Ep.183: The Business Structure Mistakes Costing You Thousands

Описание: As we close out the year, there’s one conversation most business owners avoid — until it becomes urgent.

Your business structure, liability, insurance, and documentation quietly affect your taxes, your risk exposure, how much money you get to keep, and whether your personal assets are protected. In this final episode of my year-end series on Your Business On Purpose, I walk you through the non-glamorous but critical areas every business owner should review before the year ends.

Most entrepreneurs start as sole proprietors because it’s simple and fast — and at first, that’s okay. But as your business grows, the way it’s set up starts to matter more than you think. The wrong structure, outdated insurance, or missing documentation can cost you thousands, create IRS issues, or expose everything you own.

In this episode, I break it all down in plain language so you can stop guessing, stop hoping everything is “fine,” and start the new year with clarity, confidence, and protection.

In this episode, you’ll learn:

• Why your business entity is the foundation of everything
• The hidden risks of staying a sole proprietor too long
• When an LLC or S-Corp may make sense for growing businesses
• How outdated insurance policies leave business owners exposed
• The documentation that protects you legally and financially
• What to review before year-end to reduce stress and risk
• How entity structure, insurance, taxes, and financials all work together

This episode is for business owners who want to stop operating reactively and start building with intention.

Next Steps & Resources

🔗 Book a free 30-minute Financial Strategy Session:
https://calendly.com/yourmoneyonpurpo...

🌐 Website: www.yourmoneyonpurpose.com

📸 Instagram: @yourmoneyonpurpose
▶️ YouTube: @yourmoneyonpurpose
💼 LinkedIn: @DawnettePalmore

Recommended Episodes

🎧 Episode 179
🎧 Episode 181

(These episodes help you prepare your books and finances before reviewing your entity and protection.)

About the Host

Dawnette Palmore is a Fractional CFO, Money Coach, and Insurance Strategist who helps business owners move from financial chaos to clarity by building sustainable systems, strong foundations, and smart protection strategies.