Drafted Legal

LLCs, Templates, and Education for entreprenuers. The best online LLC resource for businesses!

You can also download premium legal templates and enroll in our Business Law 101 video course for entrepreneurs so you can run your startup, legally.

07/18/2024

Why Make a Separate LLC for your Side Business?

1. Liability Protection: An LLC shields your personal assets from business debts and lawsuits.

2. Tax Benefits: LLCs offer flexible tax options that can lead to significant savings.

3. Professional Credibility: Having an LLC enhances your business's legitimacy and trustworthiness with clients and partners.

Not sure about the documents and legal requirements of an LLC? Use our LLC service through the link in our bio to create, set up, and register your LLC with us in only 7 days!

07/12/2024

But how do you know when to start?

Knowing when to start a business often hinges on a combination of readiness and opportunity. Key indicators include:

1. Market Research: You've identified a clear demand for your product or service.

2. Financial Preparedness: You have sufficient funds or a reliable funding plan.

3. Personal Readiness: You possess the necessary skills, experience, and support network.

4. Timing: External factors, such as market trends and economic conditions, are favourable.

If these elements align, it's a strong signal to move forward. Delaying can lead to missed opportunities and potential regrets.

07/11/2024

Practical Steps for Entrepreneurs! 📈

1. Document Everything: Keep meticulous records of all expenses. Use accounting software to track and categorize these expenses accurately.

2. Consult a Professional: Work with a tax professional or accountant to ensure you are maximizing your deductions and complying with tax regulations.

3. Regular Review: Periodically review your expenses to ensure all deductible items are accounted for and to identify any new deductible expenses.

Example Scenario:

Advertising: Suppose you spend £1,000 on Facebook ads to promote a new product. This £1,000 is fully deductible, meaning it can reduce your taxable income by that amount.

Professional Fees: If you hire an accountant for £500 to prepare your taxes, this fee is also fully deductible, further reducing your taxable income.

By effectively utilizing these deductions, entrepreneurs can manage their tax liability better and reinvest savings into their business growth. Follow us for more entrepreneur tips!

07/04/2024

Key Factors To Consider

1. Emergency Fund: Have at least six months' living expenses saved.

2. Health Insurance: Plan for benefits like health insurance and retirement.

3. Proven Model: Confirm your side hustle has a proven business model and steady demand.

4. Growth Potential: Look for signs your side hustle is growing.

5. Market Research: Understand your market, competition, and demand.

Carefully evaluating these factors will help you make an informed and confident decision about when to take the plunge into full-time entrepreneurship.

07/03/2024

Thinking of starting a business? An LLC might be your best bet! 🌟

✅ Flexibility: Manage and distribute profits your way.
✅ Protection: Shield your personal assets from business liabilities.
✅ Tax Benefits: Avoid double taxation with pass-through profits.

Ready to get started? Check out our comprehensive LLC bundle at Drafted Legal. 🚀

06/28/2024

Is your small business legal?

We’ve created a Small Business Legal Bundle to make sure you have all your bases covered, and don’t find yourself in legal trouble.

Considering that hiring an attorney is costly and legal processes take time, buying this bundle saves you both time and money, helping you start your business on the right track

Comment “small business owner” for an exclusive discount code on our Small Business Legal Bundle (valid for June only)!

06/26/2024

Are you a small business owner or entrepreneur?

Protect your hard work with our Small Business Legal Bundle! 🛡️ Our comprehensive package includes 10 essential legal templates, video tutorials, a Business Law 101 course, and direct access to a business lawyer.

✨ Special June Offer: Use code bundle597 for 70% off and get it for just $597!

Don’t let legal issues derail your success. Secure your business today! Click the link in our bio to get started.

06/24/2024

Do you want to protect yourself and your business?

Our goal is to help you get your new or existing business up and running, the legal way. We know hiring expensive attorneys isn’t always feasible, especially for startups and entrepreneurs.

That’s why we created online legal documents that are both downloadable and easy to complete so you can get back to running your business.

Follow for more business/legal advice and comment “small business” for an exclusive 70% off discount code (valid for June only) on our newest Small Business Legal Bundle.

06/20/2024

Avoid Common Tax Pitfalls!

Financial Separation: Keep personal and business finances distinct to simplify tax filings and avoid audits. Use separate accounts and avoid using business funds for personal expenses.

Expense Documentation: Maintain detailed records of all business expenses. Regularly update receipts, invoices, and financial statements to ensure all deductions are captured.

Timely Tax Filings and Payments: Meet all tax deadlines to avoid penalties. Use reminders or work with a tax professional to stay compliant with filing dates and payment schedules.

Understanding Deductions: Learn about eligible deductions to reduce your tax liability. Research deductions relevant to your industry or business activities.

Tax Regulations Review: Stay informed about tax law changes. Consult a tax advisor to ensure compliance and maximize tax benefits.

Proactively avoiding these common tax pitfalls strengthens your position to leverage the full spectrum of LLC tax benefits.

06/19/2024

How can Drafted Legal help you with this?

If you purchase one of our professionally drafted legal contracts (specific to your industry), you’ll have an airtight contract in place for your clients to sign including all the above-mentioned clauses and stipulations to make sure you never run into legal trouble! To further simplify things, we’ve included thorough clause by clause explanations to answer all of your questions about your legal forms.

DM us your stories for the below question and let us tell you the lessons to be learnt and how to prevent this from never happening again!

06/18/2024

Follow us for more small business tips from a business lawyer!

Our goal is to help you get your new or existing business up and running, the legal way. We know hiring expensive attorneys isn’t always feasible, especially for startups and entrepreneurs.

That’s why we created legal documents online, downloadable, easy to complete templates, so you can get back to running your business.

06/14/2024

How to Avoid Common Tax Pitfalls

Maximizing LLC tax benefits can be tricky, so it's important to watch out for common mistakes. Here's how to keep your tax advantages safe:

1. Separate Finances: Keep your personal and business finances separate. Mixing them up can make tax filing messy and might trigger audits. Use different accounts and avoid using business funds for personal stuff.

2. Document Expenses: Keep detailed records of all business expenses. Missing documentation can mean losing out on deductions. Regularly update and organize your receipts, invoices, and financial statements.

3. Meet Deadlines: Stick to tax deadlines to avoid penalties. Late filings or payments can mess up your tax savings. Set reminders or work with a tax professional to stay on top of filing dates and payment schedules.

4. Know Your Deductions: Learn about eligible deductions. Missing out on them can increase your tax bill. Look into deductions that apply to your industry or business activities.

5. Stay Informed: Keep up with tax laws and regulations. Tax codes change often, and missing updates can lead to non-compliance or lost tax benefits. A tax advisor can help you navigate these changes.

Proactively avoiding these common tax pitfalls strengthens your position to leverage the full spectrum of LLC tax benefits!

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