The ultimate chicken and the egg debate... Which should come first, making money as a business or setting up the business entity? I'm in favor of setting up the business entity, EIN, bank account, and everything else you need from the start! When you have a clear idea of what you'll be offering and you see your business going somewhere, there's no reason to wait. However, there are a few reasons I would suggest waiting to set up the business entity. Some of these include if it's very expensive in your state, if you aren't sure you'll be profitable, or if you may be moving soon.

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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.