- Informations: Musician / Entrepreneur / Professor
- My advice / My idea:
It's essential to put up a "wall", so to speak, between one's personal assets and that of a venture. As soon as you're putting yourself out there, you do run the risk of someone possibly taking legal action against you and your personal assets being up for grabs. Creating (in the United States), an LLC, an S-Corp, or a C-Corp are all methods of completely separating your personal assets from that of the project. Each incorporated option have different tax implications (again, specific to the US). LLC and S-Corp allow you to communicate to the government (the IRS, Internal Revenue Service) about whether or not they should tax the company OR you, but not both. C-Corp, allows for a lot of flexibility in terms of geography and number of shareholders but a large price is paid for that in the form of paying taxes twice, once as the company, and then again when payment is received by the company's employees.
- My expertise about the subject: I've started multiple businesses.
- My potential limits as a mentor: On this front, I'm really only familiar with US law.
- What expertise I’d like to find among the network, to complete mine?: How does the process differ in other geographic areas?