Starting A Business Series: Setting up Your Business Structure with Attorney Phil Boggess
Early last year I had an opportunity to interview Phil Boggess. He's an attorney I met at a networking event in 2017. In today's interview, we talk about the importance of setting up your business structure legally. 4:45 Phil Boggess and his law firm help with planning, wills, and real estate, but more importantly, he helps businesses protect themselves using a Corporate Veil. 6:25 Our audience has a lot of new entrepreneurs. Phil discusses some of the biggest challenges he sees with his practice for new businesses, including common daily violations and misdemeanors. Pay close attention as he gives some practical advice to avoid these pitfalls and give your business the best possible start. 9:45 Phil talks about business planning and how important it is. 10:15 We discuss the importance of separating business creditors from personal creditors. 12:57 Thinking about growth possibilities in other states. We talk about the different levels of regulation and how to find out what licenses may be needed depending on your business structure. 14:11 What is the difference between a sole proprietorship, LLC, a partnership, and a Corporation? We talk about the pros and cons of each to help you decide which one fits best with your needs as well as your budget. 15:55 Do you need to trademark your logo? Phil gives great insight into searching, and why names may change as you expand. 18:28 Do you cook and sell your products from home? How does the cottage clause help or hurt you? 21:29 Phil explains why people incorporate their businesses in other states. 26:08 Phil explains how taxes change depending on how you structure your business. 30:48 Phil emphasizes the important of withholdings and making sure they are taking care of accordingly 34:15 We dive deeper. We discuss some of the challenges to expansions out of state, when to file as a foreign entity, and how difficult it may be to file reformation of your corporation? 35:54 What if your business flop? Phil explains how to take a Hobby Loss to write off on your taxes. 37:22 We explore the importance of keeping corporate books to protect yourself and your business. Links mentioned in this episode: Sign Up for Zoom - www.coaching.damitamcghee.com/zoom Connect with Phil via email phil@lawtpb.com or on his website www.lawtpb.com