Damon Van Fleet explains why you need a business entity: it protects your personal assets, lowers your tax bill, and creates the paper trail you need to claim deductions. Without one, you're doing business naked.
Hey guys, in this video, in 60 seconds or less, I am going to convince you guys that if you do not have a business entity set up for your business, you are basically doing business naked. I'm Damon Van Fleet, owner of PaylessTaxes.com and the PLT Firm, and here's what you need to know about business entities. A business entity is going to protect your assets. A business entity is going to help you pay less taxes. And most importantly, a business entity is what's going to create the underlying structure for the 3 things that you always need in order to pay less taxes. And here's what they are, guys. It is a story, it is documentation, and it is a paper trail. Your entity help you have the story, the documentation, and the paper trail. It helps you have receipts, from your business for the expense. It helps you have a paper trail of the bank account, the money movement, okay? And the story is your business bought it, and that's what an entity is good for— to pay less taxes.
