Lynda ArtesaniLegal Accountant and Data Migration Specialist at The Proper Trust

Building your business can take time #podcast #accountinginfluencerspodcast #lawfirms

1 May 2024 · 1 min

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0:47

In this podcast segment, the speaker explains how a contractor or side‑job operator can evolve their activity into a formal business. They illustrate the process using their own example—shifting from operating as "Lynda Artesani" to establishing "Rhode Island Bookkeeping" as a hired‑employee entity. The discussion covers the need to select a proper business structure (LLC or corporation), the importance of re‑branding the business name, and the critical step of obtaining appropriate insurance coverage such as cyber, general liability, and errors‑and‑omissions (E&O) policies. The speaker also stresses that these insurance costs must be tracked as business expenses, especially for owners who also have personal assets like a home that need protection.

Chapters

you could taste the waters of it. You could just step a little taste of it and have them just be— you're doing it as a side job as a contractor. And then if it starts to develop into more, then you can put it all together and call it a company and tell them you're hiring now Rhode Island Bookkeeping, in my case, not Lynda Artesani anymore. And then of course that comes with, you got to get, you know, now I'm not a sole proprietor, I'm now moving into— and you should think about these things if you own a home, you should think about all of the things you need to protect yourself. Because now you're moving into the place of I'm a corporation or I'm an LLC, I need insurance. I, you know, today you need cyber insurance, you need liability insurance, you need E&O insurance, so errors and omissions insurance. So there are expenses to that and you got to track them.