What It's About
A listener wonders about the best business structure: LLC, sole proprietorship, or something else.
Notes from Chris
Episode 1175
I get a lot of questions that I can’t answer because I’m not qualified—like the decision to pursue a patent process or not, how to plan for taxes, and one very common one about business structure: should I form an LLC or S-Corp or just remain as a sole proprietor? I like the way this listener framed the question, because he’s asking for more general advice which is easier for me to give—best practices, common experiences based on many conversations, etc."I'm curious about your thoughts on when to incorporate a business... Do you think it's better to do that up front or after hitting a certain amount of clients/revenue? My gut feeling has been to file an LLC first to keep everything organized and official. But filing an LLC in my state (NY) is pretty expensive, so I've been having some hesitations. Is there a common process you've noticed from speaking with so many side hustlers over the years?"Listen to today's episode to learn more...
SEE ALSO:
- Friends Build Water Filtration Systems for Outdoor Hydration: Two friends create water purification systems that save drinkers from foul chemicals—and save the planet from disposable bottles.
- On-the-Go Mouthwash Gets Mini-Makeover: Two Florida State grads create a mini-mouthwash empire, selling 3,500 bottles in less than a year.
- Nomad Family Cooks Up $40,000 Profit With Houseware Import Business: A traveling family creates a houseware reselling business using the Fulfillment by Amazon model, with profits going straight to their travel fund.
Download Episodes By Months: Season 8 (2024): JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC | Season 7 (2023): JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC | Season 6 (2022): JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC | Season 5 (2021): JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC | Season 4 (2020): JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC | Season 3 (2019): JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC | Season 2 (2018): JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC | Season 1 (2017): JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC |
Resources
GET $625 IN FREE TRAVEL
Earn 50,000 travel rewards points (enough for 2 round-trip plane tickets or $625 in travel credit). You'll also earn 2x points on all travel and dining spend, with zero foreign transaction fees.
I use this card every day all over the world! ✈️
RELIABLE WEBHOST FOR $2.49/MONTH
Want to build any kind of website for your hustle? If so, you'll need somewhere to host it! This is the reliable company I've used for my past 5 websites. It's cheap, flexible, and you can get support 24 hours a day.
Get your own hosting plan for just $2.49 a month!
Learn More
Sponsors & Gratitude
Don't Do Business Without It
Side Hustle School is brought to you by American Express.
No matter what you do in business, from working nine-to-five to working five-to-nine, it’s easier when you don’t go it alone. Get the powerful backing of American Express—don't do business without it! 💳
Like the Show? Leave a Rating!
Side Hustle School is for you! If you’re enjoying it, please take a quick moment to leave a rating or write a quick review. It's really easy and it makes a difference! ✅
It also makes a huge difference when you tell your friends about the show. Remember, it's 100% free and listener-supported.
Here's How
Keep in Touch
There’s a new story every single day on Side Hustle School. Episodes are produced to be short and to the point—I know you’re busy. Be sure you subscribe to get instant notification of the day’s broadcast!
To infinity and beyond,
