Side Hustle 6/6/19: Why You Should Consider An LLC
How To Hustle This Week: Consider establishing your side hustle business as an LLC.
An LLC, “limited liability company”, typically means that the owner, AKA the “member” in LLC speak, is protected from the LLC’s debts and lawsuits. And if your side hustle is growing, you might want to increase your customer base, hire a friend to help with the workload or more. In that case, establishing your side hustle business as an LLC could help protect you from the business’s debts, lawsuits or any other liabilities. For instance, if an LLC files for bankruptcy, the member doesn’t have to use any personal money to pay the debts. Additionally, an LLC doesn’t pay income taxes. Instead, the owner files the business’s profits and losses on her own personal income taxes. [Swirled]
“Success is a state of mind. If you want success, start thinking of yourself as a success.” – Joyce Brothers
A Dose Of Inspo
These days, everyone is looking to expand their side hustle, even Wall Street executives. Gary Parr spends his days working at a private equity firm and at night he’s building a luxury chocolate brand with cacao ethically sourced from Latin America. Among other things, he has a goal of marketing the chocolate solely for tasting. Why go to a wine tasting when you can taste the distinct notes in a bar of chocolate. What a sweet idea! [Bloomberg]
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