Journey To $100 Million

There are two main types of legal entities one can become when opening a business. One is an LLC, which stands for limited liability company. The other is S Corp which stands for S Corporation. There are other variations but these are the two main types. There is also a Sole Proprietor, which is when a business is owned by one person and that business and the person are seen as one in the same. Erik typically doesn't recommend someone become a Sole Proprietor because if the business is ever sued the business owner can also personally be sued. Erik has typically always formed his businesses as an LLC. There are many advantages to being an LLC. The biggest advantage is that it separates the business owner from the business itself so if the business is ever sued it doesn’t mean the business owner will personally be sued. They can take every last dime of the company’s but it doesn't mean they will be able to go after the business owner’s personal home, car, or assets. The other advantage is that with an LLC the