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You Could Lose It All If You Skip This One Thing

- March 21, 2012 | by April -

What if everything you owned was taken from you? Your house–gone. Your car–gone. Your business assets–gone.

Sounds like a sick nightmare, right?

When you run a business, you put your PERSONAL assets at risk if you don’t do anything to protect them. At this point, you’re probably wondering how to protect them, because you don’t want this scenario to even be a possibility. Watch today’s video to find out how you can protect yourself.

Today’s video also includes a special guest! Can you guess who it is?

{Disclaimer: Kris has made this information available for educational purposes only as well as to give you general information of business-related topics–not to provide specific legal advice. The content of this video does not constitute legal advice, because legal advice must be tailored to the specific circumstances of each case and the laws are constantly changing. You should seek the assistance of licensed and competent legal counsel for specific legal advice.}

32 Comments · Filed Under: Creative Business Development

Comments

  1. erin aka eef says

    March 21, 2012 at 7:09 am

    haha, love his imitation at the end. lol

    Reply
    • April says

      March 21, 2012 at 7:34 am

      Thanks Erin!

      Reply
  2. erin aka eef says

    March 21, 2012 at 7:12 am

    whoops, hit submit before I was done! Great advice, but doesn’t it cost a lot more and involve quarterly taxes to have an LLC? The reason I’m a sole proprietor now is because I barely clear $20k a year (before taxes) and after paying 40% in taxes–well, let’s just say if I was sued and lost everything I owned, it wouldn’t be much.

    Not asking for legal advice, but just generally, do you think that everyone should have an LLC to protect themselves, or do you think it only matters if you have a decent amount of assets or make a certain amount of money each year?

    Reply
    • April says

      March 21, 2012 at 7:34 am

      If you’re a sole member LLC, you can be treated the same as a S-Corp as far as taxes. So, you won’t be penalized for legal protection and will only be taxed once a year. But, you could file quarterly taxes.

      Here’s the problem with not having protection: Even if you don’t have many personal assets now, if you get a judgement against you, it doesn’t go away. As you accumulate personal assets, you’ll have to pay. So, if you don’t own much now but your business grows, you’ll still be responsible for the judgement.

      I hope that helps!

      Reply
  3. Alicia says

    March 21, 2012 at 7:54 am

    LOL! Oh thank you for the giggle and the advice! I must explore LLC further! 🙂 Your new background is beautiful and your hubby is lovely! 🙂

    Reply
    • April says

      March 21, 2012 at 7:55 am

      You’re welcome Alicia! 🙂 Glad you enjoyed it!

      Reply
  4. julie says

    March 21, 2012 at 8:08 am

    erin, thanks for the info… funny thing… today on my ‘to do’ list was “complete business paperwork” and that includes paperwork i printed off for an llc! guess you (and your sweet husband) were here to remind me to ‘get her done!’

    Reply
    • April says

      March 21, 2012 at 12:22 pm

      Get her done Julie! 🙂

      Reply
  5. Allyson says

    March 21, 2012 at 8:37 am

    The state of Virginia actually makes it easy for you to incorporate. If you go to Business One Stop (http://bos.virginia.gov/), it tells you everything you need to do and either fills out the forms for you or tells you where you can find them. It does cost $20, I think, plus any fees for processing the paperwork, but it made everything so simple. I would have been completely lost without it.

    Reply
    • April says

      March 21, 2012 at 12:22 pm

      Thanks for sharing that resource Allyson!

      Reply
  6. Tessa says

    March 21, 2012 at 8:47 am

    This was awesome! Thank you so much. I have been trying to decide if an LLC is right for me, so your timing was perfect. And I loved the entertainment time at the end – you two are so cute!! 🙂

    Reply
    • April says

      March 21, 2012 at 12:23 pm

      Thanks Tessa! So glad it was helpful.

      Reply
  7. Emily says

    March 21, 2012 at 10:46 am

    Haha! I think I’m in love with you both.

    LLC-ing over a year ago is my favorite business decision I’ve made. Not only does it protect me, but it just makes me feel hella legit. That little bit of paperwork made me feel more real, and that’s kind of a big thing with us creative professionals.

    Reply
    • April says

      March 21, 2012 at 12:24 pm

      Awwww shucks! 😉

      Yep, “going pro” can definitely create a good business shift.

      Reply
  8. Tracy says

    March 21, 2012 at 11:17 am

    Great knowledge, Thank you for passing it along!
    The two of you make a great team 🙂

    Reply
    • April says

      March 21, 2012 at 12:24 pm

      Thanks Tracy! I think we make a pretty good team! 🙂 I found a good one.

      Reply
  9. Natalie says

    March 21, 2012 at 12:31 pm

    This was hilarious. And of course, great information. I pretty much hate all the paperwork-y, legal-y, finance-y side of my business and sometimes try to pretend it doesn’t exist. Thanks for the wakeup call!

    Reply
    • April says

      March 21, 2012 at 12:37 pm

      Thanks Natalie! I love to entertain 🙂

      I hate that stuff, too. Luckily, I have my husband to tell me that it needs to be a priority.

      Reply
  10. Carrie says

    March 21, 2012 at 2:49 pm

    Thanks for the tip and info April & Kris! I too thought like Erin… will need to look more into “sole member LLC”.

    You guys are a good lookin’ couple!!.. and good to see Kris in front of the camera since we’re always hearing his voice in the bloopers. ;D

    Reply
    • April says

      March 21, 2012 at 3:38 pm

      I definitely recommend looking into it. In my book, it’s much better to be safe than sorry.

      Thanks for the kind words!!! I nabbed a good one 🙂

      Reply
  11. lisa @StudioJewel says

    March 21, 2012 at 10:21 pm

    such great advice. my paperwork is being filed even as we speak!

    Reply
    • April says

      March 23, 2012 at 11:17 am

      Awesome!

      Reply
  12. Sasha says

    March 22, 2012 at 8:59 am

    Thanks so much for the info (and it’s great to see the hubs in front of the camera)! I haven’t really decided whether or not to go the LLC route. Right now I’m just doing the sole proprietor route but I did apply for a separate tax id number from the IRS so it does make me feel more like a real business. I’ll have to look into LLC a little bit more. I think my biggest thing is that I don’t want to file separate taxes. I don’t really make enough on the business side yet for it to be considered a legit option yet.

    Reply
    • April says

      March 23, 2012 at 11:18 am

      I hear ya Sasha, but I still get nervous for people who don’t have any protection legally!

      Reply
  13. Phoebe says

    March 22, 2012 at 3:24 pm

    *LOL!*
    Kris, is handsome indeed. Nice to have a face to associate with the voice behind the camera. =)
    Good advice, too. Thanks. =)

    Reply
    • April says

      March 23, 2012 at 11:19 am

      Thanks Phoebe! I think he’s quite good-looking!

      Reply
  14. Chris says

    March 22, 2012 at 7:53 pm

    This serves as a reminder for all of us. Business is risky so you better do the right thing always.

    Reply
    • April says

      March 23, 2012 at 11:19 am

      So true! Thanks for joining the conversation.

      Reply
  15. Erica says

    March 24, 2012 at 12:07 pm

    Really found this post interesting! I’ll be pinning this on pinterest!

    Reply
    • April says

      March 29, 2012 at 7:50 am

      Awesome! Glad you enjoyed it.

      Reply
  16. Tabassum says

    March 28, 2012 at 10:05 am

    The end was hilarious!!

    I’m really glad you tackled this topic because I know I get caught up in the creative aspect of my biz (because it’s more fun) and totally forget to make sure that I have the not-so fun apsects of my biz covered. So making my company legit is on the list.

    Btw: I really love the new backgrounds you are doing and those still shots of your videos (before you press play) would make a gorgeous new profile pic for you. I just think with the new videos, we are getting to truly see “April” and it’s fantastic. Just a friendly observation 🙂

    Reply
    • April says

      March 29, 2012 at 7:52 am

      Thank you Tabassum! That makes my day.

      It can be easy to put aside the not-so-fun tasks and concentrate on the creative aspects. I’ve been there!

      Reply

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