In this episode we’re speaking with Aja Favors, an attorney with Favors Law Firm in Chicago. Aja will share her journey along with a few important tips for setting up a new business.
In addition, we’ll find out about the most common business structures used and a simplified description of each one.
IN THIS EPISODE YOU WILL FIND OUT ABOUT:
- Aja worked in publishing for over 10 years before she decided to follow her dreams and go to law school.
- For anyone considering self-publishing, Aja recommends doing e-books.
- Aja believes that flexibility is one of the most important skills needed to become an entrepreneur.
- The most common business structures are:
- Sole Proprietorship
- Limited Liability Company (LLC)
- When 1st starting a business consider developing a business plan, a marketing approach and financial considerations.
- In terms of setting up a new business, Aja recommends to seek out legal counsel in your area because laws vary from state-to-state.
- You can go to the IRS website to apply for a Tax Payer Identification Number (TIN) for free.
- Make sure that you have the proper licensing and permits to operate in your village or municipality.
Joseph Clough (Motivational Coach / Podcast)
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FIND FAVORS LAW FIRM
Web: Favors Law Firm, LLC
Facebook: Favors Law Firm, LLC
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