I Hired A Business Attorney, Here’s What I’ve Learned. | Business Insurance, Entity Formation, Etc.
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- čas přidán 21. 02. 2021
- Disclaimer: This video is not legal advice and should not be taken as such. It is meant for general educational purposes only. The information I provide in this video is based on my personal experience and the what I have learned throughout this process so far. Any viewers of this video should refrain from acting on the basis of this information included without seeking legal advice from a licensed attorney.
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I wish more people shared details like this about what goes into building a solid business. It’s refreshing to be able to relate to the feelings and worries you explain. Thank you for creating the content you do, it has given me the boost of confidence I needed to start considering and researching for my own business (haven’t started it yet but plan to).
I just started making similar videos on my channel if you’re interested in checking it out 😇
From making candles on your balcony to forming a corporation, look at you lol
Huge Congrats on the progression of your business! Just remember to stay conscious, Lawyers and CPA's can be shady too :)
Ahh I didn’t really look at the big picture like that! 😄 thank you so much!
Also if a lawyer is ever shady towards you, you can file a grievance which REALLY will hurt their business and/or their license.
i feel like a LOT of the business/legal stuff gets lost as a lot of us focus on the few "essentials" to starting our business: the product, business name, and insurance. i've noticed that most "stop" their business/legal adventure at that bc it DOES get overwhelming. i appreciate that you're always willing to share your mistakes or "should haves" as we learn so much from that :) ty ty
Great video! I’ve been doing similar things like talking with an actual CPA who specializes business taxes and someone who knows the ins and outs and it’s amazing how clueless I was, and still are, in certain areas of this. Lol
She’s been talking to me about heading toward an s-Corp this year and really doing things the right way to maximize all benefits. It’s amazing what’s out there to protect and help us.
Thank you!
&Yesss!! Seriously! I cannot wait to meet with a CPA. I’m so glad she’s been talking to you about moving towards an S-Corp because I’ve heard the tax benefits are definitely worth it!
I’m excited to learn more but I realized that I cannot possibly know everything and it’s so much better to hire a professional 😄
@@MemoryBoxCandleCo Exactly! It clears up so much and makes you feel at ease knowing these things are being looked over by a professional.
After hearing Graham Stephan talk about taxes and what to do for the last year I was like, I need to get my butt in gear.
Hahaha I’ve been watching Graham sooo much lately! I really want to start investing but it’s hard when I’m spending all my money investing in my business..... which is like investing right? 😅
@@MemoryBoxCandleCo I’m in the same dilemma. I want to invest way more than I do now but also want to stick all my money into the business too. Lol
I still take some money every month and add to an index fund.
That’s a good idea-I should start doing that!
Smart moves young lady. You get a A+ for taking care of your businesses ❤
Good for you hun 👏🏽. Thank you so much for sharing this! With starting my business I’ve have so many legal questions. I thought I could research and find them on my own all and I couldn’t. I knew then I needed to speak with an attorney to answer these questions. Looks like I was thinking in the right direction, thank you so much for sharing!
This was one of my favorite videos from your channel. Very informative about LLC/ S Corp., insurance, & CPA.
Good job. I like what you share with us. Your viewers appreciate that you share I am sure. I certainly appreciate you and your transparency. You Rock !
Thank you for being so open and honest with all the information that you share. I started a Candle business in Canada April 13 2020 and feel like I have learned so much but the information you have provided gives me so much more to learn about. Good luck with the website. Shopify is an awesome platform. Keep doing what you are doing! Very inspiring
I talked to a couple of other candle makers and got my LLC first before I did anything and got some insight on business insurance and who to try out, for just starting out with my candle company so this video was EXTREMELY helpful ❤️
Hi Erica,
I would like to say that the information that you shared in your studio vlog entitled {- I hired a business attorney -} is of immense Value and importance, well at least to me far more than any mere words could ever truly say, so as a subscriber to your CZcams channel I would like to say Thank you, Erica I'm truly very grateful
Thanks for this great video. As a person that started a small biz 2 years ago I know how overwhelming all this is. Even the 'easy stuff' is really stressful for most folks, myself included, since there is simply sooo much about it all that we don't know at the time, and it's very important to do things correctly.
My wife loves your videos and is basically following in your footsteps. She is starting her own craft business, and finds your info extremely helpful. THANK YOU, and Best of luck to you!
You're always coming through with the gems!
I formed LLC right at the beginning in CA:) the only thing is changed that I moved from CA to TX... has to close my first LLC and reopen again in TX! Why I did that you may ask?! Well, CA is not business friendly, for your LLC you have to pay to franchise board $800 every year, doesn’t matter if you made smth or made 0... besides all other taxes on top of it! In TX, you don’t pay this money and no income taxes! TX is family and business friendly state!
California is nuts. From business to divorce, to the price of rent and necessities. I'm amazed people whose income is at poverty level, whatever that is for your state and cost of living, lives there.
Good video Erica! We got an LLC right off the bat. I feel it was our first best decision and the cost was $400. We went through Legal Zoom. Much love to you and your family! 😊❤️
I'm so happy for you! This is so much growth! absolutely agree start with a good base asap! Thanks for sharing !
This is such a huge step! Congrats, I've loved watching you progress throughout your journey and sharing both the highs and lows 😊 Thank you!
Thank you so much! ☺️
Oh wow! Thank you Erica for sharing this valuable information. I formed my llc with legal zoom. I will have a local attorney look this over. Also, I love the idea of the liability check box.
Soooo helpful :)
Thank you, as always, for your generosity & for sharing your journey 🙏🏻
Always great information given in a fun and non threatening way. Thank you for sharing. Now to find the balance between making enough sales to pay for professional services.
I JUST had a conversation with my mom about LLCs yesterday! Great to hear from the perspective of a candle business owner!
Thank you Emily! I needed this video.
I am a brand new business owner I just became registered in my state on the 12th of this month and I decided to start my candle business July 13th so things are moving along, but I'm very nervous about all of this! Every time something happens to help move us forward I get even more nervous. But I'm excited as well. I've been watching your videos the last couple of week and really appreciate your help.
So happy for you and your business.
So very happy for you. I have been dodging all of this stuff because I work a full time job and don't have time to do candles at the volume people are trying to purchase at. I try to stay simple and local. However, it is true that all of this you are sharing still applies. I have had the sellers permit for a while so I know I need to stop dodging. Thanks for sharing this with us.
Geez🙃, so much great information. Thank you again Erica for sharing. We all need it, I’m sure. I know I did.
This was so incredibly helpful. Thank you so much for sharing!!
I cannot thank you enough for sharing the knowledge that you gained from your business attorney. I definitely learned some new things. Good luck as you continue to build your business!
Thank you so much for watching!
Thank you so much for always sharing. Only God knows how many people you saved from having future headaches by sharing this information. Thank you 🙏🏼
So helpful! I love you are so down to earth about your experience! Thank you!!!
Thank you for being so honest this is so helpful.
Thank you for always keeping it real :)
Thanks for sharing! I'm in the beginning stages of starting my candle company, and this was very helpful! And Congratulations on the growth of your company!!❤
I’m glad! Thank you for watching! ☺️
Everyone needs to check in their state about "piercing the corporate veil". The definition may not be the same in each state for factors that could cause this to happen. For example, in the state where I live in, if you are using personal vehicles for your business and not keeping good records of your business, they could possibly pierce the corporate veil. Keeping good financial records that separate your business from your personal finances is key.
Thanks for sharing. I formed a LLC to protect my personal assets.
Me too
Research how LLC’s have faired in your state. I know it’s cheaper then incorporating but LLC’s have failed to protect as expected in many cases.
Wow, this was great information, I had no idea, I'm learning through you, I haven't opened up my business yet, it's still a hobby that I'm trying to turn into a business but great information, please share more and make it a series.
Thank you
Valuable information. I have had 6 LLCs and the correct insurance and user statements are worth every penny. Enjoy your business it should be your passion.
Erica another great informative video. Personally I definitely need to add a legal agreement box for customers to check off. I don't yet have my seller permit so I'll be getting it today if it's online only. Also, thankfully I've been working in legal field since 2008 so I has my current attorney/boss help me set up my business entity/paperwork. Personally I need to get business insurance so I'll be checking into my insurance company for that. Thank you again for great information. I learned a few things I didn't know. I welcome new knowledge daily. Peace.
Erica, thanks for sharing this. Many people do make post of a customer complaint of a their candle catching fire with a majority of comments saying customer fault, bla bla bla. Many people think just because you provide candle care cards, warning labels that your fully protected and that is not 100 percent true. Hoping alot of people see this video and start taking the candle business a little more serious when it comes to their products and protection.
It’s always better to be over protected and not need it, then under protected and wish you had it ❤️
Thank you soooo much. I'm just starting and needed this
I absolutely love your videos. I have learned SO MUCH. You are the best.
Thank you so much for sharing this valuable information! I appreciate you tremendously.
Very interesting always wondered the legal process of businesses thank you for sharing this information. Looking forward to more videos from you.
This was so great and refreshing to watch! Thanks so much!
Thank you for watching! ❤️
Erica, this was very informative, thank you
What an awesome video!!! Thank you SO much for sharing
Great heads up Erica, placing a disclaimer in a box would be a good idea but if a person claims there wasn't one in there then its your word against theirs. How ever placing one on your web site is a great idea they have no choice but to agree to term n conditions. Another informative video Thanks!!
Bravo, excellent content. You are correct, some of us get all caught up in the creativity side and the business side gets pushed aside. This was powerful. I've been trying to get things set up for my launch, but I think that I'll wait a while longer and work on the business side and get that built up first. Thank you so much for the invaluable information.
Thank you so much for watching!
This is great and so important! I got my LLC set up through legalzoom but I want someone to take a look at it and help me set up a schedule for taxes and other things that need to be filed. I didn’t know any of that about the disclaimers and privacy policy but what great timing because my website is on a break right now while I restock and update... looks like I’ll be doing more updating than I’d planned.
Thanks for sharing this - your video are always super helpful
Thank you for this video💖💖 I’ve been binge-watching your videos & I love ur personality🥺💛
Thank you! ❤️❤️☺️
I can't thank you enough for your reply and answer to my question. Have a great day!
You’re welcome! You as well! ❤️
Great Video Thank you so much 🙌🏾🙌🏾😊💜💜
I plan on starting my own business but for now I have reserved my company name with my state. I will be doing an llc. Some people suggested just doing a DBA but I have my own home I bought at 26 and I didn’t want to chance anything. I look forward to learning more especially about the S Corp.
This was great information and I appreciate you sharing. Thank you 😊
thank you for sharing these more specific type videos! I have been watching many many videos on candle making and have come across videos where the person is just making blanket statements regarding the business side and legal side that are blatantly wrong and could hurt people but when i try to make a post with correct info or some pro's and con's I'm usually met with negativity from the uploader and the few people that did respond positively initially just go with whatever the uploader said because they are the "youtuber" .... oh well w/e I tried.
By far the most helpful candle video out there
So glad it was helpful! ❤️
Thank you so much for your incredible videos. Answers so much of my questions.... Big hugs
Very valuable information. Thank you!
This is awesome to know... Im just diving in getting some information to start up my line..
It’s so overwhelming but informative & have to get done 😩
Thank you so much for this video🙌🏾 I needed this information before starting my business it’s so helpful 🙏🏾 I will most definitely get with business attorney before starting my business because I was I did not know any of this.... but this most definitely gave me relief and confidence about starting my business because this type of things it’s hard to find people talking about this process so I was nervous and kinda scared now you made this video it gave me confidence ❤️
I’m so glad it gave you more confidence! ❤️
Im glad you made this video. Also your hair looks super nice today like charlies angels style! love it!
Oh thank you! ☺️❤️
I have my first CPA meeting today and I had to come back to this video and watch it again
Yayyyy! This video may also be helpful for you:
czcams.com/video/VQyBpmVM1nE/video.html
Very helpful thanks !!
Great video so informative
Thanks so much for all the information.
Nice information Erica. Thanks for sharing!
Thank you for watching!
Great information, thanks for sharing ! ☺️
🤙🏽 🌺
Great Video!!! Thank you.
Great advice!!
Thanks for the info.
Great information!!!
This was so helpful! Thank you for sharing
Thank you for watching!
Absolutely, good advice all around. People selling on Esty like it was nothing, not realizing the huge risk they are taking. A lot think as you did that they don't have much anyway so who cares. The thing is the court can can take the money from your wages not just what you currently own, but wat you might earn in the future to pay what you owe. Think child support, but where it might not end after 18 yrs depending on how bad it is. Most people may never need it, but you don't get insurance cause you will use it you get it in case you might. That's how they make money by pooling the risk, they know overall most wont need it so they make money from them and use it on those who do.
I appreciate you so much
Great advice!
Thank you so much for sharing this ! I’m so looking forward to meeting with my business attorney soon , nervous, but definitely excited to get the information I need. Once again thank you so much for sharing ❣️
Oh that’s so exciting!!
@@MemoryBoxCandleCo thank you, so much to learn , I had no idea about lol
@@Soulful_Spirit_Candle_Co same!!
Thank you so much for ALL your videos! You've been a true inspiration! ❤️It's been so nice to watch your journey and your evolution!
Can you make a video about your testing phase? Like, how long & how many attempts did you have to go through before finally narrowing it down to your winning combo? I joined Jeff Standley's facebook group (as per your recommendation 🌹) and I've seen people posting all the difficulties/challenges they're facing in trying to create their final product. Some people have mentioned how much money they've invested (in the thousands) without an end in sight and are thinking of stopping altogether because it's getting too expensive. This has been holding me back and discouraging me from going through with this venture. It's creating a lot of fear and negativity for me. I know everyone's journey and process is their own but I guess I'm just looking for some encouragement and motivation. How did you stay motivated when your testing was failing? Also, did you have the fear of creating this business but not making any sales? If so, how did you stop it from holding you back? Hoping you can make a chit-chat video about this...maybe? 😕 (sorry for the long comment.)
This is really good information, but something you should know or perhaps ask your attorney about. If your business grows and you apply for credit from suppliers, apply for a business loan, apply for equipment loans for automation to step up production, or rent a commercial facility for production and shipping, and they WILL ALWAYS require you to sign a personal guarantee! This makes you personally liable and gets around your corporate structure and protection. In a perfect world your business will grow and you will have adequate cash flow to get you to the next level, but most people need help from time to time to get through slow times or meeting large wholesale orders, and needing credit can definitely affect you personally. I know this from experience! You're doing everything right, but know there are ways around those "protections".
Professional
Classy
Intelligent
Informative
Educational
Thank You ✨
❤️❤️❤️
Thank you for this.
Excellent video
Share a video on your CPA experience!
You videos are so real and helpful. Thank you, Erica! (Erika?) I wondered how you handle customers' terms & conditions acknowledgement when you're selling at a fair/show and they don't have a box to check like on your web site. I don't even know if you sell at many shows, though I do recall seeing a video you made of your first vendor event.
I include a terms and conditions sheet into every order :) and I try to educate as much as possible in person
Thank you!
I incorporated my old business. Its just a little tricky if you ever shut it down.
Girl. We’ve chatted before, but I’m AGAIN laughing at how linear we are!!! I literally just had a big sit down convo with my brother about all this stuff........I had no idea. I’m so clueless. So now I’m scrambling to do all the same things you’re doing 😂😂😂 just so funny that our businesses are literally in the same spots once again. Keep pressing on girl!!! Rooting for you!!! ❤️
Yesss exactly!! Now’s the time! 😆 thank you for watching!
Muito importante essas informações! Obrigada
Your videos are always so helpful! Been watching you since the start of my journey. Question, I’m getting ready to launch, but I want to get the insurance side of it all taken care of first. I saw you mention you got Liberty Mutual, how did you go about that? Do you recommend getting a LLC since the beginning or just start off with the insurance? I will mostly be selling locally to family & friends & try farmers markets! Hope to hear your advise ☺️
Great points knew some of these things. However you present it nicely. What about an example privacy policy? (:💜
Thanks for all this fantastic information you provided for us. I live in California as well in the LA area. Is it possible to share the law firm you used? I'm currently shopping around for an attorney.
Thank you once again.
Your candles smell great ❤
Hi Erica, I just want to say thanks I've been starting a business since late last year. CZcams has made me feel like I'm moving to slowly(it seems like these business owner are moving so quickly) but videos like this let me know the paperwork must be done or the business will be over before it starts.
Would you mind telling us about how much it costs to hire a business attorney? how much does it cost for them to make the documents you need regarding the liability forms? Thank you in advance
This is a lot and I get it. I just find it funny that when I buy a major company candle in their store, it stops at the warning label at the bottom of their candle. Interesting
I love your videos
Thank you so much! ❤️
i’m stressed after watching this😭 like do i wanna continue this candle biz?😭
Great info
Thank you Cari!
Trust me, you have offered more than enough 🙂
Request for update !! 😊
Hi Erica, Quick question on business physical address. Shopify i.e. requires you to disclose a physical address. If you manufacture and sell from your home, that's a problem. Did you get a PO Box (not always viewed best way) or a virtual mailbox?
What you said is more than others have done here, so thank you! My question is about if you know how to approach a store to ask them if they would carry your candles. If they say yes, what happens next, do I have to come up with a contract? Do I decide how many percent they get or a rate per candle they sale at their store? I asked JS, but I didn't really get an answer, thanks for your time and videos.
Hi!
Okay so I’ve never done this before, however from the information I have gathered this is how I would go about it:
Create a pamphlet or have a sheet of paper that lists the items that you sell.
I have heard that doing wholesale orders is much better that consignment. Wholesale pricing is essentially retail price / 2. Most of the time your profit is 50% and their profit is 50%.
COG x 2 = wholesale price
COG x 4 = retail price
I would include pricing on the paper. Maybe even suggest bundles of items you think would go together well (I.e 4 sweet scents, 4 floral scents, 4 beachy scents, 4 fruity scents, all in 2 different sizes: 32 candles total).
From what I’ve learned from Jeff, it’s always best to encourage them to choose a variety of scents, so I feel like adding a “bundle” area where they can just pick a bundle without having to choose it themselves would make things easier.
Then I would take in the paper/pamphlet into the store with a couple samples of my product. Make sure to leave a business card/contact information.
Also, make sure you look into writing up a wholesale contract to have on hand incase any businesses want you in their shop immediately, and you aren’t scrambling to make a contract. Check out Jeff’s video on contracts: czcams.com/video/UkRuUM3iIDs/video.html
Again I’ve never done this before but this is just what I have gathered through research/listing to others ☺️
You should franchise your business...