Welcome to Kerry Carroll’s Blog
Legal education for Coaches & Creative Entrepreneurs
Grab a cup of coffee, friend. Let's bust some new business myths.
Hey there, friend! If you're reading this, it's safe to say two things. One, you're looking to dive headfirst into the rollercoaster of entrepreneurship (and gosh, what a thrilling ride it is). Two, you've heard a lot of things about starting up a business – some great, some downright scary.
Well, dear reader, it's time to slay those business myths and misconceptions that are standing between you and your entrepreneurial dreams. Because let me tell you, little nuggets of misguided wisdom can be more damaging than any hiccup on your journey to success.
So let's get the truth bombs dropping, shall we?
Entrepreneurs Guide to EIN Numbers
An EIN, or Employer Identification Number, is like your business's very own fingerprint. Just like we have Social Security Numbers (SSNs), businesses have EINs. It's a unique code that helps the IRS track your business activities, taxes, and other financial info.
Think of your EIN as a key to unlock business opportunities. You'll need it to open a business bank account, hire employees, file taxes, and even apply for business credit. It's a must-have for growing your venture.
Top 6 Legal Mistakes that Small Businesses Make
Now if we are business friends, I know that you aren’t making these legal mistakes, but if you’re new to the game or just put legal squarely on the back burner, you are going to want to look at this list and make sure you aren’t making any of these super common legal mistakes and putting your brilliant biz at unnecessary risk.
How to Avoid Piercing the Corporate Veil in your LLC
You are a savvy entrepreneur and you took the time to carefully research business entities (Smart!) and choose the entity that made sense for you. Because you understood that your personal assets were at risk for paying business debts with a sole proprietorship or partnership, you took the steps to form as an LLC or maybe even as a corporation. This was super proactive and helped you sleep at night knowing that you had limited liability and your personal assets were safe.
Unfortunately, that does not mean that your personal assets are gold-plated and protected. There are situations where you could still be personally liable for business debts. In order for that to happen, you would need to be sued and the court would have to decide to “pierce the corporate veil.”