How to Incorporate Your Business

Michael Wedaa - Augmentus Business Solutions

You start a business because you want some time and money freedom.  You know you need to start an LLC, or is it an S-Corp?  Who knows what needs to be done to keep your business protected, while also keeping your business on legal and tax compliant ground, while also minimizing what you pay to the IRS?

Michael Wedaa is a great help here.  He explains, from his book, Corporation & LLC Secrets how to set yourself for success by putting the pieces of the business puzzle together.

Listen as Michael explains some of the rules of the game for incorporating your business and how to make sure you do it right.  Also of interest is how to minimize your tax bill, all within legal and ethical bounds.

Enjoy!

Visit Michael at: https://www.linkedin.com/in/michael-wedaa-1765693/

Podcast Overview:

[00:02:08] LLC is versatile and flexible, great starting point.
[00:04:05] C corporations face double taxation, avoidable.
[00:08:46] Contradictory professional advice inspires DIY expertise.
[00:12:58] Missed thousands by not understanding tax rules.
[00:16:15] Criteria for choosing a creative tax accountant.
[00:20:56] Legal and tax advantages vary by state.
[00:24:36] Remote hiring hindered by California payroll laws.
[00:28:30] Expanding yoga Pilates studio faced challenges.
[00:30:43] Started a corporation to house income streams.
[00:33:53] Entrepreneur shut down a Texan restaurant. Partnered and consults for other eateries.
[00:39:49] Vending business requires home run locations.
[00:42:17] "Create contract with duties to avoid misunderstandings."
[00:45:07] Tax savings and asset protection tactics for entrepreneurs.
[00:48:40] Legal tips for avoiding IRS audits.
[00:52:15] Tips on travel saving and corporation secrets.
[00:54:08] Business podcast with guest Michael Wedaa.

Business Podcast Transcription:

James [00:00:02]:

You have found Authentic Business Adventures, the business program that brings you the struggle stories and triumphant successes of business owners across the land. We're locally underwritten by the Bank of Sun Prairie. If you're listening for the or looking for the downloadable podcast episodes, you can go to drawincustomers.com and click on that fancy little podcast link. My name is James Ketaman and Authentic Business Adventures is welcoming slash preparing to learn from Michael Weta, the incorporation specialist of Augmentus business solutions, author of Corporation and LLC Secrets, which he's gonna share more here today, teacher at UCLA on corporations and LLCs, and speaker at business events across the nation. So needless to say, we have an expert in the room here with Corporations and LLCs. So Michael, how are you doing today?

Michael Wedaa [00:00:50]:

I'm doing very well, James. I'm glad to be here. So yeah, thanks for being on the show. It is so interesting. It's very timely

James [00:00:57]:

that this is going on because I was just at an event 2 days ago, and somebody was giving some advice, I'll use advice air quotes, about LLC. And they're like, nah. And I was like, oh, I don't know if that's correct. So how about we just start, so people that may or may not know, business owners, entrepreneurs, people that are looking to become 1 of the 2, can you just let us know what is an LLC to start?

Michael Wedaa [00:01:25]:

Sure, it stands for Limited Liability Company. And the best way to describe it in a short way is that it's kind of a looser form of a corporation. So it does provide some tax advantages and it does provide some asset protections. It just doesn't have as much legal precedence as a corporation because corporations have been around for hundreds of years and the LLC has only been around since the 70s.

Michael Wedaa [00:01:48]:

Oh, they're fairly new. I mean, relatively new. Yeah, they're very new entities. All right. Interesting. So,