When Do I Need To Set Up An LLC?

AskPat 2.0: A Weekly Coaching Call on Online Business, Blogging, Marketing, and Lifestyle Design

Pat Flynn

Business Advice, Marketing, Podcasting, Getting Started, Business Strategy, Business, Small Business, Passive Income, Online Entrepreneurship

4.9 • 638 Ratings

🗓️ 24 April 2015

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Today's question comes from Curtis, who is just getting started. He wants to know when he should set up the LLC. Does he have to do it right away or can he wait a little while? Do you have a question about getting your business started? Record it at http://www.askpat.com/.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

Click on a timestamp to play from that location

0:00.0	AskPath.
0:04.0	AskPath.com.com.
0:11.0	What's up, everybody?
0:11.9	Pat Flynn here and welcome to episode 329 of Ask Pat.
0:15.0	Thank you so much for joining me today.
0:16.8	As always, I'm here to help you by answering your online business questions five days a week.
0:20.9	All right.
0:21.2	Now, let's get to today's question from Curtis.
0:25.2	Hey, Pat.
0:26.3	I'm just a regular Joe with a day job and pretty much nothing to my name.
0:30.1	I've always wanted to be an entrepreneur.
0:32.6	And when I found your podcast about a month ago, it's really got my gears turning.
0:37.1	My question is, say I have a
0:39.2	product or website idea, but I haven't started anything yet. When should I form the LLC for my
0:45.1	business, before or after I start publishing content? My reason for asking is that the startup
0:50.8	fees are a lot for not having any working capital. Can I start publishing under my name,
0:55.9	then upgrade to an LLC later? Hey, Curtis, what's up? Thank you so much for the question today.
1:01.8	I really appreciate it. And this brings me back because the way that I got started was back in 2008.
1:08.2	Before my LLC started, I started to create content. I started to create products.
1:14.0	And it wasn't until I actually had my first sale that I thought about actually creating an LLC
1:17.8	and protecting myself. Now, of course, the purpose of an LLC besides, I mean, there are a number of
1:22.7	reasons for, you know, incorporating yourself. But the biggest reason is to protect yourself. And so you have to be
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Pat Flynn, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Pat Flynn and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.