Talking with a buddy last night about getting started on his FIRST BUSINESS!!!! and he asked “Do I need an LLC for my business?”
Well… I’m no lawyer, so ask them, but in my opinion…
Yeah. You do.
Well not technically to be a business per se, but still. You do.
So an LLC (Limited Liability Company) is a legal entity designed to protect owners from debt and other liabilities… like Karen and Chaz who got mad at you because the blue paint they picked wasn’t right…
In addition to your layer of protection, you also get an EIN (Employer Identification Number) which is kinda sorta like the Social Security Number for your business.
You CAN get just and EIN for your DBA (Doing Business As) on the government website. I honestly only recommend this for getting a bank account, again.. Not a lawyer… talk to yours, but if you do decide to turn this into an LLC one day, it makes it a LOT harder… Either way, here's the link
Apply for an Employer Identification Number (EIN) Online.
Ok, so why do you need an LLC again?
So, if your business gets sued, you, the owner won’t be taking the risk and it protests the things you own like your house, your car, your savings etc.
There are also a TON of tax benefits of having an LLC as well, but that is a different convo all together. I’m not a CPA so again talk to them…
So how do you get an LLC?
I’m not gonna lie. I use rocket lawyer or legal zoom. Yes it costs a little extra money, but here’s why I do it.
1. It’s super simple.
2. I will NEVER remember to do my registered agent shit (my LLC got shut down… twice).
So yeah I’m short… get an LLC. You can do it for just the filing fees on most of these sites or directly from your state's website. I do believe both rocket lawyer and legal zoom DO have free options, but beware… they will up-sell the shit out of you. Up to you guys.
So I hoped this helps you guys get some clarity from someone who was exactly where you are not that long ago.
If you need more info on how to do it hit me up or if you have any more questions about business?
Shoot me an email at DayZeroPodcast@gmail.com or on IG @johnnybuck2