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So, you're ready to turn your passion for capturing joyous moments into a thriving wedding photo booth business! Now, let's make sure your journey is as legal as it is fun….because let’s be real, drunk event guests LOVE a photobooth moment, and can get a litttttttle too excited about those tiny hat props… so let’s make sure we’re setting up your business to protect you legally.
Read MoreWhat’s an LLC? Do I need to consider a corporation? Can’t I just stay a sole proprietor?
These are questions almost every business owner asks!
Maybe you’re a new photographer and deciding on the best way to start your business. Or maybe you’re a photographer who has been in business for a few years and who wants to add some liability protection. Your big question? What in the heck do I chose for my business entity?
The majority of the business entities we see are one of four types: Sole proprietor, Partnership, LLC, or Corporation. Each structure has its unique role, spotlighting different strengths and considerations. Read on for a quick breakdown to help you choose the perfect pathway for your entrepreneurial journey.
Pros:
Simplicity: Operating as a sole proprietor is straightforward with minimal paperwork. Heck, you might not even have to file anything at all.
Full Control: You make all the decisions and keep all the profits.
Cons:
It’s all on you, baby. Personal Liability: Your personal assets are on the line for business debts, judgments against the business, or expenses incurred on behalf of the business.
Limited Growth: It might be challenging to scale your business.
If you go, it goes. If something happens to you, the business goes kaput. No legacy there.
Pros:
Shared Responsibility: Partnerships allow for shared decision-making and workload. Someone will always be there to help in a pinch, and you’ve got build in backup!
More Resources: Pooling resources with a partner can bring more money, skills, and connections to the table.
Business Bestie; Having someone to share all the stress can be a GAMECHANGER.
Cons:
Conflict Potential: Differences in opinion or decision-making can lead to conflicts between the partners. In fact, a 50/50 partnership is the riskiest of all, due to the high chance of “deadlock”— where the partners can’t agree on something critical and the company gets “frozen” because it can’t act!
Shared Profits: You split the profits with your partner(s).
Pros:
Limited Liability: The Owners' personal assets are generally protected from business debts, judgements, expenses, or anything incurred by the business (so long as you follow the formalities of keeping finances separated!)
Flexibility: Offers a middle ground between a partnership and corporation, with many options for management structure, taxation structure, and ownership structure (equity).
Pass-Through Taxation: Profits and losses can be passed through to owners' personal tax returns, making your taxes only a tiny bit more complicated. LLCs with more than one owner will need to file their Schedule Ks— unless they elect to be taxed like a corporation, which is more complex but can provide lots of tax benefits!
Cons:
Complexity: More paperwork and formalities compared to sole proprietorships or partnerships.
State Requirements: Regulations vary by state, adding an additional layer of compliance.
“Piercing the Veil” — both LLCs and Corporations can lose their limited liability protection if the owners are “comingling funds”— e.g. mixing personal and business finances.
Limited Liability: Owners' personal assets are typically protected.
Investor Attraction: Easier access to capital through the sale of stock. Photographers typically don’t need investors, nor is it worth the investor’s time to invest in something that won’t 5x their return. For this reason, I typically don’t recommend corporations for Photographers!
Perpetual Existence: The corporation and the LLC both continue to exist even if ownership changes.
Flexibility: While a smidge less flexible than the LLC, a corporation is also super easy to customize.
Cons:
Complexity: Extensive record-keeping and regulatory compliance.
Double Taxation: Corporations are taxed on profits, and shareholders are taxed on dividends.
If you're a new solo business owner seeking simplicity and control, a Sole Proprietorship might be your entity choice.
For a dynamic duo with shared responsibilities, Partnerships provide a collaborative platform to grow.
If you crave versatility, limited liability, and pass-through taxation, the LLC may be your perfect fit. In fact, this is where I push most of my clients for my “day job"— it’s just too good to pass up that liability protection.
For those dreaming of investor allure, the Corporation might be your best bet But for photographers? This is RARELY the best choice.
In the business world, the right structure sets the tone for success. Carefully consider your business goals, risk tolerance, and growth plans to choose the structure that aligns best with your entrepreneurial vision when starting your business. 💼✨
Ready for the next step? Try This Article: Six Steps to Legally Starting your Wedding Business!
It’s a day like any other. You’re hanging out. You’re working on your business. You’re in the zone.
And then, you get a letter demanding $2500 in licensing fees.
Read MoreEverything is going awesome. You send out your contract and you’re SO excited to get started serving this couple.
…But then you get an email from Uncle Ned. Uncle Ned is a lawyer, and it’s his time to shine.
He’s taking this VERY seriously. And he’s ready to negotiate terms with you.
What’s a wedding pro to do?
Don’t worry— I got you.
Read MoreAre esignatures legal? And what should you use to have a client sign? Let’s dive into the important parts of the e-signature process, and something important that Dubsado and Honeybook DON’T offer!
Read MoreWhether you’re a wedding planner, photographer, event venue, videographer, makeup artist, DJ, cake baker— ANYTHING— starting a wedding and event business can be an exciting and fulfilling career path.
However, before you start selling your products or services, it's important to ensure that you are operating legally— or you can face steep consequences (or fines!).
Here, we’ll outline the basic steps to start your business legally— and I promise, it won’t be painful!
Read MoreIt’s a nightmare scenario: You go to check your bank account, and there’s a debit from your payment processor. “What the heck?” you think to yourself. Turns out, a client disputed a charge— they initiated a “chargeback.” Now, you’re out the money they owe you for your services, PLUS a bunch of other fees you didn’t know about. What gives, and how can you fix it?
Welcome to the wild world of Chargebacks.
Read MoreSo many times people come through my door for trademark applications saying, “It’s probably fine, I got the domain name.”
And guess what?
That means almost nothing to me. Nada.
That’s because a domain name and a trademark have very little to do with one another.
Are they second cousins? Sure!
But in reality, people don’t really realize just how far apart they are. And many— MANY— folks are shocked when I tell them that just because you have— or don’t have— a domain doesn’t typically mean squat when it comes to trademarks.
Read MoreHaving a sidekick is AWESOME. They are that person that’s always there to have your back on event days. They hold the utility belt of emergency supplies. They fluff the dress. They hold the veil for that epic “veil shot". Heck, maybe they also bring you snacks when you’re getting hangry from herding groomsmen.
But what do you need to do to get one of these mystical unicorns? 🦄🦄🦄
Legally speaking, there’s going to be some bases you DEFINITELY want to cover. Let’s dive in.
Read More"🎼What Comes Next? / You’ve been freed / Do you know how hard it is to lead?
Your on your own/ Awesome, WOW! / Do you have a clue what happens now?🎶
…well… do ya?
The world is starting to open back up.
You feel like your hands are tied, you don’t know what to do, and you don’t want to do the “wrong” thing. But…. you’ve got to start working again. Events are happening. So…..what do we do now? How do event pros proceed? And where do we go from here?
What comes next?
Let’s get into it….
Read MoreNow that the world is beginning to open back up, I’m hearing a LOT of questions about liability waivers. “Do I need a liability waiver for my events!?” is now the hottest topic in my instagram DMs.
What’s a liability waiver? It’s a document someone signs that essentially says “I agree that you aren’t liable for me getting hurt/ injured/ dying.” It sets you, a provider, up as “not responsible” for something happening.
But…. are these effective? Are they even enforceable? And….. spoiler alert: what’s a better option?
I have a hot take. 🔥 And A DOWNLOAD of free language for ya. Let’s do it.
Read MoreIn our very official Instagram Poll, it seemed as though people needed a break from COVID-related resources. ASK AND YOU SHALL RECIEVE!
We all have unexpected TIME on our hands right now. And TIME is a great thing!
We can check off those boxes for admin tasks we have been avoiding, forgetting, or just plain ignoring because “I can’t worry about that right now,” or “I’ll wait until off season to do that.” So while we’re stuck in the house, let’s get some things taken care of!
Read MoreAt this point, we are starting to see the refund demands roll in. Clients are panicked, upset, and their dream day has been tainted. And unfortunately, they are taking a lot of that out on their vendors.
And despite our best efforts to #postponedontcancel, some clients are pulling the plug and demanding refunds.
So what’s a wedding pro to do?
As someone who likes to PLAN PLAN PLAN, I want to know how to handle worst case scenarios. I research. I prepare my process. And I know a lot of you are like me.
So let’s walk through the eye of the storm together so we can get to the other side already. Here’s how we’ll do it, step by step.
Read MoreLet’s talk about it: the Corona Virus. 😬
It’s been about a month since the spread of COVID-19, aka Coronavirus, started really taking hold. We’re starting to see unprecedented travel restrictions and supply chain interruptions that are causing a ripple-effect into other areas, causing clients and businesses to reschedule conferences, travel, meetings, and events. Heck, there’s talk of postponing the 2020 Olympics in Japan.
And while we shouldn’t panic about Coronavirus, we do need to proactively plan for its effect on our businesses. Part of this is understanding what your contact says when it comes to emergencies.
Read MoreNo one ever wants to think that their Client’s wedding or event won’t happen. But the reality is that engagements are broken off and events are cancelled due to weather, planning issues, slow ticket sales, or other considerations.
You, however, have held that spot in your schedule. You’ve started preparing for the event, and have put in some legwork. Depending on the date, you may have turned down other work to ensure your availability for that event (10/10/20, anyone?!). This is why you have that nonrefundable deposit clause!
But in order to safeguard that nonrefundable deposit (I also like to use the word Retainer, simply because of the you’ve got to detail the exact formula for the client based on several situations. Let’s talk through them:
Read MoreEvents, especially weddings, can be a family affair.
It’s not uncommon for mom, dad, or Great Aunt Sally to pay for some of the services offered by wedding pros. But if mom and dad are paying, who signs the contract? And…. who is technically the client??
Well, with no agreement to the contrary, Mom/ Dad/ Aunt Sally MIGHT be considered your client. They might have rights. They might NOT. They MAY be able to sue you under the agreement if they aren’t happy with your service. They can PROBABLY demand a refund of a non-refundable deposit …. yikes!! And the couple? Well….. they might not actually be your client AT ALL. 🤯……
Read MoreWe’ve all been there: you’ve invested time and money into the perfect contract. You’ve gotten it all set in you CRM system. You’ve formatted it so the alignment is perfect and those SmartFields are poppin.🙌
And then… a client wants to change something. 🙄
What should you do? Should you accept the change? And….. how do you even MAKE the change without messing up your contract?
Read MoreHAPPY HURRICANE SEASON!
Florence is bearing down on the East Coast, so today, we’re talking about "Acts of God," aka Force Majeure events. You might have noticed this word in the boring-AF parts at the end of our contract templates or in any other contract drafted by an attorney. So what is this, and why is it so important?
Read MoreBy this point, you probably know that any contract you sign with a couple needs to have a model release in it. But….. why do you need a model release? And do you need a model release for wedding guests too?
A model release is permission to use someone’s image or likeness in a commercial manner. But what does that actually mean?
“Image or likeness” means anything that identifies a person. This could be their photo, voice, even something as small as their hand if it identifies them as “them.” [True story/ derailment: I worked with an agency who got sued because someone said they used their hand without a model release]….
Read MoreWe’re on week 2 of our “Must Haves for Wedding Pro Contracts” series, and we’re looking at Wedding Photography Contracts/ Event Photographer contracts this week!
I’m calling this one “6.5 Must-Have Wedding Photography Contract Terms” because well… there’s a few “related side notes” thrown in here with this one. But there’s just so much you wedding photographers need to think about, and so much equipment you’re juggling!
If you’re a Wedding Photographer or Event Photographer, buckle in— let’s do this.
Read MoreArticles about law and wedding planning contracts, wedding photography contracts, and more!
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