As a business owner, facing your first lawsuit can give you emotional turmoil and fear. But a lawsuit doesn't have to end your business nor collapse your dignity. Instead, this can give you a big opportunity to see something that you haven't seen before about what you need to do or improve to grow your business. Here's what you should do if you are served with a lawsuit.
One of the most exciting parts of owning a business is paying your own hard work. And yet, some business owners don't pay themselves or rely on inconsistent income to avoid owing taxes. But the right way to pay yourself from your business depends on the type of entity structure you use to establish your company. That's why entrepreneurs are advised to structure their business as an LLC. In this way, you can protect yourself from debts and lawsuits related to your company and save on taxes.