Emily D Baker – Badass Lawyer!
Quick-Show Notes:
In this episode of The Millionaire’s Lawyer, JP and Emily D Baker discuss:
Emily used to be a Prosecutor out in LA., but after a burnout, she was able to successfully shift into Online Business Law!
Both Emily and JP like to recommend a Holding Company to their client for all the tax benefits they can provide
Where you incorporate your corporation can benefit your business, so it is recommended to look into:
- Tennessee
- Delaware
- Wyoming
- Nevada
- If you are a resident of California it may impact you differently as they are cracking down hard and still taxing you even if you are not incorporated there.
Businesses incorporate in Floride because liability wise it makes sense, and has a lot of space for digital businesses.
If an online business owner is looking to sell their business a traditional C-Corp is recommended; C-Corp is also recommended should you have liability.
LLC is recommended should the online business be what they love, will ride it out, and have no liability.
Contracts and the process is all going to be changing to a new online process
State by State it will be different
Things that you can do to increase your efficiency:
- Bookkeeping / keeping your accounting organized
- Keeping track of what you are doing
- Taxes
- Legal
Brand your business so that you can walk away; that is more of an asset then you may think!
You cannot predict what is going to happen, the world is everchanging
All you can do is make the best decision you can with the information you have
Key Takeaways
From this episode of The Millionaires Lawyer with Emily D Baker:
- You can change your career path at any point and still be successful!
- COVID has really changed things and the Legal System is not exempt!
- If your business is successful a Holding Company may be a good addition to your corporations!