Why you should NEVER do business as yourself

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Why you should never do business as yourself. This may sound counter-intuitive, but doing business as yourself – or as a sole proprietor – is a very bad idea in general. In this video, I’m going to explain why.

A sole proprietor or sole trader is a type of business structure where you’re effectively working as yourself. A better was to structure the way you do business, whether you are a solo person or not, is via a company structure, corporate entity, trust, or similar. This may all sound confusing, but I’ll explain more in this video.

So whether you’re trying to lower your tax, save more money, get better banking options, or set yourself up globally for increased freedom, you’ll learn a lot in this video about why you doing business in your own name is a bad idea.

0:00 – Introduction
0:51 – The concept and who it’s for
1:40 – A legal disclaimer
2:03 – The difference between you and an entity
3:23 – Bad idea one: Liability
6:06 – Bad idea two: Tax
9:24 – Bad idea three: Location Limitations
13:10 – The solution
16:25 – Outro

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Sorelle and Leon.
Founders, Abundantia

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#soleproprietor #millionairesecrets #businessstructure

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28 COMMENTS

  1. It is all good in theory…. I don't know to what extent it holds on to reality though. For example, I've heard of people who declared banckrupcy and past the 7 years period had problems with banks (meaning banks work around the 7 years limitation). I see businessmen getting often in trouble personally: Kevin Trudeau went to jail because of his book, MeetKevin went to court I think personally against Grant Cardone, etc. I have the impression that setting up a business to avoid liability is as much a strategy as it may be for business bad boys (aka nasty competitors) to take our personal owner's ass into court whenever they can.

  2. Loved this video Sorelle!! Also, open question… Could anyone (that has a legal way to work) be my employee if I set up a company with myself as the owner? More specifically, I have something in mind for a business and my long term partner (with whom I live) would like to be a part of the journey. Would they be able to be my employee in this case? I live in the US and don't know if us living together would have some type of impact on the way taxes are handled within this company business model. I know this may vary in other parts of the world but if anyone knows for the US I would appreciate the insight!

  3. Dzień dobry 😉
    Poland has a 9% CIT tax ;), and I think anyone can start a company. Of course good to have good accountants and tax advisors. That's what I'm doing JOHOO

  4. I am all about lowering taxes legally wherever I can. Especially after reading Leon's email a few weeks back on the topic, it's crazy to think how much of your money is taken away due to taxes.

  5. Hi Sorelle! Love your new channel. Your videos are so informative and fun to watch! The quality of the video and sound is also amazing. What camera equipment/setup do you use for your YouTube videos? Do you have links for this info anywhere? Thanks! Keep up the great work!

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