Legal 101: Setting Up Your Business

Chuck's friend and business attorney Matt Spahn joins him to talk with you about important considerations in forming your business entity. The also talk about the nuances of both your type of business (entity) and how you are viewed by the IRS for tax purposes. If you have a business or thinking about starting one up, you'll get a lot of great info here! Verse of the Day: "Riches do not endure forever, and a crown is not secure for all generations." ~ Proverbs 27:24 _______________________________________________________ Robert has a handyman business and won't get a W-2 from his customers. How does he handle his taxes when it's time to file? David in Nashville, TN does contracted work with music publishers and is a sole proprietor. Should they be making out their checks to him personally or in his business name? Paul has seen situations where having an LLC didn't protect an individual against losses. What are Matt's thoughts on this? Ron in Sydney, Australia is thinking about purchasing a residential cleaning franchise. Considering the present financial crisis, does Chuck think its a good time to start a business?