Business of Craft Episode 45 Scott Smith on Business Entities and Taxes

WELCOME TO EPISODE #45 OF BUSINESS OF CRAFT

My guest today is Scott Smith, founder, and CEO of Royal Legal Solutions based in Austin, Texas. I have been involved in so many questions in the legal and tax realm that I knew I HAD to have someone like Scott on the show. We chat about questions regarding business entities and taxes.

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#1 I wonder if you can give our listeners a reminder about some of the things that are changing this year for small business owners as a result of the new tax laws? [2:42]

#2 Are there changes in the tax law that our crafty entrepreneurs in the audience should be aware of if they don’t have real estate? [4:23]

#3 What about shifting the pay structure between what you take as salary and what you take as a dividend? [5:58]

#3 Can you tell our listeners if they have a crafty hobby they’re thinking about getting serious with, when would you decide to officially make it a business? [10:53] 

#4 Can you give those same listeners a really short list of some of the advantages of having a formal business entity for a craft business? [14:59]

#5 Let’s take a minute and review the business structures, where people should start and why. [17:42]

#6 On your website you say that 95% of business owners will face a lawsuit at some point. Can you elaborate on that factoid for us? [24:41]

#7 I was reading that a lawsuit can destroy you even if it never ends up in court. How do you help people avoid that in the first place? [26:31]

#8 For those of our listeners out there with real estate holdings as part of their overall business. When do you decide that an LLC is a worth the investment vs. just having the asset titled in your business name?

#9 When we’re talking about protecting your assets, do you recommend other types of insurance–such as maybe an umbrella policy to protect what you’ve worked for? [28:32]

#10 What else do you recommend to clients to protect themselves when they’ve got a business they’re trying to grow and protect? [32:57]

#11 I know our listeners are always looking for new shows to discover so can you tell us a little bit about Real Estate Nerds? [40:54]

#12 What was your first business? [43:00]

#12 I know lots of people say building a business is like climbing a mountain so I’m sure you’ve got some actual comparisons, having climbed Mt. Kilimanjaro. What was that like? [46:00]

Additional Resources

Connect with Scott Smith | Website | Facebook | Instagram | Twitter

Real Estate Nerds Podcast