Welcome to Dietitian Boss. My name is Libby Rothschild. I'm the CEO and founder of the Dietitian Boss Method. Our company is here to help you get started in private practice, even before you think you're ready. I've created a proprietary process to help you increase visibility, create organic content.
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Hello and welcome. I'm here today with Coach Heather, and we're gonna be discussing a topic that's come up a lot about LLCs. So we're gonna give you some information and then in our Rebellion program, we cover this extensively and then we're able to direct resources for you so that you can make sure you're doing your due diligence with your business legal dotting your eyes, and crossing your Ts.
So welcome to today's episode. Thanks for having me. Oh, thanks for being here. So I was wondering if we could kick off by you sharing like what is an LLC? Yeah, so an LLC is basically a legal term that denotes a certain type of business and a certain type of business structure. So a limited liability protection.
Corporation is what LLC stands for, so it means limited liability protection of a corporation, and it can be used in many different ways, but that's the basics is about protection and really about how you're protecting your personals. Assets and protecting your business. Yeah, so the legal definition is an LLC is a business structure that provides its owners called its members and quotations, the personal liability protection of a corporation with the pass through taxation of a sole proprietorship or partnership.
And again, just to mention, or not again, but for the first time, this is a topic that falls under the legal scope, so it would fall under you discussing with an attorney. And we wanna be clear that we stay within our scope and we don't give financial advice and we don't give legal advice. We can't legally, that's outside of our scope and unethical, but we can share information, general information that's found on the internet.
But you do need to do your due diligence for your state or territory or region. To find out what is the best option for you so that you're protected because we can't decide that for you. Again, that would be out of our scope. We're just here delivering information, and we want you to make a decision about what makes sense for your registration.
So I just wanna mention that the benefits of an LLC is that the limit liability. Protection provides a business owner's personal assets. Oh, it protects the business owner's personal assets in the event of a lawsuit or unsettled debt. And to create an LLC, articles of organization must be filed with a secretary of state or appropriate state agency, and then the LLC members should enter into an operating agreement.
Remember, you were the member, which then sets forth the rights for the members and the rules for running the. An LLC may also need to apply for a tax identification number with the I R S. And this can be helpful also for taxation and when it comes time for paying your taxes is just doing your due diligence when it comes to some of the legal stuff to make sure that you're compliant.
So Heather, could you talk a little bit about the cost for an LLC? Yeah, the cost of having an LLC varies. So that's why when Libby says, you know, check with your state, that's really an important step to take. But each state charges an annual fee to maintain an LLC, and it varies from state to state, and also it can have other cost.
To file an LLC, you might have to hire a lawyer or an accountant or somebody who prepares LLC documentation. So there's some other costs there as well. Yeah, and I also wanna mention, we are an American company and we do have audiences all over the world. We support Dietitians all the way from South Africa to India, Australia.
We've got clients in many different countries and business registration, the titles and terms can vary depending on where you live or your territory. Like Canada doesn't have states they have territories, I believe. So you just wanna do your due diligence with where you live. We're speaking from American terms, using the words.
Date because we are an American company and we accept American currency. So again, you just need to do your due diligence, the same thing with anything legal, and make sure it is applicable to where you live and operate. That being said, can you share what an LLC does and then we can wrap up in a few minutes just to make sure everybody's got the information.
Just the bear essentials needed. Yeah, so as Libby already mentioned, an LLC protects the owner of a business, so some of the benefits of an LLC. That it's very simple to form and maintain, and it does provide that personal liability protection, and it can have potential tax benefits if you're speaking with an accountant or ACPA.
And it provides management and ownership flexibility. So those are just some of the things that the LLC can provide for you, but you can also have a sole proprietorship. So a question we get a lot in our programs, especially in rebellion, is do I need an LLC or should I do a sole proprietorship? And.
The reasons why you would maybe choose an LLC again after talking to your advisors for your business is that you want to protect your savings, your car, your house, in case there were ever a lawsuit somebody wanted to. Do your business or there is some type of damages, claims, or anything like that. It can also protect your privacy as a sole proprietorship.
You file under your personal information, your personal address and phone number, and filing your taxes under an LLC. You'll be using your business address, your business phone number, your business information, and so those are some of the things that. Beneficial about switching from a sole proprietorship to an LLC.
Yeah. And when you might wanna do that could be protecting your savings car and house, increasing your peace of mind, protecting your privacy, increasing your business growth, allowing for greater profits, allowing for accelerated growth and increased credibility. So remember making these decisions about when you wanna do what.
is based on your stage of business and your growth, and it's also a personal decision. Depends on where you live and it depends on, again, when Heather says business advisors, we mean the legal advisors. So we're your mentors, we're your coaches, but we also have to stick with our scope of practice knowing that Dietitians are highly regulated as an industry, and so we wanna make sure that you are doing your due diligence to protect yourself for all that we can as far as who can help you with filing for an LLC, since we can help you with the strategy of how to grow your.
How to start your business and your mindset and everything needed to create products on the internet, digital products, which is really exciting. You might be wondering like, well, who can help me exactly with filing a new LLC and there are a couple options, so you can do it yourself on a legal website, a popular one is called Legal Zoom.
You can also hire an LLC document. , you can find that person on the internet. You can hire ACPA, which is super common. So what a lot of Dietitians do, and you can also hire a lawyer. So those are four different ways of how you can make this happen. So we today described the what it looks like, even the when you might want to look at changing to a sole proprietorship, if that fits for your.
And as far as the next steps, your legal advisors would be the people that could help you implement this if you don't DIY it from a website like Legal Zoom online. Thank you so much for joining today. Any final closing thoughts you wanna share, Heather, about this topic, which is very logistical, but also very, it comes up a lot because a lot of our clients are at the stage where they wanna make sure they're crossing their T's and dotting their.
Yeah. I wanna a follow up question that people commonly have is, where do I find ACPA or how do I find the right kind of lawyer for this work? And because it's different from state to state, one of the things we often encourage or recommend is to. Ask around, and if you have other contacts, friends, colleagues that are entrepreneurs and working with CPAs and contract lawyers and different specialists in this area is to ask for referrals.
Just like we have clients that ask for referrals and get directed to our businesses, you can ask for referrals from local networks as well. Yeah, and that'll help you build your skills, your business skills, which is all part of flexing your interpersonal skills, muscles, interpersonal skill muscles. I feel like I could have said that better.
Flexing your communication muscles. Let's go with that. All right, everyone, I hope you enjoyed today's educational session, which again, give you the what and the why and even the how to for LLCs. We'd love to see you in our rebellion membership, where we can support you with how you to grow your. And the skills and mindset needed to follow the framework that's been created through the Dietitian Boss Method.
We will see you next time. We are so excited to offer you support in our various programs. If you identify as a beginner and you're looking to lay down the foundations, our society program might a great sit for you. I encourage you to go to Dietitianboss.com under group coaching and apply for our experience, our transformative experience based off of my proprietary system called the Dietitian Boss Method.
Additionally, we offer a higher level program called Executive to help you hire and manage a staff as you expand and scale your program, whether you're offering a membership course, group programming, private coaching, or a combination of various different offerings. We're here to help you on your journey with developing processes and implementing the operational foundation that you need to reach your goals.
A lot of our clients wanna work 20 hours or less a week, and we're so proud to say that we've helped them achieve that goal. And you'll hear their stories on this podcast. Make sure to stay tuned and apply if you're looking for support to get there faster and meet some colleagues along the way who share your same growth mindset.
