“Have something that keeps your business assets separate from your personal assets,” shares Carolyn Jahnke, founding attorney of Athena Legal Solutions. Today, Carolyn joins host Kiley Peters to talk about how to legally protect yourself and your business.
If you have a business, you need to form an entity like an LLC in order to protect your personal assets. Otherwise, you will be considered a sole proprietor; and if you were sued, the courts would view your personal assets as an extension of your business. In addition to forming an entity, you should also have separate bank accounts for your business and your personal finances. Make sure you have at minimum some basic general liability insurance and have contracts in place, even just a simple Google Doc, so that everyone you work with is clear on their responsibilities.
People tend to shy away from speaking to lawyers, but if you are a business owner it is vital to know how to protect yourself and your business. Learn more tips for creating separation between your personal assets and your business assets, protecting your unique content, and being more prepared in case your business gets sued.
Quotes
- “Have something that keeps your business assets separate from your personal assets.” (5:54-5:59 | Carolyn)
- “If you don't have an entity, you're a sole proprietor, which means there's nothing separating your business assets from your personal assets.” (6:55-7:02 | Carolyn)
- “Your L.L.C. means nothing or your entity means nothing if you don't have separate bank accounts.” (10:03-10:07 | Carolyn) ]
- “Relationships always work better when everybody knows exactly what their job is in the relationship.” (14:39-14:45 | Carolyn)
Links
Connect with Welcome to Eloma
Instagram: @welcometoeloma
Website: WelcometoEloma.com
Weekly Email Newsletter: bit.ly/RIXEmail
Connect with Carolyn Jahnke
Facebook: https://www.facebook.com/AthenaLegalSolutions
LinkedIn: https://www.linkedin.com/company/athena-legal-solutions-llc/
Instagram: https://www.instagram.com/athena_legal/
Website: https://www.athenalegalsolutionsllc.com/
Connect with Kiley
Social: @kileypeters + Linkedin.com/in/kileypeters
Websites: RAYNEIX.com , BrainchildStudios.com, KileyPeters.com
Weekly Email Newsletter: bit.ly/RIXEmail
Email: info@rayneix.com
