Manage episode 221245745 series 1422806
Asset protection for entrepreneurs – Scott Smith – Ep61
This episode focuses on some important business aspects of being an engineering entrepreneur: things like asset protection, insurance, and tax strategies.
Scott is the founder of Royal legal solutions. His company specializes in asset protection for entrepreneurs. This includes what insurance to get, how to best structure your business for tax savings, and what to do when you get sued.
Scott and I discuss these 3 topics. Starting with liability, a good option for entrepreneurs is to set up 2 companies:
- Asset holding company – separate LLC that holds everything
- Shell company –runs operations of the business
Then we discuss retirement savings, specifically the details of a Solo 401k
Finally, we talk about lawsuits and what to do if you get sued.
Scott’s top tips are:
- Use a 2-company structure
- Set up a solo 401k
- wrap up everything in estate plan (living trust and will)
You can contact Scott at:
The Engineering Entrepreneur Podcast is produced by Scott Tarcy, President of CADdesignhelp.com. You can reach me at firstname.lastname@example.org