Establish an LLC (limited liability company) or a Corporation - Deepstash

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Establish an LLC (limited liability company) or a Corporation

Establish an LLC (limited liability company) or a Corporation

If you start a sole proprietorship or a partnership, you could be held personally liable for almost anything related to the business; that means you will be responsible for paying any business-related debts you incur and you could be sued by your clients, employees, etc.

If you start an LLC, you'll have some degree of liability protection. These business structures allow your business to be treated as if it were an individual of its own. The business itself can take out a loan, incurred debt, and be the target of costly lawsuits - reducing your personal exposure to these financial risks.

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Focus On Independent Saving Strategies

  • Budgeting and frugality: Be smart with your budgeting and try to remain as frugal as possible.
  • An emergency fund: Set aside at least enough money to cover a few months of personal expenses.
  • Tax-advantaged investment vehicles:...

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Never Take Out Personal Loans

New business owners are tempted to fund the business themselves, even if they don't have the savings to cover those expenses. They take out personal loans, max out their credit cards, or incur debt in other ways to get the money they need.

A few minor expenses here and there won't hurt ...

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Diversify Your Income Streams

Try to diversify your income streams, both inside the business and on a personal level.

  • Within the business, that could mean selling multiple different types of products and services, monetizing your content or applications in different ways, or even targeting diff...

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CURATED FROM

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micmcbrid

Psychotherapist for dance movement

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