Legal, Tax, and Financial Shiz for Your Small Biz

In this episode of The Business Gay Podcast, host Calan Breckon speaks with California licensed attorney and tax professional, Braden Drake.

Braden works primarily with online and creative small business owners through his law firm, the Not-Your-Average Law Firm and his online programs and memberships.

He’s also the host of the “Unf*ck Your Biz” podcast and is the author of his book by the same title. When not doing business things, he is an avid runner, triathlete, CrossFit enthusiast, and home cook. When not doing those things, he's probably taking naps on his patio in San Diego, or watching shows with his husband and three dogs.

Watch on YouTube

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► ProBonoOntario.org - Free legal advice for those in Ontario

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Links mentioned in this episode:

• NotAvgLaw.com
• Braden on IG
• Unf*ck Your Biz Podcast

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Key Takeaways for quick navigation:

• [00:42] Maintain separate business bank accounts for clear financial records.
• [01:51] Establish legal protection with contracts and insurance.
• [05:58] Classification of contractors vs. employees varies by state.
• [08:15] LLCs offer liability protection with simplified tax treatment.
• [10:19] Track business expenses diligently for tax savings.
• [17:58] Underreporting income can hinder future financial goals.
• [19:51] Access free resources and invest in educational materials for business finance knowledge.
• [20:43] Contracts are essential for clarity and protection in professional services.
• [22:45] Setting up a Delaware C-Corp may not be necessary for most small businesses.
• [25:32] Tax obligations depend on the state of residence, not just incorporation.
• [27:35] Ensure legal compliance and brand security with contracts, insurance, and trademark protection.
• [28:03] Taking business aspects seriously is crucial for success.