Talking Law: legit legal tips for business, with all the jargon stripped away
About This Show
Talking Law provides smart legal tips for business, with all the jargon stripped away. Your host, Joanna Oakey, brings her decades of experience in law and in business to help business owners and managers discover how to avoid the lurking legal landmines before they blow up a business. Join us weekly to get clear and simple legal strategies for getting to optimal business results.
Most Recent Episode
Investigating the Different Types of Business Structures and How to know which is best for you [EP2]
Podcast Highlights3:06 How to protect your assets using specific business structures4:23 Understanding the different business structures8:15 Different types of trusts10:19 How do Trusts work?10:59 How are trust income and assets distributed to its beneficiaries?12:09 Risks and rewards of the different structures14:25 What are personal guarantees?14:56 Four things to consider before entering into a trusts structure15:25 Which entity is right for you?17:04 What happens if you don’t get this right?18:45 Three action steps you need to take Links Speak to a lawyer about an issue you are facing nowLeave us a message with a legal issue that you want us to cover on the podcastDownload our Cheatsheet guide to the top questions you should be asking about your current business structure Thrive Leads Shortcode could not be rendered, please check it in Thrive Leads Section! Protect yourself and your assets by understanding your business structure. Click to Tweet Transcript Thanks for tuning in to the talking law podcast. Today we're talking about different types of business structures and how to know which is best for you.So why are we talking about this today? It’s a topic that I’m asked about by business owners time and time again, by business owners that are just starting in their first business, seasoned business owners starting up a new entity or a new type of business that they are getting involved in, and businesses that have been in place for many years but are thinking about setting themselves up for future potential sale.So this question is really important for business owners to ask themselves at many points during the term of their business. And so what’s really important about this?I want to start by sharing a story that really demonstrates why today’s topic is crucially relevant for every business owner.I want to tell you about a client that I had many, many years ago that came in when they were already in a bit of trouble.The history of their business was that they had set up a construction supply business years and years ago and they’d spent a lot of time over the years building up this business. But suddenly, as they grew, they hit an issue that growing companies often had which is a cash flow crunch.Cash flow crunches comes often suddenly and without warning.In this case the cash flow crunch was related back to a big client that had suddenly stopped paying. So there was a lot of money that was owing and because the business was g