Module 2 · The Business Model · 2 min
Business Name & Business Type
Choosing a business name and deciding between LLC, sole proprietorship, and other business structures.
Transcript
Transcript of the recorded lesson. Recorded 2023, reviewed 2026.
In this video I want to go over business name and business type. There are a lot of options when it comes to naming your business and what business type you choose. For the business name, I wanted something sort of easy to say and had a dot com domain available. I only spent a couple days coming up with the name and had a good sized list of options with available dot coms. I also didn't want to pick a name that boxed us in into what services we provide. You can leave that for your slogan. When I started our slogan was listings made easy, we then went to professional media solutions
and then changed it again to real estate media solutions. We can also change it again in the future so we have the need to do so. If your business name is something like John's photography, you are somewhat boxing yourself in a photography only business or at least that is what a potential customer sees if they aren't all that familiar with your business. Just something to take into consideration. Now before I talk about business type, I want to say that you need a consult a tax advisor and attorney to figure out what business type they recommend for you and your business. I'm not offering business advice here, I just wanted to share what I did.
When I started the business it was just myself. I had a long term vision but you never know what's going to happen or what obstacles you're going to run into. At the time I started the company as a sole proprietorship. That meant I basically operated it as an individual with no separation from me and the business so I was liable for everything. After a year or so it made sense to change the business structure. I restructured the business as an LLC taxed as an S corporation. There's a lot of different business types that you can set up here in the United States. If you're operating outside the US make sure to look up what your options are for
the area that you serve. You are best off consulting with a tax advisor and an attorney to figure out what best suits your needs because the type of business you set up will greatly determine your tax liability as well as your liability in general. Well that's it for this video, reach out if you guys have any questions. We'll see you guys on the next one.