From the course: Ecommerce Fundamentals
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Register your business
From the course: Ecommerce Fundamentals
Register your business
- Now that we know what your business model is, who you're selling to, what you're selling, and you have some idea that the business is going to be profitable, it's time to start setting it up in a technical and legal manner. If you haven't already, you'll likely want to set up some sort of legal entity for your business. There are two main benefits to setting up a legal entity for your business. The first is building a wall between your business and your personal life. If you have no legal entity, you're known as a sole proprietor in the U.S., and as a sole proprietor, you are legally responsible for your debts and losses. And for e-commerce specifically, if you sell a defective product or make a mistake, you will be personally liable. That means if you sell a product and someone sues you, they could win any of your assets, including your house, car, and retirement savings. If you set up a legal entity, debts will…
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