Video instructions and help with filling out and completing Where Form 944 Pr Businesses

Instructions and Help about Where Form 944 Pr Businesses

All right today I'm going to discuss a sole proprietorship and why it is generally a bad idea for your business thousand sixty-two for the EPF trust SP why Applause so at one point in my career I thought it would be cool to start my own engineering business and I became a sole proprietor meaning I did not form a corporation or any of the other stuff that you really should be doing and when I didn't realize I was exposing myself to was a huge amount of liability and so let me give you an example Wells Fargo getting back to you I wanted to let you know that Wells Fargo needs you to stop all activity they want you to remove the air-conditioner and condenser units from the roof the engineering and you're not allowed on our roof without our full express permission on that on that side if you do go up on the roof and you are on the roof you'll be in breach of criminal trespass and okay so that goes on for a while but the next day I show up to the job site and this guy in a Range Rover drives up and hands me a letter from Wells Fargo's Senior Council which says I have damaged Wells Fargo's roof and so I gave that to my attorney and my attorney just laughed about it but the point here is that with a sole proprietorship if they had successfully sued me I would be out a whole bunch of money I would lose everything I have I'm not super wealthy right now and so a 1 million dollar lawsuit could completely wipe me out I have all this great stuff I have all these great cars and I like going to the track tomorrow I'm gonna be going drifting and I don't want to lose that stuff and so for me it's important to protect my assets and the same thing goes for you if you're thinking about starting your own business you should consult with an attorney and you should consider forming an LLC a partnership or an S corp whatever works best for you there's lots of different businesses out there and that's why you need to consult with a professional and it really pays to do this and I didn't think that before I used to go off and do everything myself but now I pay for professional help because it's just in the end way worth it by sharing this video with you I hope that it saves you some trouble I don't know if we have any renewer is out there any of you guys thinking about starting your own business but it's very important to protect your assets very very important so this is a short video that's all I have for you guys today thank you for watching make sure that you enjoy your car Music Applause Music.

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