Hey everyone, it's Finance Friday, another special edition of Money Girl, where I answer your

burning money questions. Today's topic comes from an anonymous voicemail caller who says,

I'm switching from a W-2 job to being self-employed and need information on how to set up my own

business. Do I need to create an LLC? And what professionals should I talk to so I know what to do?

Thank you for your question, anonymous caller, and congratulations on becoming your own boss.

When you start a part-time or full-time business, one of the first tasks you should do is choose a business entity.

So I'm really glad that you ask the question.

This podcast will review essential considerations when creating a business. There is a lot to think about

and how to get help from the right professionals. Welcome back, everyone. This is episode 950 of

Money Girl. I really appreciate you downloading the show. I'm Laura Adams, an award-winning

author, on-camera spokesperson, money speaker, and founder of The Money

Stack. That's my substack newsletter. You can learn more, ask questions, and sign up for the

money stack when you visit laura d.adams.com. When you sign up for the money stack,

subscribers automatically receive my money success toolkit with the exact

templates I use to manage my money.

So I hope you'll subscribe and enjoy that free gift.

Okay, let's talk about choosing a business entity.

Choosing the right legal entity for your business is really important.

It's crucial because it comes with significant financial and legal considerations. So it's not something you should take lightly. Plus, you need to

know your business name and your business entity before accomplishing other tasks, like getting

a business bank account, buying business insurance,

and filing a tax return, just to name a few.

...