three%20basic%20business,operations%20or%20a%20joint%20venture

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Welcome to the Biz Glitch 366 series where we discuss 366 mistakes that we've made and seen in business over the course of 6 decades collectively.

We'll share a mistake of the day aka GLITCHES. We've organized the 366 glitches into 21 categories. Accounting, Bookkeeping, Branding, Business Growth, Business Operations, Business Structure, Credit Score, Culture, Customer Service, Cyber Security, Financing & Financials, Human Resources (HR), Insurance, Marketing, Mindset, Legal Issues, Outsourcing, Sales, Technology, Training/Education, Website Management

WHO WE ARE:
60+ years combined of owning, running and managing businesses and working with thousands of business owners to understand how business can be fun or it can falter.

Know ahead of time what mistakes to manage and what problems to prevent...BECAUSE THEY HAPPEN!

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