TOP 4 COSTLY Mistakes To Avoid When Creating Your Business Entity

Creating your business entity is a major decision, and it's important to make sure you avoid any costly mistakes. In this video, we'll share with you four costly mistakes to avoid when creating your business entity.
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I'm sharing the Top 4 Costly Mistakes to Avoid in this video when structuring your business entity alongside fellow partner Michael Bowman, Esq. By learning about these mistakes, you can create a business entity backed by legal protection that allows you to grow your business without worry of frivolous lawsuits. Furthermore, you can increase the chances of success for your business.
🔑 Key Insight "A lot of people don't even know any better and haven't thought this through and haven't been exposed to it." 5:58
Avoiding mistakes while establishing your business entity is crucial because they may lead to severe consequences. Not only can these errors result in unexpected financial costs, but they can also lead to more complex legal issues down the line.
Moreover, errors could cause tax complications, leading to potential fines or penalties. It's also worth noting that some mistakes may be difficult, time-consuming, or even impossible to correct in the future.
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Show Notes:
0:00 Intro
3:30 Address
9:28 Organizational Documents
14:05 Commingling
16:12 Books & Records
20:22 Overview
22:24 Outro
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ABOUT TOBY MATHIS
Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at aba.link/tobyaba
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
#tobymathis #entity #llc #scorp #corp

[@TobyMathis]

Claim Your FREE 45-minute Investment Strategy Session to receive business planning tips and asset protection. 👉 aba.link/xl6

[@a.s.r.3661]

Simple, easy, and clear. Thank you!!

[@TobyMathis]

You bet! Thank you for watching.

[@willypki]

Always great to learn from ya'll

[@TobyMathis]

Our pleasure! Thank you for watching.

[@DTSupstateNY]

In NY I was told only the Registered Agents address is public information.

[@SoraidaHicks]

My my all this handsome men! This sounds great learning a lot!

[@royalacademyofthecreative6862]

Great stuff!

[@TobyMathis]

Thanks!

[@willmallory9085]

Excellent video Team.

[@TobyMathis]

Thank you kindly!

[@royalacademyofthecreative6862]

💫✨💪👍

[@cindy-tron]

If you operate from home, what address would you list? Would a PO box suffice? I know from looking SEC corp paperwork that there's buildings that are home to literally thousands of entities that obviously don't operate from that address, is that sort of set up the expectation?

[@TobyMathis]

It depends on where you are going to list the address and what type of structure you have. For example, any business can have a separate business address, but for purposes of a registered agent address, a POB will likely not suffice. You will need a legitimate physical address for the business (i.e. use an office suite company with physical offices). For things like customer correspondence or an address on a website, a POB may be fine. Whatever you do, try to avoid having your personal address on anything in the public record associated with your business...unless you like everyone from customers and clients to vendors and creditors showing up at your home.

[@DTSupstateNY]

Use a virtual address. You might even find a shared office space in your local area. Less then $100 a month you use the address and mail service

[@user-bd2kl8bt7q]

You say not to use you’re own address, who’s address do you use ?

[@catherinealexander8821]

Same question. Was this covered?