Business of Craft Episode 45 Scott Smith on Business Entities and Taxes

Scott Smith on Episode 45 of Business of CraftWELCOME TO EPISODE #45 OF BUSINESS OF CRAFT

My guest today is Scott Smith, founder, and CEO of Royal Legal Solutions based in Austin, Texas. I have been involved in so many questions in the legal and tax realm that I knew I HAD to have someone like Scott on the show. We chat about questions regarding business entities and taxes.


Listen to the Show:

Listen to it on Spotify, iHeartRadio, iTunes, Stitcher, or Google Podcasts.

Thank you for taking the time to listen! If you’re enjoying the show, it’s safe to assume there are others out there like you who would also enjoy the show. Help them find it. Click here to rate and review the show on iTunes.

#1 I wonder if you can give our listeners a reminder about some of the things that are changing this year for small business owners as a result of the new tax laws? [2:42]

#2 Are there changes in the tax law that our crafty entrepreneurs in the audience should be aware of if they don’t have real estate? [4:23]

#3 What about shifting the pay structure between what you take as salary and what you take as a dividend? [5:58]

#3 Can you tell our listeners if they have a crafty hobby they’re thinking about getting serious with, when would you decide to officially make it a business? [10:53] 

#4 Can you give those same listeners a really short list of some of the advantages of having a formal business entity for a craft business? [14:59]

#5 Let’s take a minute and review the business structures, where people should start and why. [17:42]

#6 On your website you say that 95% of business owners will face a lawsuit at some point. Can you elaborate on that factoid for us? [24:41]

#7 I was reading that a lawsuit can destroy you even if it never ends up in court. How do you help people avoid that in the first place? [26:31]

#8 For those of our listeners out there with real estate holdings as part of their overall business. When do you decide that an LLC is a worth the investment vs. just having the asset titled in your business name?

#9 When we’re talking about protecting your assets, do you recommend other types of insurance–such as maybe an umbrella policy to protect what you’ve worked for? [28:32]

#10 What else do you recommend to clients to protect themselves when they’ve got a business they’re trying to grow and protect? [32:57]

#11 I know our listeners are always looking for new shows to discover so can you tell us a little bit about Real Estate Nerds? [40:54]

#12 What was your first business? [43:00]

#12 I know lots of people say building a business is like climbing a mountain so I’m sure you’ve got some actual comparisons, having climbed Mt. Kilimanjaro. What was that like? [46:00]

Additional Resources

Connect with Scott Smith | Website | Facebook | Instagram | Twitter

Real Estate Nerds Podcast