Hi friends welcome back to the money girl podcast I'm your host Laura Adams

this is a weekly show dedicated to helping you master your money, live rich, and love the journey.

I cover every aspect of personal finances, and my mission is to give you the answers, tools, and resources that you need to take your financial life

to the next level.

Today's show is for you if you've started a business or have ever thought that one day you might like to start a business.

It doesn't matter if it's your full-time occupation, part-time, or even just a side hustle

that you do on nights and weekends to bring in extra income. I received an email

that inspired this show. It's from Oliver C who's a student at the University of

Southern California. Oliver says, I've been listening to your podcast for a few weeks now and have to say thank you for all

the information you're sharing.

I especially liked your recent episode, Six Risky Situations when you should avoid using a debit card.

I'm opening up a small business and want to know what financial services, like banking

and taxes, you recommend that most people don't consider when starting out.

Also, are taxes for companies filed separately from individuals?

Oliver, thanks so much for this great question. I want to welcome you to the

money girl community. I'm so glad that you found the show. I'm going to answer

this question and give you five tips that every entrepreneur should consider when starting a business.

Are you ready?

Let's do it.

Tip number one is determine your business entity.

When you start a business, you need to consider what type of entity you want to establish.

While this might seem less critical and certainly less sexy than getting customers and earning income, your entity is really important because

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